Two Northside Piers

Salvy- I have been in the neighborhood for 9 years now and I agree that from there the walk to the JM would take 15 to 20 min... though I would choose a much simpler way to go. But the walk to the L takes 5 to 6 min, I have timed it a couple of times. Those to me are pretty standard walking times in NYC, I never had a problem with it and I am with wisco that a little exercise won't hurt. What I am concerned about is the wind in the winter walking towards the water... but I guess I will gladly put up with that for the view!!!

Salvy - The building is not Fannie approved yet that I know of. But TBI Mortgage is offering competitive rates...low 4's and easy to work with.

So no one has any news on the tax abatement?

I believe the tax abatement will not be effective until the first closing takes place and can take 6+ months before it is approved. In the meantime everyone will have to pay the unabated tax amount, but can request a refund for the difference when it becomes effective.

Thanks njbuyer. I've been shopping for loans and a lot of them won't even talk to me unless they are Fannie/Freddie approved. I don't care who I get a loan from so long as their rate is competitive.

I had a good experience with TBI so far and since they are a Toll Bros affiliate they know everything about the project making it very easy. Here is the contact info of the person we dealt with:

Greg Sargent
Mortgage Loan Specialist
TBI Mortgage
250 Gibraltar Road
Horsham, PA 19044
Ph: 215-293-4347
Fax: 215-914-2627
gsargent@tbimortgage.com

I heard from the sales office yesterday that they got the 421a already. They said that all the units have the abated taxes now and it will roll into full effect once the entire building has a tco i think.

kradoobi - that is GREAT news!!!!

Does anyone have a scheduled closing date yet?

@ Rembrandt Yes! On Tuesday I received my certified letter from Seiden & Schein. I made several calls immediately: 2NSP Project Manager, Sponsor attorney, my attorney, condominium insurance to add new policy, ConEd, Verizon, and TBI mortgage.

Although everyone is watching rates go down before the FEDs highly anticipated QE2 moves on November 3rd, I have chosen not to wait, I haven't locked in yet for my November close. My rationale is that if rates fall further (no doubt they will), I'll simply refinance with TBI so my mortgage taxes transfer and closing costs would be minimal (<$10K).

All: Does anyone know of a home supply store that can sell top quality window covering hardware. Specifically, looking for tracks to install on the ceiling (DIY) that are manufactured with highest materials and quality - German made preferred. Anyone? I have gone to Home Depot on 23rd St, they have a terrible selection of low quality junk better suited to a rental apartment.

Thanks for any recommendation!

WilliamsburgNYC: Try Smith and Noble and The Shade Store. Also for higher end stuff Martin Albert Interiors in Manhattan.

Also has anyone had trouble getting Time Warner Cable to agree to an install date? They seem to give conflicting info about whether the building is hooked up or not and have put me on a perpetual holding pattern.

bifatphil. Thanks! I hate TWC, I've been using Verizon FIOS for two years now and LOVE it, they also give big discounts for installing new service, and our building is prewired for FIOS. Although, when they do the install make sure you remind them not to screw anything to the wall, the box is inside the hall closet and any screws will go straight through the sheetrock and protrude out the other side!

Is FIOS definitely available in 2NSP?

The building manager told me that FIOS is set up.

Oh yeah, FIOS is prewired. It is in the first tower as well. The only thing that isn't as per their literature is the speaker prewiring, apparently that was not installed even though it appears in their advertising literature.

We have just spoken to our attorney and though she wasn't sure how long it will take for the whole building to have the CO she confirmed that we would have to pay full taxes every month until then. The money paid will be paid to the bank and put into an escrow account until the abatement kicks in and at which time we would get a refund for the taxes already paid. Does anyone have an idea of how long it could take to get the CO? Also I was wondering if we would have to pay for common charges in full as soon as we close... Are the amenities completed?

So here is the latest information I've obtained... the tax abatement was approved and will start in January 2011. Slightly bad news is taxes will be a little higher than estimated; so instead of $5 monthly, it could be more like $30 monthly. Could try to have the sponsor pay your common charges for Nov and Dec. It's not necessary to obtain flood insurance. TBI's 30 year is 4.375%, and you can buy it down for 1 point to 4%. The national average is 4.24% and falling. I'm schedule to close in late November, though I'd prefer mid December. The building can be wired for FIOS but that doesn't mean anything unless Verizon has coverage in the area. I know people in Wburg who have it. I checked the FIOS availability online for 164 Kent Ave and FIOS internet was not available. The question really is, do residents in 1NSP have FIOS internet?

@ re_guru Thanks for your post. Yes, 1NSP has FIOS, when I moved-in in June 2008 my installation was completed immediately. When you check Verizon for availability, don't enter 164 Kent Avenue, the address is 2 Northside Piers, and then your unit number. I have already scheduled and had no issue, the Verizon scheduler was able to look up the address without glitch immediately. I hope that's helpful.

Just note that TBI (as well as other lenders) rates will fluctuate 25-50 basis points or so based on credit rating of borrower.

From what I can tell most folks on this blog have larger units...but we are buying a studio that we are converting to a small 1BR so I was wondering if anyone has any experience/recommendations for vendors/contractors...and input on freestanding vs. an actual wall? Thanks.

@ njbuyer That sounds like a great project, and it's going to be a lot of fun. A friend who also purchased at 2 NSP was toying initially with the idea of a large studio and 1-bdrm conversion. We had looked at several options. If I was in your shoes I would pursue sliding partition walls. Although you would not have good soundproofing between rooms, you would retain more floor space, and most importantly the partitions could simply slide out of place so you can take advantage of the "open" feeling of the space.

What rates are you guys getting today for a 30 yr fixed?

On a separate note, any thoughts on window treatments and motorized blinds? Any idea how much they would cost? Any recommendations?

Perhaps we can get a group buy for the motorized blinds if anyone is interested.

Did my first walk through today, the building looks great. The amenities are complete for the most part however, I would like to see more gym equipment in there. They only have basic fitness equipment. Perhaps they should get rid of the children playroom and convert it into another gym room.

Hello all I am getting 4.5 today for 30 yr fixed...any thoughts on that?

Wburg - thanks yes I think we are going to go with a freestanding wall with a pocket door.

EDGEvsNSP2 That's such a coincidence, I just got off the phone with a Leo, who contracts with Smith and Noble. I've made an appointment, S&N has a free measure and design service for those who are brave enough to DIY. I'm not sure if I'll ultimately DIY or not, if I feel comfortable with this guy and he seems like he's going to respect my space and not f**k anything up I may see what his fees might be. But... Yeah, if you all think there might be a way to obtain a discount by buying as a group I'd definitely be interested in some savings.

njbuyer It seems the rates are a bit higher if it's 4.5%, is that for FHA? I don't mean to pry, just curious, feel free to ignore the question if it's too personal. There are four rates (anyone feel free to jump in): 1. conforming up to $417K with no PMI/20% down; 2. FHA for those with >20% down and under loans under $629,500; 3. expanded conforming up to $629,500K with 20% down; 4. JUMBO in excess of $629,500. Rates today would be 4.375%, 4.5%, 4.875%, and 5.5%, respectively...

re_guru - whoa, can they just change the tax from 5 to 30 when NSP has been heavily marketed with a 5??? I don't know about you but going from a 5 to 30 is a big jump! Isn't this false advertising or am I just that naive?

EDGEvsNSP2 - I agree with you that the gym is quite small. However, I'm a part-time personal trainer specializing in high intensity circuit/kettlebell training which doesn't require fancy equipment and a huge amount of space. You would be amazed how much you can accomplish with minimal space. The way I see it, there is (or going to be) plenty of open green space outside our building to take advantage of.

njbuyer can I ask what floor your buying on? I'm doing the same thing with my small studio R unit and converting it into a small 1 bed. I'm looking into www.slidingdoorco.com. I locked the rate with TBI yesterday and got 4.25%.

Wburg - It's category 1 but I believe there are incremental adjustments based on credit so 4.5% sounds like its in the ballpark. And I love the idea of a group rate for window treatments. Count us in if this Leo person wants to talk. When are you closing?

Guys - I just got word from TB that my closing will be in the 2nd half of November (above floor 10) - very excited. TBI was great to work with, but I think I'm going with Kieran who posted on the prior page from a big bank. I'm taking a gamble with a FHA ARM (not putting down >20% so I couldn't do conventional). The rate is just so low, I can't pass it up and I'm thinking I'll need a new place after the rate starts to adjust in 5 years...the rate now is 2.75%!!! It goes up 1% per year regardless - so you pretty much have to refinance. But even in year 7 you're still only at 4.75%. Just a thought - maybe some of you should consider it... I actually never asked TBI if they have it - Kieran suggested it and that's pretty much what sold me on him.

Re: blinds - let me know what this Leo guy charges. I may do the DIY...we'll see. Anyone know if there are any building requirements?

Re: Fios - per TB it's up and running in the building already. The building or construction manager has it in his office in fact.

BLINDS I've emailed my floor plan to Leo, and will have an estimate back by tomorrow, I'll definitely share with you all. I'm holding my breath because my space has 13 windows in it, $$$$$. Whatever you folks do, never let anyone drill holes into your metal window frames. Any window treatment must be drilled into the ceiling. I can't stress that enough. I've messed around with drilling holes into poured concrete, but always in a rental unit, it's a completely different feeling experimenting on your own property :) It follows that if I don't want someone else to f**k up my space, I certainly don't want to f**k it up either - LOL.

@ njbuyer I'm closing 05Nov, my loan rate is still pretty high even with 20% down, I'm above conforming limits. It could be worse, I remember in 2008 when I purchased my first NSP home and all we had was the JUMBO category for anything above $417K and literally watched the rates go from 6% overnight all the way to 8.25%. Anything in the 4 to 5 range is a blessing in comparison.

PROPERTY TAX I just received my PDOT from TBI and the estimated taxes, which are used to justify the loan commitment are the abated tax rate. There's a lot of talk on this thread about this, but I'm more inclined to believe that the TB/TBI document estimates of the abated tax rate is accurate.

GusGus - we are in line D and are looking at the pressurized wall with a pocket door at http://www.wallzilla.com/

i heard from Adam G. from toll brothers that it is going to be like $30/ month for like a year until they have the $ 5 abatement kick in

I've used Smith and Noble's measuring service and they were pretty awful. All sevens windows were off by 1/2" on either side.

As far as taxes go I will live with the $30 for a year since we all took the risk that the abatement would not go through and the Plan shows taxes without it as high as $600+ a month!

just locked in today a few minutes ago @ 4.125% on 30% down with TBI. My closing is actually end of this month so I had to act fast and I think I got lucky with this rate.

nice i got 4.375 last week, seeing if I can renegotiate a lower rate .

WilliamsburgNYC: Thanks for all your detail on the loan structures. Very helpful. But just to confirm, I believe the limit on conforming is $729,750 not $629,750, right?

bigfatphil. My bad, yup that's right, I noticed the mistake too late, $729K is the conforming limit, all they're called 'high balance conforming', and have not had the same spat of good luck as the true conforming loans. They're pretty-well stuck between 4.625-5% in the past 30 days...

WINDOW TREATMENTS Headed to The Shade Store with another 2NSP buyer who's a friend to check out the options, cost estimates. From their website it looks really high end, although hoping to add "value" in that assessment. I'll let you all know what I think later on.

What to do about the column in the unit? Have draperies abut against the column, or wrap around behind them. I'm just not sure there is even room to do that between the column and the window frame... Anxious to get into my unit to have a look and take some measurements. I'm sure we all are ;)

I am scheduled for closing in 6F at the end of the month. I used TBI for the mortgage as well. Greg Sargeant was the contact there. My attorney is well versed with the offering plan, and was a great help with negotiations. I also used Janovic Window Treatments in Manhattan. I was quoted for ~$2000.00 for the window treatments on all four window sections. They said they will just cut the privacy screens to fit up against the column.

Time Warner is giving me some problems in setting up the install. They claim they need proof of residence before they can open an account and schedule an install, which seems a little strange. Anyone else have any problems setting up Time Warner installation?

josephindusi06 don't use time warner, FIOS internet is 10x faster and cheaper last I checked if you get TV, internet, and phone. Also Greg Sargeant at TBI kind of botched a few important items in my mortgage application. Be sure to read everything over!

I wonder if it's kosher to drill and mount items on the columns? It'd be a nice space saver to have a flat screen on there...

bknewbie- Do you know if the bank that Kieran works with does jumbo loans?
We weren't able to get anyone to commit to a loan until the building will reach 51% sold and that makes it hard to get a loan with anyone other than TBI... though their rates seem to be pretty competitive!

Or does anyone know of other mortgage options out there?

WilliamsburgNYC- We had looked into the shade store online too, curious to know what you find out today! We would like to explore the option of buying window screens with the group to get a discount...

I have been working with Kieran; he is fantastic. He is with a MAJOR bank (new to the building) and is working on a jumbo loan with us. I recommend him highly.

Rembrandt- Thanks for the info we'll call on Monday! What rate are they giving you?

The last rate we got with TBI was 4.75 buying 1 poit.

FF210,

Definitely give Kieran a call.

Note that TBI does not do jumbo loans, only conforming loans under $729K.

The interest on our 30 year fixed jumbo is 4.875, no points.

Rembrandt- Great, thanks for the advice, we will call Kieran to make a comparison. We had tried to get our commitment letter in March from TBI and they were not doing jumbo back then but we have been dealing with them in the last month because they apparently now offer Jumbo loans again... that's how we got the 4.75 rate. We kind of got bounced back and fourth from TBI to BOA and back to TBI as BOA wasn't doing loans until 51% sold! I know... it was kind of weird an confusing but that's were we are at.

FF2010 -- When did TBI start doing jumbo loans again? The person at TBI (who shall remain nameless) just gave us the runaround.

Rembrandt- We were sent back to them by BOA about a month ago... our documents have been in underwriting and we are suppose to get our final documents soon. When did you contact them last? Also we won't close until end of November... not sure if that means anything!

FF2010 - I can fill you in on the sordid details via email: jleafstein@gmail.com

FF2010 - I'm not sure re: jumbo as mine isn't that big - but it's a major bank and if Rembrandt says they are doing jumbo - then he is definitely the way to go. He came highly recommended from my attorney (who is also awesome) and he's been great to deal with.

I am in contract on 1 br on the 10th floor and am scheduled to close in December, but would like to close in November as my lease will expire soon. Is anyone with an earlier date interested in switching with me? Email me at nspbuyer@yahoo.com.

I received a rates of 4.375 (no points) 4.0 (1 point) on a 30 year and 3.75 (no points) 3.5 (1 point) on a 15 year loan on Friday from TBI. >20% down, loan amount <$417k.

I would also be interested in negotiating a group rate for shades.

I am looking forward to moving into the building and meeting everyone!

WNDOWS visited the Shade Store in SOHO and was assisted bt Leslie, with another 2NSP buyer this morning. These folks are very professional and no doubt even the pickiest among us would be happy with the result. But, they are expensive,no discounting. Free measurements is the best they can provide. I priced out a 10' x 10' dual track with wool drapery, lined with blackout material, and a sheer... ~$2,344.00. The track hardware is included in the draperies cost, if you don't mind white hardware. If you want fancier hardware, it's a la carte. Check out those Vion tracks, gorgeous.

We also headed over to Janovic, but patience is a virtue over there, and if you can stand the poor service, then no doubt you'll save some $$$. After 10 minutes of being ignored by employees who appeared to be surfing the net, we just walked out.

So, I guess you get what you pay for. You want excellent service, high quality hardware and top notch draperies, the Shade Store seems to be a winner. For me, at those prices, it's going to be one room at a time.

Anyone have a Williamsburg mover they can recommend? Thanks.

WilliamsburgNYC- Thank you for the update! But we are a little confused as to what you mean by 10x10? Isn't each window 3ft wide? Is that the price for 3 windows??? We have 15 to cover...
As per the movers we are looking into Flat Rate. Has anyone used them before?

FF2010 No worries. I was estimating, the bedroom has two windows plus what looks like three or four feet of extra wall space, I'm going stretch the curtain from wall to wall.

I'm moving from 1NSP to 2NSP, so I really only need someone to move my furniture, I can handle boxes on my own and at my own pace to save some money. Thanks for reminding me about Flat Rate, I had forgotten about them, I'll give them a call.

Thoughts from a recent wmsburg condo buyer:
-read other posts on the shade store--several people note bad experiences with installation
-i rec oz movers- paid about half of what flat rate quoted- and they were decent- not white glove but adequate
-those who are concerned about paying taxes $30/mo as opposed to the estimated $5/mo should examine all the other costs (some unpredictable) of home ownwership
-I would be very hesitant to get an aggressive ARM as if you have to refi in several years you may be in trouble if your property value has decreases in this short time period-- ie partially what created this RE crisis-- just take advantage of the historically low 30 yr fixed rate-- esp if you have a lower loan balance the difference should be trivial.

My understanding of standard ARM nomenclature was that the second # reflected the interval of rate adjustment, ie in a x/y ARM the rate is constant for x years and adjusts every y year. Kieran, is there a new standard?

Hi WilliamsburgNYC, good luck on your move.

Can you comment on the quality of the appliances/fixtures and fit and finish at NSP2 relative to NSP1? Are they better at NSP2?

I know the design at NSP2 is a bit sleeker but is the overall quality also better?

Thanks in advance.

Kieran - my loan officer explained ARMs very differently to me. On a 5/1 ARM, she said that it is fixed for the first 5 years & then adjust every 1 year thereafter. When I asked how high it could go she said it was called a 5/2/5 which meant that it could go up as much as 5% in the first adjustment - (yes, the 3.25% rate could go up to 8.25% at the end of 5 years) depending on LIBOR?

@ ingenieur I have my walk-thru on the 25th, so I'd be happy to circle back on your question. I've never been in my unit, since I went into contract in 2008, when I visited the tower all I was able to see was an enormous open space, so it's difficult for me to comment on more than the model units and the mock unit in the sales office.

1 NSP kitchen appliances are all top notch. For me the difference is not about quality of appliances and fixtures because they're pretty commiserate between the two towers. I think the differences buyers should focus on is the lessons-learned between 1NSP and 2NSP in "design" and "layout". The rest is all about preference, some may prefer the maple hardwood in 1NSP because they like light and airy wood; whereas others may prefer the bolder statement of a darker walnut hardwood in 2NSP.

On a practical note, the kitchens in 1NSP were horribly designed, there were too many two and three-bedroom lines which hurt in moving the units.

2NSP hit the mark perfectly with a much better executed kitchen and bathroom, more studios and more one-bedrooms. The color choices from the walnut hardwood to the gunmetal appliances on white cabinets, extending the marble countertops from the floor to ceiling, and having wood tiles for a bathroom backsplash; everything's been executed in a very sophisticated and classy way. It looks richer, the materials are earthy yet refined.

It's hard for me to complain about 2NSP, if I did I would say it was just dumb not to install high efficiency front loading washers and dryers. The use of Maytag stackables is just lame since we need to focus on efficiency and being green.

Can you tell I'm looking forward to moving :)

t's a good thing the appliances and fixtures are pretty commensurate between the two towers, otherwise they might have to commiserate between themselves. (Sorry, couldn't resist).

WilliamsburgNYC, thanks for sharing your insights.

WilliamsburgNYC- We were thinking the same thing when we saw the W/D units and we were wondering if there was a way to swap them through Maytag with the higher quality energy efficient front load ones...after all they do advertise their appliances as energy star rated and these units are not. Also what we thought was weird is the absence of a water filter in the fridge...
Anyhow, we are very excited to move in too!

Has anyone received a mortgage commitment yet? And if so does it have a condition for 51% units sold?

I can't believe people are still considering ARM's! Mortgage rates are at historical lows... when you agree to an ARM you're essentially betting that in X years rates will be lower. If rates are lower in 5+ years we should all just move to China because it basically means we're in no better economic shape. The way I see it, it's a lose lose situation for you. If the economy recovers over the next few years, rates will be much higher. If the economy sputters along without too much improvement, your rates will be reasonable but your condo has lost value.

As for the gym, hopefully it's more than just machines. If not, we'll need to bring that up to the sponsor/board! I guess I can also contribute two 50lb dumbbells.

FF2010/re_guru TBI is working with banks without the 51% requirement. I locked my rate yesterday since I am <30 days till close. Agreed, while you'll save quite a bit during the initial years on an ARM, you'll pay for it twice over once the adjustment period begins, guaranteed that rates will not be this low in 3, 5, or 7 years. So, unless you know for sure you will sell before the adjustment period begins, an ARM would be a financial catastrophe. PM for 2NSP stated the project is at 35% in contract, I was surprised, I somehow imagined it would be more like 40%+.

SHADES A neighbor in 1NSP had her window treatments installed by Modern Decor, and highly recommended them, plus they're reputed to be more economical than the Shade Store. I'm going to pay them a visit on Saturday with one or possibly two other 2NSP buyers and will let you all know what we discover.

WilliamsburgNYC, thanks for the great feedback!

Walk thru on Monday and closing on Nov 1. Looking forward to it.

did people notice the 4% price cuts made on some units?

I noticed it's 2-4%, depending on what -line. I suspect this is due to being so close to initial closings and they're beginning to receive the appraisal reports forcing them to reduce the listing price...? Any other theories?

i don't think it necessarily has to do w/ appraisals but more of the motivation to move units - and price reductions usually do that. do you think they're still negotiable on add'l reductions on top of the list price reduction or the add'l reductions will be reduced to account for reduced list price?

They sent out an email blast offering 12 months of no common charges if you bought in October.

If NSP2 is FNMA approved then there are many other mortgage options out there.... has anyone confirmed this?

Williamsburg - The sales office said 2NSP is not FNMA approved yet because of the pre-sales, but is FHA approved. From what I have found, if you are putting down 20% or more, it doesn't seem to make any sense to go FHA because you have to pay a monthly mortgage insurance and an up front premium that is about 2% of the loan amount. Thanks for your input on ARMs. I was almost convinced to go with the ARM, but you made a great point about how much it will cost over the long haul when rates are higher.
I think that 2-4% lower was based on some special they were running for people who signed in October. Looked like it was an event Toll held nationwide - I got an email about it.

"They sent out an email blast offering 12 months of no common charges"...

When that happens, are there any tax implications to the "no common charges"? Like, if your cc's were 500/mo, so they effectively gave you $6000, do you pay income tax on the $6K?

There are no income tax implications for waived common charges.

Does anyone have any specifics on the offer to waive 12 months of common charges? And is anyone that's under contract considering trying to renegotiate for that? I think it's highly unlikely we'd get anywhere...just curious...

@ josephindusi06 are those motorized blinds that you got quoted on?

@ Williamsburg11211 of the stores you mention above any of them cover motorized blinds?

Hum i thought they generally don't charge common charges until the building is fully operational, i heard if they start charging residential units cc, toll would have to play for the remaining 65% unsold ccs.

Is it me, I find TBI folks really unresponsive and incredibly hard to reach and they tend to contradict their statements. I would get one rate quote from one individual and get a lower rate from another. I called in the other day and they said the rates did not drop for a 30 yr fixed but, here on the forum people were getting locked in at 4.125. Something fishy in the way they practice. And they tend to fend off other lenders making it difficult for us to find alternative ways to borrow.

@ BroadwayRon- no they sent out a blast about a National Sales Event

EdgevsNSP2 - I only have 1 TBI person I have been dealing with and he is generally responsive. It is hard to share info about rates because there are different factors that go into that process. One is the market rate, but it also varies by how much the person is putting down, how much they are borrowing and what their credit rating is. All of that will impact a quoted rate.

The market part of the equation is the only part that will vary it day to day, but the other factors will impact what you are quoted today vs what I or someone else might be quoted.

As for dealing with other lenders, that issue is consistent with new construction because all lenders have not "approved" the project; plus most conventional lenders have FNMA backed money and can not lend until 51% of the units are under contract, and they also require a specific contingency amount in the common charges budget (which currently the building does not meet but it can and likely will be waived). That is why currently there are only a couple of options - 1 is to use TBI, and the other is to use an FHA lender, but as someone else pointed out if you are putting at least 20% down you have to pay unneccesary up fornt points and monthly mortgage insurance. Hence most raods lead back to TBI for now.

EDGEvsNSP2 and njbuyer -- I was facing similar issues with TBI but I am now working with Kieran (see his postings above) since last week. He is with a major brand name bank that is now lending in the building. Kieran has been immensely helpful.

according to https://www.efanniemae.com/syndicated/documents/dps/condopud/NY.pdf , 2 Northside Piers has conditional approval for all floors through April 2011. I'm not familiar with what this means, but I'm sure someone else here knows better than I am.

EDGEvsNSP2 Yup, so far two of the three have motorized options, timers, remote controls: Modern Decor and The Shade Store. I'll know more about Modern Decor, they're not open on Saturdays so I've scheduled a visit for Sunday.

@Juuceman- The approval is "conditional" on reaching 51%. In other words, the Fannie Mae approval does most of us who are closing in the next few weeks no good.

Has anyone heard anything on the storage units yet?

WilliamsburgNYC - Since you're currently living in NSP1, can you tell us if you experienced any of the issues mention on these boards? (Water, elevator problems)? I'm curious as I'm looking into NSP2 and would like to know if management is on top of things. Thanks.

thestreet There were a few incidents in 2008, they were addressed efficiently and expertly by the Sponsor, Toll Brothers. Those issues were not "management" issues, but rather architectural - the elevators experienced service issues during wind storms due to insufficient air movement baffling between the tower its garage which is connected through interconnecting tunnels; and an inadequate storm water control pump station. We have had several massive rain and wind storms since and the issues have not repeated.

The "management" is provided by Penmark, and they will also provide management of 2 NSP as well.

APPRAISALS For those of you schedule to close in these next few weeks: have any of you requested a copy of your appraisal report? If so, have the appraisals come back in line, below, or over the contract price?

It came in about 4% over

Thanks Williamsburgnyc. I guess every new bldg will have a few hick ups in the beginning, but glad to see they were addressed.

WilliamsburgNYC - What happened to the price discounts?

Did anyone else notice the price discounts on SE have been reversed? The old prices are back on now. Also, a whole bunch of units that was "no longer available" has come back to the sales listings on SE. Something fishy seems to be going on with how the inventory is managed. Judging from the activity on SE and the NSP website they should be at 30% in contract. However, if you net out the units that have come back just now they're only at 27%.

Skir: I'm not sure what's going on with the price discounts, so I emailed my salesperson at 2NSP and the response was a "non-response". Sort of asking a question in response to the question. I didn't expect any different, this is typical, and part of the real estate game in NYC.

According to the Project Manager for 2NSP they are officially at ~35% in contract. SE is an unreliable source to understand sales activity for this particular development, it was the same nonsense during my purchase process in 1NSP. I can only say that I personally know two buyers who have been in contract for months, yet neither of them is anywhere to be seen on SE.

WBNYC, what are your plans for your unit in NSP1 if you don't mind sharing? Do you still see interested buyers for NSP1, now that NSP2 is up? I was told 35% in-contract as well from the sales office.

thestreet: Don't mind at all, I'm going to rent it. Not a lot of owners rent in 1NSP, but lots of interest from potential renters. I'm confident I'll rent before my closing, but not an issue if it takes longer to find the right tenant.

WB - Any resales yet in 1NSP? Or all original owners?

WBNYC - Thanks for sharing... I'm trying understand what's going with both price and the different apt layouts. Do you know what apartment lines the people you mention have contracts at?

njbuyer: Unfortunately, I do not know much about that. My floor has been occupied by the same neighbors for the past two years and they don't seem to have any intention of selling/moving. Many buyers from 2009- received very large discounts, so they're certainly motivated to stay. Earlier buyers, 2007-08, have a different problem in that their purchase price was significantly higher, so these folks will lose money if they sell at today's prices. You won't see significant resales in 1NSP until we start to see more appreciation in the market. I only know of one guy on a different floor who left, but his reasoning had nothing to do with the real estate market, his job took him out of state... I'm sure he lost money though, he bought in 2007 and sold winter 2010.

2NSP was priced post housing bubble from the get-go. I am less concerned about our home values in 2NSP depreciating, 1NSP was a total cluster f**k; but for those who bought in 2009-2010, they received excellent deals, some 30%+ discount.

njbuyer Just received my appraisal and it came in 4.1% over contract price. I'm not complaining :)