Platinum seems like the best example of a condo for rent

This building is hopeless at these prices. The level of (no) interest is reflected in the total of two posts even bothering to comment here. 1 bedrooms for $1MM+? If the developer is not going to lower prices, why not just wrap the building in mothballs and put it in a cedar closet until the next boom?

that is not even a nice part of HK. I know some will say the whole thing is a sh##storm, but this is a particularly tour busish touristy crowded ugly part of that area.

Hmmm, lets take #603.

Down Payment $334,000
Mortgage Amount $1,336,000
Mortgage Payment $8,444

OR you could keep the 334k, invest it in A-grade munis and TIPs, and spend $2794 less per month than the mortgage to rent the same unit (or an identical one, at least.)

http://www.streeteasy.com/nyc/rental/481982-rental-247-w-46th-street-times-square-new-york

I rent in this building now. This is not HK, this is the theatre district. Tons of tourists, buses, etc. Oh, and to top it off, the building is run like amateur hour. The staff has no idea what they are doing. Before I moved in, I thought that I might buy here. But, 8th ave is horrible and the building is really poorly run.

Also, not sure why, but the long fireplace in the lobby has been out of operation for several months. Initially we were told it was going to be a month, but now it has been almost 3 and no mention of when it will come back.

are there any incentives renting in the platinum from the sponsor such as shorter leases, option to purchase etc.?

It makes no sense to buy into this building. Just look at the cashflow of some of the owners in this building will tell you this building is a slow train wreck waiting to happen. I'm surprised banks are even lending to this building given the number of rentals and people with negative equity.

Take #1105 for example: They bought the unit for a deeply discounted $800k in September and is now trying to rent for $3100 a month! Assuming they put down 20% downpayment, their monthly mortgage plus common charge is $4400! That means every month, the new owner of #1105 has negative cashflow of $1300!! #1105 is actually one of the better cashflow rental units in the building. Some of the others are much much worse.

Also look at the trend: #1704 closed at $1M back in November 09. The ink isn't even dry on the contract yet and the much better view #2504 is sold for $962,500 in January 10!! These two transaction says it all. If you wait, you can get a much better unit for a cheaper price.

The broker selling this building will tell you the sponsor only has a few units left and you must sign quickly. What she won't tell you is "a few" is actually more than 20% left!!!

buy now or be priced out forever

there is an article, search at therealdeal.net

Platinum condo in Times Square sells out
03/16/11
From left: 247 W. 46th Street, comedian Rosie O'Donnell, rapper Pras, Marketing Directors' Adrienne Albert After nearly four years on the market, the 220-unit Platinum cond...

Any current information on this building would be appreciated. I noticed the lot across the street that has housed art exbitis and a parking garage that is adjacent. Any word on what is, if anything, is planned for this corner?