The Renwick

when will this project complete?!

William Beaver ... no way! That will be a disaster for the buyers, many of whom were flippers and won't be able to flip and won't be able to rent. It is right across from 20 Exchange Place which is a humongous rental building just flooding with inventory. Also near 15 Broad, etc. and 20 Pine, the latter of which has a ton of inventory for sale and for rent.

You have to live somewhere but I'm glad I don't need to buy right now.

I believe this is the same developer who started the Jasper at 114 east 32 street and could not finish it. He announced in the NY times that he stopped the condo development and will have an hotel there.It is believed that he could not make the payments on the construction loan to the Bank.( I guess it can be consider a default?). He took his buyers for a ride which is not over yet (12 months) and has not refunded any of the down payment supposedly it was in escrow. Check the jasper site for the number of screwed up buyers.

I checked the Jasper site - it doesn't say anything about project delays etc. Where should I look? Will the renwick have similar problems? There nothing at the site yet!

check the new york times real estate weekend few weeks ago. Street Easy stated project abandoned and Core group sale for the project is no longer available (call them).Finally, the developer's lawyers sent an email out to buyer. The only pretense is the developer web site for the Jasper is still on.

We went to the sales center a while back. A few observations:

Prices are very steep, especially for the "larger" apartments.

Apartments are not that large to begin with.

Finishings in sales center looked very nice (if that's what you ultimately get.)

The back faces a building so you have to clear at least 7 floors if I recall correctly to have any view.

It has a long, long way to go (they had barely broken ground when we went to the actual site.) They told us it would be ready 12/2009 or 1/2010. Not sure how likely that is given market conditions.

If you visit the site and try to visualize how they will squeeze that building into the lot, it gives you a better idea of how tight the spaces will be (that and the square footage of course!)

Not a very exciting block but it is quiet which is nice given how lively the surrounding areas are.

They did sell the first batch of units fairly quickly (although that doesn't seem to be reflected on Streeteasy if it's actually true.)

any updates on the financial problems of the developer?

escrow agent having its own problems so deposits aren't getting back so "quickly"

fdb2280, are you referring to deposits for the Renwick? who is the escrow agent and what are the problems?

Was this thread started as a joke?

Have they stopped construction at 15 Renwick? Is the project over and done with?

Does anyone know what is happening with this project? If you know anything or want to share what you know, please email me at juniper001@ymail.com.

The other project by this developer seems to be in bankruptcy Rumors are that he was unable to sell the Jasper building. I suspect the banks will take over. One should assume that the developer is over leveraged with insufficient cash.

who are the developers? go see the site - construction hasn't started - theres a hole in the ground with some building materials. there was a crane but that disappeared a while ago. how long do these things take to build? maybe they can do it in 6months!

http://ny.therealdeal.com/articles/18915/elert

here are the details about the developer. his other projects, the bank taking over and the loss associated with his management of the project.

wow. looks like he personally guaranteed the loans.

Does anyone know anything new about this project? Is it going ahead or not?

I run past the site couple of times a week. Nothin there.

what's going on with this building?

http://therealdeal.com/newyork/articles/harch-group-founder-faces-foreclosure-suit-at-renwick-condo

October 01, 2010
Harch Group founder faces foreclosure suit at Renwick condo

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Anonymous
the real estate boom attracted so many jokers
Comment #7 Posted By: Anonymous 10/04/10