Stella tower slow sales

some activity
https://streeteasy.com/building/stella-tower/pha

This was Trevor Noah’s place, right? I absolutely love how he had renovated & designed it.

nada, interesting that the name of the interior designer(s) has been kept out of the media

I don’t know if he personally designed it ;).

rest of the building isn't moving

I am right by there fairly often and it is far from a "luxury" location. It's typical of areas which trade "too high" in boom markets and then get slaughtered in down markets.

isn't that the story of Manhattan's evolution with zoning changes in the past couple decades?

for example, what is the attraction of this building / location:
https://streeteasy.com/building/the-west-residence-club

Reasonable price, reasonable taxes and common charges, nice new finishes and amenities, floor to ceiling windows in some units, close to the west side bike path. I know some people who live in the area and work at google, or from home.

My partner looooves floor to ceiling windows but we mostly looked up and down the east side of manhattan because of job locations. New construction on the east side was a lot more expensive when we were looking. There is no good bike path or parks close to where we are (except for some tiny ones) and if I had a baby when we were in the market, I might have considered parks and playgrounds more heavily and weighed them vs. shorter commute.

I don't feel safe walking around there a decent amount of the time armed. I think a lot of people are deluding themselves as to their safety here.

Interesting, I have not walked there late at night and assumed the area was fine. Where are the dangerous elements coming from and what are they doing there?

It is a pretty safe area. I routinely walk my dog late at night and never had any issues. Being close to the Hudson River is nice as well, with the bike and running paths, and also being not too far from Central Park. There are a zillion restaurants nearby if you like to eat out. It has a younger vibe than other places I’ve lived like Sutton Place and Upper East Side. It’s definitely not as “hip” or “trendy” as other parts of Manhattan. It’s not Chelsea or West Village but I feel prices are pretty reasonable.

Am I the only one who thinks we know Rinette by another name? Either way, welcome back. We've missed you.

You do realize it's called Hell's Kitchen?

I have 3 clients who run brothels within spitting distance of this property and can tell you there's a decent amount of shady shit happening all the time. In addition to probably the last indoor TS track.

And The Westies aren't TOTALLY gone.

You are armed?

30yrs is possibly the dangerous element in the area :)

Prediction:
I get called names for laughing after certain people get assaulted and wondering how it happened.

https://abc7ny.com/amp/hells-kitchen-assault-attack-bias-crime-hate/13093849/

https://www.nydailynews.com/new-york/nyc-crime/ny-cops-bust-teen-homophobic-hells-kitchen-knife-kick-punch-attack-20230504-6vf5boakvzabdeggisimpaohii-story.html

https://www.nbcnewyork.com/news/local/man-and-woman-stabbed-in-separate-unprovoked-hells-kitchen-attacks-police-ny-only-spec/3847160/

https://abc7ny.com/amp/hells-kitchen-assault-attack-bias-crime-hate/13093849/

https://www.nydailynews.com/new-york/nyc-crime/ny-cops-bust-teen-homophobic-hells-kitchen-knife-kick-punch-attack-20230504-6vf5boakvzabdeggisimpaohii-story.html

https://www.nbcnewyork.com/news/local/man-and-woman-stabbed-in-separate-unprovoked-hells-kitchen-attacks-police-ny-only-spec/3847160/

You can cherry pick news articles from the past several months and make any part of Manhatten look like a war zone. At least according to this article, Hells Kitchen seems no more or less safe than many other neighborhoods

https://abc7ny.com/feature/new-york-safety-tracker-crime-stats-how-safe-is-my-neighborhood-zip-code-statistics/12352050/

In fact, when you look at assaults, the precinct Hells Kitchen is in is safer than the precinct which contains West Village or Greenwich Village. And boy, make sure you avoid Times Square unless you are really looking for trouble…

It's hysterical the you think Times Square and Hell's Kitchen are different.

And since you claim it's possible, here's a challenge:

Cherry pick me out all the similar assaults from the past few months in Beekman, Sutton and Turtle Bay. I'll wait.

I keep forgetting the general street awareness of the posters here is close to zero. The 1% who have no clue what really goes on for the vast majority of the population. It's the same as the ridiculous entitlement shown in the Rent Stabilization discussions. The insulation, echo chamber, etc always leave me SMFH.

Here is at least one that took all of 10 seconds of searching

https://citizen.com/-NcUwg-oECwCDk7m2It8

But seriously I have much better things to do than argue with you about this. If you feel Hells Kitchen is really unsafe, then please just don’t visit. Stick to Sutton place, beekman and wherever else you feel is really safe in this city. And maybe get some better clients who don’t run brothels…

Is nobody going to call Rinette by the old handle? Either way, @Rinette, Welcome (back).

Yes ONE because that's all you could find! You are extremely transparent trolling.

BTW for those who don't know, NYPD has been famously "juking" crime stats for decades to make themselves look better.

You feel you have to shill for this neighborhood now that you're a resident, but it's not like you own anything there. So why are you simping so hard? If you admit what you got yourself into are you afraid you won't get any from your partner? She probably already knows you care more about that penis extender you drive than her.

>>> The 1% who have no clue what really goes on for the vast majority of the population

Not sure if this is by income or by assets, and therefore whether it applies to me, but happy to report that I don’t have a car (or a gun) and walk everywhere (including Times Square after a show for example) or take bus/subway at nearly all hours. Maybe I am just not as easily scared? I don’t visit brothels.

The most threatening people I encounter daily are delivery people on electric bikes and scooters that drive against traffic and on red.

Actually the MOST dangerous people are those which would blithely cut out the social safety net/support systems for those who need them most while screaming about "fairness" as they reap the benefits of the system.

Back on topic, they tried to capture the magic of Walker Tower and it wasn't very successful. They did it when the city was safer but it was still a crappy area. There are other options.

Stella Tower is to Walker Tower as Dan Quail is to Jack Kennedy.

multicityresident - thank you, you too.
30yrs_RE_20_in_REO - please spell Dan Quayle's name correctly, including with the "e" at the end.

Seems to me that safety concerns cannot explain units failing to move. Places in much less safe areas of the Lower East Side trade higher. This was clearly aggressively priced at launch and tried to ride the winds of Walker Tower, but neither those factors explain units languishing on the market for a year or two before being pulled even when priced at a 20% discount to their 5-9 year-old purchase prices.

Something else seems afoot. But, when you look at units like 15E, bought for $4MM in 2014, couldn't sell in two years of price cuts to $3.375, and pulled from market in order to rent at $10k/mo. With $5,600/mo in monthlies, the rental pricing across the board (none higher than $15k/mo, and virtually all much lower) points to even lower values. Were these largely foreign buyers? Is this the impact of some tax break coming to roost? The RE taxes have doubled, but still appear below market.

Failure of the broker to talk some common sense into sellers? 12H on the market for 229 days, and the brokerbabble says "Multiple offers received – Showing for Backup ONLY***"

For heaven's sake people: take the best offer received and execute on it. (even if the bedrooms are dinky).

Or: 12J is an ordinary econobox layout, ~900 s.f., but slightly small bedroom, ok closets, and a w/d. Floorplan is comparable to 1 BR units in many, many, many buildings across Manhattan. Taxes/charges just under $3k/mo, asking $1.5m, after 1 price reduction, almost 1/2 yr on market. Where are the buyers? Waiting for further price chops? Priced out by higher interest rates? Building quality / amenities not good enough? Why is this sitting around? (or is the time on market not unreasonable for 1BR econoboxes in NYC)

Rinette, potatoe

>> Were these largely foreign buyers?

Not any of the 4 apts mentioned here:

PHA — comedian
15E — fashion retail industry duo
12H — Broadway producer (deceased)
12J — doctor & CPA

Last sale:

11J — trader/fraudster

current

current listing prices of 12H vs 12J may give some clue.

I had to look up seller of 11J. https://www.bloomberg.com/news/articles/2022-05-14/the-men-who-flipped-on-bill-hwang-were-trusted-lieutenants?in_source=embedded-checkout-banner
Apparently now lives in Palm Beach - remember reference on another thread to Wellington?

Suitably gossipy about the former owner of 12H:
https://nypost.com/2023/01/10/late-broadway-producer-chase-mishkins-nyc-home-asks-2-84m/

"Mishkin was notorious for riding around town in her chauffeured London taxi cab with a custom Burberry interior..."

That's something I might make an offer on! With all the upcoming drama about congestion pricing, I should at least have a fly ride.

Jeesh - looks like she overpaid for her pad and that nose

nyc_sport,
Re:Lower East Side,
From Urban Digs Chartroom:

Monthly Price Cuts
Number Of Price Cuts In Aug 15
15.4% prior month
87.5% prior year

Listing Success
Listings With Buyer In May
37%
-22.9% prior month
-19.6% prior year

Climate Index
Contracts Signed To Off Mkt Ratio In Aug
1.15
3.6% prior month
-16.7% prior year

Pending Sales
Listings In Contract As Of Yesterday
41
28.1% prior month
-40.6% prior year

Market Pulse
Pending-To-Active Ratio As Of Yesterday
0.38
46.2% prior month
-30.9% prior year

Liquidity Pace Chart
Liquidity Of The Market As Of Yesterday
13
18.2% prior month
-31.6% prior year

Days On Market
Median Days On Market As Of Yesterday
107
24.4% prior month
105.8% prior year

Monthly Contract Activity
Contracts Signed In August
15
50% prior month
-31.8% prior year

Off Market
Off-Market Listings As Of Aug 28
71
4.4% prior month
100% prior year

This is how safe Manhattan is now:
At the soft opening of Cane's Chicken Wings on Astor Place, as we speak there is an armed guard brandishing a 9 mm semi-automatic to keep customers at bay.

Drama queens.

That's right stache, see the link from Aaron2.

https://streeteasy.com/building/stella-tower/12h

"12H REQUIRED A GUT RENOVATION AFTER EXTENSIVE WATER DAMAGE TO THE APARTMENT. THE PRICING HERE SHOULD NOT BE USED AS A COMP FOR STELLA TOWER UNLESS THE CONDITION IS FACTORED****THIS WAS AN ESTATE SALE AND THE APARTMENT WAS IN POOR CONDITION***"

!! It's down 50% since it's original listing

I'm not sure if I'm reading this correctly. Is the agent now saying that when they were marketing the unit there wasn't a single actual photo of the unit, not a mention of the poor condition, but NOW we should be aware of it?

everything's been sold, even this one
https://streeteasy.com/building/stella-tower/12g
and this https://streeteasy.com/building/stella-tower/12h

For HALF the 2016 price

I’m not sure 12H is indicative of the market since it says the apartment suffered extensive water damage and requires a gut renovation. 12g is probably a better comp. Still, I would have loved to see pics of how “bad” the water damage in 12H was. It looks like it took a $600-800k haircut because of that

Read the whole description of 12H

No doubt there is an interesting story behind this. Makes me wonder how 11H made out. This is a pretty new conversion for estate condition.

"...pretty new conversion for estate condition" Wasn't the conversion to condo about 15 years ago? In any event, I have a friend who bought a mutual friend's co-op unit. He purchased a unit that had been well maintained, periodically painted, kitchen only 3 years old, slightly earlier bathroom, and all in excellent working order and looking very good (it was on the market briefly, and was getting rave reviews and solid bids). He's been there 11 years now, and if he moved out tomorrow, the broker's statement would be 'estate condition'. I've been in and out of the apartment over these last 11 years, and it's just amazing how some people can't maintain a home.

This was us -- sandwich generation -- the combination of jobs plus childcare and eldercare was exceptionally draining.

I read estate sale as estate condition due to the water situation. My mistake.