bankrupt: Viridian condos in Greenpoint

This isn't all that surprising. From what I could tell, the project actually looked halfway decent and the location isn't bad, but pushing condos in this (pretty old school) neighborhood was a gamble at this point, especially since they started sales as late as they did. Everything was just working against them at that point. It seemed a lot like some of the condo troubles in Carroll Gardens. Maybe one day West and Franklin Streets will be thriving and modern throughways (and Franklin is a lovely street as is, just not in the way developers like this would want), but the timing was just plain bad here.

pushing condos in a lot of "up and coming" neighborhoods was a gamble. What is the clinical definition of a condo? I feel its a word used to loosely because of the clout that comes with it.

mutombo,

I agree. Some of those gambles worked (especially if they started sales well before 2008), and some haven't. We'll see more of the latter in the next few months for sure. Not sure what you mean by "clinical" definition, but condos are pretty self-evident: you pay for the actual property (unlike co-ops, where you're technically buying shares proportionate to the size of the apartment in question) in an apartment building, pay real estate taxes separately from common charges (again, unlike a co-op, where they're technically included in your monthlies, and why a portion of your maintenance is tax deductible), and pay a relative share of the building's common charges each month (just as you would in a co-op). I don't think there's any inherent clout in the word; condos are quite prevalent in pretty much every other city in this country. The co-op concept is relatively unique to New York.

bjw2103,

On CL and across the boards, there are ads that read condos for rent can an individual pay rent on a condo? Can you sublease a condo? If I rent at The Edge, not the affordable housing part the part that was slated to be condos, can I call that apt a condo? This is where I say the word condo is used too loosely and this is where the clout when you say condo comes in to play as you defined in you response.

mutombo,

Of course you can rent a condo. You can rent a co-op too. I don't mean this as a knock, but I really think you need to educate yourself quite a bit more about real estate before you make some of the statements you make (see the other thread on the rental foreclosure). These are fairly basic concepts.

So anyone can say they have a condo even though they are paying rent on a condo?

what is the difference between mortgage and rent?

Yes, you can say you're renting a condo.

so if you rent a condo you don't pay taxes you don't pay common charges am I correct?

mutombo,

If you're trying to pull my leg, congrats, but I strongly suggest you do some basic reading on real estate if you're asking these kinds of questions. When you rent, you just pay rent (whatever price you and the landlord agree upon); when you own, you pay your mortgage, common charges, and taxes. The rent or own decision has no impact on whether you call something a condo/co-op or not.

bjw2103, i'm serious today

bjw2103, i totally disagree with you and feel you are 100% incorrect in your response.

Well, you got me, what can I say? That's what I get for trying to be helpful! Please troll elsewhere.

bjw2103, according to your answer theres no divide between a renter, condo and a co-op.

muto... you can rent a condo or coop from the owner of said condo or coop providing the coop and or condo rules allow the owner to sublet. The rent you pay is what rent the owner of the coop or condo is asking for. Usually the owner wants the rent on the coop or condo to cover their mortgage/maintenance and taxes.

You don't pay taxes on a rental of any type located anywhere -- same with maintenance fees.

In Miami condos weren't selling and monthly fees weren't being paid so every day services kept getting worse for the people that were living there..their monthly fees went up but it still didn't change. it's very tough.

ncy10025,

thnx for your insight.

ok, i got you. you are not an owner of a condo/co-op you would be renting in a condo/co-op paying someone else mortgage/taxes/cc and following the rules of that building providing you are permitted to sublet there. A new development that was slated to be condos but due to the economy they are turning into a rental development can a renter there call there dwelling a condo? i.e. Northside Piers.

I know you don't pay taxes and cc & mf on rentals.

The developer of 5th on the Park in Harlem just went into bankruptcy proceedings.

Nooooooooooooooooooooooooooooooooooooooooooooooooo

"can a renter there call there [sic] dwelling a condo?"

No, mutombo, you'd have to call it a rondo. Given your line of work, you should be familiar: http://sports.espn.go.com/nba/players/profile?playerId=3026

Real cute willie.