Tempo

I went to the sales office yesterday, the model is beautiful. The location is pretty good, it is close to everything.

I live in that neiborhood and have a friend who lives opposite corner (on a high floor) - 23rd & 2nd ave is very noisy intersection. I would not recommend paying up for that address. Similar to Gramercy Starck - very nice building, but the location is noisy.

i have a friend who lives in that area as well. the location is horrible; it's way too noisy and dirty.

location is central - can get midtown and downtown easily. I don't find it dirty. It isn't the upper east side so if that's what you're looking for forget it. I like it around kips bay and flatiron. You can walk everywhere

http://www.nytimes.com/2008/09/21/realestate/21post.html?_r=1&ref=realestate&oref=slogin

Gizmo Power

By C. J. HUGHES

Published: September 19, 2008
AS developers, brokers and marketing teams scramble for ways to make their apartments stand out in the eyes of increasingly discerning buyers, they’re looking to technology for competitive advantage.

Just glance through the window at 314 East 23rd Street in Kips Bay at night. There, in a small room painted black, a suitcase-size three-dimensional building appears to spin in midair while words like “home” and “love” flash intermittently.

It is a hologram, the centerpiece of the sales office for Tempo, a condo under construction a few doors down at Second Avenue.

The 19-story glass-and-concrete high-rise, which is being developed by Quantum Partners of Manhattan and the Menolly Group of Ireland, will offer 103 one- to three-bedrooms, with black oak floors and ceiling-height windows, ranging in price from $800,000 to $2.5 million. The building is to be completed next fall; sales started last week, though none have yet sold.

Tempo’s holographic apparition cost $500,000 to produce, according to Bennat Berger, Quantum’s development director. He said that was about six times more expensive than the typical plastic building models found in many sales offices. In many of those, the apartments light up with the press of a button.

But based on the amount of window-gazing that has already occurred, Mr. Berger added, the hologram’s offbeat appeal as an advertising tool easily justifies the added expense.

“It’s a symbol that this building is state of the art, and that we are going beyond in terms of quality,” he asserted.

Marketers of the Edge, a condo complex by Douglaston Development in Williamsburg, Brooklyn, have found another way to “go beyond”: using a customized Web sales pitch, one-on-one, in a would-be buyer’s home or office.

First, the buyer has to express an interest telephonically — in, say, a 22nd-floor two-bedroom. That will prompt Edge brokers to show up with a laptopful of photos depicting the view from that apartment, as faithfully recorded by remote-controlled balloon-suspended cameras.

The house calls also include special videos of renderings more detailed than those currently found online, said Sarah Burke, a senior vice president with the Developers Group, which is handling sales.

The Edge has 575 units, from studios to town houses, and its prices range from $440,000 to $2.8 million. Though Ms. Burke said 20 percent of units had sold since April, she also said she was no longer taking conventional marketing for granted.

“When you just see something on your own, without a live person there,” she said, “you might lose the gist.”

Another person who is no longer betting on architecture and finishes alone to close a sale is James Cummings, the chief executive of Aberdeen Townhomes, a Manhattan-based developer. In fact, despite the historic charm of the five Manhattan row houses that Mr. Cummings’s company is now renovating, he says he is counting on electronic amenities to seal the deal.

The first of his buildings to hit the market, 24 West 11th Street in Greenwich Village, is a four-story 1844 red-brick multi-unit Greek Revival rebuilt as a single-family residence. It has 6,000 square feet and is listed at $17.5 million.

One gadget there lets owners adjust lights remotely through a computer; another allows an offsite security guard to buzz in delivery people.

Yes, the gizmos added 10 percent to the project’s cost, which Mr. Cummings wouldn’t disclose, but they are necessary to attract people who might otherwise buy homes in full-service doorman buildings, he said.

“The problem in owning town homes is the lack of services,” Mr. Cummings said. “What makes these different is they’re loaded with technology.”

I think the area is quite convenient and I don't find it dirty at all. I do agree that it is VERY busy with traffic....people, cars, buses, trucks, etc. If this would bother you, then it may not be the place for you. Some people don't mind it. I don't like it, but it is a personal choice. Perhaps you can use that as some leverage in negotiating if you like the place? Maybe they could pay for the "citified" windows to keep the apartmewnt quieter?

I made an appointment and went to the sales center because I want to move to this neighborhood. I live on the UES and there are way too many baby carriages up there now. The finishes in these apartments are top notch! Very open floor plans. Just beautiful. The location is great to get everywhere. Very convenient. I think this is the building my husband and I will buy in.

regent5 - please tell me you are not a sale rep for this building. smells like it.

what other new construction buildings are you looking at in Gramercy area?

I would be shocked if these apartments sell at these prices in this market. You would have to be crazy to risk throwing down 10% for a building that may never get finished as well as the fact that 1 year from now you may not be able to get a mortgage without having 30%.

I see a minimum 10% across the board cut on these units before they begin to move. And that may not even do the trick. The Manhattan market is going to take a 10-30% haircut in 09. So why buy here when you can pick up something just as a nice w/ more square feet and not have to sweat through 09 wondering if you can get a mortgage, if the building will be completed, or if your $1M apt will be worth $800k when you move in?

Other than that I love this building. (this is not a sarcastic comment; without the market uncertainty I would be a potential buyer)

Gramercyman - I'm new to all this. How do you figure that the building may never get finished? Is that bc of the market and the probability of the developer getting enough funding to proceed?

Mochi - honestly, this building will most likely be completed. I dont really doubt the developers finances. But the risk is always there that the developer will not accept the profit loss associated with an across the board price cut, so they delay construction until the market picks up.

I am more concerned with the ability to secure financing 1 year from now, the declining property values in NYC, and then lastly the building being completed on time.

One other thing to consider if construction is delayed you can probably kiss the tax abatement good-bye making these apartments even more unattractive at the current pricing. However, I have not confirmed this so it may not be true, but it is something to consider.

boohai - I came back on this site to see what other comments there were and saw your response to me, regent 5. Why does it make me a sales rep just because I love this building? mochi asked for thoughts on floor plans and location and that is what I was responding to. I looked at Gramercy Starck last year but was not ready to purchase then. Satisfied?

Thanks to both gramercyman and regent5 for your insights. I am looking to buy in the general area but would prefer to be a bit farther west (and not on 23rd). If the market wasn't so shaky, this might be something interesting, but in the current economic situation, I don't know if I will spend any more time considering something in a location I don't consider ideal, unless the prices were really really cut.

What fool in this climate would get involved with a building that is not 100% done and ready for move ins.

I've lived in the neighborhood a long time and like it, but if i had the kind of $$ to buy an apt in this building, I would look elsewhere. Food shopping is dismal--the Morton's across the street is depressing. No doubt the retail opportunity in this building will be another Duane Reade. Up and down 23rd street businesses are going under. The park area by the East River is taking forever to improve (how about throwing us some money from the westside?)

The surrounding buildings are ugly-who is going to buy the apartments at the back of this building? No light, no view, smack-up against an ugly white-brick building.

But, there may be mad-bargains in a while on this building, so it may be worth waiting.

Anyone have any updates on this building?

Here's an update -> Looks like they raised prices today!

Interesting move considering how in sync with the market prices were to begin with.......I've got my eye on the unit in the back that is 5 feet from the ugly white building for 840k. I'm waiting until they raise the price to 900k before I make my move.

I know for a fact that the one signed contract in Tempo is NO WHERE NEAR $1,319/ft. I guess they are trying to cushion themselves for all the 20% below offers they're getting.

It's wierd because the listing agent, Bertrand Buchin from Elliman, has 4 contracts signed on this building. SE only has 1.. not sure why?

I met with them a few weeks ago, and that was when they had 1 signed contract, and a contract out on a combination of 2 units that they said was 'close to being signed.' They are so aggressive I would have assumed if they had 4 contracts out they'd want that reflected on streeteasy as soon as possible.

The largest Beth Israel Methadone Maintenance Program is around the corner,on Second Avenue
If the fact that they line up every morning waiting for their "fix" doesn"t bother you, the location is fine for you

its new york. there is something "around the corner" everywhere. at least people on methadone are for the most part calm and trying to do something about their addiction.

What I don't understand, for the prices they are charging, the building doesn't even have parking...You would think if you can afford these prices, where are you going to park your BMW and Mercedes???
Forget about parking in the street, meter parking is up to 10pm
As for the noise factor, it is really true, the police station is 2 blocks away and 4-5 hospitals within sirens range, Bellevue, Beth Israel, Eye, Ear and Throat, Joint Diseases, and don't forget the VA hospital on 23th and 1st.

I live in the area - Peter Cooper Village (PCV). Tempo and the Stark building are right on 23rd. Access to midtown and downtown is good, but it's not very nice right outside the building. 23rd street is the path that most large commuter buses take that come from Bklyn, SI, Queens. It's a very busy street, noisy but also not very pleasant to walk on or relax on. No outdoor cafes or restuarants. You also need to walk a bit to get to good food places. I like the idea of walking out of my building and seeing trees and grass - that's one of the advantages to living in stuy town or PCV - too bad they don't have plans to go coop or condo.

mankaf, most of my neighbors don't own cars. Reason? It can literally take us half an hour just to get out of our block.

I sold my apartment in the building next to Tempo (310 East 23rd) last July after living there for about 8 years. I needed to downsize and moved a few blocks south and over to Third Ave.

But in terms of the neighborhood and all the talk about clinics, dirt, etc. there are some comments on here that greatly exaggerate these issues. There is most certainly NOT a line every morning of people waiting for a methadone fix!

True, the corner is very busy and unattractive in terms of architecture, but once you settle in the area is really very convenient and you can easily avoid the negatives. For example, I consistently walked 200 feet to 22nd Street and used that as my route to the subway and it's a totally different world from 23rd...leafy and green and the immediate building on Second Ave is a beautiful 1930's Deco gem (Gramercy House). Plus, within 3.5 blocks of walking out my door I was approaching Gramercy Park itself and all the restaurant choices on Irving Place and Park Ave South.

10-minutes walk south on Second Ave put me on the stretch that offers Momofuku and other hot East Village spots...and in good weather the better part of that walk is along the leafy edge of Stuyvesant Square (not TOWN!!).

As for the Morton Williams/ Associated supermarket...sure it's a little depressing, but has a good selection of high-quality brands as well (most everything organic that one might need) and was super, super easy to shop because it's literally 50 feet away.

In a nutshell, this is sort a sleeper hit location as long as you're paying under $900sq.ft...anything above 23rd on Second begins to lose all relation and walkability to the Gramercy - Flatiron - East Village neighbors that Tempo and Starck Gramercy have. But if you're 23rd and below you've got instant access and can ride on the coat tails of those area's lifestyle very easily and at a lower price.

hi all, any updates on the status of this building. i hardly see foundation being broken at the site. street easy shows some units in contract for what i think are ridiculous prices in this market. what are people's thoughts? i'm thinking that the asking prices are delusional considering the huge inventory of new condos to hit the market in the next few months but maybe it's me, expecting lower prices, who is delusional.

I think those units went to contract earlier and are now being entered into the system for obvious reasons. There is work being done. I doubt they are in any hurry. Probably hoping that things will pick up in a year or two. Doubtful that the story of Tempo will end well.

I looked at this building bec/of friends in the area and wow, what a big, looming disaster, so far as I can tell about sales. One nice benefit I hadn't thought of with this "market correction" is that a buyer can now actually wait til the damn place is built (and probably bankrupt) to buy.

tempo is in trouble. i don't believe any have gone to contract, so no one will be able to get a mortgage on it. and the sales office seems to be in dream land with their prices and pitch. looks like a decent product, though layouts are a bit tight and the prices outrageous for 23rd street and 2nd avenue.

Construction has stopped at Tempo!!! Does anyone know why? I asked someone from the neighborhood and they told me there was a work stoppage, and they think it involves a lawsuit. From what I can see, there is a crane sitting idle and 2-3 workmen everyday sweeping and pumping water out of the construction site.

I live in the building next to and behind the site. We have received a couple of updates that the building is "on schedule to complete in February 2010." Uh-huh. Of course I have an extreme bias, but if you look at the floorplans, the A, G and H lines from floors 3-12 have dismal prospects for views or even light for that matter. Especially the H line. And any building that is being sold on it's amazing high-tech gizmo-tude better be figuring out what the next big thing is. Probably not living on 23rd and 2nd.

Funny. Walked past Tempo yesterday. They had set up barriers so that you couldn't walk past (and it was an obvious get up) the work permit board.

What's even funnier is that they are raising their prices.

If you can't sell at $500k, why not ask $700k so you sound like you are richer.

Appears to have very nice finishes but seems grossly overpriced for the area. Check out the new building going up on 33rd and 2nd. Much better value and nice building!

looks like construction is moving now, albeit slowly, on this place. yet they still haven't lowered prices, or seem to have sold much. but they still have a pretty spending ad campaign. can't figure out their logic.

logic here is f$* it were going to go bankrupt anyway.

People who bought in the Stark building were largely foreigners who believed this to be Gramercy Park because they named it Gramercy Stark which is a big stretch. The buyers discovered nice finishes but tiny floor plans and have sustained losses of 20 to 40% so it is mystery who would buy Tempo which is on an awful corner built on a defunct synagogue. In the Stark building, at a recent coop meeting, there was a vote over whether to sell the lobby furniture to raise money for the condo to compensate for empty units and escalating maintenance. To add insult to injury, the owners of the Stark discovered a tiny lobby so there would be room for a McDonalds and an awful Duane Reade. This is in character with the city housing across the street so this is far from luxury and not Gramercy Park. Hopefully, the Tempo developers will provide for a more generous lobby and understand that fast foot and crummy retail do not belong in an upscale residential building.

So what is going on at this place? I remember reading about this ages ago..and not much news since...and it seems not many sales. Is this a slow train wreck?..

I'm still fascinated by this place. Vastly overpriced, still going up fast, and spending money all over the place on advertising. No drops on price. I guess they are hoping for a fast rebound.

Does anyone know what's going on with this place and when it is scheduled to open?

Their claim that it is close to everything is a joke. It is close to nothing. And why would you want floor to ceiling windows to look out at the Mitchell lama building across the street. There are no great restaurants or shops and only one marginal grocery store. The crosstown bus is a nightmare and the subway is a real hike. No way can these apts sell for ask.

i'm no fan of the tempo. but it certainly is much closer to high-quality restaurants than the cielo in yorkville. i think it is hideous, and makes zero sense for the neighborhood, and i agree who would want to pay anything near those prices for that exact location (i also despise their print ads). but in terms of convenience it is at 2nd avenue and the subway on 23rd is at park. it's not that far from union square and the flatiron, also the east village. i live even further and find that i have very good access to many things, but i'm a walker.

while they were waiting for the hold out in the tenement to be resolved (i don't know what eventually happened, i'd heard he couldn't be bought out), the land flipped a couple of times. the figure i heard for the last sale, pbsf, was unreal. this one could topple quickly. or not.

Actually there is a wonderful butcher/fish store around the corner from Tempo on 2nd Ave between 22nd and 23rd. That being said, and I am the number one of the Gramercy area, I wouldn't pay high prices to buy at Tempo although it might make sense for rentals. Unless you are AR and have a constitution hardy enough to endure walking on a day like today, its what I would call "six month convenient"...a lot of things are within reach from May until October but a painful schlepp the rest of the year. The train is a doable walk, but its only the number 6 and living a few blocks away but closer to Union Square I'm totally spoiled with multiple express and local lines.

Does anyone see prices adjusting dowards in this new development? Any idea when the top floors will be complete?

Any comments from anyone who lives in this building or perhaps considering it? Approx where are the units closing? Around ask? Below?

Thanks!

what are these apts going for per sq foot, anyone know??? thanks!

Whats the latest here? It looks like the units are occupied,

Apts are lovely, I heard that prices are below ask

Any word on any units being put on the rental market soon?

Any update on sales activity and upkeep of this building?