Avonova selling?

It seems to be a "make an offer" situation with the sponsor, now that the condo is effective.

There might be better opportunities on the resale side, if you like the building. Are you interested as a potential buyer, or are you just curious about why the prices are so sticky?

I like the area and building, but not necessarily the prices. It's slightly above my range for smallish 2bd/2ba and I haven't seen any movement on this property for a while.

Any preference regarding line (B, D, E, F, or G)?

Funny note: My Streeteasy pseudonym comes from this building. I was sitting in a friend's apartment there when she showed me the website and signed me up. I know the building pretty well, although my friend was one of the renters who were swept out by the sponsor, back in the days when landlords still considered vacancies a good thing.

No pref, they all have great layouts to me. I love the area and find it an ideal location. But the prices are just ridiculous to me. 1400/sq ft + is outrageous, unless they're simply finding buyers at those levels.

Can't directly address the question here, but I can say this: Even at the peak of the market this past spring, it seemed WAAAAAAAAAAAAAAAAY over-priced.

The location, finishes, salespeople, etc. were all lovely, and they could have priced the units a bit "smarter" and they would have sold like hotcakes, I am sure.

streakeasy: "...unless they're simply finding buyers at those levels."
Exactly. At this stage, the list prices are a starting point for negotiation. The surprising thing is that they pre-sold a fair number of apartments in 2007 at prices that even most agents were calling crazy. Unfortunately, those early buyers are now up in arms about the lack of amenities and services that should have been implemented a long time ago.

nyc212: "The location, finishes, salespeople, etc. were all lovely..."
No question about the location and the sales staff. As for the finishes, they lost me when they ripped out all the moldings and painted the apartment doors brown. Looks like a Marriott.

Very stupid IMO to rip out moldings. 240 West 98th is much-maligned, but at least they tried to strip moldings and doors.

Does anyone who might be a current resident or have looked at the Avonova seriously have any insights on the building and units?

Looked at their smaller 2bds today (sales office is quoting around $1.0 mm to close on the remaining units) which seemed like a fair deal. For the size of the apt and the amenities offered, seemed like the cc and the taxes are more than reasonable as well - approximately $1,100 - 1,200 for about 1000 sq/ft apt. Was curious what the catch was...

aptlurker: I would urge you to speak with Melissa Cohn at Manhattan Mortgage. She knows the building well, and she'll know whether anyone is still lending there. 219 is probably less than 30% owner-occ, with about 60% regulated rentals. No banker on Earth will like those percantages.

If you're paying cash, that's a different story.

Thanks West81st. I was told that most of the units have been sold but I guess whether they are occupied is another story. Definitely don't have the cash to throw down on the unit so will need a mortgage. But was curious how the maintenance levels can be so low with the amenities they are (or will be) offering.

aptlurker: Rather than speculate, I can try to connect you with a friend who has direct knowledge of the situation. If you're interested, my e-mail address is my Streeteasy name at gmail.com. As for the claim that most of the units have been sold, well... just look at the sales history on StreetEasy or ACRIS.

The location is wonderful.
I live in the area.
They were asking too much to get enough insiders to buy. It will hurt the sponsor in the long run.
Room are generally small, layouts are kind off weird. What they are calling 2 bedrooms were 1 bedrooms with dining room.
Make an offer...you have nothing to lose. Just make sure you put it in writing.

Looks like the silent price cuts that brokers have known about for months are finally becoming official:
http://www.streeteasy.com/nyc/sale/218087-condo-219-west-81st-street-upper-west-side-new-york

West 81st,
Have you seen any apartments in the "G" line that you referenced above? There's no floorplan with the listing, and no G line floorplans on the avonova website. thanks.

Azil: Yes, I've seen #12G. Open-plan 2BR. Kitchen on the left as you enter. Not a big entertaining space, but the overall apartment size is decent. Never been in #5G. #12G for that price might be interesting, if you like the building.

Do you think there is any negotiation room at these prices? Could you get another 10% out of them?

convertible to 3 bedroom?

Skeptical: No way, unless you stack them vertically.

Taxquestion: I don't know about 10%. You could probably shave 4% off just by walking into the sales office without a broker.

Saw one of the 2 bed units a few weeks ago. Was the bigger 2 bed room units that's up for resale. Thought layout and apt was very nice but pricing probably bit too aggressive in this climate.

I dont particularly like this building since there are 60% rent stablized apartment. The rent stablized apts are not fixed or renovated. It is overpriced for a building like this... The G line faces inside the building so poor lighting.. West81st what did you like about 12G or the building? This ales girl neil or something wasnt even friendly at all and didnt interacted with us at all.

RE_PRO: Might be best to take this off-board. If you put my StreetEasy screen name together with "@gmail.com", you have my e-mail address.

Okay, I would like your opinions and will send you an email later today.

During my visit to their sales office last year, I specifically asked this question about rent-stabilized tenants...and they said "No." So, according to RE_PRO, 60% of the units are rent stabilized, eh? Hmmmm. Another dishonest sales agent... It's a good thing I didn't have enough $ to purchase a unit there!

not 60% about 50%, my bad

that is what the agent told me

looks like some apartments cleared, anyone has a scoop?

anyone have thoughts on pricing on the big 5 bdrm apartment for sale in the building? something wierd going on with the seller as it looks like he just bought the place very recently and is now offering at same price he bought...but maybe my interpretation is wrong...

rock1: I can explain that one, but not for public consumption. As noted above, my e-mail address is my Streeteasy name at gmail.com.

sent email to west81st@gmail.com a couple of hours ago

Updated sales listings in Avonova at 219 West 81st Street in Upper West Side

New listings look a lot like the ones just taken off the market...

219 West 81st Street (recently listed)
$2,965,000
Condo Upper West Side 2,117 ft² 3 beds 2 baths
Listed by Avonova Sales Office
Open House: Thu, Aug 27 (1:00 - 2:00, by appt. only)

219 West 81st Street (recently listed)
$1,730,000
Condo Upper West Side 1,304 ft² 2 beds 2 baths
Listed by Avonova Sales Office
Open House: Thu, Aug 27 (1:00 - 2:00, by appt. only)

219 West 81st Street (recently listed)
$1,805,000
Condo Upper West Side 1,304 ft² 2 beds 2 baths
Listed by Avonova Sales Office
Open House: Thu, Aug 27 (1:00 - 2:00, by appt. only)

219 West 81st Street (recently de-listed)
$1,730,000 UNAVAILABLE
Condo Upper West Side 1,304 ft² 2 beds 2 baths
Listed by Avonova Sales Office

219 West 81st Street (recently de-listed)
$2,965,000 UNAVAILABLE
Condo Upper West Side 2,117 ft² 3 beds 2 baths
Listed by Avonova Sales Office

219 West 81st Street (recently de-listed)
$1,805,000 UNAVAILABLE
Condo Upper West Side 1,304 ft² 2 beds 2 baths
Listed by Avonova Sales Office

You may have also noticed that most of the listings shown as "In Contract" actually closed in 2008.

Anyone know how this conversion turned out? Did the developers do well?

"Did the developers do well?"

Purchase price for building: $102MM
Gross sales to individual unit buyers: $80MM
Gross proceeds from bulk sale of occupied units: $18MM

After interest expense, taxes, renovation costs, commissions and other miscellaneous outlays, it seems unlikely that the Sponsor's bottom line met the original business plan for the conversion.

Thanks West 81st. Nice building. Always wondered what became of it since I walk by it everyday. Never heard about any tenant wars or developer issues like at the Apthorp.

Any idea what's moving into the Pricewise that has relocated north?

West81st - Does that mean that they sold all the units?

The real answer depends on how many units they still own. After all, one day they will get to sell those too.

Mary14: I understand the corner storefront will be a(nother) bank.

AvUWS: With the recent sale of #1C, I believe the original sponsor is completely out.