Powerhouse Condo Not Selling Well!! Financial Difficulties Arise

"First off...acknowledge you were wrong about NO reported sales in Acris over the past 3 months.
It was blatantly wrong."

sure - with that material fact, PH is now projected to be FHA-eligible in 2013 as opposed to infinity.

@infamous sorry but you made no point at all

-yes i keep my viking story i have a simple proof, my next door neighbor he tried to buy there, his story is very funny to me and a shame on the ph. contract shows viking or similar, they also confirm to him by email that they wont be able to provide the viking as it is very much out of order when you can find it online everywhere. that is funny and that is where you are wrong. but i am going to give you the possibility that the ph (you) have now changed this to stop pushing people away. good move, the story is backed by people, paper, email and much more. move on.

-yes projects are coming up, sorry i am from spain did not know that projects means something else. so let me explain there is a project from the city of buildingssss a lot of buildingssss around. either way you want to interpret that just check the url given above and see what is coming. its a big big PROJECT lol front and south view are gone.

-yes the view are gone forget about the view, east, west, north are gone, south are gone as well, but yes the view from a specific angle looking back at queens/kind of Brooklyn over the foundry would still remain!?!? i am not sure why you are trying to fight this one, is this a view??? you are funny so maybe you are the lonely bored broker at the ph defending your salary. good for you, i respect that but please no lie no misleading info. lic is great i like it. ph i like it too but you cant have your price that high when you have little to offer. the fact that brokers at ph liiiie about the views and the projects coming up it is then more facts needed for you to then go there and call them liar, if you really need to name someone a liar.

-wrong poster!? fine. but the tennis court is going, the viking was not guarantee anymore a month ago maybe back on the table now, the view are gone for sure. forget the view buy for the building in queens. it is not Manhattan pay queens price. the economy is not going back up tomorrow morning.

-units being sold etc.... many units you will see went on contract a year ago and closing now perhaps. so far little was sold, seems like 4 when you are saying 2 a week (by the way you sound like the broker there she always says that she is making 2 sale a week) wow lol funny too.

a unit going on contract etc... is just words, actual sale is what is important. regardless the situation is not easy for anyone buyers or sellers.

the economy is not getting better more unemployment, the housing market is not getting better, the gov is trying hard to keep all stabilize for the least more debt will come, now people defaulting on credit card payment that wont help.

@mjay61
behind the train tracks that are super noisy in day time, much less for the ph but still there. building will come up it is like a L shape project of few buildings see the url on past page. so if you buy south which is the best as of now, the midtown view will be gone, the downtown view will be gone and the downtown brooklyn view will be gone. you should be able to see a little of a kind of queens/brooklyn over the foundry no pb but this is not a view.

@w67thstreet yes and no, i am not into conspiracy stuff but yes on this forum the developer and sales team are reading/posting all this and they are the one disputing the price per sf. it is so obvious and funny.

"my next door neighbor he tried to buy there, his story is very funny to me and a shame on the ph. contract shows viking or similar"

Sorry, had to comment on this. You need to keep your story straight, you said you know 6 people that bought a place and did not get Viking. Now the story has changed to a neighbor who 'tried' to buy. Good one....

The Views in the south will be protected until the new 'developments' are up. The term projects are widely referred to as 'ghetto' aka 'hood' aka 'White folks need not enter' neighborhoods. Try picking up a 50 cent rap album, he'll tell you all about it.

Everyone knows the tennis courts are going away. You don't need to explain it 100 times. The key is when? Are they building a 200x200 brick wall right in front of it? Are they breaking ground tomorrow? Have you looked at the models? Views from the west are NOT completely gone. They're partially taken away. How do i know this? Because homie, i'm good like that!!!! And as of today, NO ONE knows when it will be build. There are speculation that it might be on hold for who knows when.

@ericho75
Yes my neighbor has tried to buy over there
Yes I know now over 6 people there, 3 very very close friends
I am, at the above statement, talking about one of the stories, you add them all up and you get the point and the facts about the viking stories. my point is that it is not only one guy but few so i have to believe it more than a broker saying white or black.

Tennis is gone after this month, we cant play after the end of this month.
The tennis manager told us (members) that they will start construction next day, i cant guarantee this seeing the economy, but according to the manager it is a city construction/development to boost the economy and part of the obama stimulus so it should start right away. it is not private developers trying to raise money but the city, the state the government. it makes sense and i hope they do start right away because it will be good for lic.

thanks homie!!! i guess you already bought the 50 cent rap album, now i will refer to development and thanks for the tips.

dont be sorry feel free to comment and correct anything that you feel like i will gladly explain or even correct myself if necessary.

mike, you are incorrect. Please try to research things before you start throwing facts around. The city is going to clear the land and put in infrastructure soon. But any apartments built there will be financed, built and run by private developers, not the city. Who knows when that may happen?

LICC,
That is correct. No one knows when it will happen, and i'm sure no developers will put in bids during these economic times. Just look at situation with the library and how that turned out...i'm guessing another 2-3 more years before they even start construction.

how many years has it been since talk of the nets arena and development of the atlantic yards in brooklyn? it takes a few years, doesn't it? i know this isn't a direct comparison but big projects don't happen right away.

http://www.nytimes.com/2009/06/25/nyregion/25yards.html?em

the my facts are much better than yours.

facts: i am a member of the tennis court for the past 6 years
i have paper telling me it is over, cant renew, cant play, the place is being removed after the end of this month and supposedly they will start right away, go figure.

i believe this is a good fact but it seems @licc or ericho you both feel like it is not enough.

i am note telling you that it is happening tomorrow morning, i am telling you what the facts are so far.let see what happens in august. and if it turns out to be like the library then be it and nothing will be up for next 2 years. closing the tennis court was then a waste of money but no matter what happen the view from the ph will then be blocked now or in 2 years.

@licc11101 the development has been in talk for years so yes not happening over night but remember it started years ago already so why this time should not be the time? the economy? yes but the gov is trying to boost the economy by creating those temporary jobs.

the same kind of park development just started in brooklyn next to dumbo right in front of downtown nyc, a beautiful park and they already started take the taxi boat 3 stops (i think) you get there and check it out. the city is spending to help the economy thats another fact.

when will this place catch fire and burn to the ground?

Unit 1105 with a terrace just closed for $680 psf not including the sf from the terrace. If you count the terrace as half the interior space, it closed for $612 psf. Wow. This unit was asking for $1040 psf a few months ago. Talk about haircut!!

A little perspective - it is a 2-bedroom that sold for just under $1 million.

1105 just closed for $981k. 805 closed in January for $1.4mil. Same interior layout and both units have terraces. Almost a half a million dollar loss for the 805 owner. If they put 10% down, they're 20% underwater on their mortgage. But hey, its just paper loss right?

Mike77,
No one is arguing with you on the fact that the tennis courts are going away. Read what we've been saying....jez...

#807 just closed at $530k - 763 sf interior and 337 sf terrace. If you assume terrace is prices at 50% of interior sf, then interior sf sold for $570 psf. Assuming the same pricing differential, the unit was originally listed at $855 per interior sf (or $795k total). this is an 11% drop from the most recent ask of $595k and a 33% cumulative drop from when it was listed at $795k.

keep in mind that the 8th floor south facing side of the building has a "view" priced in. i would say $600s psf in this building is history...

"the city is spending to help the economy thats another fact."

Yes, and the city is going to reverse the global recession.

In case you didn't notice, NYC is cutting its budget by billions... and the state will be next.

I thought no one is suppose to be buying?
Nice purchase for the owners of 807. The exterior space is very nice.

Not sure if people are noticing, but one bedroom in this area (LIC) are flying off the shelves recently. 5SL have NO more 1 bedroom left, both Foundry and Powerhouse have very little 1 bedrooms now too. Tons of bargain hunters out there still.

You can wait all you want, but if there's nothing left to sell you ain't buying JACK in the 300-400 psf. Keep waiting fellas. I got a friend that was waiting for the low 500s in 5SL and guess what...prices might be here but THERE'S NOTHING IN THE BUILDING TO BE SOLD AT THOSE PRICES. DOH! He'll have to wait for a distress sell or try his luck at the foundry, powerhouse or hunter's point condos.

"In case you didn't notice, NYC is cutting its budget by billions... and the state will be next."

Yes sir...another reason why the plans might to build out Hunter's point will be delayed for a number of years.

the reason 5sl has no 1 bedrooms left is because most of them contracted way before this mess...they did fly off the shelves...in 2007. 5SL was fortunate enough to be way ahead of the game. with less than 30% closed in the powerhouse (and dont feed everyone the 50% BS because those are contracts that will never close), you cant tell me there are no 1 bedrooms left.

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

when 5SL marked it's prices down earlier this year, there were very few 1 BR apartments left.

LICC bulls take comfort that the views in LICC might not be blocked for a few years???? good point

no way 3-400 psf? thats the same crap we heard prior to the down 35% prices that ARE closing now

better point: i aint buying JACK at 3-400 psf cuz i prefer manhattan, and with manhattan down and falling further (much more affordable) why would i make the concession to buy in LICC?

the LICC bull case is getting very tired and desperate--either you guys are waaaaay underwater or youre trying to keep your jobs selling this garbage---good luck, but the pathetic attempts to lure other suckers in are, well, pathetic

I am a fan of LIC and hope the buildings there do well, but I have to say the purchasers of unit 807 at the Powerhouse got taken - they closed at almost $700/sq ft. What were they thinking? For a one bedroom? I just went into contract on two bedroom that has a view that has a much better chance of being there years to come in a different building for substantially less money. Nick is right that short sales are coming. There no doubt will be some. I wouldn't expect 100's of units at 75% off, but if you are patient, there could be some good deals coming.

Just because there will be short sales, it doesn't mean prices will be substantially lower. It's all about supply and demand and LIC just don't have that many condos available by the waterfront.
807 also have outdoor space, so if you take the outdoor space at 50%, he paid about 580 psf. That's about inline.

True. That is about inline.

"You can wait all you want, but if there's nothing left to sell you ain't buying JACK in the 300-400 psf. Keep waiting fellas. I got a friend that was waiting for the low 500s in 5SL and guess what...prices might be here but THERE'S NOTHING IN THE BUILDING TO BE SOLD AT THOSE PRICES. DOH! He'll have to wait for a distress sell or try his luck at the foundry, powerhouse or hunter's point condos."

Yes, the broker told me it was the "last one" too.

Of course, he had a ton more "not on the market... yet".

I'm renting in the Powerehouse and I gotta tell you this place is a dog. Classic signs of a project running out of juice and going cheapo on everything. Worst is sound insulation ... paper walls, hollow doors. There's a dog in a unit at the opposite end of the hall, maybe 8-10 apartments way. I can hear it bark clear as day wherever I am well within my apartment. One walks down the halls and confronted by voices ... you swear someone just snuck up behind you but it is just other residents speaking in normal voices behind closed doors, but you can hear everything plain as day. So much for privacy. You literly blush when your neigbors are making whoopie, and heaven forbid someone on your floor has a party. The website and promos talk about a fancy intercom system: not there and no sign of it but every apt has a big gaping hole in the wall with wires hanging out where it was planned to be. Nifty pool table finally was put up of the lobby ... too bad late at night it's used by a bunch of nonresidents who look like they belong in a real poolhall. The indoor parking is outdoor parking in a junk lot around the corner available at prices in excess of the indoor lots in the buildings all around there. To add insult to injury, the view is disappearing and fast. The block between the Powerhouse and the river is the first to be developed in the big planned public housing project. The owner of the tennis bubble that is now there shut down and was quoted in the press as saying that the city just told him it is "ready to put a shovel in the ground." That public housing project will probably be better built than this intended-to-be-high-end condo....

bern...which floor are you on? and have you seen these nonresidents playing pool more than once? if that is really the case, why didn't you say anything? you're renting at the powerhouse and shouldn't you be concerned that there are non residents using your building?

Poor Bern....

Bern,
Try this sight.

http://ehealthforum.com/health/topic42970.html

bern - thank you for the color. any sign of scaling back on the other amenities that were promised? how's that world class spa coming along?

rofl!!!!

"better point: i aint buying JACK at 3-400 psf cuz i prefer manhattan, and with manhattan down and falling further (much more affordable) why would i make the concession to buy in LICC?"

agreed

bern's post is not really believable. How can non-residents be allowed to hang out in the building's lounge? I don't know any building that would allow that. There is no public housing project planned anywhere near Powerhouse. There will be more building construction, but not public housing. It will all be private development. Also, I never heard of any assertions from the building that it would have indoor parking.

LICComment,

If you read my post a few weeks ago about my trip to LIC and the powerhouse, i mentioned i tested the walls and sound of the units. Even though i don't live there i can tell you straight up that the paper thin walls are total crap.
And what non-residents being in the lounge area, is that really an issue? If i live in the building and decided to have a party i can't see why it's a problem to hang out with my friends in the lounge area. If you think about it, it's really not a big deal.

I didn't comment on the walls. I wouldn't know, but several people on this board have made the same comment.
I agree that if the non-residents are guests of residents, that would be fine.

I only see one person commenting about the walls being an issue. They're been a few poster that said that sound is not an issue in the building. Could it be the same person? Mike77, Bern, Nick???

There are no wall problems in the building. The views are 'partially' going away around the building, but no one know when that will happen. All these rumors are probably from someone that want to buy into the building and hoping to drive interest away. Little does he/she knows that in America, all news is good news....

Only in the sense that "good news" brought prices down 30% already.

More good news!

Better than 31% off!!!

That will be next week. Keep it coming!

I've found there is a huge gap under the front door. This gap lets in a lot of noise from the hallway. I bought a pad from home depot to close this gap and it has improved noise coming from hallway somewhat.

But the walls are definitely too thin in this building. I constantly hear my next door neighbors talking. I've already had a chat with them but the situation never improved. It is a really annoying 'feature' about this building. At this point, i've basically given up. I will be moving when my contract is up.

JM1106 - what floor are you on? I wonder if the lower floors ( converted from orig. structure ) are noisier than the top floors.

thanks for the post bern--apparently youre not alone is your experience

licc and ericho have an agenda obviously

either they make a living in connection with sales at ph, or they have apts there shoved deep up their asses!!

sorry guys about your plight, but your ongoing efforts to deceive are deplorable

enjoy the karma ride!!

Some people apparently think rose colored glasses are in style. The sound insulation is absurd and the doors indeed are completely hollow. I've not met a resident who denies this. Anyone who says otherwise simply doesn't live there. Period. Anyone contemplating this issue should sit in the lobby and ask whoever wanders by specifically about this intolerable problem. The concept that the view disappearing is somehow speculative is dead wrong. The plans were finally voted on and approved by the city council after a major push by the mayor. The waterfront block between 50th and 51st is the first to be developed and construction will progress south from there. The fact that, at this starting point, the city is "ready to put a shovel in the ground" has been reported. (Oh, right, it's not a "housing project," since that term seems to offend you marketing hype sensibility, it is merely a gargantuan development of "below market" housing - yeesh!) To say that the view will be only partially blocked is true, I suppose - you can still look up or away from the city skyline. What precisely will be on this oversized block and its height can be readily seen on the approved plans which have been on every RE blog covering LIC. The "spa" is not completed and the intercoms are big holes in the wall in every unit, including those that were occupied from day one. The developer's bankruptcy isn't going to help with these matters or the parking lot for which construction has not begun.

What bankruptcy of the developer are you speaking of? This is the first I'm hearing of this. Any real insight into the situation or is this pure speculation?

http://www.nydailynews.com/ny_local/queens/2009/07/19/2009-07-19_queens_tennis_players_lament_loss_of_long_island_city_club.html

The bankruptcy was disussed earlier in this thread and perhaps a related one as well.

i believe that was the original post and proven to be pure speculation. i have heard nothing recently about a bankruptcy but if the market does not improve dramatically, any buyer would have to consider that as a possibility.

Certainly all finishing construction seems to have slowed to a trickle.

yes, there is a hole where the intercoms are supposed to be. not a big deal. as for the thin walls, i've heard my neighbors probably about 5 or 6 times. i've been here for over 3 months. this has not been an issue. it may depend on which line in the building you live in...for example, if someone's living room is sharing a wall with someone's bedroom...maybe that could be an issue.

bern's issue about walking down the hall...the reason is that some of these units have the kitchen right when you enter the apartment. if you go to any other building where you have kitchens by the entrance, you'll hear voices too. again, not a big deal...i've "heard voices" in the hall maybe 2 or 3 times.

as for the spa...it's coming along. it seems like a lot of work has been done in the past month...doors were put on the sauna and steam rooms in the past week or so and it looks like they have just a few finishing touches before its up and running. also, the business center was an added amenity and looks like this could be ready anytime as well.

this is a new building and anyone who has moved in over the past few months should have been fully aware that we would be living in an "unfinished" building. the building is still in its infancy stage...who has ever moved into a new construction that was perfect from the get go? i know of other projects where the roofdeck is still not finished...almost 1-1/2 years after they've moved in. at least we have a functioning roofdeck, gym and lounge already.

as for the views, those of us who purchased knew exactly what was going to happen...and if there was anyone who went into contract who denies this, then they clearly didn't do their research or ask enough questions. if there is undeveloped land in front of your window, you ask what's gonna happen.

there are plenty of apartments in manhattan that do not have a view...and other apartments in lic that do not have a view. if you want a view, you need to be on the waterfront or on a really high floor...so stop looking at the ph. the powerhouse isn't all about the view....it's about the right space and price in comparison to what else is available. for those naysayers, why are you so interested in keeping this thread alive...it just doesn't make any sense. it seems like you're trying to sabotage the building so they will cut the prices down to a point where you can finally afford it.

"yes, there is a hole where the intercoms are supposed to be. not a big deal."

that is a big deal when the fancy intercom is one of the amenities they represent to buyers. if the holes in the wall are still there, i would assume this is one of the "unfinished amenities" that will slowly but surely be completed.

It's the same person making the same mis-information over and over again.
It's also the same 2 points. Noise from horrible from thin walls and doors and View being gone.

This person has been wanting to buy prices in the low 500s. Sorry, but there are now only 3 1-bedrooms in the powerhouse. Keep waiting and keep on posting these negative posts. It's helping sales.

All news is good news.

there are plenty of 1 BRs that have been "in contract" for almost two years. brokers only make a small amount available to create the illusion of scarcity of supply. with only 25-30% of units actually closed, there's no way all 1BRs are gone.

Bankruptcy?
Are you folks serious? They will be dropping prices if to get rid of units if there are financial issues. Prices are firming in the low 600s now for some of the units.

"To say that the view will be only partially blocked is true, I suppose - you can still look up or away from the city skyline."

Have you seen the city plans? Lord...why do i get this feeling that i'm arguing with Mike77 here.
Sorry Mike77 but you're not getting the 1 bedroom in the low 500s. You better hurry, there's only 3 remaining unless you want to buy the ones that are rented out.

> Sorry, but there are now only 3 1-bedrooms in the powerhouse.

Yet 8 active sales listings for one bedrooms. And 16 rental listings.

suuuure... "last ones left". every time the broker says that, believe it.

NYC10022,
The listing on their website is outdated. Give them a call. I know someone that wanted to buy a one bedroom and there's only 3 remaining, and what do you know..you're an idiot.

also, prices seem to be "firming" because the developer has certain restrictions on sale prices placed on them by the construction loan lender. they do this to prevent developers from aggressively dropping prices just to clear inventory. this would diminish the value of the collateral that the construction lender has, and they obviously have safeguarded against that.

there are many reasons why it will take some more time for the prices of new condo buildings to reflect "true market value" but we're well on our way there.

ericho75

I dont doubt the sales team will tell you there are 3 1brs left. they'll also conveniently exclude the rental units when they tell you that the building is 50% sold. simple math (170 units, -50 closed, -20 contractd = ~100 unsold units) will tell you that there is no way there are three 1BRs left. what exactly are you disputing?

...even excluding 40 odd rentals leaves you with 60 units. the building is primarily 1 and 2 brs.

mjay61,

give them a call..

718-472-5009

lol, this is too funny. call brokers for the truth, ha!

Their the developer's sales team you moron. Every developer has them, it's how things get sold.
If they flat out lie to you, that's another story. No wonder your dumb ass is still renting.

Man, i'm wasting my time here with probably the same bunch of idiots.
We'll just watch Acris over the next few months.

when you speak to them, make sure you ask whether there are only 3 1BRs left because that's what they choose to make available or because they are in contract/sold. after they tell you that it's the latter, ask them on average how long ago those units were contracted. then confirm with streeteasy to see if they're flat out lying.

Nick26,

Streeteasy gets the closing info from Acris. It can be possible that units show up late in Acris. I've seen it myself. Every month i update my spreadsheet and there are times units would show up 2-3 months late. So before you go off acting like a streeteasy expert, please know that not all info are correct and things do take time.

sure, i acknowledge that and agree with you completely, but I'm talking about the "in contract" units, some of which have been there since the building started sales in late '07. those are buyers that have either walked away outright, are renegotiating their deals or are possibly even in litigation. that is another source of "shadow inventory" to the extent those units never close. that's a nice chunk of 1BRs that might be back on market at some point - perhaps at a point in time when prices are even more buyer friendly than they are today.

Can you tell me how many people have walked away?
The last i heard, they closed about 60 contracts up to day with a number of closing in August. You can believe it or totally ignore it. You can also ignore my claims about someone i know that wants to buy a 1 bedroom in the building and the sales office said there are only 3 1 bedroom units left (excluding the rental ones).

We'll know in a few months when Acris continues to get updated. For those that want the truth and can't pick up the phone, then it's really pointless for you to even bother reading these messages....unless you are in my 'fan club'.

i know nothing more than what's on ACRIS and what the market would suggest. outside of what you can gather from ACRIS, my speculation is no better than your speculation...

Actually my speculation is better than yours.
I live in the neighborhood and i can see at night which units are occupied and which is not. I can see a lot of units that are currently occupied that isn't listed in Acris or Streeteasy yet. Looks like my homework was more detailed than yours.

i was in contract to buy well before the building was ready and pulled out because there were far too many bad signs. The apartment has been listed as "in contract" even after I walked away. I find it hard to believe it was sold the same day! Dont trust the sales team. I would bet there are plenty of 1 bedrooms available. they never put the entire building for sale.

I know some people have written about the "cheaper" fridge and stove. They are far from Cheap. Only the first batch of units sold have Viking. After that (even during pre-construction sales) the kitchens had other brands- still very nice with stainless steel. The cabinets were put in badly and are cheap but, the appliances are very nice - viking or not.

It's the same person.

Please tell me which unit in the building didn't get the vikings fridge.

> and what do you know..you're an idiot.

That takes on so much meaning from the guy shilling in LIC.

Either a broker, or just broke (or both).

rental units are getting a nice frigidaire stainless steel fridge.

most sales units still come with viking fridge, dishwasher and microwave. some units have viking ranges...others have jennair. not cheap.

"Actually my speculation is better than yours.
I live in the neighborhood"

So, take advice on whether or not to make a mistake buying in LIC... from someone who made the mistake himself.

No thanks.

they didnt update the website!! you must be kidding!!

LICC SHILLS: "Either a broker, or just broke (or both)."

PERFECT

Pull up the Powerhouse website. It's ALL about view - they literally say on page one that the building is "on the picturesque coast of the East River" and almost every picture in the "View" tab is of a view that will not exist. What's going to happen when all those leases are up, the apartments become available, and construction has begun on the waterfront and nobody can credibly claim that the view-blocking public housing project may never happen?

Most of those apartments that are "unavailable" are rented. Here's a test. Eliminated the sales network apologists, eliminate the gasping owners who are underwater and will more likely than not sink further, look at the huge numbers of renters and see, based on their first hand experience, what their plans are for the end of their lease term. That would be another good question to ask when you are buttonholing residents in the lobby for the true state of affairs.

Incidentally, I love these comments about prices "firming up." Has there ever been a situation in the entire history of markets when the the act of heralding this specific phrase hasn't been a clear sign of further meltdown?

I also love the apologists for no Viking appliance except for the apartments first sold. But Hey! - the new ones are gen-u-ine Stainless Steel. That's, like, almost as good. They look real nice - am I right? The fact that units aren't being finished to the level of quality of the building's initial trajectory isn't suggestive of any broader issues or trends whatsoever. No sirree. Isolated incident. Means nothing. Everything else that needed to get done after the market hit the breaks got done with first rate quality materials and workmanship. Same with everything that yet needs to be done. You bet.

I've just wasted 15 minutes of my life reading the last 20 threads and probably going to waste another 5 minutes posting this.

I thought the appliance issue has been addressed. All units sold come with Vikings appliances except for the stove which is Jenair. Units sold prior to the earlier amendment might have gotten Viking for the range too. This was made pretty clear to me by the sales office and a few owners here already confirmed it.

A few units sold over the past few months did come in above 600 and the last one was sold at 580 if you take 50% of the outdoor space. We'll know more over the next few months where recent units closed being priced at.

The sales team really need to update the website if it's really outdated. In this economic time, clarity and transparency is probably one of the most important things for the developer. You can almost guarantee that a sale will be dead in the water if potential buyer catches you lying. When i was over there a few weeks back, the sales person came across as honest and straight forward with me. Most of the questions and concerns that many expressed here were answered with ease including views eventually being gone. They're not selling the units with the views protected. I remember it's one of the first things they mentioned. Obviously, some of us can see that one or 2 individual are knocking on the building for their personal gain or vendetta.

I thought the fairly clear point was not that the cheaper kitchens were undisclosed to more recent buyers but rather that the fact that the kitchens are now cheaper is significant in and of itself. This is not a bait and switch issue (although perhaps it may be dubious to advertise the view so prominantly) but an issue about a building that set out to be high-end not being completed up to that standard.

@bern you are right about all what you said, i go to the powerhouse about 3 times a week as i have friends there and i live in the area. i like it but its def cheap, noisy and in the worst location

@infamous get a life "could it be me"

i talk about facts that i see and have on paper, i dont speculate.

the wall issue, i have never spoke about it but let me tell you it is one of the negative aspect of the building that i have noticed and never spoke about because to many stuff going on in this building.

no appliances dont come all viking unless you know something new like they have undo the rule, used to be viking then it changed based on how much you buy your appartment then if you are renting and now you are saying it is back to viking. rule lol game maybe makes more sense.

there is no transparency from the sales office they used to say nothing will come up in front, they said the parking will be there in less than 6 months about a year ago + etc... right now the parking is crap like bern said outside and over priced. nothing is moving. parking is supposed to be covered on the back below another rental building of about 11 floors.
The tennis court construction is going to happen really soon. as said before i cant play tennis, i cant renew my membership so it is happening.

which personal gain!? if you cant take critics then its another story.

About the INTERCOM it is true non of many friends i have there do have intercom, the wesbite says top of the top of the line like the viking stories. they get no intercom but a call from downstairs to cell phone lol yes that waht a million dollar or 700 per sf gets you at the powerhouse.

rentals are a big thing at the powerhouse and i guess it might save them some time to find anyone willing to over pay for an apartment in a rental/leasing w option to buy/condo.

@ericho75 No i am good thanks
1 br cant go lower than a 2 br or 3 br, 1 br always sell easy as it is in high demand so should be high in per sf

the view, yes the view is gone forget about it unless looking at queens and Brooklyn is a view then ok fine. but Manhattan and downtown is going to be gone. dont buy for the view. buy for the apartment if you like it.

@ericho75
i have to tell you i just realize what was the link you posted, was pretty funny when i checked it
i like your humor

anyhow i agree with bern cause i do go there often (at friends place) diner, drinks, roof etc... and all that i see it and experience it each and every time. maybe you should go there, visit and then you can talk about being crazy or not.

"no appliances dont come all viking unless you know something new like they have undo the rule, used to be viking then it changed based on how much you buy your appartment then if you are renting and now you are saying it is back to viking. rule lol game maybe makes more sense."

What have you been smok'n? Read my friend...read. I'm sticking to EXACTLY what i've said 3 pages deep.
It's printed pretty clear in the 5th Amendment. Tell me which owner owned unit in the building don't have a Viking appliances except for the range? You still haven't answered any of the questions.

And what loser bashes his or her friends home? Your bashing isn't going to get you the apartment at $450 psf.

Sure - go in there, mention that youre following the threads on Streeteasy/PropertyShark and see how fast they turn indifferent even slightly hostile to you. I've even been lied to, they'll plead ignorance if you call them out on it.

I have stopped by multiple times, 90% of the sales pitch is premised on you not knowing the facts and once you lift that veil, there's nothing for them to talk about. It's their job and I would be slightly embarassed for them if not for the deception. That's what makes forums like Streeteasy so valuable.

"That's what makes forums like Streeteasy so valuable."

you really do need help.

Good one. Classic unraveling of a shill happening before your very eyes.

ericho is underwater

"Incidentally, I love these comments about prices "firming up." Has there ever been a situation in the entire history of markets when the the act of heralding this specific phrase hasn't been a clear sign of further meltdown?"

Nope.

I also think 100% of the time its been uttered by someone with a very vested interest in them "firming up".

ericho is underwater leveraged 10x.... that's gonna leave a mark on your financial plans... but itz okay.... you can just EARN your way out of the hole.... since we know your moral fibre won't let you just walk away from a mortgage.... you do have a mortgage? Don't forget the GREAT tax savings from paying 20x in interest versus renting....

And for God's sake don't knock up your girl till you have enough equity to move up to a 3 bdrm in the PH....

w67thstreet, welcome back brother???!?
How was that street on Newton Creek? I heard you were 'above water' the whole time, there's nothing wrong in holding your breath and take a dip in that clean fresh water of ours. Do you classify that dip as 'under water'?

Btw, how was being short equity over the past 6 trading days you loser.

You weren't short tbills too were you? *ouch*
Didn't i warned you?

And Mike77...i gave up reading your post. Can you summarize your last 10 posts? Wait, let me try.

No view
No vikings
Thin walls...

See...that wasn't hard was it?

ericho75... howz about a hello first?

actually I'm up 20% on a $100K long position in 25 days, you'd have to be an insider to get in on this deal.... do you want me to forward trade tickets to CC to verify?

just found out a dear relative is setting up college trust funds for both my 5 yo and 3 yo... I'd thought my dad would do it, but I think he's more worried about my siblings finances.... can't blame him... should've hid the 997TT... oh well.

And since the financial debacle past 09' and impending buy of my NYC classic 7 for $500psf.... we've been very liquid and I've not taken any huge positions except to play a couple of sure things with my $200K of play money.... the $800K is off limits until we buy a HOME.

BUT GO ONnnnnnnnnnnnnn!

So you made 20K and want a pat in the back? Oh boy, if i'm in a 3rd rate bond shop you must be a 3rd rate shoes salesman. Good one with the trust money.....rofl.

And one other thing, I can read the WSJ... I know what happened to equity/bond mkts.... the thing I wanna know is how to make money going forward... OH I KNOW... buy PH 1bdrms... fill em up.. cause they ain't making anymore and it's a SURE THING! GREAT ADVICE... seriously would you recommend to your mom?

ericho.... pull out the HP 12B... calculate your PH equity based on $450psf.... back out mortgage... yep.. my $20K > your "Home" equity.... for me $20K not a big deal... for your 2x your home equity....

so this is where you unwisely bought, jerkico? 30 something units out of 177 closed in 11 months? stellar work.