Thoughts on the Riverhouse in BPC?

http://wirednewyork.com/forum/showthread.php?t=8814&page=5

read the thread on wiredny

ceo - where is your news on the lawsuit from? i am surprised there is a lawsuit before people even move in

My info comes from a person who bought a couple of units as an investment. I don't know what their procedure for closing is, but I would suggest that you inspect your floors carefully, document and photograph any problems.

Lots of sales recently...any news from anyone? The BIS website shows TCOs for floors 4-9 at this point.

I saw a ny times article about building-chatter web sites - thinking about setting one up if i can figure out how

How do you find out which TCOs have been issued? I went to the BIS website but I don't know the C of O number.

try this link - its property ID 104192758

http://a810-bisweb.nyc.gov/bisweb/COApplicationSummaryServletpassjobnumber=104192758&go16=+GO+&requestid=0&t10=y&restore=1

i just went by the building - the concierge in one of the lobbies (the west/water facing) said they were closing on both east and west wings currently and already had 2 apts who had moved in, a third today, and a few scheduled for next week. the lobby looks nice enough although a bit plain (don't think they are done decorating, fish tank not in).

there is a rumor going around that they are going to close the street btwn riverhouse and solaire (i think warren) and build out teardrop park even more - would be great if that were the case - anyone else heard this?

thanks lorenzo...the link didn't work but i was able to find the info using the property ID.

i've been saying since day 1 that they should close the street and connect the parks. makes perfect sense. but isn't that street necessary for access to the parking garages?

The three parking garages on the street are on the edges, so conceptually you could run the park across and only keep the edges of the street for the garages. Doubt it will happen realistically, I am sure street closings are not an easy thing to have happen.

We went to the open house at Riverhouse and saw three units. They look decent. Some of the furniture choices were odd, but thats of course the vision of the desinger. The units themselves are nice, reasonably well done. Also saw some people moving in.

The Riverhouse is one of the most beautifully designed developments in BPCA. The Sheldrake Organization has enormous pride and dignity in all they do. Because they privatized affordable housing in 1986 in Long Island, I think that is a feather in their cap as concientious caring people who's income level is not always what gives a person charachter. We will all be old someday, and may even look to move into one of those developments. Or our parents or Grandparents>
If you have bought or are thinking of looking at Riverhouse to buy you are in very good company of saavy people who know a good property when they see it. If we stop looking for the bad and really put our glasses on and see what is real, the Riverhouse is the real deal! The floors are bamboo and AMAZING!

Looks like there have been 10 closings at least and people are living in the building - any comments from anyone who has moved in (or knows anyone who has moved in)? Still a lot of construction going on there

Anyone who has moved in and has any comments? Has anyone had success getting sponsor to pick up any part of closing costs?

I haven't seen a closing here in a few weeks - but they must still be closing - any thoughts?

Anyone on this board buying/moved in here?

Live in the UWS and considering BPC. We saw RH and really liked it last weekend, but wonder how people get cabs around here?

Nice building, better location in BPC.

Some awkward layouts.

Taxes are so high, and they don't have to be this high because several of the other new buildings around are lower - basically the developer traded a lower initial payment to BPCA in exchange for longer-term higher PILOT payments, which you as a buyer will pick up.

Also, you'll feel like a total asshole if you didn't buy a river view.

This is one part of Manhattan where it makes sense to only rent.
There's no one who realistically wants to live here long-term, even with the improvements to the area. Try rentals Solaire and its sister building.

BPCnewbie - as a buyer in RH, some thoughts:
1 - cabs are absolutely no issue. In the morning especially, but throughout the day, there are dozens of cabs, because of drop-offs at the world financial center. I take a cab to work most every day and have never waited. Even on weekends, there is never a wait (also you have the embassy suites hotel across the road so you can get cabs there).
2 - agree with first half of ritchi that location in bpc is unbeatable (vs visionaire in the south bpc which is really isolated from tribeca). also there are numerous apartment variations so you should check out a few. don't agree with the middle - taxes are high, yes, but price/sq ft is low so it seems to even out especially for river views (no where else in bpc can you buy a river view like these)
3 - i rent in solaire now - river view - and we chose to buy in RH because we are huge believers in the long term potential - disagree vehemently with ritchi's last post - when the esplanade is completely developed, the WTC site is redeveloped, four season opens, and with the whole foods now moved in, i think there is huge upwards real estate value potential - compare prices to the west side highway apartments that are going up in west village, and while you trade a bit of immediate access to hot spots, you also don't have to deal with west side highway and you get the parks, and save a few $000 per sq ft. I think its a great trade.

Has anyone who has closed here used an outside advisor or professional when doing the pre-closing walkthrough?

one of my friends was forced into moving into his apartment at the Riverhouse even though there was still construction being done on his floor. He's getting woken up at 7am fairly often to the sounds of construction. When my friend attempted to delay his closing the sponsor threatened to sue him. Has anyone else who's living in the Riverhouse had similar stories? Seems like this building has had issues from the beginning.

I heard 2 things from a broker, would like any comments:
1) the developer is discounting the remaining apts to sell them (any ecxamples?);
2) the developer is 'skimping' on the Green Materials -- not necessarily using Green Materials, building might not get all the Green certifications it claims it will -- does anyone have any info?

I just went through with clients and we were offered a discount off list --

New development sales have slowed, and some buildings have responded by raising their payouts to co-operating brokers -- we are seeing offers of 4%, and I think in one case I saw 5%. A discount off list makes much sense, because I know my customers would rather pocket the savings than see it get spent on marketing. (They want me to get paid, but not excessively).

That said, I liked Riverhouse a lot. I like the Visionaire too, but I really think the buildings are marketing themselves as being in different "neighborhoods" -- the northern end of BPC is marketing itself as "steps from Tribeca" and the sounthern end is marketing its seclusion -- and I think they'll end up picking up slightly different customers.

ali r.
{downtown broker}

With the high prices and ridiculous monthly expenses in this condo, and in today's market, are they still selling?

Lol, if they are, only to fools . . .

Given this building is under PILOT instead of real estate taxes, who sets the PILOT? If bloomberg raises property taxes for manhattan real estate, does that automatically raise the PILOT assessments too or not necessarily?

I've gone through the thread and see no comments about how this is one of the developments, like 101 Warren, which has had to earmark part of the units for "lower-income" housing. Now, in New York, everyone know "lower-income" is not truly lower, just a cutoff of e.g. 75K for family, which immediately eliminates most of the Manhattan middle-class population. I'm not sure about buildings where you share luxury amenities with then the "lower income" who actually qualify under their cut-offs. How does it work?

The building doesn't have a lower-income commitment. They have a branch of ny library and two other public service organizations instead i believe.

Hunger Museum if you can believe it! And next to Riverhouse is the Irish Hunger Memorial.

All buildings in BPC have landlease contracts with Battery Park City Authority and each is negotiated individually. Some are much better than others....Riverhouse is one of the worst. It's all in the offering plan....one should read it and understand it or have an attorney do it for you.

and in the building is a city bakery, one of the best bakeries in the city...its all very food themed.

I saw it, loved it, great apartments even those without views. As a rental, the difficulty of negotiating between the owner and the renter is that the monthlies are high (the taxes or PILOT) vs. other new developments with tax abatements, and so the owner feels less room for negotiation.

53 units left and prices are staying the same or some are actually increasing. Any idea if prices decrease any time soon, or can they be held onto forever?

Unit just closed in there for $10m - 22D. It must be a combination of several units - anyone know? There have been a few $5-10m closures in the last few weeks.

Where did you get that 53 left? Out of how many original? My understanding is that they are close to 80% closed.

what happened w city bakery?

Smart move - in these times, they realized no one's going to pay $$$ for a hot chocolate and a muffin..

what do you mean? is there some news that city bakery it is not opening in the building?

http://eater.com/archives/2009/02/eaterwire_182.php

City Bakery probably would have had to spend quite a bit to furbish the raw space and maybe could not raise the capital. A lovely cafe/bakery and restaurant (Inatteso) just opened in the Millennium at 30 West St. in southern BPC...next to the Ritz Carlton Hotel. I don't think there is a shortage of people in BPC that have problems spending money on coffee and food.

Heard city bakery was back on - good news!

Been a while since I've been in BPC.

Anyone know anything about the two Milstein buildings being built?

Is there really demand? Did they just have to go through with it based on agreements or terms with BPC?

Wonder if they'll have any view. Truly, being in one of these brand new green buildings but then having a view of nothing other than another building is pretty sad.

The developer put up a splash page recently:

http://www.libertyluxebpc.com/

Says occupancy in 2011. Note that it doesn't specify if these residences will be rental or condo. Speculation is that although originally planned as condos, the developer will go rental with them based on market conditions.

There is supposed to be a community center on the lower level of the buildings that will have a swimming pool, indoor basketball court and classrooms. The southern tower will be 30 something stories and the north tower will be 20 something stories.

Thanks!

If they make them rentals, I'm sure the Riverhouse pepole will feel lonely as the only owners in upper BPC. And especially if there are two newer buildings that are also Green. Obviously they don't have to put in the same amenities or appliances and the like but the quality bones will be there.

Correction, I guess they aren't rentals. Will Milstein buildings be as high end as Riverhouse?

All the Milstein buildings in southern BPC are approximately 60% owner 40% rental - Liberty House, Liberty Terrace, Liberty Court and Liberty View (less ownership in the last).
May be similar for these two new buildings.

lorenzo,nyc how have you enjoyed living in riverhouse.i am looking to buy in bpc ,currently i have been renting in nbpc,i also like being close to tribeca.i am also looking at millennium,which is lower priced and lower monthlies in future.would appreciate your thoughts

I think at some point the whole Riverhouse development will prove overrated.

and why is that splaken?