Soma at 116 west 22nd st

hi Michele, I am familiar with this building as well as 246 west 17 which you mentioned in a different thread. What did you want to know? The Soma was extremely delayed when it was first being built, literally by like 2.5 years. They are full floor lofts, and the ones that are on the market right now are definitely overpriced in there, esp. the one with all of the wood panelling....

The soma is a land lease,seems like that would be a problem.AS far as 246 ,finishes seem poor and looks like it is not habitated,even though they say it is almost 100% sold

soma is disgusting- definitely overpriced and one of the listings there shows terribly.. the street itself- west 22nd is very up and coming i think..

i agree w you re the finishes at 246 w 17th but the layouts and space are nice and the building itself has nice amenities

jinyc50 do you have a problem with a land lease in general?As far as 246 yes the space is nice but the finishes especially in the kitchens were sooooo very poor.And what was the architect thinking in the larger units with the kitchen counter,looks like a fast food counter.He felt that in the larger units they had room for a table so didn't need counter space...an idiot

landlease- depends where- battery park is all land lease and not so bad but its from the city- some buildings like the excelsior, etc that have them i would never encourage anyone to buy in... especially in this market there is no reason to settle.. altough eventually the market does always go up so if u are getting an unbelievable deal then it may make sense--

246 i agree- finishes arecheap but building itself is nice location and i esp like they serve breakfast in the mornings- nice touch- w 22nd street has nicer new buildings

So is Soma in the same class as the Excelsior?

im not an attorney and no soma to my knowledge doesnt have ridiculous requirements- it is a condop or condo on a landlease- excelsior is a harder co op to get into and a fairly older building interms of make up of people, etc- condos/condops on landleases are probably a bit more preferable

excelsior to get into uneed about 4x the closing price in assets- i dont check streeteasy as often during the day though but if u want more input email me- djm456@aol.com (made specifically for street easy not my legit professional email)

sorry itis my legit email- not my professional one thats what i meant

They told me that there was no land lease on Soma?Is that correct

Michele, the soma is not on a land lease

Anyone know what happened to the PH in this place? Its listed as sold in 2007 for $3.2m. It was on at a short sale for $1.495m. Then it went into contract (and I remember there was an SE discussion about how there were a number of offers). Now it is back on the market at $1.495m. What was the deal with the original contract I wonder and what about those back up offers?

different units. the other penthouse sold. the 1.4 one only rented out. there are 2 in the building. do a search of the discussions.

they did claim to have 3 all cash offers when it went into contract. guess none of them worked out. here check this thread:
http://www.streeteasy.com/nyc/talk/discussion/9323-examples-of-recent-transactions-downtown-with-motivated-sellers

Thanks Jasonkyle

even though the space is really enticing looking in pics i think it will be clear to anyone who sees it that the construction is kind of shoddy and the materials are on the cheap side.

Ok I went to this open house the last day before any more offers could be given and the agent said no bids under 1.5 would be accepted. he also said there were 3 offers over 1.5.
It is 3 months later and no closing on acris.
There was a lien filed for common charges on PHA and PHB.
After reading these threads and the extra info provided, is it possible the sale of 3.2mil may be for both PHA and PHB?

Something is weird with this property. The apt was ok, not great, not terrible.

Any new news on this apt?

Why even consider buying here if there are liens for unpaid CCs on the "best" (read highest assessment) units in the bldg? If there is a short sale those charges will likely never be paid and in a bldg of that size, the short fall in their operating fund will be a problem down the line. There's plenty of other condo inventory in the area on nearby streets.

reallystate
Well, many developers save the penthouses for last as their golden parachutes. Also the fact that this building was completed before the crash lends small hope it's better constructed then those completing now under financial duress

Was curious what happened to this unit.
One year later, no action on acris either. Is it just empty?
And now that Im a tad more acris savy than a year ago, I notice on the condo dec they got the dimensions wrong and it's PHA that's 1800 sq ft, PHB (this one) is 1200 sq ft.

The buyer of PHA is suing the developer over alleged(!) construction defects that made the place uninhabitable.

The court just held that the corporate veil of the developer's various LLCs could be pierced, as the Yanko guy was their only member. See http://decisions.courts.state.ny.us/fcas/fcas_docs/2011AUG/3001107622010001SCIV.pdf

Another relic of the bubble....

The unit is back on the market. The floors are buckled and there are signs of water damage. Yet the owner has marked up the price to $1.995m! the broker mentioned nothing of the lawsuit, or that the land is a leasehold (i don't know if it is) or if there is any lien against any apartment (again I don't know if there is). But it looks like a royal mess.

The building is not on a land lease. It's fee simple. No issues there. Too many people think they have information they MUST share or burst, but it is often false. Anyway...

The problem with this building is proximity to 6th Avenue and all the crap associated with that....Vagrants, beggars, crap sellers, drunks, you name it.

The building behind this one on 21st Street is the real odd situation to me. Those are sold (are they really???) at $5 million to $15 million and they are next to the Trader Joe's loading docks. All night long refrigerator trucks idle RIGHT outside unloading their stock. I bet that will come as a big, bad surprise on the first night in the new multi-million dollar pad! Yikes.