One Jackson Square

Closings? Who is still gonna close at those contract prices? Seriously? This is exactly the type of product that has come down in price dramatically (way more than the 20% deposits). Plus they are only 50% sold. Really nice building, yes, but a potential disaster for buyers.

Are you in contract at One Jackson? If so, give a call or stop by the sales office. You'll hear that "everything is on track and we're not lowering prices." I think they hired the old Iraqi Information Minister.

Their website claims occupancy in summer 09 but that is highly doubtful. I've heard Oct earliest. The One Jackson Sq buyers will have the benefit of seeing what calamity transpires at Superior Ink, which is supposed to begin closing in the spring. I say "closing" but you know what I mean - the hopeful attempts at renegotiating, the walking away, the rescission notices, the default notices, the anguish, etc. Not a fun time for anyone involved, but makes no sense to close when you're down 40% from your contract price.

I am under contract and you're right: Sales people are saying summer or early fall. Regarding prices, they have not ben reduced but below-asking price offers will clearly be entertained. As for the likelihood of renegotiating deals -- time will tell. The building looks great but significantly less so at above-market prices.

threaten to walk and they will negotiate

Exactly.

Jasonkyle, do you know something specific about this developer/development or you just talking in general? I'm sure you've read lots of previous discussions about developers defying logic and refusing to modify contracts with ready and willing buyers.

Isn't life grand? Isn't everything grand? One Jackson Square says so. It must be! The building is beautiful, the park is beautiful, and you, the One Jackson buyer is beautiful too. Come now to the closing table, happy, beautiful buyers. Never mind that "market analysis" and those "comps." Pay no attention to those "bears" with their "numbers" and their "logic." Ugly people will say such awful things because they will never live in glorious One Jackson Square. Come, my beautiful buyers, to the closing table, all is well...all is well.

The prices are fine, the building is beautiful, who cares about comps, I am looking for a home not to flip in a few months.

And people with money don't give a shit either. Only poor people who can't afford in the first place will be the ones who over analyze the current market/comps.

People with money these days still have it precisely because they do give a hoot about overpaying for "cachet" without real substance. Prada_Addict sounds a little like Marie Antoinette--seems as if they're both going to have their heads handed to them.

substance? One Jackson Square is much nicer than whatever hovel you live in. Better than the vast majority of lux developments too.

I don't get the place. The modern design saps any Village charm that might seep to this fringe of GV from streets to the south. This is the edge of a good area and not in one, the intersection is heavily trafficked most hours of the day and it's on 8th Ave. which isn't exactly desireable. Paying top dollar for these units seems odd to me.

More specifically, there is, for example, a third floor one bedroom reportedly 1200sq/ft (no doubt it is actually less when you figure it out on your own) that is offered at $2.4MM. Are you kidding me? $2000/sqft to live on 8th Avenue practically on 14th Street? Who on earth wants that at this price?

I think the building is a wonderful display of quality design. However I could not imagine being so on display. The building should have been taller. I love the all glass look but being right on the park is just too much. When I visited the sales office they did say that all units would come with the same window treatments so the building would look cohesive. I would only purchase on a higher floor. Good luck to the future residents !!

Here's why it doesn't add up. You could by any 1-bedroom overlooking Washington Sq Park on a decent floor with a little balcony perhaps for $1.5MM and that is being crazy with the purchase price. Now spend $700,000 renovating it if you can possibly figure out how to spend so much on a one-bedroom reno. You get a $2.2MM apartment that is still $200K less than a one-bdrm in One Jcksn Sq not even counting the $100,000 or so in closing costs for the new condo at Jcksn Sq. The 2000/sqft for this building just doesn't add up in 2009--even for a longer time horizon. I don't see it making sense even with 5-10 year time horizon. Finishes will age (and that's a lot of what you are paying for) and this intersection just isn't ever going to get any better. If anything, a big building will go up on the west side of 8th Ave in place of all the old little ones and obscure light darken the square. Someone tell my why this is a good location to invest this much money in.

"You could by any 1-bedroom overlooking Washington Square Park on a decent floor with a little balcony perhaps for $1.5MM"

Not everyone wants to live in a dingy unattractive old building. The high rise buildings overlooking WSP are crummy, old and lack amenities. There are not that many chic new buildings in the village.....One Jackson Square fills the void.

The location is actually very nice and I don't think luxury real estate should be confined to specific blocks. The location is good.

Poor Prada has become delusional sitting in the basement of the One Jackson sales office all by herself and giving site tours to buyers who never come back. How long until the sponsor fires you, Prada? I know...it's the market, not you, but someone's gotta take the fall for no new contracts signed all year.

So can you name me one building on WSP that has many amenities and looks as nice as One Jackson? Uh..no you can't. Any curbside valet parking or courtyards one those worn and banal buildings surrounding the park? No.

luxury prices for 14th & 8th = barf

not to mention 2007 luxury prices = barf

luxury prices for 14th & 8th = barf

Don't worry sweetie, you can't afford it anyway.

is this satire? either way it's pretty funny

a litte too angry to be satire...i agree she's personally involved

Not quite as bad as "14th & 8th" with the entrance on Greenwich Ave and overlooking Jackson Square, but proximity to one of the area's nastier corners is definitely a consideration. Balducci's recent departure hasn't helped.

Prices were high even for the peak of the market and now simply laughable. It seems to me like the sponsor isn't truly interested in selling units right now, because they're not willing to consider realistic price cuts. They probably want to see how many buyers in contract actually close first. Less than 50% are in contract, mostly from 07 and early 08, and my guess is very few will actually close without concessions.

Interesting that we may have the sponsor's sale agent on the thread: "The prices are fine...who cares about comps....people with money don't give a shit...." and "there are not that many chic new buildings in the village.....One Jackson Square fills the void."

On the first point, silly and untrue. Asking prices are still peak 2007, nothing "fine" about that and after what just happened to Manhattan real estate, everyone "gives a shit." I hope this isn't part of her actual sales pitch but I wouldn't be shocked.

On the second point, there are plenty of new "chic" buildings in the village with units for sale. There is no "void." A few examples: Superior Ink, 383 West 12th, 397 West 12th and 166 Perry. Plus, One Jackson is borderline village/Chelsea, and there is plenty of new development supply in Chelsea.

my daughter loves the location. spitting distance from the apple store.

agree that prada has an agenda. buyer or sales agent? developer's wife?

"On the second point, there are plenty of new "chic" buildings in the village with units for sale. There is no "void." A few examples: Superior Ink, 383 West 12th, 397 West 12th and 166 Perry. Plus, One Jackson is borderline village/Chelsea, and there is plenty of new development supply in Chelsea. "

All of those buildings are "overpriced" (over your budget) in the same way as One Jackson Square.

So explain to me again what "void" One Jackson is filling? The only "void" is the buyer universe for this stuff at these prices.

"Don't worry sweetie, you can't afford it anyway."

Ha, ha. I always laugh at people trying to use the unaffordability of the very object being evaluated as a basis by which to proscribe or ridicule speech about that object's value. You don't have to be able to "afford" it to comment on its desirability or value.

BTW: Tell me, Prada, if money is no object, why haven't you bought the penthouse? (With no staff quarters and its pool overlooking 8th Ave.) I guess you can't afford it either? Come to think of it, I guess less than half the people the developer originally thought could afford the building actually can.

Prada is soooo 2007

'And people with money don't give a shit either. Only poor will be the ones who over analyze the current market/comps.'
Well, I hate to say it but, that's some pretty stupid stuff. People with money do give a shit. Hate to tell you, that's how they aquired it in the first place Getting it away from them...that's the hard part. The world is in the condition it's in because 'people who could not afford it' got easy money without significant personal analysis. To say this is to disclose that you are the one with money. So, all that being said, did you steal it or marry it because for sure you didn't earn it. I've been dealing with people with big money all my life, They care, big time, and they never care where the decimal place is. Now their idiot spouse...that's another story.

Let's play a game.
What bank do you think people will be buying these apartments from?

hey falco, i know i put out the developer's wife thing, but not to overgeneralize. in this family the financially illiterate one MAKES the money. i keep it safe.

You can argue the merits of this monstrosity on the fringe of GV all you want. It is out of place, and grossly overpriced. The market is saying that. I'm just echoing what your sales figures reflect. The building simply isn't more valuable than the market says it is--it is worth exactly what the market says it is worth, and right now the RE market says get ready to slash your prices at this building or rent the unsold units. No one is paying $2.4 for a 1-bdrm apartment anytime soon. The market has moved on, Prada. The rap you may have used in 2007 just sounds absurd in 2009. Do you hear yourself? It's like Marie Antoinette circa June 1789. Time to get real.

boys and girls, you forgot to mention the building sits over a subway line. That's why the site took so many years to develop. Hey, Prada, does it shake every 5 minutes?

Actually, come to think of it the building sits DIRECTLY over a subway line doesn't it? The A/C/E trains head southeast from 14th Street and 8th Ave toward the W4th St. stop at 6th Ave. That means it cuts directly beneath this building.

I would assume the western most part of the building on 8th Ave sits over the subway, but I don't think it hooks southeast so sharply that it would actually run under the length of the development.

To be fair, it's a reputable developer and if they spent literally years to deal with the engineering and construction challenge of the subway lines, I would guess they have done a professional job. In any event, the result should be obvious during a site visit.

Both Prada and the prices are somewhat hilarious at this point, but I don't think One Jackson is schlocky construction. I live in one of those now.

there is also an mta substation right around the corner, subway is somewhat annoying as it makes the turn going east. interesting how this prada seems so familiar with everyones finances.

You can argue the merits of this monstrosity on the fringe of GV all you want. It is out of place, and grossly overpriced.
________________

Out of place ? That building tremendously helped the street IMO, that corner looks much nicer.

Why are you people so bitter and jealous? Did the developer refuse your low-ball offers? You can't afford it.

One Jackson Square's prices are comparable to NEW *LUXURY* developments in the village. You enjoy living in your dinky vanilla apartment cells, good for you, but certain people aspire for finer things.

And I find it slightly amusing how some of you dismiss this under construction development as a failure since it has only sold half of its units. The sales figures are comparable to equal luxury developments ($2m+ starting price buildings) in the city. It will sell easily when it's ready for occupancy. The apartments are beautiful.

prada, would you be so kind as to be forthcoming about what your relationship with this project is.

And no the building will not shake. This is an advanced building, not your antiquated hovel.

^

Prada paid 9.5M for apt #8A.

I'll take that as a no. maybe you are the engineer???

Prada_Addict: "who cares about comps"
Prada_Addict: "One Jackson Square's prices are comparable to NEW *LUXURY* developments in the village"

Prada, we're neither bitter nor jealous: we're literally laughing AT you and your 2007 sales pitch. When you finally get that the joke's on you, it will be like the moment in Bladerunner when Deckard tells Rachel that she is a replicant. You might let a tear fall down your cheek too quickly for anyone's recant to erase it.

And, come on. If you really are the modern day incarnation of Eva Gabor, why didn't you buy the penthouse?

Prada could only afford 9.5M. To poor for the penthouse.

It will not sell easily. If at all.

Prada is VERY brokery (apologies to the good brokers out there). Either she works for Corcoran Sunshine or is a broker who bought in the building.

She tries in that brokery way to focus on beauty without price. Yes, to many, the apartments may be beautiful. But that doesn't mean they will sell for whatever Prada hopes. A Picasso has its price. It's not worth 2x the highest bid at auction.

One Jackson may struggle because it's an odd combination of sorts. It's a super high-end, amenity-heavy development. Yet it sits at the intersection of Chelsea and the Village near one of the least desirable corners, across from a park that is best known for the pigeon lady and several belligerent homeless guys. Sure, they're mostly out of sight for now, but that's probably the effort of the developer and who knows how long it lasts.

There aren't too many buyers looking for high-end luxury who want to live at that location. And at 2007 prices, I would venture to say there are none.

Prada, you just need to get real. One Jackson is not comparable and will not command the same pricing as the new developments in prime West Village. And, oh by the way, they're not selling either.

I'm sorry, but from the outside this looks as though it ought to be an office building in Tokyo, not a residence in the village. Just doesn't work for me, and not just in terms of price.

aboutready, I'm with you. Prada can bark and bray all she wants about what people with money do/think, but her rants make me wince as what she says (and how she says it) has the tone of a corner grocer who won the lottery. It is as if she is imagining how those of socio-economic groups above her own behave and think. I'm embarrassed for her. Sort of like those Real Housewives shows where you wonder how on earth people can possess so little self-awareness.

Regardless, no one I know who can afford One Jackson Square would live at this intersection in this particular building regardless of amenities. Add river views or views of a real park or upscale surroundings, and we can talk. But you just don't get value for your money here the moment you step outside your building. The market will tell in the end. And if it tells what we all suspect (your exception is noted, Prada), then I strongly suspect Prada will disappear from this forum. Incidentally, does she post anywhere else or only on this thread? I love reading her stuff (yeah, I'm a Real Housewives fan...I admit it).

I agree the corporate exterior will not appeal to many. Between the location and the design, the buyer universe is more limited vs the other struggling W. Village developments Prada hopes to reference as comps.

There are some smart and funny people on this thread. I also hope Prada sticks around. She is actually a pretty good sport so far.

Prada, to be fair, I think it's architecturally a beautiful building. It has one GLARING problem, however. At a certain time of day the sun reflects off it like Charles Laughton's monicle in Witness for the Presecution. At this time of day, I pity some of the folks in 2 Horatio. Are they guilty, too?

"I agree the corporate exterior will not appeal to many. Between the location and the design, the buyer universe is more limited vs the other struggling W. Village developments Prada hopes to reference as comps."

You are actually right. Most New Yorkers with a decent amount of capital are attracted to atrocities like this...and uptown:

http://curbed.com/archives/2008/07/28/thats_rather_hideous_when_the_upper_east_side_goes_bad.php?o=1#
http://curbed.com/archives/2008/07/28/thats_rather_hideous_when_the_upper_east_side_goes_bad.php?o=1#

(throw in a few cats roaming about)

One Jackson Square appeals to the more modern buyer with far superior tastes than the average NY'er which is why nobody you know, kylewest, would want to buy into the building. Your friends are of poor taste. Buildings like this and the other similar developments ( like the new ones in the far W. Village) are niche building for the more fabulous crowd and a lot of the buyers have been younger moneyed or European.

And about stepping outside and not having any redeeming quality? Who steps outside anyway? Sweetie, no - these Louboutin stilettos are not made for walking. That's where One Jackson's curbside driveway comes in handy. Within a minutes car ride, there are many great stores and wonderful restaurants. The location is good and is well in reach of fine establishments. Look at the Brompton on the UES...what the hell is in the immediate crappy location? Yet it's a fairly successful building, yes?

Anyway, within 9 months until completion the unts are 90% sold. They building and the apartments are beautiful and beauty is all that matters.

*they will be 90% sold I mean.

yes, as i understand derek zoolander will be moving in, as well as many other fabulous people who have somehow manged to make and retain tons of money despite paying 2-3x market value for everything they purchase.

Prada, you should have defended the area rather than claim nobody cares about "stepping outside." That statement is in the running for your most ludicrous. By that logic, the fabulous people should build fortresses out on Avenue D.

There is nothing wrong with the area.

Overheard:

254 W 54th Street -- July 13, 1979
Guy: Are Bianca and Halston inside tonight? Liz wrote that they were here last week. (Hands bouncer a twenty.)
Bouncer: I don't know, it's going to be pretty tough to get you in tonight. A lot of people want in. (Hand still outstretched.)
Hot "Nobody" to Friend: Do you think Steve's really going to pay us to stand outside all night tonight?

93 Greenwich Avenue -- June 19, 2009
Guy: Is there anything still available? I've heard they are beautiful.
Agent: Well, the developer is only entertaining full price offers, and you, um, well, can you really afford this lifestyle?
Woman Passing By: Can I feed the pigeons again, yet?

i think prada's posts define why anyone with any taste at all would not want to live there. can you imagine prada as your neighbor? and a bunch of other pradas? all congratulating themselves on being so fabulous and cutting edge living in their shiny ugly box?

Did Prada say curbside driveway? AKA Greenwich Ave? Do tell, Prada, the details of the driveway. I'd love to know what marketing spin can turn a city-owned street into a curbside delight. Or has the developer purchased the right lane of Greenwich Ave for the private use of One Jackson Square?

"Or has the developer purchased the right lane of Greenwich Ave for the private use of One Jackson Square?"

One Jackson Park will have curbside parking and curbside car delivery and that's all you need to know.

"all congratulating themselves on being so fabulous and cutting edge living in their shiny ugly box?"

Are you done yet? Jealous, much? When you're done with your blatant envy, I'd suggest you run along back to your dilapidated Yorkville box and go dust off your antiques, re-lay your floral wallpaper or play with your cats or something.

You have obviously lack taste and any sense of fashion, dear.

You have obviously lack intelligence. Among other things. Dear.

RE discussion doesn't get any better than this. Well done.

Prada fans should note she is now sharing her market intelligence and incisive wit on the Superior Ink thread. Enjoy...

So, what about 2 Horatio which is just across that park there? Very much a contrast in old vs. new, but the same area.

2 Horatio is the Bing and Bing building

I waant to know what Prada has against cats, clearly and uniformed and unjustified bias. As for one Jackson Square, you there are legitmate arguments to be had the interior and exterior design qualilty but you can not debate the evolution of the location--from the hot spot for the Thunderbird elite to the place to be among the crack crowd.

I did a walk thru and the building definitely shakes, thks to the subway rumbling every 5 minutes. When I asked them about it, they brushed it off and said "we had engineers put in springs to offset the subway and it shouldn't be an issue." Um, if it's already in place, why do I still feel it shaking?! I walked from the 5th floor and descended down to the ground floor, the shaking and noise got progressively worse. Imagine trying to sleep at night??! No thanks. Maybe the penthouse won't be able to feel it, but then again, I don't have $9.5M to blow. Or if I was a cokehead faux-cialite who goes out every night and doesn't require any sleep, this place would be for me.

the pros; the finishes are top notch in the bathroom, kitchen and floors, view of the park, great neighborhood, plenty of sunlight, and close to subways (haha). They are willing to negotiate on certain units, up to 30% off.

Cons are the small bedrooms (the 2nd br is pathetic, size of a closet), only 48% sold thus financing will be difficult to come by and of course, the subway.

"I would assume the western most part of the building on 8th Ave sits over the subway, but I don't think it hooks southeast so sharply that it would actually run under the length of the development."

stop is 8th avenue and 14th st. next stop is 6TH AVENUE and 4th St (but the Northern end is just below 8th St in reality, and if you enter from the 4th st side you have to walk down a fairly long tunnel to get to the back end of the train). So it pretty much exactly hooks Southeast really sharply right after 14th st.

http://images.nycsubway.org/maps/spui_nyc_subway_map_4896px.png

"There is nothing wrong with the area."

Aside from the transsexual prostitutes half a block away?

Even Balducci's couldn't make it in this nabe. You've got got 2 clubs right around the corner.

lookingfor
about 8 hours ago
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I did a walk thru and the building definitely shakes, thks to the subway rumbling every 5 minutes. When I asked them about it, they brushed it off and said "we had engineers put in springs to offset the subway and it shouldn't be an issue."

Prada is a spoof and I'm not necessarily a fan of this building though as Prada pointed out, I couldn't afford it. HOWEVER, I don't believe what is written above is true about the building shaking.

Goodman, do you know the building doesn't shake or just guessing? Lookingfor claims to have firsthand experience. Do you?

Prada has turned into a spoof but if you read this thread from the beginning, she started off more factual and angry. After being accused of having a direct connection to the development (i.e. the sales agent) she became more outrageous, potentially to distract us. She got even more ridiculous on the Superior Ink thread, but I don't get the sense she's personally connected to that building.

OneJax, whatever happened to you?

Really, how so? I think he/she is personally connected to SOME building in the neighborhood, and is doing what he/she can do to promote those properties generally, and sometimes specifically. Or is just a downtown broker who sees really bad shit coming down.

Over on Superior Ink she was just blathering about celebs and fabulousness, not so much defending the development like she was here

if prada is the agent, she has one hell of a sales pitch, i wouldn't buy shiznit from her, then of course i'm too poor and too sub-fabulous to live on 8th avenue

"I did a walk thru and the building definitely shakes, thks to the subway rumbling every 5 minutes. "

I highly doubt you've ever step foot in the building. I've been into the building twice and I never felt anything shaking.

And I seriously don't care if any one of you think I'm connected to One Jackson Square...I'm sooo over it.

i have lived on greenwich ave (granted not this fabulously close to 8th ave) and the train does make a high pitched shrill as it grinds the 80 degree turn around the corner heading east under greenwich.

that's because you already have the new development dt's.

*rolls eyes*

upward, into the cranium, as reality sets in.

I respectfully disagree with the respected members of this forum regarding how this building looks.
I think it looks pretty good in this picture (found via curbed flickr pool)
http://www.flickr.com/photos/iconeon/3648019315/in/pool-18964236@N00

BTW, Gwyneth lives in the Riverlofts, not 145 Hudson - maybe that was in another Prada Princess thread.

It would look nice on lex ave, less so in GV
Also look at the top, which isnt well seen in this photo, there is a huge red brick core, when looking at it in person it does not fit with the rest of the bldg, but maybe it will be covered.

30years, I've got a better subway map link:
http://www.onnyturf.com/subway/

You can see that 80 degree bend really well there.

I can believe the screeching sound but I must admit I can only vaguely recall one building I have ever been in where I felt the subway rumbling underneath so I find it hard to believe that this building would not have good isolation engineered and built in. BTW, any newbies here, I am not a newbie.

You can bet that when the rich folk move in they will make sure that pigeon lady and trannies are cleared from their vicinity. It won't be the first time.
Someone I know had an FDNY squad sent over by scoppetta himself when the PH owner in their building complained about to the boss about their items in the stairwell.

divvie, walk across 14th and look down upon its splendor. then report back what you think.

This building is sexy, I saw it today!!!

The building makes a decent first impression. But the more you look, the glory fades. It is essentially an arguably interesting facade glommed onto a red brick box. The creative design of the facade facing Greenwich just dies as you round the corner to any other side. It's like a movie set.

as long as it is sexy i am willing to pay $2,426/sq ft.

Looks like the penthouse is off the market. Prada, did you sell it?

AR, I checked it out yesterday (albeit from a cab) and although I still think the overall design is very good and certainly not comparable to a commercial store front or whatever the negative comparison above was, the execution leaves a lot to be desired.

Before seeing it in person, I thought that they were going to use curved glass and facade elements but the myriad flat panels do not flow together well and it ends up looking like building made out of a kit instead of a single cohesive whole. I know curved glass is very expensive but the heavy handed frames prevent the sum of its parts from achieving the desired effect in the way that the IAC building was able to by way of its hidden frame work. Also floorplates are incredibly thin - a trend I notived first with 475 Greenwhich. Must save a lot on concrete costs but is bad for noise transmission between floors.

BTW, I would argue that the jarring effect is most pronounced with the juxtaposition against the existing two story commercial building to the north. Now that is one ugly stip mall of a building and does more to cheapen the area than one jax. In fact one jax adds a pleasant contrast to the blandish brick apartment buildings surrounding the park.

Prada mentioned a "curb side driveway" above. Has anyone seen this? It looks to me like the sidewalk just extends from the building to Greenwich. I didn't see an indentation or anything looking like a curbside pullup let alone "driveway."

As the kids said in Clueless, this building is a Monet -- from far away (like 7th Avenue) it looks intriguing, but when you get close, it isn't very good.

The broken up panes of glass on the front, rather than "undulating", feel like they are stuttering to me.

The materials on the back of the building are unforgivable simply because they are highlighted by the emptiness of the commercial buildings on that side.

according to the website, it does have curbside valet parking.

divvie, i didn't say it looked like a commercial store front, i said it looked like it belonged in the business district in tokyo. tokyo's business districts have some interesting architecture, but i wouldn't choose them as a place to live on the Chelsea/West Village border. it doesn't work, it presents horribly in this location, and looks a great deal worse than the marketing renderings (the primary offense).

this is one expensive building, expectations should be high.

Colonel: Thanks for asking about me. I remain under contract but will need a concession to close.

wait, so Prada_Addict is OneJax now?

No, I think onejax understands the concept of value, while prada feels that you can't put a price on fabulosity.

Penthouse back on the active listings. Oops.

Looks like it's getting close. Walked by the other night and the lobby looked finished, with a security guard sitting outside. Any closing notices yet?

Good luck closing when your appraisal comes in down %30 from where you went to contract.