Powerhouse Condo Not Selling Well!! Financial Difficulties Arise

classy lady.... (meoldy).... let me get some of that nector of love.... hmm hmm hmmm.....

Like prisoners going to jail...

nick26,
Why don't you go fuck yourself you fucking idiot.
If 600 psf is a fair market price of course the initial buyers will be underwater. The same can be said in every new development. Why don't you go look up 5SL and the 80% of units that are 30% underwater.

so carol...then all of the new garbage lic is way underwater incl ph...sounds wonderful...you must have many happy customers living there! betch you buried in word of mouth referrals!!

I'm frankly surprised there are still people willing to pay $600/sf to buy in the Powerhouse.

lgeorge...the common charges are not 50% less. your friend should call the property manager and they will explain.

'"Post87deflation, I'm frankly surprised there are still people willing to pay $600/sf to buy in the Powerhouse."

That's like saying, 'i'm a fucking moron'.
The average new development in Manhattan is over 1,200 psf. At 600 psf and 1 stop from Manhattan, your average psf is 50% less in LIC. Think you retard.

That's like saying, 'i'm a fucking moron'.

you said it.

"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!"

Issue now resolved. I walked over there yesterday with my dog and the place have been cleaned up with new sidewalks and pavement. Next.

As a woman, you should behave yourself!!!

Well it's not as if the Manhattan developments are actually selling out at $1,200/sf. And given the relative scarcity of shops, restaurants and subway stops (#7 and that's it) in the area around Powerhouse as compared with most decent Manhattan neighborhoods, it seems to me apartments in the Powerhouse should be worth less than half those in a Manhattan development with similar amenities.

And does these unit units have river and park views? And how noisy (Traffic, drunks, etc.) do you think these new units in Manhattan will be.

next?...next will be the perpetual construction site that will ultimately result in a "project view"
for the voyeur there will be plenty of additonal views next door!!

uh oh, CarolSt is having yet another meltdown.

Clearly her broker shill business is still in the toilet.

Come on,I am waiting for you!!!

carolst... serious question.

Do you masturbate while you are typing these obscenities? Cause if you did, it would make a lot more sense... I'm just saying....

"and does these unit units"

i don't know. does they?

"Ubottom,gotcha re the ag--now who are you, if you'd like to help?
as you indicate: "contact us at d7312009@yahoo.com" "

We are the people fighting against those misleading persons.

D731, i haven't been a fan of the PH. I think their quality sucks and location next to future housing sucks. But i'm just wondering what is this misleading thing about the PH you keep mentioning? What is it exactly they have mislead you on?

View

Carol ST is an excellent barometer of where we are. This mini boomlet we had probably only benefited a few brokers. Now that things are cooling off many of the Carols of this world will be waiting tables

Does anyone know how many of those "in contract" are in dispute and will never close?

Nobody knows.

What do people think about a 7th floor direct nyc view @ hunters view for $520 per square foot?

i think wait 9 months

"i think wait 9 months"

Great advice without knowing one spec of detail from the buyer. You should seriously consider changing your name to UMORON.

"Carol ST is an excellent barometer of where we are. This mini boomlet we had probably only benefited a few brokers. Now that things are cooling off many of the Carols of this world will be waiting tables"

I'll make sure you get a few extra ingredients on your dish.

Where are all those fucking morons saying prices are selling in the low 500s psf? Til this day, only 3 units sold below $550 psf and those units are all in the lower floors and potentially facing a parking lot.

Recent activity:
415 - $601
905 - $631
223 - $619
1007 - $662
1009 - $624

A complete picture of all the units closed between 7/30/2009 to 8/31/2009. Pretty much for the month of August. That's 13 UNITS!!!!!!

223 - 622
311 - 609
404 - 604
415 - 601
905 - 631
909 - 597
1005 - 631
1006 - 605
1007 - 662
1008 - 623
1014 - 581
1114 - 612
1106 - 641

http://www.propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=51756150

darnit...if id known the buyer had tons of money to throw away i wouldnt have said such a thing!!

If prices are in the 500 psf, that will be 26 units next time!!!!!!!!!!!!!

You numb nut, that is quite a number of closings in 1 month.
Now if we add all the units sold and close between April to August (5 months) of this year. What is the average number of units sold????

That's right!!! 2 Per week!!!

8 weeks back...mjay61 wrote..

"This is getting old. If you look back on my posts, I was on the fence about PH initially. After being on this thread for 6 weeks, I'm convinced even low 500s pricing isnt going to materially move sales.. And by material, I mean faster than the 5 units in the last 4 months pace."

So everything these people have been saying are completely wrong. LIC continues to be a hot spot with investors willing to take the risk. Low 500s? LOL

I agree with you. Can you tell me how many of those "in contract" are in dispute and will never close?

"LIC continues to be a hot spot with investors willing to take the risk."

CarolSt
9 days ago

Let's look at all the new developments currently in the area.

5SL - 90% sold but it's also a building with the biggest risk. The average psf sold is $850, that's 30% below current asking price.
The Foundry - No views, next to the trains and in the same block as PH. Priced in the 600 psf now.
Hunter's Point Condo - Priced in the 600 psf even with all the train noise issue. Don't even get me started about views.
Hunter's View - 600 psf, construction issue.
Murano - No one knows the price, but it's parked right next to hunter's point condos. Train noise will also be an issue.
Prestige - Boutique building but priced north of 800 psf. Good luck selling.
The View - Priced in the mid 700s-800s. Only one with gurantee views. 20% sold.

Can you tell me how many of those "in contract" are in dispute and will never close? You know the number and why don't you tell us?

AboutReady,
The last time you've been in LIC was back in 1999. You're such a total loser.

How would you describe the market, generally, in LIC?

If all the high floor units are going for $600/sq ft, then its only a matter of time before the other 75% of the building goes for low 500s. Actually, since none of your calcs include outdoor space - some already are at low 500s.

Check. Mate.

mate? carol?

"If all the high floor units are going for $600/sq ft, then its only a matter of time before the other 75% of the building goes for low 500s. Actually, since none of your calcs include outdoor space - some already are at low 500s.

Check. Mate."

I'm going to stay out of this one but just need to straight out the facts. Out of the 13 units that were closed in August, only 2 have outdoor space. The higher & lower floor comparison isn't valid because there are units on the 3rd and 4th floor that sold above 600 psf.

I'm adding up all the reported sales and total sales reported on PropertyShark and Acris and the total number is close to 70. That future 75% number you listed isn't possible because 40% of the units have already closed above 550.

It doesn't take a rocket scientist to see that you're wrong on those 2 fronts.

Okay, i'm done. You folks can go back to your shouting matches now and name calling........

Eric, you are the biggest lying deceitful sob I've ever met.

ericho75: "I'm adding up all the reported sales and total sales reported on PropertyShark and Acris and the total number is close to 70."

fact: As of today 53 units are shown to be sold on PropertyShark. That is NO WHERE NEAR 70!! Didn't they teach you to count in upstate ny?

Do you guys have an opinion on the condo development Vere 26 on Purves street.Have any sold and how much? I think they dropped the prices a little but not much and its got not so great views thoughts????

George...

"PropertyShark and Acris"

George...
You should learn t read.

"total sales reported on PropertyShark and Acris and the total number is close to 70.""

It's propertyshark AND acris...

and...

Number is Close to (estimate)....

george, he just adds the two together!! brill. and even if it is 70, really who cares. carolst has already demonstrated how the LIC market is generally doomed.

AR,
Thank god! Maybe looking up at the dollar menu up at McDonald taught you how to read, thanks for the clarification.

Again, i'm not here to argue or get in a shouting match. Just pointing out the facts. I how these numbers are too much for some of you to absorb or comprehend. Sorry if i ruined anyone's day.

superfund,that shit don't mean nothing to me.

superfund, extra crap that don't need to be.

developers, who promised us the world.

oops so sorry i believe i just hurled.

Didn't i told you to avoid the 'super sizing'?!??!?!

btw...the exact number is 66. Thank God! 66 is close to 70..no?

PSF Unit #
$725.40 - 211
$704.32 - 212
$622.51 - 213
$523.87 - 214
$543.42 - 215
$726.60 - 217
$706.18 - 305
$755.11 - 308
$618.03 - 311
$662.50 - 313
$649.35 - 314
$648.94 - 315
$595.41 - 317
$694.75 - 318
$705.31 - 321
$784.92 - 403
$726.36 - 405
$755.95 - 406
$766.55 - 408
$608.67 - 410
$764.69 - 412
$666.52 - 413
$664.76 - 414
$542.29 - 416
$676.14 - 417
$711.29 - 418
$647.98 - 419
$705.31 - 421
$748.71 - 423
$754.26 - 502
$892.45 - 503
$723.35 - 504
$769.61 - 506
$779.14 - 511
$764.69 - 512
$701.70 - 515
$744.10 - 604
$827.52 - 605
$691.25 - 619
$682.02 - 620
$721.55 - 717
$760.91 - 718
$910.24 - 802
$989.28 - 805
$990.34 - 806
$707.30 - 807
$913.98 - 902
$825.54 - 908
$608.32 - 909
$884.96 - 1002
$890.23 - 1003
$616.71 - 1006
$924.14 - 1103
$693.20 - 1105
$641.03 - 1106
$665.99 - 1109
$729.16 - 1113
$612.31 - 1114
$622.00 - 223
$604.00 - 404
$601.00 - 415
$597.00 - 905
$631.00 - 1005
$662.00 - 1007
$623.00 - 1008
$581.00 - 1014

oh sweetie pie, you're LIC's next RSB. if may take a year or so, but have a look see.

The number is actually higher...but i'm not going to go into that.
Good night.

And AR, chill with the fries...

And George........relax brotha....relax.

RSB?
Is that an acronym for 'Real Southernstyle Burger?

So, even if we go by your 66 units sold... 66 out of 177 units is how many percent? 37% Sold. This is good how?

Because 37% (66/177) is more than your 29% (53/177).

And because 37% is closer to 100% than 29%.

Dear Jennifer and Cheskel,

Can you tell us how to solve those "in contract" but in dispute?

wow, I just put this CarolSt on ignore, what vulgar trash, but could someone tell me who this person is in real so that I could just diss her if I ever stumble upon her when looking for a place?

Eric, the front desk has a list of all owners and renters in the building. Sorry to burst your bubble but it isn't 70 sold yet! The number of renters in the building is certainly approaching 50! No wonder the building has a rental feel to it. Oh and great security you have at the building, I don't live there but i was shown a list of everyone that lives there with their unit numbers.

aboutready, are you still living in Peter Cooper Village while being critical of people who own their homes in other neighborhoods? HA!

ok licc, youve got ar's #---lets hear about you--when did you buy in lic, which project, at what cost psf, on what date, with what leverage---we all know ar's in cash with none of the above renting at pcv (woops i think shes got a small country house, no)

please explain your superior circumstances in the context above

btw i own a small house in CT cash (represents appx 10% of my net worth at conservative valuation) and sold my latest piece of nyc re in summer of 07 (some smarts, mostly luck)--i rent an apt on the ues for $$ roughly equal to what i will pay in maintenance when i buy back in probably next spring summer

so lets hear the deets

you out there licc?

please tell us about your superior circumstances

"aboutready, are you still living in Peter Cooper Village while being critical of people who own their homes in other neighborhoods?"

ARE YOU FUCKING SERIOUS??????
Isn't her husband a partner in a law firm? Oh god, please don't tell me she's in one of those people in a rent stabilize units that refuse to move out...is she? LOL!!!

http://gothamist.com/attachments/jake/2006_2_petercooper1.jpg

LGeorgie, there are currently over 120 units occupied in the building and 49 of them are rentals. The rest? You tell me.

More Peter Cooper Village.
I used to fear for my life walking in that neighborhood.

http://images.google.com/imgres?imgurl=http://graphics8.nytimes.com/images/2006/10/17/nyregion/17sty.600.jpg&imgrefurl=http://www.nytimes.com/2006/10/18/nyregion/18stuyvesant.html&usg=__NXyB5uyzJKnBKqsWwtEXG69LGDo=&h=294&w=600&sz=56&hl=en&start=9&um=1&tbnid=ab5c-Z0_Q23qFM:&tbnh=66&tbnw=135&prev=/images%3Fq%3Dpeter%2Bcooper%2Bvillage%2Bnyc%26hl%3Den%26sa%3DN%26um%3D1

I've stated my situation before. I bought my first place in 1998, sold and bought a better place a few years later (at a significantly lower rate), sold again early in 2008 (when prices were down a little from peak but before things came down another 15-20%), rented in LIC for a while and bought in LIC after prices came down 10-15% there. Owning has been very good for me.

carolst, with all the money i've saved from not overpaying for my renovated, not RS living space, i'm considering buying in LIC. could you please tell me your opinion of how the market there is generally doing? oh, and can you recommend a good broker as well.

Peter Cooper Village!!!!
HAHAHAHAHAHAHAHAA!!!

I really hope your husband doesn't invite any of his business partners over to your place.

my bus partners are impressed, esp these days, with frugal, prudent economic behavior
my partners who are stretched and leveraged in re are fine with my currently humble circumstances..in fact, they are envious

LICC...what psf did you pay in LIC in 2008? and what leverage did you engage for that transaction?

LIC, HAHAHAHAHAHAHA!!!

My husband's partners have better things to do with their time than care about where we live. Many of them need to sell right now because of kids and are in a world of hurt. One just closed in the Lucida and looks constantly pained at the moment. We are actually the object of much envy these days. How times can change.

" sold again early in 2008 (when prices were down a little from peak but before things came down another 15-20%), rented in LIC for a while and bought in LIC after prices came down 10-15% "

So... let me get this straight.

After all the arguing with the bears, and LIC calling them stupid.... LIC is finally admitting we were right, and he actually followed our advice!!!

ROTFL.

licc: what psf did you pay in LIC, and what was your LTV?

meaningless blather without these details

Caolst.. since your unicorn is now glue.. why don't you ride the broomstick to work?

LICC you dirty dog... selling while telling people to buy in LIC, your parents weren't both borkers were they?

> meaningless blather without these details

Yes, we would very much prefer that all lying include specific PSFs.

Aboutrady-what construction issues do you speak of @ hunters view?

gonelaxin, that was a repost of something by carolst, not me.

Oh sorry about that. We are about to buy a 1br/1ba ph with direct city view there and absolutely love it. We arent home from 8 to 5 when the majority of traffic runs through the neighborhood. We are buying for the city convenience, the view, and the possible return on the investment in 5 to 10 years.

gonelaxin: you should check out the noise issue in PH. PH is only a little more than half occupied. If the unit above yours is empty, ask a friend to walk around in the unit above while you listen in your unit. If it is anything like my friend's unit, you may want to think about about purchasing.

we are purchasing a ph in hunters view, sorry for the confusion. Any opinions as we have not signed yet.

I'm a current renter in the Powerhouse. After almost 6 months of living in the Powerhouse, the noise problem IS AS BAD AS EVERYONE SAYS IT IS!! The problem got progressively worse as more people moved into the building. At first, it was just noise from hallway and TV noise through walls. A few months ago people moved into the apartment above us. When they walk around in their apartment, it sounds like they are playing drums in our apartment.

I talked to the management and they said there's nothing they can do about it. Anyone that tells you there is no noise issue in the building is lying or doesn't have anyone living next to or above them yet! I wake up very early due to my line of work. I have lost many precious hours of sleep due noise. Is there a way to be let out of a rental contract because of excessive noise?? This is insufferable!!!

gonelaxin, I backed out of a unit at Hunter's View due to construction issues. I would bring an inspector to see the unit BEFORE you sign anything!

My wife and I have been looking around the neighborhood (LIC) and went to an open house 2 weekends ago at the Powerhouse. If i recall, the total number of units close were over 75. I now see unit 1107 on Streeteasy that closed at 495K (648 psf). If things are as bad as everyone says about this building, then why has there been so many units sold over the past 4-5 months? There's an obvious trend (prices creeping back up) that is happening in the building and it just doesn't add up.

Mwade,
What type of construction issues were you having with Hunter's View? We saw a few units and didn't noticed anything that stood out.

skinny - I have 3 inspection reports detailing the excessive unevenness of the floors and ceilings in the unit. Furthermore, my inspector said due to the nature of the problem, the unevenness would exist not just in my unit, but for the entire floor and the one above as well. I do not know the extent of the problem in every other unit, but I did observe for myself the unevenness on a different floor, different unit line as well. One of the reasons people might be closing on units in the PH, or any other building that has problems of some kind, is that they don't bring an objective, professional pair of eyes along with them for their walkthroughs, or better yet, before they sign the contract. Unless you have substantial experience with home ownership AND new construction, you are best served bringing a professional along with. It will either give you piece of mind in your purchase, or steer you clear of big time legal woes down the road. I say this from personal experience.

Thanks for the info mwade.
Can you tell me what type of construction issues you noticed while looking at PH?

I didn't look at the PH. I stayed away because of the noise complaints I had heard about. True or not, I wasn't willing to risk it. I ended up with a great deal in 5SL instead. Great building here.

We're looking into Arris Loft. We always liked that building. Are you aware of any construction issues there?

skinnybastard..

i wouldnt use p/sqft as your benchmark for pricing.. each unit is on a diff fl, has different views, layout etc. 1103 is a highfl unit, which i believe has a attached terrace making the comparison moot..

what you should look at is the closing price off the original ask - which is a better benchmark b/c the original ask takes into account the (perceived) attractiveness of the unit... The trend has been ~10% off ask to nearly 20% off ask for the recent units - and has led to unit sales in the recent months. there are issues there that no one disputes, but everything has a price... i guess for some people, its a 20% discount.

I was referring to 1107 which is a 1 bedroom with no outdoor space, your reference to 1103 also don't have an outdoor space. I just didn't noticed the many issues that were brought up here on the forum, next time i go, i'll try to pay more attention to it.

Congrats on the 5SL purchase. The building looks fabulous, but it's a bit pricier in comparison to the others.

More than half of the owners in the building paid very close to third ammendment prices. #1107 was asking for $780,000 in the third ammendment. The fact it sold for $495,000 is not good news to current owners. It means prices are down more than 35% from third ammendment prices.

LOL!!!!

3rd Amendment prices!!!! OH MY GOD!! LOL!!!!!!!!!!!

CarolSt why so hysterical?

Carol must be laughing at all the idiots that bought into the PH at 3rd amendment prices!!! There are just so many of them!!! LOL.

When the units aren't moving, you fucking morons slams this building saying it might go bankrupt.
They've done an exceptional job in selling a number of units over the past 4-5 months. I believe Powerhouse Condo is ranked at the top of the list in new developments sold over this period of time in NYC. The market dedicates prices, not 3rd amendment!!!
Prices are now firming above 600 psf. I hope they sell every last one of these units so you bashers are left with nothing else.

SugarStar,
Hi, please explain how the difference in prices between the 3rd amendment and sold affects current owners. Thanks.

Carol no one slammed the building but merely stated a fact. Third amendment prices reflect height of the market and these are prices that people actually bought in at. The fact that the PH has been moving units reflects the fact that they have been willing to lower their prices to the tune of 35% from market peak, as reflected by the 3rd amendment.

just a fact, nothing else

But that's the case with every new development from 2006-2008!!!
Why isolate PH?
5SL is even WORST..
So does every building in Williamburg and Dumbo.
Name me a new development that have outsold PH over the past 4 months????

They are doing everything they can to sell remaining inventory without destroying current owner's equity.
You want a mess? Go see 5SL's sales number in comparison to 2007-2008 prices.

Skinny,

You want to buy into a building that is homogeneous. A building that is mostly owner occupied, paid similar amount for their units and a building with limited supply. Homogeneous buildings will hold their value the best over time because they are the most stable.

PH is neither of those things. PH is a mix of renters, owners that paid more than $800psf living next to owners that paid $550psf. This can cause a lot of frictions and is a source for potential future conflicts. #1107 shows prices are already down 35% from peak. Those that paid peak prices have likely already lost all their equity. That means if any of them need to sell for any reasons such as loss of job or divorce, they will likely be distressed sells or short sales. When that happens, the value of the building will go down significantly even if the area holds up relatively well. As an example, look at 1600 Broadway. This new condo is selling below $1,000psf while buildings in the area are still selling well above. The problem is the number of distressed sell in that building. PH will likely be in that situation in a year or two times. I think the developer knows this and that is why they're willing to sell at huge discounts to move as many units as possible.

At the end of the day, everything will clear at a price, unit sold and discount goes hand in hand. PH has managed to move some units the last few months because they have discounted significantly more than other buildings in the area. Also people are splitting hairs on if 60 or 70 units have been sold in the PH. PH has 177 total units. No matter what the actual number of closing in the PH has been, there are still almost 100 units unsold. That is A LOT! Given the diverse mix of people in the PH and the large still unsold units. I see no reason to buy in the building. Of course this is only my opinion. Brokers will always tell you to buy buy buy because it is the only way they earn a commission.

As for CarolSt, she has earned the "ignore" feature long ago so I don't see her profanities. =)

"owners that paid more than $800psf living next to owners that paid $550psf."

This is complete BS, out of the 66 confirmed units sold in Acris and PropertySharks how many units were sold above 800 psf? 8!!! That's right....8 out of 66 sold for more than 800 psf.

Sugar, since you're so good in math tell me how many units in toll brothers (5sl) sold for more than 800 psf? They are selling units at 600 psf now..

DO NOT LISTEN TO A WORD SUGARSTAR WRITES. HE'S A CONTRACT HOLDER IN DISPUTE.