Pardon if I'm not technically correct, but I've been very confused about this development. Does anyone know the latest? I read that the development is being "revived" and that all contracts are up for renegotiation. I visited the development last fall, and the sales office was very cryptic about everything. They mentioned there may be some structural changes, but would not mention what they would... [more]
Pardon if I'm not technically correct, but I've been very confused about this development. Does anyone know the latest? I read that the development is being "revived" and that all contracts are up for renegotiation.
I visited the development last fall, and the sales office was very cryptic about everything. They mentioned there may be some structural changes, but would not mention what they would be. They were not clear on the pricing, and said they were offering incentives to bring them to the magic 15% mark (which is needed for an important reason -- forgive my ignorance). It just seemed sketchy, so I did not pursue it.
Now I read things have been delayed due to issues regarding knocking down a wing, getting air-rights for the next building, etc.
It seems like a nice building, which some tacky features. However, it has taken a long time to sell, and I'm not even sure if there are any apartments formally sold right now. I read all contracts were voided, but perhaps I'm wrong.
I would very grateful if anyone can explain what is going on here in plain and simple english.
Also, I'm wondering if this could be a good buy right now? I read they are raising the prices, but not sure how they would sell at even a higher price given the current economy. Are there any satisfied buyers out there who will be resigning their contracts? Anyone have a bad experience?
Again, please forgive this post for lack of technical accuracy... thanks and best wishes.
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Response by sleepy1
over 17 years ago
Posts: 14
Member since: Apr 2008
they missed the 15% target for owner occupied so had to scrap the plan. Looks like they have take the opportunity to start from the begining
knock down the rear wing, transfer air rights to 45 broad
new offering basicallt has an "additional risks" section: that the whole place may go rental, building zone for next 2 yrs, and if u cant get financing ur stuffed.
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Response by sleepy1
over 17 years ago
Posts: 14
Member since: Apr 2008
also i hear nobody is re-signing contracts. as for prices, they were high before, even higher now.. do the math
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Response by Nut
over 17 years ago
Posts: 15
Member since: Jul 2008
Wow - thanks sleepy1. This is amazing. I heard this too, but when I called the sales office they said that everyone was going to resign since they were going to "honor" the original contracts for those who signed previously! This is contrary to sleepy1's information.
I have no reason to believe the sales office, but was wondering why people would not resign if they could lock in their lower prices and hence have gauranteed equity in their apartment before closing. Does anyone know if that is true? Wow. If no one was resigning, the sales office is really misrepresenting a lot... (sort of like making artificially creating hype the way night clubs make you wait in line??).
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
Anyone know what's going on with this one?
I heard rumblings that buyers are walking away from contracts...
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Response by jordyn
about 17 years ago
Posts: 820
Member since: Dec 2007
That would be completely unsurprising. This development didn't seem to have a lot of traction (and were WAY behind schedule) even before they tore up their offering plan. Now that they've done that and raised prices in a declining market, it's hard to see why anyone would remain interested. They've got to lower prices significantly to be remotely interesting.
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Response by WallMan
about 17 years ago
Posts: 1
Member since: Sep 2008
I work down on Wall.
You've got to be nuts to buy there right now ... go visit. The construction is like a war zone. Seriously.
If you are bying for later, ok, maybe, but even still you are going to have permanent presence of NYPD with machine guns and NYSE staff with sidearms. It is stressful just to work there, but to live ... that is your sanctuary?
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Response by jordyn
about 17 years ago
Posts: 820
Member since: Dec 2007
Sounds like just the place for rufus. He wouldn't have to worry about getting mugged.
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Response by ootin
about 17 years ago
Posts: 210
Member since: Jul 2008
rufus, lol, what a putz
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Response by DaveLong
about 17 years ago
Posts: 3
Member since: Sep 2008
What's the latest on this place? Any closings yet?
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Response by Jazzman
over 16 years ago
Posts: 781
Member since: Feb 2009
Anyone out there have an update on 25 Broad? Wondering when these 300 units are going to flood downtown with even more supply.
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Response by jrw293
over 16 years ago
Posts: 91
Member since: Jan 2007
its in foreclosure.if theres no settlement between the parties, likely another year or so until an auction.at that time ,a new owner will assess his options.
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they missed the 15% target for owner occupied so had to scrap the plan. Looks like they have take the opportunity to start from the begining
knock down the rear wing, transfer air rights to 45 broad
new offering basicallt has an "additional risks" section: that the whole place may go rental, building zone for next 2 yrs, and if u cant get financing ur stuffed.
also i hear nobody is re-signing contracts. as for prices, they were high before, even higher now.. do the math
Wow - thanks sleepy1. This is amazing. I heard this too, but when I called the sales office they said that everyone was going to resign since they were going to "honor" the original contracts for those who signed previously! This is contrary to sleepy1's information.
I have no reason to believe the sales office, but was wondering why people would not resign if they could lock in their lower prices and hence have gauranteed equity in their apartment before closing. Does anyone know if that is true? Wow. If no one was resigning, the sales office is really misrepresenting a lot... (sort of like making artificially creating hype the way night clubs make you wait in line??).
Anyone know what's going on with this one?
I heard rumblings that buyers are walking away from contracts...
That would be completely unsurprising. This development didn't seem to have a lot of traction (and were WAY behind schedule) even before they tore up their offering plan. Now that they've done that and raised prices in a declining market, it's hard to see why anyone would remain interested. They've got to lower prices significantly to be remotely interesting.
I work down on Wall.
You've got to be nuts to buy there right now ... go visit. The construction is like a war zone. Seriously.
If you are bying for later, ok, maybe, but even still you are going to have permanent presence of NYPD with machine guns and NYSE staff with sidearms. It is stressful just to work there, but to live ... that is your sanctuary?
Sounds like just the place for rufus. He wouldn't have to worry about getting mugged.
rufus, lol, what a putz
What's the latest on this place? Any closings yet?
Anyone out there have an update on 25 Broad? Wondering when these 300 units are going to flood downtown with even more supply.
its in foreclosure.if theres no settlement between the parties, likely another year or so until an auction.at that time ,a new owner will assess his options.
You can find all of the information about 25 broad street at http://25broadnyc.com