Luminaire

This development was called the Luminaire a few months ago. Not selling and now they change the name to CODA. A new name is supposed to move units?

Of course, wouldn't you rather live at the Coda than the Luminaire?

Coda is a strange name.

Better than "The Future" (200 E 32nd st). I remember when it went up, and it looked like The Past 15 years later.

http://www.urbandictionary.com/define.php?term=coda

Unless you are familiar with music lingo.

They haven't reduced the listing prices at all but I know they are taking offers below ask. Maybe they need to list at more reasonable prices to begin with to pique interest.

CC, Curious what % price reduction will make you interested?

I have already seen the property and it has a lot of drawbacks. I was generally speaking in terms of attracting other buyers. Some of the drawbacks need to be priced in, and they are not. These include:(1) very noisy corner, across the street/2 blocks from hospital, (2) windows are kept from prior structure (this is a conversion) and are not noise-proof--noise proofing for one room estimated in tens of thousands of dollars, (3) 2nd ave subway doesn't go down this far (and is not planned to), closest subway is a single line--the 6 all the way on Park (not even Lex), (4) high monthly taxes which themselves reflect a mini-tax abatement the developer got for 2-3 yrs during construction--will be even higher for new owners, (5) apartments are okay-sized but not especially spacious for the price, (6) views out the windows are mostly to ugly city-owned buildings.

Given these issues I would say if a 1200 sq ft 2 BR were at say 1.5-1.6m it would still be worth it, but not 2.2m.

Given the d

Thanks for your thoughts CC. I would think that $1500 per sq ft will move any new construction in a reasonable location in Manhattan.

Looks like Compass was fired as the listing agent and Corcoran is in now. @CCL3, curious what kind of prices you're hearing.

Yeah, they currently have the 2 BRs listed at almost $1800 psft. Also it's not technically new construction, it's a conversion.

New construction/conversion trade the same. See Saint Vincent condos. Depends on what the final product quality. I am not familiar wit CODA, so can not say much - ceiling heights if less than 8 feet 9 inches will be a big negative.

CC, The ceilings do seem very low as it is rental conversion and looks mostly interior reno rather than big changes to the facade. That would put it at a discount.

No changes were made to the facade. And they kept the old (non-noise proof) windows.

Interesting. They also dumped Compass and moved to Corcoran.

https://therealdeal.com/2017/02/28/in-unusual-move-magnum-renames-the-luminaire-nearly-one-year-into-sales/

Well, if they did not even change the windows, 1500-1700 is probably top. It is not that it is a pre-war conversion with 10 foot ceilings and in the most desirable location.

They are only asking $1600 per sq ft for this one.
http://streeteasy.com/building/coda-385-1-avenue-new_york/10b

The layouts on the B line are undesirable. There is not enough room in the living room to have both a couch/TV and a dining room table. When you are established enough to buy a 2 BR apartment, you want the dignity of eating dinner at the table and not on the couch or at the kitchen counter. IMO the B line should be priced even lower.

I mean, the product is not selling, so there obviously have to be issues there other than the name. I am clearly not the only one who has seen these drawbacks because the product has been on the market for over a year now and they've only sold 3 two BRs.

@mandy10 sorry I missed your post. It was months ago but i heard that developer was accepting at a modest percentage below ask and concessions thrown in. Didn't get definitive numbers. But they should just drop the list price to gin up some more interest to get people over there to begin with. People may overlook it just assuming it's out of their budget. I also don't see what they think a new RE brokerage is going to do that the last one didn't. And lobby redesign? What a joke. There was nothing wrong with the original lobby design. The problem is the pricing for the product.

I currently live literally across the street and this is the least convenient location I have ever lived in Manhattan.

CCL3,
You left out : Across the street from a housing project (and I'm not talking about Peter Cooper Village).

Lol, yes, I was already having second thoughts walking all the way over there from the 6 train on Park when I went to see the property. :P

This place is so poorly located. Just a block away from Peter Cooper Village.

2 years later and they still have a bunch of unsold units - and probably more than are listed because 10B from above never sold or rented, just disappeared.

Peter Cooper Village is a prime location