Waterline Square

What percentage are rentals or is there no way to know as the sponsor may just be renting out unsold inventory?

The sponsor is not renting out unsold inventory to my knowledge. The Waterline Square development is very similar to the One UN Park building regarding rentals. The developer elected to build rentals on the lower floors and condos on the higher floors; this wasn't an afterthought due to market conditions. There are two separate entrances for each group and some amenities are shared though the rental component needs to pay a monthly fee (in addition to rent) to use.

From my understanding the rental component was built significantly more denser per floor compared to the condo units. I want to say 3 to 1 or something high like that.

I would absolutely be concerned about owning in a building like this though I have not studied this financial structure thoroughly.

Thank you. Makes sense to make rentals much more dense and smaller size per bedroom rentals trade at higher $ per sq ft.

Do you have any idea to when sales will start closing? I'm trying to estimate the $/sqft since the market is relatively soft and all the supply.

Over the 3 buildings there are something like 250 condos and 800 rentals.

And, 1/3 of those rentals are "affordable." Maintaining a park and all of that amenity space with 270 non-market rentals is a complicated long-term proposition. It would be interesting to understand the economics and allocation of common charges, who owns the rentals, and whether the market and non-market rentals are owned separately. The non-market rent roll (sub $1600/month for studio-3 bdrms) likely would be underwater (or will be soon) under anything remotely approaching an equitable allocation of expenses.

So you get tax abatement but are stuck with paying common charges for the “affordable” segment? And after tax abatement has expired, the affordable segment gets very little share of taxes due to small common interest and you are paying their share too?

Anyone have an idea when closings will start happening? Per urbandigs, only 46% of the total 263 units in the entire complex is under contract. Is that normal considering closings haven't happened yet? Thank you in advance.

It's the new "normal."

I don't know if this says more about this project or the rental market in general, but giving away 3 months free rent is quite a statement considering all we are hearing is how hot the market is, concessions are down, etc.

https://www.cityrealty.com/nyc/market-insight/rental-building-offers/riverside-dr-west-end-ave/3-months-free-rent-waterline-square-look-inside-upper-west-side039s-shimmering-new-riverside-community/34641

I admit I am unfamiliar with all the new construction in this area, but according to Google if you want to run out and grab a quart of milk the closest deli is half a mile away? Is that possible?

The closest is a Morton Williams one block away and Hudson Market which is two blocks away.

There's a Morton Williams @ 60/West End

Is there a restriction on how much can inflate the ask and offer 3 months of free rent?

Is there a restriction on how much can inflate the ask and offer 3 months of free rent?

rdc10036,
The only Morton Williams I see is on Columbus/9th Ave which according to Google is actually further away at 0.6 miles. (Off topic: that Speyer Legacy School building next door just jumped onto my list of fantasy conversions to my house along with 81 8th Avenue and 130 Bowery).

300,
Apparently not. That $13,125 three bedroom is actually $17,500. And people are up on arms about who pays the broker's commission?

30yrs, not sure where you're looking, but there IS a Morton Williams there. It also shows up on Google Maps and mortonwilliams.com if you don't believe me:

15 West End Avenue
(corner 60th Street)
917-388-3310
Open: 7 AM - 11 PM
Manager: Danny

Sorry, that's what showed up on a Google search for Morton Williams for me.

I like the year round heating and cooling. that means its a four pipe system which considerably adds to the cost of the building. that's a very high end feature. I suspect if the market were to gain strength they would attempt to sell these units at a later date. The appliances are wary too high end for rental product

4,000 for a studio?

https://www.youtube.com/watch?v=uiVubfXJzoA

One slashing every 5 years is a small price to pay.

12 days and no slashings at Waterline Square!