William Beaver House

A broker told me that one can purchase properties at William Beaver House for $1000/ft. That's much less than the advertised prices, but not so exciting given the state of the market, especially being in the financial district. The interesting thing he told me is that if I purchased to rent it out, the owner would guarantee a 6% cash on cash return for 3 years. fwiw.....

thanks azil, who would rent in the state it's in?? is it close to being done. The website looks great, but that is the easy part!

what is wrong with the building and where did you see that? Are the amenities all complete? Is there any potential downside to renting in this building? Do people think ~$3000 is pricey for a 1br in WBH?

went to an open house on oct, the place was a shambles but ok it's new construction. They said everything would be done in dec. I went back in feb and it looked the same, nothing is completed. Wires and open walls in the lobby. The sales person was MIA for an hour, hard to get a call back and when you do they will not disclose any info.
IMO no downside to renting, once it's done. Also my opinion, 3k is a nice deal (again, once it's complete).
Hope this helps

anyone???

I'd entertain renting a decent 1bdrm for $3k. Not worth it without the amenities though. Too many other options in the area that are pretty much the same with a little better location (Beaver street gives me the creeps with all the trash and homeless people).

Could it be worth going through a broker you trust to ascertain that the amenities are complete and you don't get the runaround? If you get one month free rent, could cxl out the brokers fee...

would anyone buy there?

Drums are you crazy? Why on earth would you want to volunteer to pay a broker for a place you've already found???

anyone?? usually there is such lively debate!

Hi everyone,
Sorry for not commenting before, but the real facts are that Sapir owes a lot of money both to Blackstone (mezz loan) and iStar (Senior loan). Due to those debts they can't close any sales in the last 7 months! They can't even get contracts out. Basically, the brokerage there which is Prodigy lies about the situation and percentage sold and they keep on putting the open house signs, which is BS to bait clients to come and then maybe catch them and sell them in other buildings in the neighborhood. Everything about the building and brokers working there is shady!! be ware of them and their bait ads for sale or rental in the building... I responded to an ad and this chic tried to convince me to see other buildings with her after I realized they don't really have anything available there!!! But I guess there will always be suckers, so they'll keep on putting those baits until the state department will go after them and their licenses! Too bad for the building because it is a gorgeous building and amenities. At this point Sapir has to sell buildings to pay his debts or the WBH will go to foreclosure.