Isabella

The building started sales right around when the financial crisis peaked in 2008. Moreover, sales have slowed in Manhattan indicating that sales are slowing probably even more so in Brooklyn, Queens, etc. (and especially if it is not even Brooklyn Heights, or LIC, etc)

i really like this building, i think i've posted about it before. but was Abatement said, sales started right around the time that people started to get nervous about the financial troubles.

I personally was discouraged by the large number of unsold units - anyone trying to get a mortgage that requires the building to be 50% in contract is going to be waiting a lonnnnnnnng time.

theark1z: I suggest you read up on some of the other threads about Rector Place and nonpayment in co-op buildings. Even if you can get a mortgage (as ctrlaltdel points out), you might be in for years of pain in ways you never even considered if you buy in an undersold new development.

I would think that these apartments could command decent rents for the neighborhood if they decided to go that way with the unsold units.

thanks for the comments; i did a search of discussions but couldn't find anything about Rector Place/non-payments... have read stuff on Oro and what i assume was a similar situation?
but what happens if the developer doesn't get 50% sold in the next few months? would they sit on an empty building even after getting the C of O or would they lower prices to push sales along? what happens to the handful of buyers who've already bought units (let's say they secured a mortgage loan or paid cash)? do they move in and live without heat? sorry for the dumb questions but i've only rented or lived in co-ops thus far.

I'd imagine it goes rental and they try to sell again in a year. People who CAN close (ie get a mortgage or pay cash) are still going to, if they want to, and the others in contract have to fight to get out of it with a return of the deposit or walk away.

If you have your heart set on it, find a lawyer who will fight for some walkaway terms in the contract (if you can't get a C of O or close by a certain date, if you can't secure a mortgage, etc).

thanks ctrlaltdel,
what happens if a new condo bldg gets a C of O but only a very small percentage of tenants (who've paid cash or secured financing) move in? the common charges being paid by a handful of people are not enough to cover the upkeep of the entire bldg obviously-- does the developer cut back on amenities or services until the bldg reaches greater capacity? or i guess the rentals kick in?

what happened to this condo??? no website, no responses from the marketing team...

I have heard the dev. is in talks with HUD to turn it into section 8 housing. Has anybody else heard this?

any new news on isabella? walked by it recently and it still looks like it's empty... as is the nearby 'the collection' condo. HUD? rentals? foreclosure?

Who was the developer for this project?

they call the developer the idiot of Clinton Hill. This area is the GHETTO

"Isabella, she no feela wella." (David Letterman, 1993-4 monolouge ongoing bit, after Isabella Rosellini canceled an appearance on his show.)

Looks like it's getting life again. Sales are going to start up again soon.

are they f ing serious w the floating floors????? soooo ugly & cheap. blew my mind that they would cut conners on one of the most desired finishes today. real hardwood. not a squeaky floor that feels like a trampoline/ f them