Attention Buyer of #30-C --- Stop!!!!!!!!!!!!!!!

Irish, this sounds like an absolute hellhole. I hope the buyer's a SE reader!

irish, interesting post. If you are an owner at 10 WEA this could really backfire on you.

Still can't rent it for what it would cost you to own it - 50% decline coming!

http://www.streeteasy.com/nyc/sale/363187-condo-10-west-end-avenue-lincoln-square-new-york

Buy it for $12,000 a month with massive increases coming as tax unabates:

Down Payment: $375,000
Mortgage Amount: $1,500,000
Mortgage Payment: $10,488
Total Monthly Payment: $11,755

Can't rent it at any price:

StreetEasy History

09/21/2007 Previously listed in StreetEasy by Elliman for $7,500
11/03/2007 Elliman listing unavailable at $7,500
10/03/2008 Listed in StreetEasy by Elliman at $7,750
10/21/2008 Price decreased to $7,200
11/22/2008 Price decreased to $6,800

http://www.streeteasy.com/nyc/rental/419701-condo-10-west-end-avenue-lincoln-square-new-york

It's not a hellhole, it just needs a lot of work. The builder clearly cut corners and should have disclosed many of the known problems to prospective buyers. Sometimes ethics are more important than money.

"Sometimes ethics are more important than money."

You must be new to real estate.

I thought Clarrett was a good developer.

I think you're confusing 10 West End Ave with 200 West End Ave. I believe the developer for 10 WEA is 10 West End Development.

I was able to find a tenant 14 days after posting my unit for rental. The rent price was good. 2 people were competing to lease it I ended getting 1 year advance deposit.

The floors damaged so easily though. I found that our windows whistle when its not closed properly. I found management to be responsive.

Our windows whistle when they are still closed properly. The people working in the building are very responsive.

Irish, I just hope the whistling windows is the only item you're having difficulty with in your list!

All of the things on the list have happened to me or other people. Some are fixed but some remain problems such as the whistling and the hvac system. Look, all of this has to be taken into context. It's all viewed in the context of how much we all paid for our apartment and what was told to us when we moved in. My main contention is that some of these problems, especially the faulty hvac system, has been known for several months --- long before I bought my place. Do you think the owner told me about it *before* I moved in? NO!

I have a few comments to make as a fellow owner of 10WEA. The building is fantastic and has great amenities and anyone who bought initially has already made money. The price per square foot are still really competitive although the market is clearly softening. We had normal construction issues in the building the past year that were exacerbated by an incompetent construction manager and building property manager who have both been since replaced. The building is operating well and many residents I speak to daily are very happy and there are very few units that have not been sold. Recently, two 3 bedrooms over 3 million went into contract in this market.

Overall, all of the problems faced by unit owners at 10WEA are very normal including the tempermental HVACS for new construction across the city. I own another apartment in the area and bought it pre-construction in 2000 and had worse issues. Our investment in the other unit tripled as I am sure this will given the fact that Extell is building five buildings across the street with waterfront restaurants and retail and there is more park land going in as well and a private school. The MMAC Ballet School is now next door in the Element. It will take time for all of this to happen though.

Here are some important facts for buyers and current owners. (a) Extell killed the Costo Project; (b) to the one or two 10WEA owners on the Internet facing some construction issues, your negative comments are not helping everyone's investment in the building and are exxagerated because you have never owned in new construction and must just be dumb for posting them. You should deal with the sponsor on your construction issues in a confidential manner, not rant and rave on the Internet like a dope. If you paid more than a million dollars on your unit, you should be able to afford a lawyer. I hired one at my old building and settled my issues. I didnt post negative things about my own building online like an idiot trying to destroy my investment and others.

Irish, as soon as Extell builds across the street, the wind issues wont exist. Buy a service contract for your HVAC. If more 10WEA unit owners were online seeing the posts made by people like you, I am sure they would cringe, and like me, disagree with your comments on the building and wish you would really shut the hell up.

REMAN,

Wow, you sound desperate. One step from bankruptcy I suspect.

Why is REMAN desperate? He is actually spot on. Why someone would spend millions to get in a building and then trash it on a real estate site is completely beyond me. It's stupidity at its highest form.

Juiceman, exactly. Also, to be clear, I am not desperate at all. I have made money on this unit and 3 others in the city and have a very small mortgage on a 2 bedroom unit at 10WEA. I am simply pointing out that a majority of people who live there are quite happy and new construction always has certain issues which if you are not used to or dealt with before, can be daunting but you should handle it in the right way, not by posting dumb comments and even trying to prevent others from buying in the building!

I agree it's a bit dumb to trash a building in which one has a vested interest, but by dredging up a weeks-old, long-forgotten post, you're only opening up the issue for more discussion and enticing further negative comments from people like Irish.

I think the sharing of information, whether good or bad, is fine. I don't see why someone should be forced to keep quiet. Presumably Irish has tried to get help elsewhere, and is now trying to gather up awareness. It is not in Irish's self interest to publish this information ONLY IF Irish plans on selling within a year or two. If Irish bought as an owner (Reman, you seem to be an investor, so why would you care if the building has problems) in order to live there, then bringing attention can help get results.

I understand that you are trying to protect your investment, but don't yell at others for posting information about their perception of the building they live in.

I would point out to Irish that he/she should be careful in his postings because from a legal perspective by specifically telling this particular buyer of this unit to not close, if this were to actually have an effect and the developer somehow say your posting, he would be able to sue you for tortious interference. I urge you for own financial best interests to use a more discreet method to attain your goals, have your attorney pursue your complaints directly with the developer.

"The building is fantastic and has great amenities and anyone who bought initially has already made money"

Do you think if you lie big enough you can make it so? There have been multiple complaints about the quality of the building. I notice you don't refute them, just want them hushed up.

And anyone who bought with 10% down is wiped out and starting to lose a multiple of their original equity. As you will find out as you are apparently trying to sell your apartment (no one else would yell "shut up" about the building otherwise)

"if this were to actually have an effect and the developer somehow say your posting, he would be able to sue you for tortious interference"

Would streeteasy be required to give up irish's personal information? Would be tough to sue someone called irish.

You'd still have to prove the tort -- i.e. that Irish's complaints are untrue. If the HVAC doesn't work, and you tell a buyer, hey, the HVAC doesn't work, you did nothing wrong.

Juiceman, and UES buyer. no I dont think streeteasy would give up the info, but it is certainly possible for an experienced person to find out the IP address and other information as to who "irish" is. I am not saying it is likely, but I just wanted to make them aware of it. There have been circumstances in NYC where tort. interference has been pursued by developers directed against someone posting on a site similar to this, would they win eventually? I do not know, but certainly they could make your life difficult and make you shell out money for an attorney to defend yourself.

I would say however that this other case I am thinking of the poster did take a step further, and in fact got access to the other would be owners names somehow and contacted them by phone as well. I guess on retrospect that is a different scenario.

I am thinking of buying a one bedroom in 10 WEA. I am a little hesitant about facing a construction site that will continue until 2018. Is the building pretty sound proof? How are the people who live in the building?

twein28, please read the top entries of this thread!!!!!!!!

I have to say I am very suspicious that Irish does not really live at 10 WEA. I would caution readers about taking his or her comments at face value. Irish might have another agenda. Perhaps Irish has some business grudge with the developer and wants to ruin their reputation, or wants to buy an apartment in 10 WEA and therefore wants to lower prices by scaring the market about the building? Or perhaps Irish does live at 10 WEA but has drawn the short straw on every conceivable component of his or her apartment? If so, please give us your apartment number so that nobody will unwittingly buy the apartment of the cursed! Something seems fishy here...

Anyway, my wife and I have lived in the building for two years and have been impressed with the building's construction and finishing. I offer the following comments in response to Irish's postings:

1) whistling windows - never experienced that. We live on the east side of the building, so don't get the cross river wind, but we do get wind on windy days. But no whistling to report. Most new apartment windows either slide sideways or seal against the window with a turn of the handle. 10 WEA has the latter, which gives superior noise reduction. We know, because we've lived in new apartments with both kinds.
2) HVAC system does work! It needed a part replaced about 18 months ago, which the manufacturer did for free. Since then it's been working without problems. One thing you have to do with these systems, no matter which new building you live in, is get a service contract. Servicing the HVAC keeps it running smoothly, much like a car, or a boiler for that matter. It works fine for us in both winter and summer. The brand is Climate Master.
3) Key locks. We've not had a problem here either. But I understand lower locks are being replaced for free on all apartments, whether they've had problems or not, over the next few weeks.
4) Washers and dryers are Bosch! For goodness sake, Bosch is an incompetent appliance maker now? This is where Irish just seems to see doom around every corner...
5) The management company has been doing a good job since it replaced the building manager. The staff actually located in this building are super responsive. Awesome. I've lived in quite a few buildings around Manhattan and they are by far the best. They even manage to stay upbeat when dealing with some people who get rude when things to be perfect all the time.

One final thing about this building that is unique is that the pillars of the building aren't those circular columns that you see in the windows of a lot of other new buildings. The pillars here are rectangular, with the shorter sides of the pillar perpendicular to the windows, so they look like wall and not pillar. This maximizes useful square footage and eliminates ugly pillars in odd places in the apartment. Bravo to the architect on that point, as well as the kitchen and bathrooms, which are great!

I love the building - I have owned several homes and apts - there is no such entity as a completely perfect home - sort of like people..The management makes every attempt to correct problems. Living near the river is windy - always was and always will be - that's why I didn't buy on the blvd closer to the river. I attended Barnard and Riverside drive was always impossible to be on for the same reason - I face uphill and east - it's nice and quiet with the city windows although I live on a low floor....

I love our staff and our pool and gym as well as the convenience of the garage. I would prefer differnt washing machines as they do take a long time .. however they are very quiet and you can always use the larger laundry in the lower level.....
The HVAC has been repaired and is fine...

all in all - a fair value apt with some lovely folks as neighbors.

I canvassed a lot of apartments before buying at 10WEA. I thought that 10WEA gave us the best value for money. I owned the unit for 2 years now and so far i have been satisfied with how it is managed