Powerhouse Condo Not Selling Well!! Financial Difficulties Arise

inonda.. you are alright by me. Like a more cerebral version of me... ; )

yes, w67th, i agree. nada is the much more level version of me. and more cerebral.

w67th wins a date with CarolSt

mwade, that IS funny. can you just imagine the date?

could you imagine their children?

stella, let's look at your idiotic comment- "what should be transportation advantages of LIC are turning into major transportation hassles."

You didn't specify Powerhouse or Hunters Point. LIC has other train lines. You can't try to hide your distortions by calling someone else a liar.

"You didn't specify Powerhouse or Hunters Point."

What do you suppose are we talking about here? Perhaps you should read the title of this most lengthy thread again, as well as the links I provided to the uproar about the subway problems.

Thanks to those motivated by greed and no moral compass, this thread has grown to record setting lengths, as others simply will not let stand the steady stream of BS from slimeball brokers and only a couple of unfortunate owners. It is amusing to see that the liars are often mystified and angry by posters who, the liars protest, have "no interest!" in the Powerhouse. To the extent that is true, many of those participants without a financial bias are simply setting the record straight, time and time again countering your twisted misinformation. Keep on hoping that your lies in public forum will be allowed to stand, and this will reach 2000 posts. And if you think that, by virtue of your dimwitted defense, this thread as a whole shows the Powerhouse in a positive (or even halfway neutral) light, then you are simply delusional. Keep it up LICComment, you're doing a heck of a job and the results here, for which you are significantly responsible, speak for themselves.

Thanks for the crazy rant stella. I actually don't care about Powerhouse, I just care about correcting lies and misinformation about LIC in general. Don't get so worked up just because people aren't believing your nonsense.

apparently you care about ph nuff to continually misrepresent the circumstances there

proposal: we cite fave misrepresentations...ill begin

my fave:

that the slow progress the city will make as the subsidized housing project (which will completely block the manhattan view from ph, and cause serious crowding in the neighborhood) somehow mitigates any of the negative impact of this situation

pls comment and/or add faves

I never made that representation. I said that the Hunters Point South development will take a very long time to happen. I never said that this development would be more negative than positive. I think if done correctly, whenever it does get done, it will have an overall positive effect on the area, and that over time its plan will be revised for the better.

Try again, maybe you will say something accurate next time.

Low income will never be a positive if you are concerned about resales and lets be honest it is low income PH is nice but considering what is going on around it I would think twice

Another stupid comment. $50k-$150k is low income?

Yes if you are spending close to a million on a condo you dont want to be next to low income thats a fact and $50k for nyc yeah thats high income for you. Calm down LIC grrrrrrrrrrrrrr

And there will be a lot of section 8 as well you can find all this info out if you do your research

stella, you are far too honest and clear headed to participate here. shush up, or this broker bozo may stop stepping on his own dick time after time, which would spoil all the fun.

checked out the building this weekend. the units, lobby, hallways, all look pretty nice, a step up from Hunters point/view, slighly better than L Haus. Can't comment on the thin walls, quiet neighbors at the time of visit or adjacent units empty. Broker mentioned that renters will not be allowed to renew leases. Can someone actually living there comment on the thin walls or other negatives for that matter?

buyer11, thanks for more dumb comments so everyone can see not to take you seriously.

NYCnewbie:

I live in the building now. The walls are indeed thin. You can hear TV noise, people talking in the hallways. If there are people walking with high heels in the unit above, it will sound like river dance in your apartment. If you live next the garbage room, you will hear the garbage going down the chute.

The building is also very poorly maintained. The hallways are cleaned and vacumed once every three or four weeks. There are wall scuffs on several floors and in several of the elevators. The garbage room is disgusting on many floors. The spa area is extremely filthy. This building is only one year old yet it feel looks and feels like 10 years old. I presume the poor maintance is due to the fact the sponsor still owns many of the units and want to save as much money as possible on carry cost.

I've decided to purhcase a coop in the city instead. PSF is the same as the powerhouse but with a much better location. Good luck everyone.

> buyer11, thanks for more dumb comments so everyone can see not to take you seriously.

people in glass houses (next to public housing)...

Does anyone know the details surrounding the "sale" of the 56 units on 12/31/09? The NYC Queens rolling sales file has them trading for a total of $14mm, which works out to an avg of $163.59 when you divide the total gross feet of all the units traded that day. Giveback? Distressed sale?

The block transaction is listed on propertyshark but doesn't show up on streeteasy. The 56 units are sold at $500,000 per unit for a total of $28mm and $163.59 psf. The buyer is listed as "SEO, JUNG AE".

These are most if not all of the remaining unrented/unsold units. Is this a foreclosure? Is the developer bankrupt?

Seems like the toilet water is swirling even faster ...

the PowerHouse!? best ever building on paper especially before construction started or just before it was done. Now the PowerHouse is a PowerMesssssss, bad quality, no equipment, poor amenities, poor everything and the smell is the best... View hmmm well the view is definitely going as the tennis courts are gone and clear and getting ready to be clean i believe as keep in mind LIC is one of the most polluted land. so here comes the new high rise right in front and who knows projects or not? but who cares anyway.

The PowerHouse Power Developer and his amazing Power Prudential team have done a great job to misled most of the buyers. it seems that the renters (half the building) are the one getting a great deal they moved in and now they can move out anytime no big deal.

Also i stooped by today to visit my friends and i noticed construction in the back so in few years the whole building will be surrounded by Power Walls.

About the rumor of foreclosure or bankrupt!!! have not heard anything yet but i wont be surprised between what happened, all the shady deals and the state of the building. I would rather think that the power developer is definitely looking to cut cost at owners expenses to stay above the sinking building

If you want to see evidence of cost cutting, just look at the "state of the art" intercom that is currently being installed in the building. The Powerhouse was suppose to get high end concierge direct system. Now if call concierge direct, they will tell you the building have not paid their bills and the service is no longer offered for the building. Instead of concierge direct, the developer is now installed these extremely cheap intercom systems as a replacement. There’s a lot of talk of lawsuits by current owners in the building. Just talk to the owners on the 10th and 11th floor that have already had these cheap units installed.

Many people saw this coming a long time ago I wonder how this will affect the other buildings in lic

hey licc, shouldnt there be enforced government regulation to prevent real estate fraud?--how's that invisible hand feel?? your equity trickling down or up??

Developers are fine.
Construction on the EAST building have started. Use that freak'n pea brain of yours Mike77. If they are in BK mode, how the heck can they afford to built the East building?

Where are the sub 500 psf prices ass-wipes???
That bulk sale is simply a transfer of ownership, it has no effect on anything. If you can get it for sub 200 psf, i'll buy them from you fucking morons for 100% higher...any sellers?????? I thought so?

It's great seeing you guys cry day in and day out on this thread as prices have climbed since last Spring.
Mike77, if you want i have a few Studio in Rego Park for sale. Figures that the most you an afford.

Mike77,
For crying out loud. Get your facts straight. Any construction on the West side will be parks and school over the next 5 years. The city have no plans on putting up any building anytime soon.

You've been calling for major construction to start since Summer of 2009. I walked by with my dog and the only thing they've done is clean up the old dirty tennis courts. I'm glad those are finally gone.

4 Months ago Mike77 wrote this. This is one dumb mofo.
Last i check, over 110 units have been sold out of 170. The last 20 closings are ALL ABOVE 600 psf.

"the last one bedroom lol they still have 100 units unsold so they are clearly full of it and again trying to push people to buy... with some fake arguments

they sold a one bedroom for 600 per sf south side when the guy below paid so so so much more (about 40-50%more), if the 8th floor on south side that they claimed is the top side then north side or any other side should go well below 600 let say 550!? yes carolst power broker... just fyi thios unit was sold and recorded on acris i think few weeks ago.

based on those prices potential buyers i would not recommend anyone to pay over 600 psf, i dont think it would makes sense when you know a penthouse or even a regular apartment was just sold at around 600.

@nina i havent heard about this yet but i hope this is just on one unti because if it is not then thats just another negative thing to go for the powerhouse"

Carolst if PH is selling at 600 psf then where does that put l haus? What psf range? Those developers I would think would be worse off the PH with so few sold

I see the now suddenly unaffordable fancy concierge direct intercom system is still prominently shown on the animation section of the Powerhouse sales website. How interesting that they seemed to have edited the website in other respects to retreat from some of their prior shrill claims to "legendary views" and to delete the prior text about the state-of-the-art intercom, etc., but even with this editorial backpedalling there is still a lot of what-you-see-AINT-what-you-get.

I noticed that too.

I saw this place. Seems like real problems.

Problems in what way?

Mostly, the various comments of JM11106 and others seemed accurate. Plus, anyone can see that the construction directly West is real - so much for the views.

Does anyone know anything about the parking structure being built at the powerhouse- how tall is it going to be and is there going to be a park ontop?

I was told that it was a rental building going up in the lot under construction next to the powerhouse (not the side with city housing project construction). Perhaps the rental building will have some parking too, but a park?

If JM11106 is accurate, then where did the developer get the money to build the EAST building? Aren't they suppose to be broke as the title of this thread has indicated.
If all these issues are so glaring, then why do they continue to sell units above 600 dollar per square foot? The only units left are the rental units (about 50-60 total).

Every building in NYC have issues. The truth is, these issues at the powerhouse are very minor.

I live in the building. I see the problems first hand. People really don't have to take my word for it. They can easily find out the truth for themselves by talking to the super James.

Actually, much worse problems are beginning surface:

1. Much of the newly added section (floor 6+) suffers from water leaks around window and ceiling areas on heavy rainy days.

2. Many HAVCs have stopped working or is making extremely loud noises. Owners are having to repair or replace their units out of their own expense.

3. Have you seen the cheap intercoms installed in the units? Mine over laps the door frame and looks completely out of place on the wall.

I'm just pointing out things I see in this building. Please should do their own due diligence.

JM11106,

I don't live in the building, but the items you mentioned are suppose to be major issues? This thread started out with rumors of the developer going bankrupt!

1) I heard the water leak are from faulty facet panels. The 2 units that have issues have been addressed a while back.
2) The HAV units have warranty in them. No owner should be responsible for replacing them out of their own pockets unless they want a different unit. The repairs are also covered under maintenance.
3) Most condos in NYC don't have intercoms. Your point being?

CarolSt, I'm just pointing out things I see. People can make their own judgment if they are major or minor issues.

"3) Most condos in NYC don't have intercoms. Your point being?"

I believe his point is that they are misplaced on his wall, perhaps due to some sloppy work, and he thinks they look ugly. Even if most condos do not have itercom systems, they also do not include a fancy digital concierge system as a key selling point in their pre-construction promotional plan, have buyers close without them installed, and then after that they install some ugly units on the wall.

ouch

Just saw the plans for hunters point south, norh and west facing units will get views blocked off by a building 40 ft to 120ft high and this is going to get built not only will the views be blocked but the residents will be in a construction zone for years to come.

http://www.nycedc.com/ProjectsOpportunities/CurrentProjects/Queens/HuntersPointSouth/Documents/SitePlan

It looks as if the first resale closed in the Powerhouse, down 2% (plus transaction costs coming and going) in a year. I haven't checked every sale, but this is the only one that I found where the seller was not the developer. Priced right on top of the most recent sponsor sales at about $650 psf.

06/07/2010 #1109 $960,000
05/14/2009 #1109 $981,000

I'm thinking of renting a condo in the powerhouse. The person that I talked with at ModernSpaces says there's a 1 month brokers fee that is included with the place. These are condos owned by the developer that they're renting out. Not sure if I should be paying a fee just for someone to show me the place. Does anyone have experience renting at the Powerhouse and did you pay a broker fee?

is this the longest thread on streeteasy?

it's certtainly one i've enjoyed, as well as those comments which seek to balance through terrific humor the relentless dishonest promotion of LIC by those with a stake there

true dat.

I didnt pay a fee in cash, but they did say the 1 months fee was included in the monthly rent. So, yes you are paying them to show you the apartment. And if like my experience, they can't even do that well.

There are so many morons on this thread it's incredible.
All of them have been proven WRONG over the past 15 months.

Here are the last 13 closings over the past 5 months. Unit 606 was the most recent.
Prices have been trending up for over a year now in this area.

320 - $616
912 - $626
907 - $613
303 - $633
609 - $627
608 - $625
510 - $634
1109 - $651
1001 - $647
613 - $650
218 - $683
606 - $644

Prices are based on PSF.

Love to hear about why prices are trending up from people like Mike77, Nick, Ubottom, etc.

CarolSt: I suggest it's that prices are trending up because interest rates have been going down.

That's my guess.

Are you kidding me? People who have been speaking on this thread over the past 20 months have turned out to be right. Prices since late 2008 / early 2009 are down anywhere from 20-30 % in this building - just like almost everywhere else in NYC. I'm trying to follow your logic - you shortened the data set to the last 5 months (where data shows a somewhat positive trend) and then relate that to what some of us said 15-20 months ago, ignoring all of the data in between. Your argument doesn't hold any water.

Also, take a look at today's miserable housing data. Only a few more months until the next leg down is upon us.

So CarolSt I'm curious, how are WE the morons?

Powerhouse has some gorgeous units. We have been priced out of the building so they can't be doing all that bad....

Nick26,
Beside a few individual that knows what has been happening in the neighborhood, who's been right on this thread? The thread started with a speculation of the developer filing for bankruptcy. Last i heard, they have less than 15 units available for sale. Prices are now at 650 psf. The last 2 units sold for an average of 707 and 649 psf. You've been advising people not to buy in this development over the past 15 months and you've been wrong as prices have gone from mid 550s to mid 650s psf now.

If you have no idea, shut your fock'n pie hole.

And Nick...you where's all the development and construction in front of the powerhouse? I take my dog to the doggie park every morning and nothing's change. Again, if you have no fock'n idea, shut your pie hole.

Update:

Recent closing:
320 - $616
912 - $626
907 - $613
303 - $633
609 - $627
608 - $625
510 - $634
1109 - $651
1001 - $647
613 - $650
218 - $683
606 - $644
1110 - 707 psf *close in August 2010*
618 - 647 psf *close in August 2010*

By Spring of next year, we should see more units closing in the high 600s and low 700s in Hunter's Point, LIC.

13 months ago Nick wrote..

"just wait for the short sales....they;re coming."

12 months ago Nick wrote...

"they are selling at prices that are causing more and more of the intial buyers to be increasingly underwater."

Looking back, it looks like anyone that bought in this building the last 15 months are doing quite well.
I'm in this business for quite some time and this new development was a great bargain 10-15 months ago.
An absolute steal now if you look at current prices.

sales agent mentioned in the spring that they were not renewing any more rental leases and the building was going full condo. if you look at the listings here, several that were available for sale are not anymore. they apparently were placed back into the rental market.

Since the mortgage rate and maintenance went down, the sales price actually went down compared to last year.

man i feel bad for the powerhouse owners they got lies and lies and now the true is out, the view is gone and as usual carolst the power broker talks trash and do her best to motivate buyers. carolst is probably modernspace as powerhouse is using modernspace to rent or sale

Fact is we were right the views etc... were not going to last, the building is not done properly but again so many buildings like that cheap made and sold for very high because its NYC oops QUEENS....

good luck to all, keep buying in NY as the real estate here will always do good long term if you can hold the storm but dont expect a great quality

@carolst Price are going up OF COURSE why NOT !?!?!?!
the point never been about a year later or 5 years later where the PRICE will be, we all know around NYC you should be ok in real estate if you can hold

the problem is WHAT YOU GET FOR YOUR MONEY, HOW you OVER PAY at TIMES, HOw developers are PLAYING with BUYERS

When you buy something you dont want to be tricked and thats the WHOLE POINT, marketing is one thing LIE is another thing. and thats why you dont get it because you are a GREEDY person that thinks about his/her own pocket only.

Where are the VIEW?s, in the back a new building is up then another one is coming (parking side) and then another right in front where the actual VIEW is then what do you get......a BOX that you did not agreed to buy at the time you did. no need to worry if you purchased after the downturn at even 700 you will be fine but if YOU did BUY at 800 900 and some at 1000 then its a problem unless you can hold and hold for a while.

@jonny.... 1 month fee? thats a joke brokers are doing nothing but show you a room and taking one month as a fee. this is old when people used to abuse the system like bank did, brokers should be forbidden to do so, the system should not allow such practice.
seller should pay a small fee to brokers and thats it.

Carol may we please have an update????

I call BULLSHIT.
Just like 2 years ago when you made the same claims. The city have started building the park and school on the Southwest of the powerhouse. The city is narrowing down to 3-4 developers to the parcel West the powerhouse (currently where the doggie park is), it is no where near done. I spoke to someone from the city and they estimated that the parcel directly West of the powerhouse probably won't be done begin until after 2014 (after the completion of the school and park).

Here's the closings for 2010.
Eat your heart out idiot. Prices are climbing.

10/18/2010 #420 $540,000 851 $634.55
10/13/2010 #220 $550,000 851 $646.30
10/13/2010 #803 $900,000 1,201 $749.38
9/22/2010 #812 $540,000 830 $650.60
9/16/2010 #601 $1,221,900 1767 $691.51
9/7/2010 #616 $1,165,000 1809 $644.00
8/31/2010 #1110 $1,240,000 1,752 $707.76
8/20/2010 #1112 $527,500 830 $635.54
7/16/2010 #606 $960,592 1490 $644.69
7/15/2010 #218 $415,740 608 $683.78
6/21/2010 #1001 $1,050,000 1,622 $647.35
6/21/2010 #613 $1,100,000 1690 $650.89
6/7/2010 #1109 $960,000 1,473 $651.73
6/1/2010 #510 $481,650 759 $634.58
5/7/2010 #608 $742,050 1,186 $625.67
4/22/2010 #609 $631,315 1,006 $627.55
4/2/2010 #303 $600,000 947 $633.58
3/25/2010 #907 $468,000 763 $613.37
3/25/2010 #912 $520,000 830 $626.51
3/23/2010 #320 $525,000 852 $616.20

Look at these prices again.
You think these buyers plunge in without doing their homework?
The good units in this building are being sold in the 700s and high 600s. These same units could had been purchased in the high 500s 18 months ago. While you were bad mouthing this building and being a complete idiot, prices are running from you. If you can't afford it during the crisis, you'll never be able to afford it today.

10/18/2010 #420 $540,000 851 $634.55
10/13/2010 #220 $550,000 851 $646.30
10/13/2010 #803 $900,000 1,201 $749.38
9/22/2010 #812 $540,000 830 $650.60
9/16/2010 #601 $1,221,900 1767 $691.51
9/7/2010 #616 $1,165,000 1809 $644.00
8/31/2010 #1110 $1,240,000 1,752 $707.76
8/20/2010 #1112 $527,500 830 $635.54
7/16/2010 #606 $960,592 1490 $644.69
7/15/2010 #218 $415,740 608 $683.78
6/21/2010 #1001 $1,050,000 1,622 $647.35
6/21/2010 #613 $1,100,000 1690 $650.89
6/7/2010 #1109 $960,000 1,473 $651.73

whats the new building going up next to the powerhouse

EXCELSIOR!
(la piñata del infierno)

Eat my pencil.

Excelsior!

Q: pkyc0: "whats the new building going up next to the powerhouse"

Q: "a major housing complex on the Queens waterfront envisioned as a bastion of middle-class housing."

http://online.wsj.com/article_email/SB10001424052748704638304575636701193247256-lMyQjAxMTAwMDIwNTEyNDUyWj.html

You folks are still at this?

What is there to argue? The bears have been calling for prices to collapse below 500 since Fall of 2008. Right now prices have stabilized above 630 psf with almost 80% (unconfirmed) of all the units sold (including rentals). If you think talking down the building will get you a better price, i think the game is up. Unless you have an owner that really needs to sell, i doubt you can buy a unit below $620 per square foot (psf).

Please be advised - The Attorney General has asked the sponsor to hold off on signing any new contracts while the undisclosed bulk purchase of 56 units to two investors last year is disclosed in a new amendment to the offering plan. This disclosure should affect the value of the apartments within the building and the ability to get financing, now that it is clear there are 56 of the 177 units currently owned by investors and in the interim will be rented.

your comment please, oh delicate carol

This building is a joke. I live in the building. The hot water comes out yellow and the building would often have no hot water in the morning. I spoke with the super and he says this is normal. Really?! I guess it is normal for this crappy building.

haha

haha, that helphome waited nine months to laugh at the previous comment. Love it.

i really feel sorry for those who paid a premium back in the days for powerhouse. The building never lived up to the hype. In addition, the high school coming up right near in front of it isn't going to help with the cause. Have you ever see a high school in queens? check out LIC high school or WC Bryant, look around the surrounding block, you will see what I mean. 7-11 will be up in no time and there goes your 12pm nap... or 3pm nap...

This POS building just raised common charge by 20% for 2012!! TWENTY!! LOL

cool...that should ramp sales up

CarolST, ericho dudettes what's going on..... I was about to load up on PH units based on yous advice. Hurry I'm about to close.

Anyone else hoping that the revival of this thread will lure ericho out from under his rock to defend to honor of his LIC real estate empire? I genuinely miss that guy and the comedic value he added to the SE boards.

i miss the wisdom of LICComment

All new condos are always bait and switch with condo fees. That pool is nice but is it worth a 10% common charge jump a year (speaking generally). Look at Sutton place maintenance fees as an example, once rent abatements expire 1200 sq. foot two beds in such a nice neighborhood are selling less then 800K because of 3-4K monthly.

LICComment has no time for street easy, his shoe shine business sees no recession. On the contrary, it's picking up: 25% more shoes shined last month alone. The 1%ers love him and keep promising him that at this pace his LIC condo will be paid in full by 2022!

"This POS building just raised common charge by 20% for 2012!! TWENTY!! LOL"

I think this is/will be common for under-sold Harlem, LIC, Wburg, Jersey City etc type places.

have the tax abatements started to phase out ?

Any truth to the rumor that the Lighthouse Rental building which was sold recently (originally Powerhouse 3, or B in plans) will be a 12 floor rental the same height as the original Powerhouse?