The Rushmore

What's the latest about this new development?

Hey is anyone in contract?

It is rumored that the building did not sell 80% so it holding original buyers from selling. Also, it has been pushed out of the 199 school district as of September 2010 so the value will go down for families interested in that excellent school.

A million bucks for a 745 sq ft one bedroom. Heh, somebody's smokin crack.

The fact that this building hasn't closed any sales is a real problem. How many of those contracts were signed before Jumbo lending became so expensive? How many of those buyers have lost significant money or even their jobs? Soon, tighter financing requirements relating to the percentage of units held by any one party will take effect. I could see a lot of contract holders looking to renegotiate or walk from their deposits.

I am in contract...and I am worried....

in contract for what and how much? forfeit that deposit and get the hell out!!

The noise from the West Side Highway is horrendous. And what's the deal with the building under construction just south of the Rushmore? Workers have completed about five stories. The building to the north of the Rushmore is the Avery, and its address is 100 Riverside Boulevard. The Rushmore is 80 Riverside Boulevard. I would guess the one under construction is 60 Riverside Boulevard.

so what is your point specialK - how is that relevant to the Rushmore

anyone who buys here deserves everything they get....you gotta be kidding.

kidding about WHAT

buying anything in that building if you can possibly avoid it...it is so obvious that it totally overvalued...what does it take to see it?

why wasn't this building pushing hard to close on sales last spring. What is the holdup? Clearly now, the developer and contract holders are in a world of hurt. If they couldn't get things ready to close last spring or summer, how the heck will they NOW?

Money is no problem for this development: http://afinecompany.blogspot.com/2008/07/money-no-problem-as-extell-and-carlyle.html

I live in the 'hood, and yes, the West Side Highway generates some white noise but it's certainly not as oppressive as other spots in the city. There are so many positive aspects of the Rushmore's location, not the least of which is the fabulous Riverside South park, which I have enjoyed through all four seasons of the year. The 'hood has somewhat of a suburban feel, there's not a lot of traffic or pedestrian congestion, there is ample parking, little league baseball fields, lots of activities in the park (yoga, outdoor film screenings, kids' activities, etc) and a small town vibe amongst the residents. I have a dog, and we enjoy walking along the Hudson. I've gotten to know many of my neighbors, and we're a collegial group. The pier at 70th street is so fantastic during the warm weather months, it's like living near the beach.

The down-sides are obviously the boom-time prices (which, if you plan to hunker down and stay for a while, should not be an issue). Plus if you have kids, I hear that the elementary school boundaries were recently re-jiggered to adjust for the new developments. But grownups who choose to live there--especially if they are interested in outdoor sports--should be very happy.

There is nothing wrong with this building or its location. The downside is getting to closing on 100s of contracts made at boom-time prices. There will be lost deposit money, lost jobs, lost income, mortgage qualification issues, building qualification issues *starting from 0% sold))* or just second thoughts. The list goes on and on. It will be an heroic effort to complete these sales in this economy.

nothing wrong with the building or the location....JUST THE PRICE!!!!

anything in the trump riverside blvd area can suck a fat one.
take it from someone who grew up on RSD...yeah, i'm a RSD snob, who got robbed in the park etc etc, but you know what
RSD BLVD is a rip until those prices drop
and i want my 72nd st on ramp and offramp reopend on teh West side highway, and i want the no left turn on 79th taken away

i am the voice of reason

Agreed that the west side highway doesn't produce a lot of noise for these buildings. I lived at 180 RSB facing the highway-just cleared the highway on the 7th floor-and never noticed the highway noise. Now the winds during the winter I noticed. Man those were fierce.

i liked the highway noise...with the window open it was a rhythmic, "whump whump --- whump whump"
it was delightful.
But yeah, that wind was FIERCE...blowing through the building too, slamming doors.
love RSD

Some posters seem to use RSD and RSB interchangeably. Only RSB is smack up against a raised highway, but in time there is the hope that the highway will be buried.

My condo is not facing the river...it is facing the park in the back. But if this bldg is doomed, then I guess the best bet is to walk away. bds

We live at 75 WEA overlooking the new bldg going up. It is alleged by our landlord to become 24 stories and the lot just South of that is going to be 12 stories (not yet even broken ground).

Aside from the taking down of a construction worker's elevator on the South face of the Rushmore, and some hardhats out today (maybe 7 guys), there has been ZERO work going on inside or out at least since we moved in 12/22. We believe they may have come to an end of their financiing and the contractors are gone, but I don't know.

The highway noise isn't bad, no honking like when you live near an intersection; the 'hood is very agreeable, and affordable in the aftermarket, just not in the new developments.

I see lights on in the bldg and it looks like there is some action inside the rushmore. The sponsors are notifying people to close the end of Feb, the beginning of March.

Well, let's inject some reality (or what passes for reality in NY real estate)...
1. Management says it 67% under contract.
2. Nothing has closed because the plan was just declared effective.Notices calling for closings this spring on the lower floors. The higher floors won't be ready till late summer.
3. Besides the building to the immediate south, there are drawings for a building to the south of that, right up against the sanitation processing dock. The developer admits they have slowed that process down. Who would rush to build more units in this economy? Is the developer in trouble? They won't tell you if he is, will they?
4. How many residential buyers? How many speculators? Who knows? How many will not have the wherewithall to close? Again, who knows?
5. The Highway makes white noise and the wind is fierce -- price you pay for drop dead river views.
6. Behind is a nice vest pocket park and you're a ten minute stroll to Lincoln Center.
7. Deals are being made by e-v-e-r-y developer in the city, so the posted price is a starting point. But no developer is going to post lower prices with the AG's office because it would invite all sorts of problems with those who have signed already.

There were a few more contractors around this week, maybe 5. Some lights and windows open, but many windows still missing. There seemd to be no raod to enter yet; W64 still detours around the playground to 63rd. The "road" west of 63rd is simply dirt and a large shaft into the earth (loading?).

We want to make an offer in either Avery, Rushmore, 10WEA, or the like but are mostly afraid of the assesment that surely lies ahead for the owners when the sales process will take years to fill the places. Who wants a surprise of an assesment of $10k+ monthly to cover all the empties and staff amongst 30-50 owners? Not us. Plus, when rent next door is under $4k monthly, free gym, etc, on the river, 21st floor w/ balcony, if my desired purchase drops $48,000 per year in price, I am getting the rental "for free". Not trying to time the bottom, but couldn't handle if my monthly jumped like that.

Thoughts?

10 WEA sold out, I'm fairly certain. Not as many rentals offered as at some of the other big new buildings.

9 still for sale, or secondary sales:

http://www.streeteasy.com/nyc/building/10-west-end-avenue-new_york

4 of those do look like units not sold by the developer. However, this is a very large building with a couple hundred units. Not really the same as the Rushmore, which hasn't started closings yet. Not that I would recommend the building, it may very well have issues, just not that exact one.

As far as the Rushmore is concerned, the impact of those few buyers and the risks involved seem like a scarey option. Do you really think that a 10K is something the developer could do to those who actually live in that bldg?

I think in the offering memo, Extell is responsible for paying the carrying costs (including maintenance) of the unsold apartments. That's why I think Extell might rent out the unsold units to defray some of thoses costs. In a situation where Extell goes bankrupt and can no longer honor its obligations, owners could see the assessment.

has that ever happened before?

don't know. NY real estate has been on such a bubble in the past 5 years i'm sure that was rare. Who has data out there from the 80's and 90's relevant to this topic (developer going bankrupt, default on obligations?)

We are trying to find a group of Rushmore buyers to exchange information. If you have purchased a unit in the building and are interested in joining a private discussion board, please email:

RushmoreResidents@gmail.com

Please note, we are interested in finding people who have actually purchased in the building so we can start building a community and exchange information and ideas. Please do not reply if you are a broker or a Rushmore/Avery sales agent.

I think this area is truly incredible. I just bought a condo at the Adagio on 60th between Amsterdam and West End. It is a small 40 unit boutique building with lots of character detailed design and community. There are a few units remaining and must say its worth paying a visit. The prices are lower than all the area high rise new construction. The Rushmore seems like it is an incredible building but entirely a different style and feel than the Adagio. I think with all those amenities its hard to beat. Adagio has a few amenities but the best part is that we have access to the adjacent buildings (another new construction but rental building) amenities. Pools, Theaters, Fitness Centers, Tennis Court, etc... Best part is that we have very low maintenance fees but have all those amenities, the units have 11.5" ceiling heights, and the development family built these buildings in all cash so never a financing fear.

Anyway, back to The Rushmore. The building is really a gem and the developer is one of the best just behind The Related Companies. Gary Barnnet from Extel has all his financing in place and will complete his active projects. If you are buying a home to live in for a few years you are really making the right decision by investing and enjoying this newly defined neighborhood of Manhattan and top notch building like the Rushmore. Yes prices have come down but there will not and can not be a market meltdown in Manhattan. Rushmore is of quality construction with a very experienced developer. If it were built in say the financial district by an inexperienced developer and non union construction, I would say dont buy and leave your deposit. If you are in contract at the Rushmore I suggest you try and get a free storage unit or have them pay your condo fees/closing costs etc for a few months. If you are interested in buying there, just do it and stop fearing the world has come to an end. It has not and Manhattan is Manhattan!!!

oh and DO NOT WORRY ABOUT your Condo Fees jumping. The developer is NOT going anywhere and if they have unsold units they will pay those fees per your offering plan. NY Attorney General will not allow any other differences. You will get what you pay for. Extell is very strong and has an a class reputation in the industry and the city.

I bought early and am wondering whether closing on a 20-30% lower value is worse than losing 15% deposit and picking up a large mortgage. Is there a way to renegotiate or just a way out?

concernedbuyer, I am in the same boat as you...bought early and have the exact same concerns....what to do?

obvious but...

consider your time horizon and i would say more importantly the intangibles of living where you are vs. making the purchase. i would assume that if you walk away from your deposit that you will be highly unlikely to make another purchase so you will be sticking it out where you are.

also, can you still afford the full boat if you close or have your other circumstances suggested a lower standard of living?

put house on market about 10 months ago in Jersey. Have dropped price 20%, still no buyers. Went into contract with The rushmore 20 months ago, when I believe that condo was worth 20% more than it is now. Yuck

bds and concernedbuyer-- you need to see if an attorney can get you out of the contract or renegotiate it
the odds that prices will drop another 20%-30% are a lot higher than of even 2% annualized appreciation over the next 5 years
so if you are living in it 10 years + probably go through with it
if less then doesnt make sense
alternately say you give up the 10% deposit and wait till the price drops 25% you cn just buy the same unit again and you'll still be ahead of the game

you could shoot for a compromise -- be willing to give up half your deposit
classical economic lesson : Evaluate your current choices irrespective of sunk cost

joedavis...you are wise

you really should look at your home as just that a home and as an investment second. You all will seriously enjoy the rushmore. Because the developer has had delays, its only fair for them to pay for your closing costs and maybe even some condo fees. If you had closed earlier you would lost out on a higher interest rate. I would say (that is if you could still financially afford it) lock into a low interest rate and just close. Prices will stay lower than the boom years but it is doubful that you will be able to enjoy 5% non conforming loans for much longer. I went by the building this morning after my run on the river and was amazed at the quality of the lobby and construction progress.

upperWS- you seem to be pretty confident that the developer will be open to paying closing fees and condo costs. As you might have gathered on this thread, those who have purhased already did not get those perks, what makes you so sure that the developer would be willing to give the buyers this now? Also, your point about how the buyers should consider this a home first vs. investment sounds suspiciously broker-ish. Have you not noticed the economy lately? Or do you think those who can plunk down multi-million dollar apartments happen to skip over the Wall Street Journal every morning???

@Streeteasyfan: It is very possible that as a response to current market conditions that were not present before, a developer may offer new "incentives" to attract new buyers. But yes, UpperWS does sound very Broker-esque

The doorman told me Sunday one resident moved into the building. The lobby looks nice. However, the ratio of rents to purchase prices in Manhattan suggests prices will fall 40% to 50%. And markets tend to overshoot on the way up and the way down.

The road in front of the building isn't paved yet, which means the building does not have a temporary certificate of occupancy. Units are not allowed to be closed until the building has the TCO. Maybe the doorman is confused with people going in there to do walk-throughs?

AbatementBS - it would seem in the developer's interest to hold on to the legitimate buyers that they have now. I am not sure if the developer realizes that and are incenting their legitimate buyers accordingly. I believe closing on units will be very difficult in this environment. I guess they won't know until it really comes to closing and they see their buyers disappear.

Streeteasyfan, you make a lot of sense...I just wonder if the developer is in touch with this wisdom. He should be encouraging those who are already in contract to close. That involves major incentives in this enviornment.

BDS - thanks. This is a situation with no winners and the developer seem to have put itself in a lose-lose situation. Oh, and if the buyers do not close, the sales agents also don't get their cut. Then they will embrace reality.

not a broker, I swear. Just a firm believer of this neighborhood, city, and building. No idea if the developer would assist with closing costs but I would assume they would do something if there has been substantial delays... Its only fair. Yes the economy is bad but New York City is last to be hit and it will be the first to recover. Just live people... I encourage people to build and create a strong community; it will happen...If you could afford the monthly payments then just do it!

As for TCOs, you get those unit by you and when I went there the other day while I went for my morning run, it seems like they were ready for a TCO. You could always go online in the dept of building to check up on it. I just did out of curiosity and it seems like they received their TCO up to the 13th floor. See for yourself.
http://a810-bisweb.nyc.gov/bisweb/COsByLocationServlet?requestid=1&allbin=1087720

UpperWS - sounds like you should be buying a unit at the Rushmore. You seem to have a lot of inside information on this building. I don't think any of us knew there was even a way to check up on a TCO...

upperWS - a couple of questions:

1. How come you did not suggest the buyers at Rushmore to ask for a price reduction?
2. How do you know the project is "substantially" delayed? When is the original delivery date per your knowledge?

then ask for a price reduction if you think you overpaid; dont know what to tell you... I bought a condo already in the Adagio and I am extremely happy there so why should I buy a unit at the Rushmore. Besides, I am far more into boutique smaller buildings. Like all new developments in this city there are always delays. And if delays cause hardship and the developer is of quality, they should work with their buyers in some way...

Inside information, not really buddy... I just do all my homework and take anvantage of PUBLIC information; as should all of you.

Stop worrying and just move in an experience the life.. You need to have something you enjoy during a time of distress that we are all in. , Also, its not like you guys bought in a building that was built non union with a shaky shaddy inexperienced developer.. If that was the case, I would be worried.

UpperWS - good luck with your purchase at the Adagio and who knows, maybe your laissez faire attitude toward financial management will work in your favor, but I know the laws of economics (i.e. supply and demand) are absolute.

UpperWS is obviously a shill for the developer, Extell.

And further, Adagio looks like they too are having problems with closings. Why is it that they put wood in where the windows go in the lobby. I'd be looking for a big assessment increase there.

budda- are you a buyer in the building?

Streeteasyfan: Answer is no.

zero problems at the Adagio and most of the units have closed. There is barely any wood replacing windows. Besides, the lobby has all the windows, There is just a bit of wood above the retail stores,

Thanks for some of the advice but I have not heard that I can forego only half of my deposit or any other way to get out of the purchase. For legal and contract requirements, as far as I know, I can 1) forego the deposit and get out of the contract or; 2) go through with the mortgage. At least that's what my attorney tells me...unless Rushmore has done something to breach the contract. Does anyone have any real suggestions? -- Concernedbuyer

Hi, I'm in the same boat as some of you. Put down the deposit back in 2006 hoping this investment will be worthwhile........then the economic melt down. I'm on the lower floor and have already been contacted for closing. I tried asking for my deposit back but Extell said no way. I also asked for a price reduction, they also turned that down since they said that'll devalue the building. They know how bad it is out there but they are not giving us room to negotiate, but we signed a contract, either we walk away and lose out deposit or we go thru with a big mortgage :(

how much price reduction have the recent buyers seen?
I am looking for a 2BR/2Bath A line condo.

ba294-I don't know how much discount the sponsor is giving on new buyers. for us (the ppl who already put a deposit and signed the contract), I haven't heard of anything on price reduction.

ba294:

Extell is offering discounts on their other properties compared to original StreetEasy price. I would suggest that you bid them the price you want for the size, i.e. 1000 psf would be a reasonable bid if you have the ability to close the contract for them. They may make you sign a non-disclosure not to discuss price before the closing so as not to influence their ability to market the remainder of the building.

ConcernedBuyer:

What you really bought was a call option on your apartment struck at the contract price for a premium of your deposit. If you can buy an apartment cheaper than the contract price less the deposit price of equivalent value to you, it is rational to walk away and forget about the options premium. This is done _all the time_ in the options market. The difference here is the value of premium that you put down emotionally seems expensive. My recommendation is to survey the market and make the best choice. The only thing that is certain is that you will not be able to "flip" your apartment in the current market. You will have to hold on to it for an indeterminant time period (could be a few years or decades) to make back the nominal price on your apartment, and that does not count the time value of money. But you will also, if you live in the apartment, be consuming it for the time you live there. The value of the consumption is the equivalent rent. Put everything into appropriate after-tax dollars, and you can make a rational decision.

Concerned Buyer: another strategy - if you love the apt but have made the analysis that current market price < contract - deposit, then walk away. But also make a much lower offer on that same apt.

Say you signed a contract for 1m. You put down 10% - 100k. Say you think the apt is worth 800k, and you really
want it - go ahead and offer 800k while walking away from deposit. You would be in the exact same position as
if you bought another apt at prevailing market prices today (having walked away from your original deposit).

Buddha - I love that you equated the contract to an options. It actually does making the go/no go decision less emotional. The question is - how much conviction do you have to the downside of the market - 20% more from Dec 07 prices? 30%? 40%?

streeteasyfan, its obvious that you are not from around this town... and you certainly are not a home owner in this area. After reading some of your comments you really have no true basis or substance behind your posts.
Yes the market has softened but this is not Las Vegas or Miami... We are primarily a city of owner occupied. The downside is not going to be 20%, 30%, 40% in Manhattan and certainly not in the Lincoln Square area..

If you are buying a home and plan on enjoying it for a few years, you cant go wrong with just closing and living your life in your a quality building and area. If you are a flipper, I say fight to get your 10% deposit back and get out and remain as a renter.

LOL...10023street must be a broker - so easily dismissing talk of a further 30% correction in Manhattan, when Barrons this weekend makes a convincing facts-and-figures based argument as to why Manhattan prices could easily fall another 30-50%

http://www.streeteasy.com/nyc/talk/discussion/8688-barrons-manhattan-market-will-drop-another-30

rather be here than Avery next door, right?

rather be here than Avery next door, right?

rather be here than Avery next door, right?

10023street - you are incorrect in your assumption. You sound like a broker indeed. For your education, I'd suggest you read up on the latest research from Barron's, Goldman Sachs, and UBS on the state of the NY market. And if you don't have access to that - then sign up for the affordable $10 a month streeteasy.com accuont and you can see for your self the discounts to recent closings. My comments have "no true basis"? I think not.

is it possible to go to court with them and fight for our deposit money back?

promise I am no broker. Like most people that live here, I have a vested interest in standing behind this great city. Stop being obsessed with this Barons newspaper article; besides prices declines and article are specific to the ultra luxury market (which according to your precious article is $5 million and over apts)

All, you should just post comments specific to this building on a micro level.... There are plenty of "trusted" sources to receive macro financial economic news...

10023street - per your suggestion - what can you contribute to this "Rushmore" thread on information specific to the sales or closing of this building. We are very interested to learn. thank you.

10023street - I am sure that you are also aware that a significant percentage of the units for sale at the Rushmore are $5M plus, thus qualifying under the "ultra luxury" market according to your reference. How would units under this classification NOT apply to the assertions made in the Barrons article?

10023street - I am sure that you are also aware that a significant percentage of the units for sale at the Rushmore are $5M plus, thus qualifying under the "ultra luxury" market according to your reference. How would units under this classification NOT apply to the assertions made in the Barrons article?

10023street - I am sure that you are also aware that a significant percentage of the units for sale at the Rushmore are $5M plus, thus qualifying under the "ultra luxury" market according to your reference. How would units under this classification NOT apply to the assertions made in the Barrons article?

It is easy to not "obsess" when it's not your money on the line. typical tone brokers would take.

You can value an apartment by comparing the purchase price to annual rent. You'll conclude prices need to drop 50%. Manhattan real estate is one of the last bubbles. Its collapse will stun.

50% of all Manhattan units are occupied by a single individual.
If umemployment in the financial jobs (not just the financial companies, but finance jobs in regular businesses) continues, units will empty as people (ie, the entire household) seeks jobs in less finance-centric areas: NJ, CT, LI, PA.
As the vacancy rate increases, the prices will decrease.
I will be buying one of the 1,395 sq ft 2BR units in The Rushmore within 3 years, for probably $1MM even, regardless of the current ask.
Embrace the math and leave the emotions and editorializing at home.

From today's NY Times, just 24 hours after I commented above.

http://www.nytimes.com/2009/02/26/realestate/26condo.html

And I don't even have ESP...

bdkrivit, do you think that this article gives leverage to those already in contract? Will, hopefully,this move the developer to more flexibility in needed renegotiation?

I cannot imagine any article will help renegotiate an existing contract. What flexibility could any developer possibly have? No new financing, no buyers with enough cash or desire to drop it into real estate. This is a buyers market: there are 10 developments in Lincoln Sq fighting for my business- and they know I am only buying one unit. But putting down lots of cash, little need for financing, lets the buyer dictate all terms.

Simply to rent me a Lincoln Sq 2BR on the water I was given 2 free Crunch gym memberships in the building for a year, 9 brand new custom blinds installed (easily $7,000), all kitchen appliances replaced, new kitchen floor, and 1 month free. And that was an 11 month lease. Which I may renew since it is too soon to purchase.

I imagine the only leverage an existing contract holder (but not yet closed) buyer has is to threaten to walk away.

Buddha, NYC10023, your comments make sense. I think about the current situation in the exact same way. I have been a resident of NYC for a long time and currently own a few apartments. Hence, I have made money on the whole over the years love NYC so I have perspective. However, Rushmore has not been a great choice from the beginning...it was too expensive and while I love the UWS, particularly the riverside appears to have excellent prospects (West Side Highway being lowered, Riverside Park being developed, three more condos being added below with Whole Foods and shopping coming into the complex, etc.), the river and neighborhood developments just have not come about quickly. Now it appears now it will take 10 or more years.

For 15% (my deposit) less, I can buy a lot - 30-50% - more apartment on the UWS than the Rushmore. It looks like I am going to have a walk away from $500K because closing on the apartment clearly appears to me a higher risk option. Sounds like you all agree and that I do not have a whole lot of other options.

Concernedbuyer - I will tell you exactly what I told StellaBlue on the Brompton board. Stall the closing as much as you can, find other Rushmore buyers, ask them for a reduction, and be prepared to walk away. Extell is going to have a nightmare on their hands if all their buyers walk away.

nyc 10023, will ALL the buyers walk away. It seems that they will have a "nightmare" if a significant number walk away. And it isn't just the Rushmore. Today in the magazine section of the Times, the first few pages are full page ads for other Extell properties, the Lucida etc. It seems to me that all these properties will have impact on the other. Unless I am not understanding the banks connection to Extell on these individual bldgs.

bds - I feel for you, it's a tough decision you must make. Have you tried to organize all the Rushmore buyers to see if you can all agree to tell the developer you will all walk unless he does something for you?

We are trying to find a group of Rushmore buyers to exchange information. If you have purchased a unit in the building and are interested in joining a private discussion board, please email:

RushmoreResidents@gmail.com

Please note, we are interested in finding people who have actually purchased in the building so we can start building a community and exchange information and ideas. Please do not reply if you are a broker or a Rushmore/Avery sales agent.

Streeteasyfan- be very cautious; is Extell is anything like Related they will do their best to infiltrate your group

Hi StellaBlue - thanks for the heads up!!

maybe they can hire jack bauer who will download your nefarious plans to his pda and then transmit to chloe? i think you're bigger problem is getting buyers to agree and then follow through on that agreement to not close.

hey--maybe the developers will try to cut some special deals to derail the opposition? the problem is that everyone with a deposit will be on line to get the concession.

Thank you to those that have requested to join the Rushmore private discussion board. Just to be clear, we'll ask that you demonstrate you are a buyer in the building and not individuals related to Extell/Corcoran-Sunshine Group, or another brokerage firm when you submit your request. We apologize for any inconvenience but hope you understand that it is in our collective interest to have a group dedicated to buyers only. Again, sorry for the inconvenience, it is not our goal to make this more difficult than it needs to be but want to make sure we create a forum for open discussion amongst the buyers. Thanks.

Saw them working on the rear-facing entry area; about 8 workers on Sat.

I just wonder how many purchasers are actually living there. My concern is that those that have closed may have put their condos on the market.

Extell wants to deliver yet another quality product that is recognized and respected across New York! See what they are pushing for South of the Rushmore...
http://curbed.com/archives/2009/03/10/high_five_extells_riverside_center_revealed.php

All that bought at the Rushmore might have paid toward the high end but I am sure you will be able to enjoy your home and make a few bucks down the road (well down the road when the world gets back to normal with New York being the first to move forward)

How do we block UpperWS for broker infiltration (just kidding!) - works for Corcoran Sunshine perhaps?

Streeteasyfan, I swear I am not a broker. I live in the area and truly believe in it. Extell is a developer that is not going anywhere and is committed to their buildings. I think the only people that should be worried are those that were planning to flip their units after closing. Even if you paid say $100 psf too much for your home, just be thankful that you could afford to live in a superior building and area built by respected firms. Tired of all this self potentiating negative economic talk we hear all around us. I know people that bought new construction crap (there is plenty out there) and well overpaid. Your not buying crap by any means so live and be happy and focus on how to ensure that New York stays on top as we should be.

Let's not get carried away, UWS; there is only a couple people working there- certainly not a sign of aggressive completion. Weds there was a few more wokrers, but since I moved in on 12/22, and I live on the 25th floor overlooking the new development linked above and overlooking the Rushmore, maybe there were 5 days when work went on at the Rushmore- 5 days out of the last 90, as far as I could tell. No one is living there, every window is pitch black.

The new building next to Rushmore, part of the site linked above, has over 100 men on site per day and is rising about 1 storey every 2 weeks.

It matters not a bit when the new develpoment's loan money was signed off on, as we all know, since deals are now dying at the closing, financiing has been retracted, and demand is down.

live next door at the avery, the rushmore is opened and people have began moving in. Still lots of work going on, probably a full year before the building is completly done. I am visiting the onsite sales office this sunday with a few potential buyers.