15 Madison Square North

So I got another update regarding the TCO. Apparently they were "encouraged" by the inspection but have not received a formal TCO as yet. They are "hopeful" the TCO could be secured by the end of next week (July 4th). This means it's possible that 30 day notices could begin going out as early as July 7th, with first closings then starting around August 7th. Let's keep our fingers crossed....

I was just told 30 day notices are being mailed today! First closings to start very end July/ beginning August!

Rajvas...WHo did you speak with?
I just called to see if I could take measurements for my Apartment on 10th Floor. Chelsea told me she thinks the 30 day notices went out today for 11th and 12th floor but she is not sure. She said I would have to call the sales agents on Friday to confirm.
I asked if there was any other way to confirm today and she said only the brokers can provide this answer as there is no one else she or I can speak to. I asked who would be sending the 30 day notice and she did not know????
Did anyone hear anything else or do we have to wait to the brokers are in on Friday?

My guess is that their attorneys send the notices. Chelsea is very nice but usually not very helpful giving answers. I'm not sure if she really doesn't have the info or whether she's just instructed not to give it out. They may want the sales agents to control the info flow.

Lori: William told me the attorney had sent a 30 day notice to me today. I'm on the 11th floor. I think the 11th and 12th will close first, followed by the 10th floors.

Im so happy the notices were sent out!! Chelsea is nice but your right she probably is instructed not to say anything.
I hope that this means the 10th Floor goes out very soon!

Rajvaz, thanks for the update. In one of your posts above you spoke as if the closing would happen 30 days or more after the 30 day notices were sent out. My understanding is that those notices say you have 30 days to close but that you could close earlier, pretty much as soon as both parties are ready. I ask because I want to close before mid August for rate lock purposes and so if I were to get a notice in say the 3rd week of July, I'd want to close no later than 2-3 weeks after that. Anyone have any thoughts? Thanks

Ccdevi, You are correct as you can close before the thirty days

CCdevi - 30 days is your right to notice - u can certainly close before then if you have all your items in order. I would make sure you clarify this timetable with your lender and make sure they can execute everything on their end in the 2/3 week timeframe. I did receive my notice with a tentative July 30th closing date (notice was sent June 25th). I am currently shopping for my financing - anyone have a good lender/mortgage broker they have been working with?

Rajvaz, I have been working with a mortgage broker, Larry Weinstein at Prefered Empire Mortgage. He has been great and I have referred several others and they all are pleased. His number is (212) 692-8402 and they are located at 205 East 42nd Street, 6th Floor. If you call him tell him Victor referred you.

I was at the building yesterday but unfortunetly could not get into my unit as it was locked. Did see the model they have furnished on the 10th floor. It is not fully compled but did look good. They have removed the massive wire bundle on the D line as this was part of the requirement for a TCO.

Can anyone recommend a custom closet company other then California Closets. Looking for a reasonable price. Thanks!

William in the sales office recommended clos-ette.com

Thanks Maddie. So did people receive there closing notices for the 11th and 12Th Floor?

Lori, I believe they did, I confirmed they went out.

That said, I saw a picture of an apt on the 10th floor from just before July 4th weekend. It did not look like anything that a 30 day letter was going out on in the next 2 weeks.

Lori, I was on the 10th floor yesterday and looked into your apartment. They were painting and have installed most of the plumbing fixture and appliances. Also the rod and shelves were in the closet. The halls were painted but needed some touch up. Our apartment was pretty much in the same state of completion.

It looked to me that they could be getting a TCO in about a couple of weeks. Sees like we are getting closer.

Thanks for the update edivictor. I heard another update yesterday. While they got the verbal tco for 11+12, they have yet to receive the written one. So even 11+12 are somewhat in limbo. Not sure if they even have an appt for an inspection of 10 yet. I'm starting to think an August close may not happen.

Yes, I found the same info out today as I stopped by today get an update. My mortgage broker called to tell me rates were going up and wanted to know if we wanted a 60 day lock. I was told that the first closings are scheduled for next Thursday. I guess it is going to be tight if they do not get the written TCO. I am still keeping my fingers crossed it does not go much longer than August.

I stopped by yesterday and I was also told the first closing is July 24th.
SO what you are saying is the closing could be delayed until there is a written confirmation?.. How depressing:(

I am sure that they will exert some pressure on the City to produce the written TCO, there is too much at stake. The good news is that it is getting closer to the 10th floor being done.

I heard there is still no written tco on 11+12. I can definitely see closings on 10 slipping into Sept unfortunately. The lobby is starting to take shape though.

heard an update. they've had some closings on 11 12. the inspection on 10 is scheduled for Aug 5, hopefully it happens and doesn't get pushed like it did for 11 12. getting close.

By tomorrow they will have 4 closing with first move in on Monday. I also heard an Aug 5th inspection. If the floor passes the inspection, it should go quicker because the dely for 11 and 12 were sprinkler issues for the whole building. Hopefully 10 will get the 30 day letters in the next week or so. The lobby is making progress as well.

Has anyone done a walkthrough and/or closed yet? I have both coming up in the next few days and was just wondering if anyone had any advice/tips on what to expect...

I heard the inspection happened on the 10th floor yesterday.

fyi, I received a letter today scheduling my 10th fl closing in mid Sept.

We also recieved our letter today. Have lots to do prior to closing, such as inspection, appraisal, setting up painter, checking to see if my mover has insurance, etc..........all good things.

Rajvaz.. Good luck with your closing. You can google Punch list or walk through check list . Print it out and use as a guide.
If anyone has any other good advice or finds something wrong please let us know so we do not forget to include in our check list.
BTW:: I did notice in my second bathrooms the light fixtures where damaged. I also noticed a few of the dark wood doors damaged. ... Actually i was so excited looking at the appliances that my Sister In law noticed!!

Lori, have you scheduled your walk thru yet? I have requested a realistic time but have not heard. We are trying to set up a 8th or 9th of September close.

Lori,

One other helpful hint is to get some blue painters tape and when you see something that needs to be fixed, tear off some of the tape and put it on the area that needs repair. Also do one trade at a time. For instance, go from room to room only looking at the paint, then the floors, look at the trim and doors, tiles, etc. This way you should be able to pick up all the items.

this list is the most "hit" thing on my website -- it's pretty thorough, and printable

http://www.frontporchllc.com/2006/09/im-doing-my-first-walk-through-what-should-i-look-for/

ali r.
{downtown broker}

We closed. It was not easy, and my lawyer still thinks i'm crazy for trusting the developer to fix things that still are not done - for example the building still has no gas (i.e. no working stove ranges in the entire building!) I'm crossing my fingers and hoping the developer lives up to his word....

thanks for the update. we're not closing for a while but would love to hear how these issues are resolved....

rajvaz - how did the building get a TCO with no gas in the apartments?? seems like this would be required for closing.

You would think they need gas for a TCO! Unfortunately the building is blaming ConEd and ConEd is blaming the building. The end result is there is no Gas and the builder will try to force you to close. The good news is that legally, they can not. Also, I would warn others that the Managing agent will try to have you add them as an additionally insured party to your homeowner insurance. I strongly recommend you do NOT do this. That means that any claim you make for personal property will be paid to all parties, including Walter Samuels. The developer would then have to release the funds back to you.

any updates on the building? i hear now that the 9th floor (and maybe some other floors) will not close until January.

The closings on the 10th fl were delayed, no tco yet. They are rescheduled for the next 10 days. The apts are ready but who knows when they'll actually get the tco. The 9th floor wasn't part of phase I so I wouldn't at all be surprised if that won't happen until next year. After 10, I think the next two floors are up high.

ccdevi-thanks for the update.

They are hoping for the TCO on Monday. However they have said this before. We have been rescheuded to close on Thursday. If it goes too much longer it will start to get costly on extending our commitment. Also if any of you intend to use CITI for your mortgage, they have not approved the building. My mortgage broker is working on it but it does not look good.

Trust me on this one guys - aside from extending your mortgage commitment, you do NOT want to close early. Let them delay it as long as possible - I moved in last month and the building is a complete and total DISASTER. It's been a month and I still have no hot water. There is no cable. The elevators have no alarms/camera and work sporatically. If you get stuck in there you are screwed. There is construction everywhere. My dishwasher doesn't open fully. It's been a month and I still have construction workers in my apt every week. They are ripping out my floors again. The developer's representative has turned out right contentious. He told me he's not doing any more work on my punchlist and I don't like it I should sue him. Beware guys - this could get very ugly. I would talk to someone living in the building before you do you walkthrough/punchlist!!

Wow. Sorry to hear about your troubles rajvaz. I remember you saying your atty thought you were crazy for closing. I assume you have gas at this point? No hot water at all? thats ridiculous. I did my walk through and there was hot water, although not super hot. People are getting stuck in the elevators? I heard the cable still wasn't working, again thats ridiculous although maybe thats the cable company's fault. Ripping up your floors? Something was wrong with your floors when you closed? My punchlist wasnt terrible but there certainly was some stuff on there I need fixed. How is your AC? The AC in my place wasn't working during walkthrough. Any other specific problems you're having?

The rep you mentioned, I assume you mean the Walter Samuels guy? Not surprised given my brief encounters with him. It amazing they would act this way with so many closings pending, not to mention 10 apts or so still not in contract. That said I'm constantly amazed at the behavior of people who are trying to sell things.

Would love to talk more about this, there had been some talk about setting up a email group or something. Anybody interested?

I'd love to get on the email list - I'll be on the 13th floor and have been told we'll likely close before year end, but its very helpful for me to hear everyone's best practices, etc.

We just received notice that our closing on the 10th floor is adjourned until the TCO is issued. Anyone hear anything about what the hold up is?

ccdevi, We also got notice that the TCO was not issued. We went on line, and it appears to be a plumbing issue but not sure what it is, you can email me directly at edivictor@aol.com

If the TCO keeps getting delayed, does anyone have a sense of the date by which people will be able to get contract deposits back? In this market, I'd think the developer would have a strong incentive to make sure it doesn't give buyers that option.

two years after your contract date.

Any sense of when the first wave of contracts was signed? How close are we to two years from then?

I believe the first contracts were signed around Nov 2006. In your contact there is a firm "out" date after which you can cancel contract and get back your deposit, with accrued interest. My out date was Dec 31st 2008 (I signed in Jan 2007, and closed this Aug).

I just saw that the building directly east of 15 msn is for sale. anyone have any updates about who might be buying the building or any possible construction plans for the building?

The building is for sale. That is worse news then the closing being delayed over and over!
On NYC Building website they can build to 120 feet or 12 floors.I am concerned they will go build above the 12 stories. DOes anyone know who could be contacted to look into the landmark status and the concerns it could pose for us?

Wondering if anyone knows if the TCO has been issued for the 10th floor yet and whether anyone has closed?

No TCO has been issued that I know of. I have checked the citys website and none for the 10th is shown. If there is no TCO, then most likely no one can close.

edivictor is correct, no tco yet, all closings on 10 have been postponed.

I know that there are closing scheduled for next week. Ours is scheduled for the 21st. My guess is if they don not have a TCO by Friday or Monday, some closings will be postponed again.

rajvaz, any update on your post about problems in the building from awhile back?

is anyone aware of potential buyers who backed out of their signed contracts because of the delays in TCO/closing? while the apartments and building are very nice the delays seem to be never ending.

ccdevi: Unfortunatlely most of the same problems remain. There is no hot water early in the morning. The elevators break down constantly and still have no alarm/cameras. The security in the building is terrible. The "doorman" sit at a desk and won't even open the door for you. My punchlist is now 2 months old with little progress. There is signficant construction yet to be done in my unit. The quality of work in the apartments is really terrible. I am sad to say that buying this apt has turned into a huge problem. The developer's representative is simply dishonest. And the smaller details of the building have turned out to be simply average. There is no elegance you would expect from a building this expensive. No white glove door service, management is unaccomadating and negligent, ect.

all new developments have problems rajvaz... they will do the minimum to fulfill the offering memo but not do much after that.

it will take time to work with the developer to make sure all things are straightened out... but these problems are temporary and will be addressed once you have set up your board. i was in a new development that had issues, but once we organized and got the majority board seats - things have gotten much better; e.g. we hired our own doormen and concierge, instilled condo rules, focused on issues to address quickly. Took about a year (as i was one of the earlier people to move in), but we got it done. Also, i know what it's like to be one of the early movers into a new building. it sucks, and you wonder why you signed - but as other families and such move in, things will get better.

remember, you are sitting in a prime up and coming area with multiple new condos, retail and restaurants sprouting up around the park. You probably have a park view which are difficult to obtain in NY. and you are central to everything one might want to do in the city. Also the building you are in is beautiful with a top tier restaurant to come in the bottom floor..

all i can say is take a deep breath and be patient... also, you may want to try and start a password protected website for resident's only to air these issues privately. that way, you guys can actually do something about it vs. venting in public forums.

Jenny9823, Your comments are much appreciated. I agree with all you say. You are correct we should set up a password protected website to air our problems in private. It does no one any good to air our private issues publicly, it actually hurts our investment in the building. Again thanks for your comments.

Jenny9823 Do you know how to set up a password protected website?

jenny, I echo edivictor's comments and was also going to ask the same question. edivictor, I went ahead and started a yahoo group. I will send you an invitation. raj, lori, maddie, frederic and others, if you would like to join the discussion, please post your email and I will send you an invite.

lahaye.frederic@yahoo.com

rajvaz@gmail.com. Also as an fyi, I think there was another inspection today for the TCO

thanks raj for the info and I will add you to the group, which is now a google group.

I have been in talks with the sales office for 15 Madison about offering special incentives for 15 Madison purchasers. I'm sure some already know about out super low 30 year fixed rates in the 6s depending on the scenario. We are also looking to waive any application fees and other fees. The only bank fee would be $595 underwriting fee. Of course there are the bank attorney and appraisal fees. But they are really third party fees. But everyone who is getting a jumbo loan should seriously ask any of the other major lenders and compare it to what we are offering. Send me your purchase price, loan amount, and credit score and Ill reply back with our best rate. We can go 80% up to 1.5M and 75% up to 3M. But at max financing you will not receive the best possible rate. Sunny_Hong@countrywide.com

shong, why on earth is countrywide lending on generous terms against wildly overvalued properties? maybe it's time to send a memo to management. perhaps the thought is if these loans go bad we'll just pass them along to the taxpayer?

mbz - Then are you suggesting that we give unfavorable terms? These people are in contract to buy with no contingency. Either they buy or theyre losing their money or theyre going to another bank at high rates. At least the lower rates will slightly lower chances of default as opposed to the high rates out there. "Wildly overvalued properties" is a matter of opinion. But even if you are correct, the building is mostly sold and people need financing. And do you suggest we do not lend because the property is overvalued? If it is then the appraisal will reflect that and we'll lend accordingly. The loan is based on the lower of purchase or appraised value.
I dont know the exact reason why our terms became so generous. Perhaps it had something to do with the 25B BofA was pretty much forced to take from the gov't. BofA is using that to lend. Afterall, isnt that what a bank does?

Ah, now i see why we're in this mess. Not one mention of profit. Simply a civic duty to lend. Wonderful.

My friends, of all the things to be worried about in this environment I would not place a friendly and aggressive lender at the top of the list. Kudos to Countrywide! Let's limit the number of unfortunates who might be forced to default on this building.

I understand that TCO's (for 10 and others) have not been issued as of today....with little insight or optimism (or consistency for that matter) from the office with respect to their timing. Beware of rushing into closings. Beware of rushing into walkthroughs. I understand the Corcoran office and developer are pushing these matters prematurely. However, your building is fantastic and will hold its value extremely well. Hang in there.

hello.
i just joined this group.
i would like to be included in the discussion. i am in contract to buy an appt here. my closing date got delayed. Show at Countrywide, i would like to talk about the mortgage too.
the TCO for floors 10-12th was issued last oct 23rd.
still no word on other floors. How can i get to the password protected discussion? pls include me ! thanks

midtown - you can feel free to email me regarding your financing options. Thanks. sunny_hong@countrywide.com

midtown - if you'd like to be added to the group, please send your email address and we'll get you set up!

Maddie, thank you for including me my email is irene.i.rodriguez@gmail.com

midtown/Irene, I added you to the group. Welcome.

i'm moving in next month...please add me to the group....debbygorin@gmail.com

isabel4444, your post got by me, I just saw it, I have added you to the group.

This is great if you view the park or 5th avenue, otherwise just dumb to live here for back of the building views. You'll be embarassed daily by seeing your neighbors who have the good apartments.