Atelier Condominium - Price Crash?

how about the rest of the new developments? 10 WEA?

The tax abatement runs for 8 years. Any evidence for any of your other claims?

location is really bad - way overpriced for the neighborhood. Interesting owner thread here: http://wirednewyork.com/forum/showthread.php?s=5ee14ff01bb230cd666fb4d31fe6dbdc&t=6834&page=26

Also, 42 for sale and 49 for rent does not bode well for the building: http://www.streeteasy.com/nyc/building/627-west-42nd-street-new_york

Oh, OK. You're just a troll. nevermind

uh, who's a troll moreilly? Just asking about the building/new development. Logic seems to dictate that this building is way way way overpriced. Any reason it should be so expensive?

If people are paying those prices, it's not, by definition, overpriced. At least not to the people buying. To each his own.

nobody is paying them - check out the number of recent listings simply "off the market"

anon3 is the new rufus.

anon3 a common jealous anonymous troll. See his postings. off him

The people who purchased in this building are gonna take a bath. Wont even be able to rent them out with all of the units coming online at Silver Towers.

60 units for sale? This place is tanking....

How do they compete with silverstein giving month's of free rent across the street? Anyone hoping to rent out their unit must be getting crushed.

Price Crash? Surely, although it really depends on what you paid. Hats off to the buyer of 40J and 41J, who bought them from the sponsor in March (took guts to drop $2mm at that time), listed them before he even closed and sold them for a 20% gain in this summer and fall.

10/29/2009 #41J $1,175,000 -2.1% $1,200,000 ↑ Sold 2 beds 2 baths 961 ft²
08/05/2009 #40J $1,175,000 -4.1% $1,225,000 ↑ Sold 2 beds 2 baths 961 ft²
03/19/2009 #40J $975,000 -20.4% $1,225,000 ↑ Sold 2 beds 2 baths 961 ft²
03/19/2009 #41J $981,500 -18.2% $1,200,000 ↑ Sold 2 beds 2 baths 961 ft²

Also, a quick scan of the building's SE page suggests that prices have plateaued in the $1,000-$1,100 psf range for most apartments since last summer. Somewhat higher for large, high floor units. Is it just me, or does that feel unsustainable for a building with such extensive inventory, neighboring rental competition in size and a location that can only attract buyers/tenants with price/rent discounts to get people to trek to Siberia?

this building is a joke. There is no way those prices are sustainable. They are probably worth about 20% of what they are asking. What kind of moron would buy into that building?

Oh but you could live near Nick Lachey!!!!!!!!!!!!!!

Nick is no longer here...sorry!

Amazing there are bidding wars on some of the units. two of my buyers lost out on 17h. one finally beat out another buyer for 16D and the other is still looking in the building. The building has it's pros and cons...but overall it is a great place to live...that is why I bought here!

This building is not in Clinton, it is in the new neighborhood "ALT". Also, it should be excellent in 2022 when the new subway stop on 7 train at 11th ave opens

patient they are not puting a station there it was axed. the 7 will bypass this area and go to 34th. It was going to cost 600 million to build a station there which is CRAZY. How could a subway station cost 600 million?

that was my point: besides the new neighborhood name, they will never have subway service.

alijafri: You appear to have partnered with your in-laws to purchase apartment #7E. You tried unsuccessfully to sell it last year at a price substantially below your basis. Now you say "The building has it's [sic] pros and cons...but overall it is a great place to live...that is why I bought here!"

With all respect, sir, the available public records suggest that you (or rather your wealthy relatives) bought here for reasons that have very little to do with quality of life.

>> two of my buyers lost out on 17h

You must not be a very good agent or negotiator then.

I can't believe that agents are on here loudly proclaiming that they are losing deals for their clients. It is not a mark of a good negotiator to be "losing" deals. You either don't understand the market or are simply not a good dealmaker.

Ouch. That one had to leave a mark.

Note to self - make sure never to get on the wrong side of West81st.

"Wrong side" == trying to put one over.

And a *feeble* attempt is even worse.

I think it's really Sacha Baron Cohen as his new character, ali j, the NYC brokester self-parody.

West81st...no doubt a product of a Manhattan upbringing. Schooled in the art of activating your brain prior to you mouth or in this case...fingers.

absolutly going to leave a mark.

OUCH

"With all respect, sir, the available public records suggest that you (or rather your wealthy relatives) bought here for reasons that have very little to do with quality of life."

Oh, I dunno. If I had bought something to flip, I'd buy in "a great place to live" perhaps. So Ali, do you actually live here?

The record seems to indicate that "ali" lives in the suburbs, with his inlaws.

Classic! I don't like West 81st Street (too noisy with buses running all day) but I will be following West81st from now on.

http://www.nytimes.com/2010/08/29/realestate/29cov.html?pagewanted=1&_r=1

Funny to match names found in main stream media and the internet. I feel truly sorry for his loss of Starbucks. That must make winter trek to 8th Ave even more dreadful. :D

> The coffee shop’s demise was “quite shocking and disheartening,” said Ali Jafri, a sales representative at Prudential Douglas Elliman who owns a unit in the Atelier. Still, Mr. Jafri said he and his wife, who have newborn twins, were optimistic about the area. He cited both the neighboring developments and the building’s amenities, which include a roof deck with a panoramic view, a large athletic facility and a ground-floor nightclub. “We saw that it’s not much of a neighborhood, if you will, from a buyer’s perspective,” he said. “But we bought from an investor’s perspective. It has a lot of upside, as we say in real estate.”

This place is an overpriced pit. These "650k" 1 bedrooms in the Atelier will be selling for $150k in a couple of years. NYC RE is in for a BIG drop and these outlying areas will be hardest hit.

Anon 3 you are a troll and have an axe to grind and provide nothing of any value in your posts. You want to talk overpriced pits go look at Trump and Riverside Boulevard apartments. If you want to live with Hudson River or full city views in every room you live in an 'outlying' area and love it for many quality of life reasons including the miles long Hudson River bike path and parks.

The financials in Atelier are sound, the maintenance was cut this year. How many buildings do you know of that CUT their maintenance this year? the facilities are gorgeous and are kept beautifully and they are installing solar panels on the roof. Nothing of what you say in either of your posts is true so go sit on your negativity and stop posting lies. If you had insider status here you'd see the prices are doing as well as can be expected. The 34th St subway stop will be on 11th between 34 and 36 sts - a 6 block walk to that station is not out of the NYC realm to walk to- Real NYers walk places. Suburbans get in their gas guzzling tanks and drive to the corner for a container of milk. the last I checked the 2nd ave subway was expected in 2018- plans for THAT line date back to 1929- by comparison the 7 is slated to be completed in 2013- they're still seeking grants to add the 10th ave station and they are ON schedule- this from the engineer of the project. in the meantime the building provides shuttle service cross town in the morning so few people in that building really care about subways. PS the Tax abatement started in early 2008 and will be in effect up to 2018 so do your research before posting more garbage.
http://www.mta.info/news/stories/?story=74
http://manhattan.ny1.com/content/top_stories/121366/mayor-applies-for-funds-to-redesign-7-train-extension
http://www.ny1.com/content/top_stories/120156/city-considering-10th-avenue-stop-for-7-train

sloperaly, is anon3 the same as aboutready?

Hi, does anyone know whether river 2 river realty is a reputable agency? Do they really have an exclusive on the entire building (I am looking only at rentals)? Given how long some of the units have been on the market and how many of them are available, one would think prices would be lower than where they are now. Any thoughts on why they are holding up?

Why do people start new discussions on buildings without first checking to see if there are threads already?

lol @ this bump

IF YOU ARE LOOKING TO BUY, SELL OR RENT IN THE ATELIER OR ANYWHERE IN NYC, THEN CONTACT ALI JAFRI WITH DOUGLAS ELLIMAN (212) 891-7173, EMAIL: AJAFRI@ELLIMAN.COM, WEBSITE: www.AliJafri.com

why are you yelling?

he's hard of hearing and wants the whole world to know that even now, many yrs later, he still can't do a job of a monkey.