11 Hoyt

I think it's selling ok...my mortgage contact said he's getting a lot of calls on it. The high RE taxes were a disincentive, but the design, features and layouts were better than other places I saw, plus the per sq foot price is pretty reasonable in the mid-1200 to 2000 depending on floor and view. I encourage people to check the building out.

yeah I'm sure it's drawing a lot of attention due to the design. In this area, imho, 11 Hoyt and 211 Schermerhorn are the most interesting design-wise. Some prefer a full suite of amenities while others prefer boutique buildings. With the rumored Ace Hotel on Schermerhorn st. and other luxury developments, this area is changing quite rapidly

Does anyone have any information on how much the real estate taxes will increase in the second year?

Well, they claim that the RET is around 1800$ post construction on 1250 Sq Ft, 2b apt. Does any have opinions on comparison with One Brooklyn point?

I think it will be interesting to see what the taxes end up being in the second year after construction is completed. Also, RET go up every year so 10 years from now with the city being cash strapped and looking for revenue, may cause the taxes to look very different than what is being projected.

I believe second year taxes are projected to go up by 40%, but who knows given the current political climate and state of the city's finances. They also recently increased prices on a number of units and all parking and storage units, so the building is selling well. I think the private motor court and private outdoor space are a huge benefit...not too many buildings like this in the area.

Is having 224 active simultaneous on StreetEasy an implication that the building is selling well?

I don’t see a single recorded closed sale in the sales history on SE. But I do see a bunch of units that were listed as unavailable without having been sold, implying there are even more than 224 empty units in this building.

Why would price increases of units be an implication that the building is selling well? Clicking through most of these listings it seems that the price hasn’t changed once on them since they went online in December, and haven’t gone up.

Why lie about what can be proven false? Do you work for your building? I hate shill posts. Especially lazy ones.

As the market gets more stressed you can be less certain any representations are true. Note that almost no one is willing to go on record about how sold these projects are? When the news is good on that frontier developers shout it to anyone who will listen.

Why are taxes going to increase specifically for this building only? Wouldn't it be the same case with other new construction around it like 211 Schemerhorn, 10 Nevins etc as well?

So my understanding is that the second year is closer to the true run-rate number because the building isn't fully assessed until the second year. So I suspect most buildings will market the number in a similar fashion. They'll give you more detail when you ask. And no sales have closed on this building yet because it is still under construction. Everyone who put down a deposit is technically under contract so that's the number I would look at. We have been told that closings will start for the lower floors in the November/December timeframe.

Discount around 6.5% off total cost (closing costs, concessions)

Does anyone really think they're gonna close in November / December? The progress around the lobby and motor court indicate to me that they're going to take a bit longer.

What's the drop dead date in the Offering Plan?

One of our clients received a letter from the developer stating closings would begin soon. This was about two months ago, wasn't a 30-day notice. Just a sort of get your ducks in a row notice, apologies for the lack of details here. I know he excitedly sent it to me thinking it was a 30-day notice, it wasn't. I'll see if I can find it.

BKDJ: only time will tell, but check out Brooklyn Point. They commenced closings over the summer and only recently took down the exterior orange construction elevators. Still very much a construction site. So I could see them closing here in November or December on the first few floors and folks essentially moving into a construction zone.

Not sure on the drop dead date.

I received my 30-day closing notice, but I'm not yet under contract for the sale of my current condo, and I'm worried about a liquidity crunch for the closing. Any notion of how flexible the sponsor may be in pushing back the closing? While the building is making great progress, it's still very much a construction site. I'm having my mortgage broker check if I can carry both properties, but I would rather not.

What floor are you? I'm on 24 and they told me we could expect to close in first quarter of 21.

I'm on 15 and received my 30 day notice. It might not just be the floor but side of the building as one side still had construction elevator

I'm on the 8th floor --I recently visited the property and was shocked at how much construction is still pending -- doesn't look like it will close on time, or perhaps they'll have us living in a construction zone for a few months.

Lets see if they get their COO on time

I was told that a TCO was expected any day and that closings start 11/13...site still looks very much a work in progress.

Walk over to Brooklyn Point. Still very much a construction site and they started closings months ago!

TCO was issued today. Did walk through and the place looked nice.

Anyone move in yet? How are things on the inside? I assume most of the common areas are still under construction.

Just closed but haven't moved in yet pending completion of the parking garage. Any word on when they may finish that and the other amenities?

Congratulations!

Keith

Nice! We just got notice of a delay in closing. I think our unit is still under construction because it was where the exterior hoist came in the building. We'll see.

DTBK, when were you scheduled to close?
I received a pre-closing notice for a February or March closing, but haven't received a notice for closing or delayed closing yet.

NYCB: Well technically we never got a notice to close in the first place. Our contract has an outside date of March 31 and they might not hit that deadline. TBD.

https://youtu.be/qKWtVjBq0YM

DTBK, in the pre-closing notice, it mentioned that we will receive a closing notice 30 days prior. Sounds like you'll have the whole month of February to see if they can hit the deadline.

Had a closing scheduled for the first week in February, received notice it was adjourned today to late February. Hoping for no further delays!

HoytApt, was your closing notice provided 30 days prior?

Yes. I received the more generic "closing starting soon" at the end of October, then in early January received an actual 30-day notice setting an early February closing date. Closing was then adjourned by a couple of weeks about two weeks before closing was previously set to occur.

Looks like they are at 80 closed and 120 in contract, so 180/480 = 37.5% sold in terms of number of units. Someone else can do the percentage of common interest calcs.

I was figuring 42% sold/under contract (80+120 = 200 out of 479 units for sale, since on floor 5 the super apartment is already spoken for).

I fat fingered that calculator.

Hoyt Apt, did you closed on your apt yet?

No, closing has been adjourned three separate times now, now into early April. Getting pretty frustrated. It’s difficult to get much info at all from Sponsors attorney but from what I can tell there may be an issue with getting some of the kitchen materials.

No, closing has been adjourned three times, now into April. Pretty frustrating.

HoytApt, oh no, sorry to hear that. It is indeed frustrating. How did you hear about the issue with getting the kitchen materials? A couple of weeks ago, the sponsors attorney said my closing will be pushed back to April. Hearing about your delays, I'm not holding my breath.

Can anyone that have already closed share their experience? Any delays?

I closed 6 weeks ago and am moving in on Saturday. The night before my walkthrough I got an email saying it had to be rescheduled because the apartment wasn't ready. Once it was rescheduled, the walkthrough went smoothly and the lady doing it was very thorough in terms of her documentation. The quality of the unit was very strong; my brother is a developer and builder, so I've been around lots of construction for the past 20+ years and the drywall work was perfect. Though the Sponsor did want me to close quickly, they did allow a few delays with no penalty since the bank was running late on the mortgage. I haven't had time to scrutinize if the minor items on the punch list were all handled, but the building is shaping up beautifully. I will say though that many parts are still very much under construction I'd assume 11 Hoyt will remain a construction zone for at least the next 6 months.

BKDJ, Thanks for sharing your experience. Very happy to hear your positive feedback on the quality of the construction of your unit. Is moving in 6 weeks after closing your personal decision and situation or was it dictated by the sponsor? This is important for me because I'm living in a short term rental apartment and need to plan accordingly.

NYCBK: No the delay wasn't related to the sponsor, I could have moved in the week that I closed, but given the flexibility to work anywhere, I spent most of the winter down in Florida with family for sunnier weather and to allow my current unit to be showable 24/7. Luckily I'm in contract at my old place and will close soon on that. The amount of pending construction and the fact that the garage isn't ready yet is making me think about delaying the move another week, however.

BKDJ, you're lucky to be able to be able to get away from the freezing weather. Happy to hear things worked out for you. Did the sponsor provide a notice to close at least 30 days prior? Any delays after receiving the notice?

We were supposed to close by the end of March (that was the outside date in our contract) but we had it extended to the end of June because they weren't ready. Our unit is one of the ones on the east side of the building that they are wrapping up now that the external hoist is down. Glad to hear that the quality of materials was really good for those who have moved in. Any update on when the amenities will be open and what they plan to do with areas like the pool during the pandemic?

Did you get any compensation for extending the outside date?

DTBK: thanks for sharing your experience. Can I ask why you chose to extend the closing date to the end of June? Is that when the sponsor is expecting to finish the units on the east side of the building?

DTBK, thanks for sharing your experience. Sounds like we have similar units. We were supposed to close by the end of March as well. Did the sponsor say your unit will be ready by the end of June or did you pick by the end of June? I'm trying to get an update as the last update I received was a closing in April.

Apparently the best selling New Dev sold 13% of it's units last year:

"The sales team at Tishman Speyer’s 11 Hoyt was recognized for the largest number of contracts signed, 63, which Corcoran Sunshine claimed was a citywide record."

https://therealdeal.com/2021/03/04/nycs-biggest-producers-top-sellers-in-2020-heralded-quietly/

I peered into the partially opened door of a unit that was located where the construction hoist/crane was anchored into the tower, and there's a lot of work left to be done on those units...don't expect to close in the next 2 months. It makes sense, those units were just bare concrete exposed to the elements until they could be sealed with the windows as the hoist came down. Since it comes down top to bottom, the east elevation lower floors will be done last.

Are all the amenities included in the purchase price? There looks like a check in desk for the gym, which makes it seem like it'll be an add on.

I've finally received my closing notice. Can anyone share their experience on when the "punchlist" items from the walkthrough be completed?

NYCBK - you do the walkthrough 2 weeks before closing, a project manager documents every issue very thoroughly in a file with you, and what she finds on her own as well. The file has a description of the issue and a photograph, and the defect is marked w/ green tape in the apartment so it's easy for the construction crew to find. Only 2 ppl can attend the walkthrough (due to Covid) and there's no follow-up before closing - but your contract should indicate that the punch list survives closing.

BKDJ, Thanks for sharing your experience. I'm considering to hire a professional home inspector to come along for the walkthrough as my knowledge is limited regarding constructions. Do you think this is necessary for my limited knowledge?

NYCBK: it can't hurt if you're willing to spend a few hundred bucks on it, but a lot of it is just testing the lights and plugs and looking for defects. I didn't have time to hire anyone, so I brought along a friend - two sets of eyes are better than one.

I would think that in a new condo, you are not examining the building systems. Just ensuring all plumbing fixtures, HVAC, appliances and electrical sockets work, and finishes are what you expect. It should take at least an hour. Taking a friend with sharp eyes is always a good idea.

And windows / doors of course.

https://dilendorf.com/resources/construction-defects-nyc-condo-html.html

I appreciate all the suggestions from everyone. Thank you! I think I'll go ahead and hire a professional to come along to the walkthrough to have a peace of mind.

NYCBK: they said by end of June. We might get it done earlier than that but we'll see. The upside was I was able to lock in my mortgage rate and I think those will go up. Someone else asked if the amenities are included. All amenities are included. Maybe at some point they'll charge for guests but not for residents as far as I know.

To those who have bought in this building - My current building (also a new development) has an unofficial discord chat which is super useful when it comes to identifying common issues, sharing solutions, and group-buying, etc. I wonder if this building has one, too, or something similar? Can be as simple as a facebook group.

I am looking to buy in this building and I really hope there is/will be a group like that, I found my current one by a note taped in the elevator and I can't imagine how I could deal with all the issues with my new building without it. Not saying 11 Hoyt will have a lot of issues but you never know.

YYYZZZ -- that's a good idea. You should set one up once you pick up your unit! FYI I walked by the other day and looks like the amenity spaces are coming along quite nicely. Pool area looks just about done.

Has anyone heard how sales are doing lately? I am hearing good news but all anecdotally.

DTBK - Thanks for sharing all the useful info. I also have one of the hoist line units, do you know how likely they will be able to deliver by end of June? And do you know if the June date applies to all units or only certain floors? Thanks!

buyer31 -- I don't have a scientific answer. We got a notice to close for end of May so feels like they are on track but you never know. I walked by the site about a week ago and it looked like the first ten floors or so were moving along and above that they were still working on drywall. Also not sure if that date applies to all units.

Just wanted to provide an update. I hired a professional home inspector for the walkthrough. It was well worth it. He found issues that someone like me would not have known, ie outlets in the kitchen island are not GFCI. Overall the apartment looks very nice, does anyone know when the punchlist items will be remediated?
As for closing, it has been very frustrating. The afternoon before the closing closing was adjourned a week because the new TCO has not been issued. And then I was told it has been adjourned again for another week. I don't get it, why set a closing date a month in advance if the TCO has not been issued. I have to find a temporary place to live since my lease will end and my current rental has been re-rented. Did anyone get compensated for adjournment?

The sponsor has issues with filing for the TCO with the NYDOB due to a new system. Banks will not finalize loans without a TCO. Also no one can really close without a TCO. They don't seem willing to compensate for any costs due to delays on their end. Buyers have to cover a lot more closing costs than for most resales, so any sort of accommodation even if it was minor would be nice.

For punchlist items, follow up with the person at the property management company that did the walkthrough.

For anyone impacted by a TCO delay... if you're in a rental and your lease is not up, I would not finalize a move out date because there has been limited detail on progress and closing dates continue to be pushed out.

On the new DOBNOW website, we can search for filings of the building.
Here is the link:
https://a810-dobnow.nyc.gov/publish/Index.html#!/

I do see a filing out there filed on 3/5/21, but the status shown is "SO Plan Examiner Review". The filing is actual done by an DOB expeditor firm Gillman Consulting for the sponsor. I think this is under the hands of the DOB. I've called Gillman Consulting for see if they can provide an update but they have a confidentiality agreement with the sponsor and cannot release info without permission from the sponsor. Since there are delays, transparency would be nice, as it is better for planning especially since I have a elementary school age daughter.

The DOB is indeed late, based on the Service Levels:
https://www1.nyc.gov/assets/buildings/html/dob-service-level.html

Interesting. We we supposed to close at end of May and just got an adjournment notice to end of June. Really frustrating. Not sure why the keep playing games.

The good news is that the Schedule of Occupancy was approved by the DOB today and the renewal of the TCO was submitted as well. In the comments section, it states "TCO renewal plus adding hoist line apartments on floors 3-12 and adding floors 42-47(less hoist line apartments)". I believe these referenced floors are construction levels and not marketing floors. The marketing floors skips 13, 33, 34 and 44th floors.

My take is that the sponsor should not be sending out closing notices if they do not have the TCO for the certain units.

Has anyone created an owners group yet? We're scheduled to move in next month and just curious to know what everyone's experience has been so far. Particularly interested in the internet options and what works/doesn't work for people.

So interesting

DTBK, the building uses the Building Link app which allows all the residents to post on the bulletin board and interact with each other. As we all know, the building is still under construction, but it is indeed very nice. There might be some nuances due to it being a new construction, such as appliances functioning properly, punchlist items missed, etc. As far as internet options are concern, there's FIOS, Spectrum, STARRY, Natural Wireless. I opted for Natural Wireless because that option allow users to get wifi throughout the building, good for amenities areas.

There is a facebook group also, just search 11 Hoyt

Thanks for all the information, is there any discount if I'm buying a unit in this building without an agent?

with or without an agent, you can get a discount, it all depends on you or your agent’s negotiation skills and knowledge of the RE market. If you are pretty confident in yourself, go without an agent.

Any thoughts as to how the real estate values might be affected here by the potential homeless shelter opening right next door?

It can't be good. The area wasn't great in the first place.

I wonder which is worse for value, to be next door to a shelter, or be 2 blocks a way and have a shitty deal structure where you don't actually own any real estate?

Good question , readers want to know .....

can anyone who's moved in chime in on how they're finding their unit and the building thus far? I'm in an apartment in downtown Brooklyn right now and pretty seriously considering 11 Hoyt. There's only one unit left in my price point so it seems like they're almost done selling.

Still, I'm a little hesitant about that part of the downtown area, just doesn't feel as nice as where I'm at on Schermerhorn and 3rd Ave and wonder when (or if) the vibe will change.

FWIW, the corporate structure at BP is complicated and you rely on a lot of extremely low-risk items to occur to turn it from a land-lease to a condop (not a co-op). IMO, owning a deed + RET is better than zero-RET + waiting 25+ years to convert the land lease, especially when the prices are similar.

For the homeless shelter nearby, it opened and most of the people that come in and out aren't addicts/aggressive, they're mostly low-income workers.

If you have access to some data, you can pull a bit that there are far less rentals in 11 Hoyt than BP. Sales at 11 Hoyt are near 82%.

We moved in two years ago and have been extremely happy with our purchase. The building staff are friendly and helpful, and a great resident community has formed since the building opened. The building is well-run, the amenities are top-notch, and the units are well thought out. Taxes and common charges have also stayed consistent with the offering plan numbers.

There were some new construction-related issues when we first moved in. Overall, we’ve had fewer issues than comparable new construction buildings, and the sponsor’s been good about addressing them.

While there were concerns about the homeless shelter before it opened, it’s been a non-issue. The shelter operation has been smooth thus far.

You won’t find a private park, a motor court, or parking at Brooklyn Point or The Brooklyn Tower. Besides, Both Brooklyn Point and Brooklyn Tower have weird ownership structures. At Brooklyn Point, you’ll have to educate buyers on the condop/land-lease situation when you want to re-sell your unit. At Brooklyn Tower, condo owners will never fully control the board (~30% condos and ~70% rentals). Also, the master bedrooms at Brooklyn Tower lack floor heating, which is unusual considering most comparable buildings have that.

Based on the math I've been tracking, I think the building is about 80-90% sold at this point in terms of # of units. $ value is probably lower as the remaining units skew heavily to higher floors and larger floorplans.