What do you think about investing in the financial district ?

huge upside in 5 years? doubt it

financial district ?

the cool people (or those that keep on drinking the kool-aid like the son-in-law of Macklowe) call it FiDi!

Perhaps lower price psf but most of those buildings offer tons of amenities which result in high maintenance. Unless you need a pool, sauna & 1000 Stairmasters in the building, I don't think FiDi is worth it.

Not every building in FiDi has a pool or huge gym. There are buildings with reasonable maintenance and, coupled with the 421(g) tax abatement, reasonable monthlies. I think that the developments at the WTC, while delayed, are going to have a huge impact on the area; analogous to the Time Warner Center on the upper west side. This being said, it may take a full 5 years for the impact to begin being felt.

I think it might be a decent buy in 2 years, after everything has stopped dropping. I think FiDi is already taking some of the first hits - 20 pine is reselling UNDER $800 psf - bot once it bottoms, I think it has some long term potential...

I bought in Midtown West in 2003 and have seen a huge upswing in prices -- the mall at Time Warner center brought a lot to the area, as did increasing safety, as did the fact that a lot of law firms moved west so you got an inflow of their employees into the neighborhood.

I think it's reasonable to argue that FiDi (an area where I work -- I sell Tribeca/SoHo/Village, etc.) has been and will continue to follow the same curve. If you want to LIVE there, I think it's a reasonable long-term bet that the area (which has improved markedly from 20 years ago) will continue to attract more residents and more services, and new schools are coming.

However, you use the word "INVEST" -- if you are talking about a pure play rental property, I wouldn't make FiDi my first choice. If you're going to be a landlord, you have to think about where your tenants are going to come from, and to me it doesn't make sense to buy rental property in an area where many office workers are forecast to lose their jobs in the near term.

ali r.
{downtown broker}

nyc10022 - Where do you see pricing at $800 psf for 20 Pine? The listings on Street Easy are still at or well above $1,000.

Well, if you're talking about "invest", I wouldn't make ANYWHERE in the city my first choice...

NYCab...dude, you are alucky man..you stumbled onto Manhattan real estate, my answer is invest now, the younger, the better...

> nyc10022 - Where do you see pricing at $800 psf for 20 Pine? The listings on Street Easy are still
> at or well above $1,000

Check again. I found an $812 last week, and on Friday i found and posted one in the 700s...

> my answer is invest now, the younger, the better...

Weren't you also telling folks to invest a few months back as well?

That didn't turn out particularly well.... and doesn't look like this one will either.

frontporch....I bought in Midtown West in 2004....saw the same inflows...congrats.

> Check again. I found an $812 last week, and on Friday i found and posted one in the 700s...

nyc10002 - Sorry, cannot find it. Could you please post the source? TY

streeteasy... right on the 20 pine page.

here is one of the links... $769 psf
http://www.streeteasy.com/nyc/sale/351233-condo-20-pine-financial-district-new-york

what streeteasy are you looking at?

Thanks, I was looking at the lower end where the prices are holding up better.

I don't know if they're "holding up" at the lower end, I think they're just not selling at all.

Take a look at the rentals. TONS going for $2500. Meaning those folks are losing money each month.

I guess the bigger apartments figure they have to sell. The smaller ones think they can "hold out" and rent in the meantime.

ouch, its gonna get even worse... just saw this on another thread...

http://www.globes.co.il/serveen/globes/docview.asp?did=1000393776&fid=942

I agree. I just saw a new topic talking about the sponsor for 20 Pine and the District is in deep financial trouble. It is an Israeli company and the stock price dropped 36% today on the news.

ha, same thread I pulled the link from...

"Take a look at the rentals. TONS going for $2500." Only about 30-some 1BRs going for that price in the neighborhood. Again, you exaggerate.

The way i see it . Will we see a decrease in the ny market ?--100% . A drastic decrease ? I hope so .

Will it ROCKET back up ? I think it will . We are the last city to get hit with this housing crisis, the reason being that New yorkers are financialy secure and so is this City , people will need to ADJUST their spending downsizing on apartments until jobs are restructured. But this will only create more activity in the NYC housing market , strengthening the demand for apartments under 1.5 mil market.

I believe the financial district will see another 20% derease in value HOWEVER the comeback will be GRAND once the people of this city will SEE what is actualy taking place down there in the next 2-3 years. I strongly believe this will create a high demand for the area. I see it being the new residential place to live. its begining to look like a mini europe. Have you see Stone street Lately?

NYC 10022 FYI ,the only reason for the decline in demand for the building is Once Boymelgreen and Leviev split there has been so much negetive media about this building that it scared buyers away.There for money is not coming in and the developer (now Boymelgreen alone) needs to dump more money in the project which naturaly any investor will not do in this declining market especialy if his own bank is now in trouble.Therefor leading to lawsuits by the people who did buy in the building resulting in more negetive media driving this whole project down in to its grave. Its unfortunate but the people who bought into the development are at fault for promoting negetivity to their new home.
Sad real sad.

I learn so much from Streeteasy! Two weeks ago we bid on one of these properties listed in the article nyc10022 posted. We bid just 9% below asking and were turned down on our offer. I don't get it. If they are desperate to sell, they are keeping a strong poker face. We simply withdrew our bid after that. Now I'm really glad after reading this article. We called their bluff. Thanks for the link nyc10022.

Glad I could help NYRE....

> "Take a look at the rentals. TONS going for $2500." Only about 30-some 1BRs going for that price in
> the neighborhood. Again, you exaggerate.

No, you took out of context. I was specifically talking about 20 pine.

In just ONE building, I count 8 apartments renting in that range ($2600 or under). And I've watched that page for a while, and I've seen a few taken... and more keep coming.

I absolutely consider that - in one building - a ton.

> people will need to ADJUST their spending downsizing on apartments until jobs are restructured. But
> this will only create more activity in the NYC housing market , strengthening the demand for
> apartments under 1.5 mil market.

But the people buying 1.5 million apartments last year will be there to compete?
The logic here doesn't make any sense to me.

When the majority of players in ALL income ranges lose a chunk of income, everything goes down. People might downshift from 2.5 mil to 1.5 mil, but all the 1.5 mil folks downsize, too. If anything, too many folks who shouldn't have been buying ended up with apartments in that range.

If anything, I think we'll see more softness there than anywhere...

> NYC 10022 FYI ,the only reason for the decline in demand for the building is Once Boymelgreen and
> Leviev split there has been so much negetive media about this building that it scared buyers away.

I guess we're at phase 3... "yes, there are massive declines, but they're all exceptions".
When exceptions are the rule, I guess *that* would be capitulation.

BTW, Yoo is also having major trouble. And several of the other buildings have noted problems as well (on this board). District was in the article, too. So, not sure if these are exceptions... I think we're talking it being the norm now.

nyc10022
1 day ago
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here is one of the links... $769 psf
http://www.streeteasy.com/nyc/sale/351233-condo-20-pine-financial-district-new-york

what streeteasy are you looking at?

Homestead listings are fake

now that I look at their site, does seem so.

The $820 listing wasn't homestead though...