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One Manhattan Square

Started by knewbie
about 9 years ago
Posts: 163
Member since: Sep 2013
Large number of condo's coming on line in a neighborhood with very little supply . Start pricing at 1.15 for 1br and 2 mill for 2 br will set the benchmark for area .
Response by CCL3
about 9 years ago
Posts: 430
Member since: Jul 2014

It's an extremely undesirable area for luxury condos. Most likely why the developer exclusively marketed in China before starting sales here.

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Response by knewbie
about 9 years ago
Posts: 163
Member since: Sep 2013

The Location is really also LES. Its next to the river, but really not a long walk to points of int on LES. The East Broadway subway stop is pretty dark and dirty. But there are quite a few 1 br condo's over 1 mill +. I wonder what pricing pressure this will put on them. One Man square will have un rivaled amenities in comparison. I see downward pressure on prices. Its like uber coming to town.

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Response by CCL3
about 9 years ago
Posts: 430
Member since: Jul 2014

True about the advertised amenities. Common charges could be very high as a result though.

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Response by knewbie
about 9 years ago
Posts: 163
Member since: Sep 2013

Agree, their website does not mention maintenance cost, that is key. Extell bot that site at a relatively low price, so they have room to play. They have decreased prices since onset of project, the question now is, how much lower if any they will go, or will they try the rental thing. They had some issues getting loans for continuing so they could be under some pressure to unload. Regardless, huge supply is going to be a factor. Could be very good for buyers/renters.

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Response by CCL3
about 9 years ago
Posts: 430
Member since: Jul 2014

Would be really high end product for rentals. I wonder if they decide to do partial rentals if they will use lower-end materials for those units, or if they are already committed to purchase all the materials for the whole building.

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Response by 30yrs_RE_20_in_REO
about 9 years ago
Posts: 9877
Member since: Mar 2009

It's surrounded by some pretty nasty projects, the bridge and the highway. I understand that some of their construction financing has disappeared as the result of lower expectations on sales prices and Extell had to go out and get a new construction loan will will potentially overextend the company's abilities to function:
http://www.boweryboogie.com/2016/09/potentially-overextended-extell-scores-loan-one-manhattan-square/

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Response by fieldschester
about 9 years ago
Posts: 3525
Member since: Jul 2013

The Bowery Boogie!

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