Powerhouse Condo Not Selling Well!! Financial Difficulties Arise

alvarez, something that leached into the groundwater.

sorry, just a joke, couldn't resist.

"quality of the building aside, recent closings on Streeteasy show a few more apartments closing at $600/sq.ft. Anyone care to run with this?"

We're going to get higher numbers by next month. 620-640.

quite busy today--no time for research--anyone care to look into a lovely chemical called PCB's (polychlorinated biphenyls)that was used in oils that cooled generators and other serious electrical generating equipment--banned for years, PCB's are some of the most carcinogenic subsatances known to man

http://oaspub.epa.gov/enviro/tris_control.tris_print?tris_id=11101SCHWR50012

woops i lied--found this but no idea what it means...could even conceivably establish a clean bill of health?? anyone care to drill down??

What is your point Ubottom? Do you not think that the land was remediated before they built the condos? In what neighborhood do you live? If you live in Manhattan, it is most likely that your neighborhood has significantly higher rates of cancer than does LIC.

no point...none to make...i indicated clearly that i could use some help reading the epa report on the location in the link i found...im quite openminded re what the report may mean...i would assume that in this day and age all environmental issues that might have existed on the site would have been addressed...i do know that power generating stations and chemical plants that operated prior to 1970 typically polluted in the mmost awful of ways...have no specific knowledge at this point with which to make any "point" re the environmental circumstances at ph...it will make a fun research project..if i get knowldedgeablr to the extent that im comfortable making a "point" i will..isnt the internet fun?

All other things being equal, I think would rather be over the old Pepsi plant than in the Schwartz Chemical Company Building.

Our workplace Right to Know trainer used to work at the Pepsi plant, based on his stories I dont think I would want to live over the old Pepsi plant.

damn...i thought maybe we had an expert on epa toxicity reports on the board

Unit 905 just went into contract on July 30th at $798 psf.

http://www.streeteasy.com/nyc/sale/421538-condo-50-09-2nd-street-long-island-city

So most condos of this nature provide a/c in the hallways? Took a look at this building and the hallways were 90 degrees. What gives?

Just my opinion, but with so many buildings (existing, new, and in pipeline) in LIC with postcard views of the city skyline, I would say that the chances of the Powerhouse holding its value after the huge housing project is tangible (as opposed to temporarily nonexistent with apparently some buyers hoping for an implausibly rosey outcome) is exceedingly small indeed. Residents do acknowledge a sound insulation problem too.

Next.

@InFamous you have issues in your life it is clear, keep your language to yourself not on the thread.
If you cant handle facts, if you cant handle good and bad comments then dont come here.
FYI you just use same language as your other username CarolSt hmm interesting....

> Unit 905 just went into contract on July 30th at $798 psf.

Suddenly the bulls like contract data?

Second, doesn't this just mean that was the last asking price? And that contract price is likely (significantly) less?

You dont need to live at the PH to talk about it in a good or bad way. Whoever has an opinion from far or close look up is more than welcome to talk.

By saying you are upset because people dash it you are showing how much non sense i sin your head mister master InFamous.

Also guys know that people that bought an apartment at the PH are required by signing their contract to not talk about the PH on forums or anywhere else or they will get a law suit.
So when you know that it is clear that the PowerHouse is not in anyway confident about its product and very afraid of the critics. thats interesting too, you ask people to buy your units then you tell them if anything from it you dont like keep it to yourself or we will go after you... this sounds like a DICTATOR.....

fenzer, actually very few condos in LIC have direct "postcard" views of the Manhattan skyline. Some units in some buildings might have some decent views, but other than The View (the Rockrose condo) and Citylights, I disagree with you.

@ericho74 "I was informed by a few owners of PH to not post on this thread because they think i was promoting the negativity..."

lol ericho hello nice to hear from you InFamous and CarolSt username were doing the job for you... go figure what a nice team. owners at the power house told you to be quiet that makes sense.

So whats new with you, oh yes the Tennis Court what happened there!? thats painful inst it? on the date predicted...

I know whats new you are going to tell us that last apartment sold was at x psf which means the price can only go up at this point and that you are right as always. please dont use any bad language you might become UNFAMOUS.

Lot's of crazy folks on these boards.

All potential buyers should ignore all posters on this thread...myself included.
Just go check out the building and make your own assessment. There's got to be a reason for ejecting this much venom on a building without a purpose.

Thank You.

if ericho can make blind guesses, then i guess i will too.

Unit 905 just went into contract on July 30th at $400 psf.

http://www.streeteasy.com/nyc/sale/421538-condo-50-09-2nd-street-long-island-city

Oh com'on.
I'm just having a little fun with you guys, the link you posted clearly states "In Contract at $1,115,000".

I just want to see the reaction from the poster that's been spreading rumors and trying to drive down price in to the $400.

Did you see Mike77's reaction? Just too funny.

ericho - you're precisely why this thread perpetuates itself..

It has been pointed out ad nauseum that the SE 'in contract' price does not reflect the closing price (if the property even closes at all). yet, you keep grasping to that.. it reeks of desperation.

there's no other reason to do this than to mislead potential buyers, then you're no better than the scum brokers that are universally hated on SE. i hope anyone who considers buying into PH realizes that they'll be a getting a degenerate neighbor like you.

"there's no other reason to do this than to mislead potential buyers,"

I just said i was teasing you guys...jezzz.

sorry erichito no reaction here !? maybe you should see a doctor that could potential help you as it seems you are making up a lot of things

oh... there you are Ericho75.. I thought you'd hole up in your PH studio when the market is down....

At best, the PH owners on this board like ericho75 are in a state of denial. However, their constant attempt at twisting and spinning facts show it is more likely they are intentionally trying to mislead and deceive potential buyers.

First the PH owners claimed "the sponsor was not renting units." This was proven false after facts surfaced to show sponsor was indeed renting units. Then it was "high floor units are not selling for low $600psf". This was also proven false after the transactions closing price posted to ARCIS. Now they're arguing the walls are not paper thin when residents in the building stated otherwise.

As i've said before, just connect the dots on prices. High floor south facing units were selling in $800psf in 2007, $700 in late 2008, and $600 in early 2009. Watch for closing price of #905, it is likely to be below that of previously closed units.

Here's a list of pricing trends and their corrsponding units based on contract date:
3/9/2008: #902 $898psf
6/13/2008: #908 $814psf
10/26/2008: #1008 $623psf
3/05/2009: #909 $597psf
3/17/2009: #1109 $594psf
5/4/2009: #1105 $588psf

The facts speak for themselves.

Absolutely convincing. Recall also that after the initial false denials, the first conceded number of rentals was only about half the true number. Interesting that your demonstrated price collapse is occuring PRIOR to serious tangible signs of the view-blocking high density public housing project - the largest in over 30 years - where both the construction that is only now beginning and the finished results can only be objectivley viewedvery serious negatives for values.

SugarStar,
What about unit 1106? Didn't it sell at 640 psf?

1006 closed at 617 psf too on 7/6/2009.

I pulled this from Acris.

50-09 2 STREET, 620 851 $580,402 2/2/2009 682.0235018
50-09 2 STREET, 718 613 $466,440 2/4/2009 760.91354
50-09 2 STREET, 315 965 $626,223 2/5/2009 648.9357513
50-09 2 STREET, 1103 1,201 $1,109,892 2/6/2009 924.1398834
50-09 2 STREET, 308 890 $672,045 2/11/2009 755.1067416
50-09 2 STREET, 802 791 $720,000 2/12/2009 910.2402023
50-09 2 STREET, 414 1,001 $665,426 2/13/2009 664.7612388
50-09 2 STREET, 423 884 $661,862 2/19/2009 748.7126697
50-09 2 STREET, 313 1,268 $840,056 2/24/2009 662.5047319
50-09 2 STREET, 421 859 $605,858 2/25/2009 705.30617
50-09 2 STREET, 502 945 $712,775 2/27/2009 754.2592593
50-09 2 STREET, 605 1,009 $834,965 2/27/2009 827.5173439
50-09 2 STREET, 717 1,009 $728,048 3/2/2009 721.5540139
50-09 2 STREET, 405 757 $549,855 3/5/2009 726.3606341
50-09 2 STREET, 619 880 $608,302 3/5/2009 691.2522727
50-09 2 STREET, 305 757 $534,581 3/13/2009 706.1836196
50-09 2 STREET, 413 1,268 $845,147 3/13/2009 666.5197161
50-09 2 STREET, 512 759 $580,402 3/19/2009 764.6930171
50-09 2 STREET, 214 1,001 $524,398 3/26/2009 523.8741259
50-09 2 STREET, 321 859 $605,858 4/7/2009 705.30617
50-09 2 STREET, 416 1,357 $735,890 4/21/2009 542.2918202
50-09 2 STREET, 406 1,118 $845,147 4/22/2009 755.9454383
50-09 2 STREET, 1109 1,473 $981,000 5/14/2009 665.98778
50-09 2 STREET, 215 965 $524,398 5/28/2009 543.4176166
50-09 2 STREET, 807 763 $539,672 6/25/2009 707.3027523
50-09 2 STREET, 317 1,009 $600,767 6/26/2009 595.4083251
50-09 2 STREET, 1105 1,441 $998,903 6/29/2009 693.2012491
50-09 2 STREET, 1006 1,131 $697,501 7/6/2009 616.7117595
50-09 2 STREET, 503 947 $845,147 7/15/2009 892.4466737

Beside the View, PH is by far the best building in LIC.
Personally, i think 5SL is overpriced. The number of people underwater in 5SL is massive (85%). The average selling price in 5SL is in the 700s and they have only 5 units left. The average isn't coming down.

5SL Toll Brothers
I'll need to take that back. Average PSF is in the 800s (841.36 to be exact). One word. ouch!

3J 503 $389,365 9/24/2008 774.09
3M 1,563 $1,160,798 8/19/2008 742.67
4B 1,109 $780,921 9/26/2008 704.17
4L 554 $360,973 1/9/2009 651.58
4M 1,563 $1,161,813 8/19/2008 743.32
4P 1,086 $849,210 8/20/2008 781.96
5A 1,541 $850,238 4/2/2009 551.74
5D 460 $481,639 8/12/2008 1047.04
5M 1,563 $882,313 6/29/2009 564.50
6A 1,541 $1,140,429 8/14/2008 740.06
6C 1,047 $822,527 9/2/2008 785.60
6D 460 $461,359 8/14/2008 1002.95
6E 706 $667,962 9/3/2008 946.12
6F 727 $678,500 8/18/2008 933.29
6G 728 $689,345 8/14/2008 946.90
6J 503 $516,242 9/4/2008 1026.33
6K 1,216 $999,911 9/4/2008 822.30
6L 554 $459,331 9/8/2008 829.12
6M 1,563 $1,091,553 9/8/2008 698.37
6N 814 $625,195 9/8/2008 768.05
6P 1,086 $823,754 9/9/2008 758.52
6R 1,092 $918,451 9/9/2008 841.07
7A 1,218 $848,202 7/9/2009 696.39
7B 774 $811,535 8/25/2008 1048.49
7C 796 $811,535 10/6/2008 1019.52
7D 1,079 $998,893 9/10/2008 925.76
7E 1,100 $1,123,119 9/11/2008 1021.02
7G 512 $320,481 4/28/2009 625.94
7J 1,102 $672,045 4/6/2009 609.84
7L 813 $673,053 9/11/2008 827.86
8A 1,218 $1,173,013 10/24/2008 963.06
8B 774 $783,024 10/24/2008 1011.66
8C 796 $751,458 8/25/2008 944.04
8D 1,079 $976,566 9/24/2008 905.07
8E 1,100 $1,204,579 9/17/2008 1095.07
8G 512 $390,390 4/15/2009 762.48
8K 1,092 $1,010,093 9/17/2008 924.99
8L 813 $756,549 9/18/2008 930.56

"Beside the View, PH is by far the best building in LIC"

Interesting position. I wonder if you might elaborate on a couple of points. Assume for present purposes a point that I suspect can be established as fact: that the PH's build quality for sound insulation is the absolute minimum permitted by the building code, the same standard as the cheapest rentals and motels. Do you really think that Toll Brothers and other LIC developers did no better? How is that consisitent with "best?" Also, consider the inevitable massive housing project: because of where the PH is situated, can you name another LIC building that stands to loose so much in the way of view, or be so disrupted with the construction?

joan11109 - have you been in any other buildings in LIC to compare?

Yes, but that is precisely what I am asking you.

Didn't think there was an adaquate response....

Joan: to gague price trends, we need to use contract date as the date to measure and final closing price. You are correct that #1106 transacted at $641psf, however we do not know when the unit went into contract since it was never reported on SE. If you plot out every single transaction psf based on contract date and closing price, it is pretty clear prices in the PH are down more than 30% from early 2008 and high floor units with southern "view" are now going into contract for high 500s at the current time.

PH being down 30%+ is much worse than other buildings even in LIC when compared with others such as Citylights and 5SL. The very simple question to ask is why is it down more than others. Quality of construction, 40+ renters in the building and almost 100 units unsold all plays into that equation. Caveat emptorb

"PH being down 30%+ is much worse than other buildings even in LIC when compared with others such as Citylights and 5SL. "

SugarStar, I'm a resident of 5SL and toll brothers are giving away 1 year of free living and prices got to the mid 500s 2 months back. The reason why you don't see as many units being sold in the 500s or low 600s is because they were able to sell majority of their units in 2007 and early 2008. They had a huge leg up on all the other condos because they were the first to the market. I agree with some of the other comments about prices down just as much if not more in 5SL. If you go to Acris, there are a number of units that sold for over $1,000 psf. There are also units in the same line that took a 25-30% drop. Look no further than the M & A line.

6A sold for 740 psf
5A sold for 551 psf

And M line

3M sold for 742 psf
4M sold for 743 psf
5M sold for 561 psf

The rest of what is showing in Acris.
There are a number of units that have sold, closed and are my neighbors that aren't up here.
Why? I don't know. Acris has a history of showing less units sold.

Apartment Square Feet Price Closing Date Price per square feet
2M 1,563 $0 3/3/2009 0
3J 503 $389,365 9/24/2008 774.0854871
3L 554 $0 2/26/2009 0
3M 1,563 $1,160,798 8/19/2008 742.6730646
4B 1,109 $780,921 9/26/2008 704.166817
4L 554 $360,973 1/9/2009 651.5758123
4M 1,563 $1,161,813 8/19/2008 743.3224568
4P 1,086 $849,210 8/20/2008 781.961326
5A 1,541 $850,238 4/2/2009 551.7443219
5D 460 $481,639 8/12/2008 1047.041304 **
5M 1,563 $882,313 6/29/2009 564.4996801
6A 1,541 $1,140,429 8/14/2008 740.0577547
6C 1,047 $822,527 9/2/2008 785.6036294
6D 460 $461,359 8/14/2008 1002.954348 **
6E 706 $667,962 9/3/2008 946.121813 **
6F 727 $678,500 8/18/2008 933.2874828 **
6G 728 $689,345 8/14/2008 946.9024725 **
6J 503 $516,242 9/4/2008 1026.326044 **
6K 1,216 $999,911 9/4/2008 822.2952303
6L 554 $459,331 9/8/2008 829.1173285
6M 1,563 $1,091,553 9/8/2008 698.3704415
6N 814 $625,195 9/8/2008 768.0528256
6P 1,086 $823,754 9/9/2008 758.5211786
6R 1,092 $918,451 9/9/2008 841.0723443
7A 1,218 $848,202 7/9/2009 696.3891626
7B 774 $811,535 8/25/2008 1048.494832 **
7C 796 $811,535 10/6/2008 1019.516332 **
7D 1,079 $998,893 9/10/2008 925.7581094 **
7E 1,100 $1,123,119 9/11/2008 1021.017273 **
7G 512 $320,481 4/28/2009 625.9394531
7J 1,102 $672,045 4/6/2009 609.8411978
7L 813 $673,053 9/11/2008 827.8634686
8A 1,218 $1,173,013 10/24/2008 963.0648604 **
8B 774 $783,024 10/24/2008 1011.658915 **
8C 796 $751,458 8/25/2008 944.0427136 **
8D 1,079 $976,566 9/24/2008 905.0658017 **
8E 1,100 $1,204,579 9/17/2008 1095.071818 **
8F 1,586 $0 9/26/2008 0
8G 512 $390,390 4/15/2009 762.4804688
8K 1,092 $1,010,093 9/17/2008 924.9935897 **
8L 813 $756,549 9/18/2008 930.5645756 **

"Also, consider the inevitable massive housing project: because of where the PH is situated, can you name another LIC building that stands to loose so much in the way of view, or be so disrupted with the construction?"

Clearly no.

Mike77, I think most of your comments are right. I probably need your help about PH. Is there any way that I can contact you?

Powerhouse will be no power at all.

Beating the housing project? Why did the Powerhouse have such an early marketing campaign offering spellbinding views? Just wondering.
http://copyranter.blogspot.com/2007/10/they-say-glutes-are-windows-to-soulless.html

Apart from the issue of the propriety of hyping "spellbinding views" that will not last, the timing of the heavy ad campaign was odd. It seems like there was more marketing about two years before occupancy than there was once the building opened. How come? Was finishing construction long delayed?

I'm in LIC and there appears to be a huge, deep open sewer right next to the Powerhouse building on the West front - part of the unfinished construction. It has been there for at least a couple of months. I would not want a window above that throughout July and August!

All around the building it is very bad, looks like a construction site in Miami that has stopped for months which is the case and it will be like that for a while i think. they are probably looking for a new fresh loan to keep building other project they have but with so many apart rented and so little cash in hand i doubt the bank will offer any.

@d7312009 feel free to ask me any question i will do my best to answer based on what i know, hear and see but as well i would recommend you to go to the site and check all points being made on this forum the goodss and the badss that will help you a lot in your decision with the powerhouse.

mike77,thanks. I'll contact you later.

CarolSt, LICComment, lic11101, ericho75 and InFamous will get penalties from Government.

The powerhouse sale's numbers.
Many of you have mentioned that prices were in the low 500s but as of today, only 3 units sold below 550. These units are all in the low floors with horrendous views.

unit sq feet price sale date price psf
1008 608 $379,000 8/28/2008 623.3552632
1003 1,201 $1,069,162 12/29/2008 890.2264779
908 608 $501,930 1/7/2009 825.5427632
511 758 $590,585 1/9/2009 779.1358839
902 791 $722,957 1/9/2009 913.9785082
1113 1,187 $865,512 1/12/2009 729.1592249
318 613 $425,880 1/14/2009 694.7471452
806 1,131 $1,120,075 1/14/2009 990.3404067
314 1,001 $650,000 1/15/2009 649.3506494
504 1,281 $926,607 1/16/2009 723.3466042
211 758 $549,855 1/21/2009 725.4023747
212 759 $534,581 1/21/2009 704.3227931
417 1,009 $682,227 1/23/2009 676.1417245
217 1,009 $733,140 1/26/2009 726.6005946
403 947 $743,322 1/26/2009 784.9229145
408 890 $682,227 1/27/2009 766.547191
419 880 $570,220 1/27/2009 647.9772727
805 1,441 $1,425,550 1/27/2009 989.278279
213 1,268 $789,337 1/29/2009 622.5055205
412 759 $580,402 1/29/2009 764.6930171
418 613 $436,020 1/29/2009 711.2887439
515 965 $677,136 1/29/2009 701.6953368
506 1,118 $860,421 1/30/2009 769.6073345
620 851 $580,402 2/2/2009 682.0235018
718 613 $466,440 2/4/2009 760.91354
315 965 $626,223 2/5/2009 648.9357513
1103 1,201 $1,109,892 2/6/2009 924.1398834
308 890 $672,045 2/11/2009 755.1067416
802 791 $720,000 2/12/2009 910.2402023
414 1,001 $665,426 2/13/2009 664.7612388
423 884 $661,862 2/19/2009 748.7126697
313 1,268 $840,056 2/24/2009 662.5047319
421 859 $605,858 2/25/2009 705.30617
502 945 $712,775 2/27/2009 754.2592593
605 1,009 $834,965 2/27/2009 827.5173439
717 1,009 $728,048 3/2/2009 721.5540139
405 757 $549,855 3/5/2009 726.3606341
619 880 $608,302 3/5/2009 691.2522727
305 757 $534,581 3/13/2009 706.1836196
413 1,268 $845,147 3/13/2009 666.5197161
512 759 $580,402 3/19/2009 764.6930171
214 1,001 $524,398 3/26/2009 523.8741259 ****
321 859 $605,858 4/7/2009 705.30617
416 1,357 $735,890 4/21/2009 542.2918202 ****
406 1,118 $845,147 4/22/2009 755.9454383
1109 1,473 $981,000 5/14/2009 665.98778
215 965 $524,398 5/28/2009 543.4176166 ****
807 763 $539,672 6/25/2009 707.3027523
317 1,009 $600,767 6/26/2009 595.4083251
1105 1,441 $998,903 6/29/2009 693.2012491
1006 1,131 $697,501 7/6/2009 616.7117595
503 947 $845,147 7/15/2009 892.4466737

"So whats new with you, oh yes the Tennis Court what happened there!? thats painful inst it? on the date predicted..."

I walked by the building yesterday and still see the deflated bubble. I don't see any construction work happening nor a push to remove the rest of the tennis courts facilities.

""Also, consider the inevitable massive housing project: because of where the PH is situated, can you name another LIC building that stands to loose so much in the way of view, or be so disrupted with the construction?""

Prices are in the low 600s just like all the other condos situated with no views now (hunters point condo, Lhaus, 10-50 jackson, 10-60 jackson, 5SL, etc. Most of the units will lose some of their views but it's not like they are pricing it with views. A condo like 'the view' from EastCoast is priced 30% higher.

DRBuyers:

People are the Powerhouse are not just losing a view. They're losing sunlight!! Look at the city study. After the high rise subsidized housing are built to the south east of the Powerhouse, most of the current Powerhouse units will lose a lot of their sunlight during most of the day. Also all the buildings you mentioned will not be in the middle of a construction zone for the next 10 years.

Don't you find it weird that there haven't been a single resale yet in the building? This is because out of the 50 or so that closed and posted to ARCIS, most are 30%+ underwater given current price. They cannot sell or refinance without it being a distressed sale. Don't worry, distressed sale in the PH is coming. Get to know your neighbor, you'll find a lot of people in this building are in backoffice, compliance or IT in financial institutions. Even while you're reading T&S is doing better, backoffice outsourcing is actually increasing. As people in the Powerhouse lose their jobs, and are forced to do shortsales, this will put further pressure on the building. Its just a matter of time. The builder knows this too, that is why they have been agressively cutting prices and trying to sell as many as possible before these distressed sales hit the building.

hey ericho/carolSt... did you see 220RSB went for $643psf? : ) Have a great weekend guys!

What type of unit was that?

943 sq. ft, 1 bdrm 1 and 1/2 bath, WD, doorman, swimming pool, handjobs at the front door, blowjobs at the back door, cleaning services with naked french maids, a pick of 25 european dog walkers, and a view of the henry hudson to the Jersey side.... what are the services in PH?

SugarStar,

Your thoughts on 5SL in LIC? I find it odd how you would single out PH, but not Toll Brother's 5SL where more than 80% of the units sold are 25-35% underwater. Taking a quick look at the numbers, about 20% of the units in PH are underwater. You should be over at 5SL's thread pounding away....

In regards to your other topic on resale, I believe PH started closing in January of this year. Now, why would anyone sell a few months after they close?

NYCGoodies,

5SL is currently clearing at about 20% below peak price. This will no doubt cause some stress for current owners as well but the 20% in 5SL is much better than 30% in PH.

There is also one huge difference between 5SL and hte PH: residents mix. 5SL has a homogenous residence population. Most units in 5SL were sold for a similar price per sqft. As a result, residents in that building have similar income level and similar level of education and similar background. The same is true for Citylights and other buildings that closed before the economy tanked.

This may not sound like a big deal, but over time, 5SL will keep its value much better than hetrogeneous residental buildings such as PH and Hunterview. This is also why 25% of PH being rental will weight on prices for a long time to come. If you sit in the lobby and spend time in the common areas talking to residence of PH, 5SL, Citylights, Eastcoast rentals, you can already see a huge difference in the quality of residence of those buildings. PH feels very much like Eastcoast rentals. This will only get worse as there are still about 100 unsold units in the PH and it will continue to attract a lower crowd due to its lower price.

This problem is not unique to the PH. All the building that have significant unsold inventory will have the same problem, Hunterview, 10-63, 10-50. Speaking of 10-50, look at how many units at 10-50 that were shown to be in contract for the last year but are now back on the market again due to failed closing.

W67 - where on this page do you see the listing you mentioned?

http://www.streeteasy.com/nyc/building/220-riverside-boulevard-new_york

"Most units in 5SL were sold for a similar price per sqft. As a result, residents in that building have similar income level and similar level of education and similar background." ..lmfao...this has to be the stupidest comment made on SE. One word to describe this person..IMBECILE!!!!!

secondandc, unit 4A.

Unit 311 entered into contract in June and closed recently at 465K.

http://www.streeteasy.com/nyc/sale/407822-condo-50-09-2nd-street-long-island-city

That's about $610 psf. The sky must be falling for the PH bears.

"5SL is currently clearing at about 20% below peak price. This will no doubt cause some stress for current owners as well but the 20% in 5SL is much better than 30% in PH."

This has got to be the 2nd stupidest comment ever on SE.
The average selling price for 5SL is 850 dollars psf. As noted above, units are now sold in the high 500s to low 600s (5A sold for 551 psf & 5M sold for 561 psf). That is a staggering 35% from average. Almost every owner in 5SL are deep underwater. Only a complete moron like Sugar can't see it.

Is the hysterical delusional nutjob back?

CarolSt, so they finally let you out of Rikers Island huh?

5SL owners are 20% underwater. PH owners are 30% underwater. Which part of that is so hard to understand? 5A and 5M at 5SL both sold 20% below initial asking price back in 2007. That is still much better than the 30%+ seen currently at the PH. If you're paying $1mm+ for a condo, would you rather live next to other owner residents or a bunch of degenerate renters as neighbors? The difference between 5SL and PH is night and day due to residence mix.

Now please go take your meds before they have to take you back to rikers island.

"5SL owners are 20% underwater. PH owners are 30% underwater. Which part of that is so hard to understand? 5A and 5M at 5SL both sold 20% below initial asking price back in 2007."

Are you that stupid to do simple math?
Since your brain is the size of a pea, i'll do it for you.

850 (average of ALL units sold in 5SL) - 600 (current price sold) = 250

250/850 = ?

29.4%!!!!!!!!!!!!! <---average percentage of owners in 5SL underwater.

The average selling price of all the units in ACRIS for powerhouse is 729 dollars.
The current asking is about 600 (same as 5sl).

The difference is??? 17.8%

5SL = 29.4%
PH = 17.8%

SO PLEASE STOP THE LYING.
I have brought many clients to view 5SL when it first opened for sale. They were asking for 700-1,000 psf. I have never recommended anyone buying these units at that price. Many have.....about 80% of all owners in 5SL. These are the same people that you are now saying are the 'smarter' and 'better' individuals in LIC. I laugh at such a dumb statement. The truth is, these individuals are probably all financial illiterates in the area.

The average psf in PH is 729...
If current asking is about 620-600...then the average percentage of owners in PH is only 17% underwater.

Compare that to 29.4% for 5SL.

And guess what. Majority of owners in 5SL bought at the peak!!!! They will never see these prices.

From Acris on a PSF level.

3J 774.08
3M 742.67
4B 704.16
4L 651.57
4M 743.32
4P 781.96
5A 551.74
5D 1047.04
5M 564.49
6A 740.05
6C 785.60
6D 1002.95
6E 946.12
6F 933.28
6G 946.90
6J 1026.32
6K 822.29
6L 829.11
6M 698.37
6N 768.05
6P 758.52
6R 841.07
7A 696.38
7B 1048.49
7C 1019.51
7D 925.75
7E 1021.01
7G 625.93
7J 609.84
7L 827.86
8A 963.06
8B 1011.65
8C 944.04
8D 905.06
8E 1095.07
8G 762.48
8K 924.99
8L 930.56

Look at the amount of units sold above 900 psf.
If current asking price is about 600 psf, look at the amount of units DEEPPP underwater.
PH is NO where near this.

If you are talking about a building with potential trouble and facing massive foreclosures, it's 5SL.
I have brought many clients to view 5SL when it first opened for sale back in 2007 (housing peak in NYC). I have personally NEVER recommended paying for these prices. Unless we have another housing bubble, these people will never recoup their losses.

All this talk of which building is down more are all retarded! If you're 30% underwater on your condo, no matter which building you live in, why not just stop paying your mortgage, get to live in your unit for free for one year (the amount of time the banks take to foreclose these days) to recover some of the equity you lost and then turn around and buy something for 30% cheaper!! The people who stay in their 30% underwater newly purchased condo are just plain stupid.

CarolSt, is it your client who paid higher than market for 311? If so, is this really something to brag about?

carolslut.. do you understand historical average? yeh, people used to live till 25, holy shit i should've bought cause I should be dead already... you statistic is stale as your moves in bed.

DRbuyer,CarolSt, WAKE UP!!! Otherwise it is too late. You are going to have problems for misleading!!!

There are in fact PH renters who are extraordinarily disruptive.

has construction of the projects started?

what no one wants to discuss is what will happen if a current ph owner tries to sell now...yikes

If you have any complaints about the Powerhouse,either in contract or already closed,please feel free to contact us at d7312009@yahoo.com. We'll try to help you to solve your problems without any charge.

d73: who are you and why would anyone provide info to "d7312009" at a yahoo email address? Are you a law firm? RE firm? why so secretive and mysterious? how would you help? why would you help?

Kylewest:Do you really want to know who we are?

I think your post came across as bizarre and that is likely not what you intended. If you want to provide a little more info, then maybe your posting here would be more useful to yourself and others. As it is, I doubt anyone would contact you--you could be the sponsor, a broker, an identity thief... Your post was odd.

If you have any complaints about the Powerhouse,either in contract or already closed, please feel free to call NYS Office of The Attorney General 212-416-8174. You will get help from them.

gotcha re the ag--now who are you, if you'd like to help?

as you indicate: "contact us at d7312009@yahoo.com"

Doesn't the NYS AG have a direct email address or contact person? Still curious about all this mystery.

Just call 212-416-8174(NYS Office of The Attorney General), you will get help and answer.

G. Oliver Koppell, Attorney General
(212) 416-8174

lic 11101,powerhouse onsite representative,misleading person

kylewest,powerhouse onsite representative,misleading person

the number you gave is for the attorney general, is it not? d7312009...i was trying to give you credibility...but you're calling me an onsite rep and a misleading person? actually my error...the number should be for andrew cuomo. i found the number linked to a 1994 document for G. Oliver Koppell.

lic11101,no matter how you pretend or use different user names, you are one of misleading persons in the powerhouse sales office.

ok sure...believe what you want. who are you anyway? the number you gave is for the attorney general. that's a fact.

d731, you stated above: "We'll try to help you to solve your problems without any charge." I'll emphasize you said WE'LL. Then you said the contact info is for the AG. But clearly, you are not the AG. In relatively few posts you reveal yourself to be a partisan critical of another poster and issuing "warnings" in rather poor English. I doubt very much that is how the AG handles matters. It's time for you to stop the misrepresentations. Say in plain language what you mean. Something like: if you feel you have been wronged, the AG's RE fraud bureau may be able to help and that office's number is ...." But don't pretend to be an AG or make shady offers on here.

We never pretend to be an AG. We just let people know that AG can help solve misleading problems. We know your English maybe good, but your hearts are dark. You are trying to make money illegally.

Dear Purchasers:

If you have any complaints about the Powerhouse,either in contract or already closed, please feel free to call 1-800-771-7755 Consumer Helpline,The Bureau of Consumer Frauds and Protection. You will get help from them.

Congratulations d7312009! You have become my 100th ignored person! If you have any complaints about this, please call kylewest or lic11101.

looking2return = kylewest = lic11101, I don't think you can help us any more because you are a misleading tool. So wake up!!!

d731: bug off. I haven't a thing to do with this development and don't think I've even ever been to LIC. What prompted me to respond was your cryptic posting and subsequent strange posts. What I care about is transparency and honesty when it is called for. So why don't you get real, stop hiding why you care about this development and what your game in this is. Reveal yourself and stop blathering about hearts of darkness.

Correct your mistake and everything will be fine.

ok d731. Now you are revealing true idiocy. What exactly is the mistake that needs correcting other than your abysmal command of the English idiom? I have patience and time tonight, so I'm happy to just keep helping you bump this thread to the top which strikes me as a bizarre thing that you would want.

D731, if i'm 30% underwater... will the AG solve my problem too?

kylewest, My English is enough to treat you. Dirty English words always came out from your dirty mouth. Are you an English professor? Of course no. You should behave yourself. If you work for Prudential & Douglas Elliman, I feel shame. AG are watching you dancing and singing every day, and step by step they will take you down for misleading.

LGeorge, What kinds of 30% underwater do you have, recession underwater or misleading underwater?

d731: you are now officially my favorite poster on streeteasy. I realize you are new and don't know the regulars on here, but I'm one and, no, I'm not a RE broker. Nor do I work in RE. I just like it. As an owner for 20+ yrs of Manhattan coops, as well as at times being a seller, a buyer, a renter and a second home owner, I've learned a lot on here and hope I've been able to share some useful info and insights at times.

You still puzzle me about what "mistake" of mine you reference above. And now I'm even more intrigued by what "dirty English words always came [sic] from [my] dirty mouth." Can you be specific? Please keep posting.

Heard from a friend that owns in the building that they just got their first common charge bill and it is LESS than the published rate! What a surprise! She was very happy at first! Until I told her she better make sure it is not artificially low because the sponsor is making the building run a deficit while the sponsor still own 50% of the building. If they are, it just means the sponsor is artificially lowering his own carrying cost at the expense of all future owners. When the sponsors exit the project, common charge will skyrocket to cover all the previous short fall!

Anyone know what's going on with this project and the common charge? When's the last time anyone heard common charge is 50% below expectation?? Does this have to do with the fact the Sponsor rented out 20% of the units and still have 50% unsold? This smells very fishy to me.

Last i heard they have sold close to 60%. As of today, the powerhouse is the best selling condo over the past 5 months in all of NYC. People are moving in on a daily basis.
In regards to common charges, the building is not operating in full capacity yet. Other amenities are also not up and running causing expenses to be lower. It's not fish that you smell, it's the shit stuck between your butt crack. Maybe you should wipe it after taking a dump.

Please explain how units are being sold if they are really as bad as you fuckers are speculating. The building is fine. The neighbor is doing great too. The Murano condo should be coming online soon too.

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