Orion - 350 West 42nd St - Condo

[WiredManhattan]

Bovis has started construction on something at 42nd Street and 9th Avenue next to the old walk-up buildings on the southeast corner. What is being built?

[londonlawyer]

Bovis has started construction on something at 42nd Street and 9th Avenue next to the old walk-up buildings on the southeast corner. What is being built?

I've noticed that a few times recently. It's a shame that the piece of shit, eye-sore Post Office to the east of the site and the shit buildings to the west were not demolished also.

[kliq6]

The building on 9th and 42nd is a new 56 story mixed-use building

[londonlawyer]

The building on 9th and 42nd is a new 56 story mixed-use building

Interesting. From where did you get that info?

[Stern]

The building on 9th and 42nd is a new 56 story mixed-use building

Nice! Get me a rendering and Ill move this to Skyscrapers and Architecture.

[londonlawyer]

The building on 9th and 42nd is a new 56 story mixed-use building

Nice! Get me a rendering and Ill move this to Skyscrapers and Architecture.

Yeah -- I meant to ask if you have a rendering.

NEW YORK IS THE BOMB!

[Stern]

Well skyscrapers just by account of their size constitute as a greater form of architecture. And no pun intended.

[Stern]

Kliq6 do you have any more information? Architect? Developer? Address?

[kliq6]

Believe devloper is a firm called INTELL that are also doing a small apartment building on East 72 nd that Bovis is building as well.

Had a friend that use to work at Bovis so he remembers right before he left this one, believe it may be about 60 stories. Ill see what i can get

[TLOZ Link5]

Isn't this the "Ninth Avenue Tower" that's been discussed in earlier threads?

[Stern]

Isn't this the "Ninth Avenue Tower" that's been discussed in earlier threads?

No that's at 34th Street.

[Derek2k3]

The address is 350 West 42nd Street.
It will be a 58 story ~550 unit, +600,000 ft residential tower designed by Cetra/Ruddy.

[Gulcrapek]

That's the same firm doing 85 Adams St. in DUMBO. That design is postmodern, this one may be too.

[Stern]

The address is 350 West 42nd Street.
It will be a 58 story ~550 unit, +600,000 ft residential tower designed by Cetra/Ruddy.

According to the DOB it will have 529 units and 58 storeys.

[nike]

Any renderings

[krulltime]

According to the DOB it will have 529 units and 58 storeys.

:? What is DOB stands for anyway? And where is everyone getting this high-rise infromation from? What is the website or the rendering at?

[Gulcrapek]

Department of Buildings.

Building information system:

http://webapps.nyc.gov:8082/bisweb/bispi00.jsp?static=true&s=9z8m_-EFbz1yUgucJKGlGhKU

[krulltime]

Construction site:

http://www.pbase.com/image/31836522.jpg
http://www.pbase.com/image/31836526.jpg

[BrooklynRider]

58 Storeys? Wow, that is a tall building on a relatively small footprint. Does that exceed the heights of the McGraw HIll Building or Ivey Tower?

[londonlawyer]

I believe that there is a rendering of this building in the Sunday, Sept. 12, 2004 edition of the NY Times Magazine in the real estate section. It's described as being a 60 story tower. It's blue/grey glass and looks nice (but not spectacular). Can anyone scan the photo?

[Stern]

The Orion:

http://image.pbase.com/u44/sternyc/medium/34431747.P1010685.jpg

Similar to the 500 Park Avenue Tower only with no Pepsi Building to relate to.

[NewYorkYankee]

I cant see it :(

[Gulcrapek]

Copy and paste url.

That's a sucky design. Looks like something from the mid eighties. Of course the quality of the photo might be misleading, dunno.

[Derek2k3]

From Sota Glazing Inc:
http://www.sotawall.com/site_pages/USA_sites.html

"350 West 42nd Street

New York City, New York


Images will be updated soon.

Partner: W&W Glass, LLC.


architect: Cetra/Ruddy, Inc.
synopsis: 62 storey building with Hybrid-Wall® System, Approx. 5,000 Frames"


http://www.sotawall.com/proj_detail/USA_350W_01_lg.jpg

[Gulcrapek]

That's pretty bad.

[londonlawyer]

I hope that they refurbish the facade of the post office next to this site. Developers often refurbish small, rundown buildings that are next to their sites. I'm keeping my fingers crossed.

[Stern]

That's pretty bad.

It is. But atleast its all glass.

[LoveNY]

That is a really cool building!!! It is sure tall!! :D

[BrooklynRider]

The rendering makes it look a lot bulkier than the lot-size would imply. It is a very narrow and small for print for 62 storeys.

[Derek2k3]

Probably because it's showing it from the through-block side. If the glass is done as rendered I think it will be okay. Def. better than all the other residential buildings on the street.

There's already a crane up at the site.
http://live7.truelook.com/timages/live7/strends/NorthView/imgbuf/buf_350/1100595834816606.jpg

[tmg]

Does it have a slanted roof?

[Stern]

Does it have a slanted roof?

No.

[BrooklynRider]

Walked by yesterday. This is out of the ground. Second floor is complete. Providing we stay away from freezing temps, this is likely to rise quickly as it doesn't have huge floor plates.

[londonlawyer]

Thanks for the update, amigo.

[NewYorkYankee]

This will be a new point on the skyline! :D

[TLOZ Link5]

On the West Side, probably. It's "only" about 600 feet high.

[Derek2k3]

This will be the tallest building this far west of Eighth Avenue. Farther down the street construction has begun on:

625 West 42nd Street
621-627 West 42nd Street
46 stories 478 feet
Costas Kondylis & Partners
518,416 Sq. Ft. 478 units
Under Construction 2004-2006

519 West 42nd Street
519/517-521 West 42nd Street
19 stories 216 feet
H. Thomas O'Hara Architects
Dev-Senior Living Options Inc.
Residential Rental
94,652 72 units
Under Construction 2004-Late 2005/2006

I hope Silverstein gets to build his River Place II which is 53 stories and ~550 feet. Therefore the 664 foot hotel could maybe rise over the convention center. There are 5 other sites slated for high-rises on West 42nd also.

On a sidenote I know of 154 buildings U/C over 120 feet and since 1999 about 200 have been built in NYC.

[Gulcrapek]

The Orion, 2 weeks ago

http://skyscraperpage.com/gallery/data/532/130orionwhizs.jpg

http://skyscraperpage.com/gallery/data/532/130orions.jpg

[londonlawyer]

It has a website (www.orion42.com).

[Edward]

Construction of Orion (http://www.wirednewyork.com/real_estate/orion/). 9 January 2005.

http://www.wirednewyork.com/real_estate/orion/orion.jpg (http://www.wirednewyork.com/real_estate/orion/)

[billyblancoNYC]

Damn that ugly Post Office building next door. If the gov't owns it, they should sell it for development and keep the first 4 floors of the new development for themselves.

[Stern]

Damn that ugly Post Office building next door. If the gov't owns it, they should sell it for development and keep the first 4 floors of the new development for themselves.

Maybe its air-rights were purchased for this development.

[Gulcrapek]

A new rendering on Corcoran:

http://www.corcoran.com/property/nd/photo/Orion.jpg

[Stern]

The glass makes this building, not a bad one.

[BrooklynRider]

The 42nd Street facade looks pretty good.

[Gulcrapek]

New render of 255 Hudson

http://www.metropolitanhousing.com/images/hudsonfinalsmall.jpg

[inparticular]

well, i work for an architecture firm next door in the old mcgraw hill building. from my window i watch it rise every day - it's almost a floor a day now
they're up to eight(ish) floors
it will not only wreck our view, it won't be a good alternative view
additionally, to whomever said "at least it's all glass"
it's going to throw light and heat at us in funny ways that are not anticipated to be pleasant...
why doesn't cetra/ruddy have a functioning website?

[Gulcrapek]

^A bunch of firms don't...


Why did I post a render of 255 Hudson here?

[ichibans]

Does anyone have any updates regarding this building?

thanks,

[Gulcrapek]

Ya, check the Manhattan residential thread. It's like 19 floors now.

[BrooklynRider]

The once lone McGraw HIll Building is being boxed in on all sides. It will hardly register on the skyline after this one goes up and NYTT is completed. Once the western sentinel to Times Square - it's day has finally come.

[Auburnblu]

HI Does anyone know any pricing for the Orion? Pre-sales opened this morning. Someone I know got a quote of upper 500's for a 1 BR from between 610 sq ft to 880 sq. ft.

Does that sound right for that area?

[Engine9]

Sales opened at least 1 week ago, if not more. Must be low floor/no view. Im hearing mid 500s and 600s for lower floors and 800s for higher floors. Higher floors have w/d hookups and different elevator banks along with nicer finishes. Best of luck..

[detigiwa]

Hi:

I am new to the Forum. Sale center opened on March 13th, I got in on the 15th.
Prices are on 4th amendment now. Studios 530 sq ft start at 424K. I picked
a 2 bedroom, 2 bath, 1349 sq ft on 49th floor for 1.3 M. Building interiors are really nice. They are working off a waiting list and not accepting brokers yet. As of today, corcoran has posted some listings. Building first phase ready in June 2006, rest Oct 2007.

[jsgardinier]

Just joined the forum while doing some due diligence on the orion. I am scheduled for april 9th. Does anyone know what they are requiring as an upfront payment to reserve a unit?

[Stern]

Another thread that must rank high on google search.

[ichibans]

You would have to pay 10% down within 5 business days, then another 10% after 6 monthes. And 30 day notice before they decide to close

[Derek2k3]

From a NYT article:
Amid the Low-Rises, Necks Are Craning

"The 550 condos in the Orion, which is being built at 350 West 42nd Street, are to go on sale March 1. Prices in the building, which is being marketed by the Corcoran Group, range from $600,000 for a 525-square-foot studio to $1.7 million for a 1,450-square-foot three-bedroom, according to Raizy Haas, vice president for development at the Intell Management and Investment Company, the developer. Occupancy is expected in the spring of 2006."

[eehassell]

got an east facing unit looking over the postoffice but facing the Mcgraw hill building. (that older glass buiding) Its a 520 alcove studio for 479K. It was 10% downpayment within 5 days of receiving the contract and another 10% in 6 months. first half of the building is done in a year from now and the other half is done in 2 years from now. My concern is how much i can expect to gain in appreciation as the market slows down in 1 to 2 years, with interest rates slowly rising. Any thoughts??? Kind of concerned whether this will be a good investment. I am thinking whether there will be anyone who is willing to pay 600-700K for a alcove studio in a luxury building in a prime location in 2-3 years from now. ???

let me know if you have any thoughts on this.

btw. 200 units out of 500 have already been sold in 2 weeks. only 2 studio's remaining as of today. there were 5 this morning when we were at the office but 3 disappeared today. :) free warm breakfast, healthclub, spa, roofdecks, etc.

Let me know abt the appreciation potential guys.

emile

[Derek2k3]

Great, now you can invite the whole forum over!

Here are some articles that might answer some of your concerns:

http://www.nydailynews.com/business/story/295252p-252772c.html

http://nypost.com/news/regionalnews/43579.htm

[eehassell]

thanks for the articles. i knew most of the data already, although it was interesting to read that the loft sector breaks records in everything.
Well, if anyone has any more thoughts on the appreciation potential in this building for a alcove studio, let me know.

some more data on the building: they just updated the website last night. I forgot the link but will post it online later.

cheers
emile

[angnyc]

Anyone know which exposure has a best view?
Many Thanks,

[investor350]

eehassell and others- I am also an investor thinking about purchasing a unit at the Orion. What floor did you purchase on? Did your price of $472,000. for a 520 sq ft alcove studio include the NYC and NYS sales tax and your portion of funding a superintendents apt? Do you believe that $.83 a sq ft for common area maintenance will be sufficient to fund the operation of the building and also provide a daily breakfast for all the occupants of the Orion? What effect do you think Holly House, the welfare hotel directly in front of the Orion will have on this new property?

[angnyc]

Really? Do you mean they are accoss the steet of Orion building?


eehassell and others- I am also an investor thinking about purchasing a unit at the Orion. What floor did you purchase on? Did your price of $472,000. for a 520 sq ft alcove studio include the NYC and NYS sales tax and your portion of funding a superintendents apt? Do you believe that $.83 a sq ft for common area maintenance will be sufficient to fund the operation of the building and also provide a daily breakfast for all the occupants of the Orion? What effect do you think Holly House, the welfare hotel directly in front of the Orion will have on this new property?

[BrooklynRider]

Anyone know which exposure has a best view?
Many Thanks,

South & West would appear to have the best views.

What effect do you think Holly House, the welfare hotel directly in front of the Orion will have on this new property?

Holly House is not a "welfare hotel". It is subsidized low-income housing. It is a residence, just like the Orion will be. Low income individuals get up, go to work and come home. You'll find that that building is well maintained.

The white brick building directly west of the Orion is a drug addict, prostitute hotel and has drug addicts and drunks on its steps in the entry. That corner attracts a run down lot of people, due to the day treatment center on Ninth Ave under the Bus Terminal viaduct. They are pretty harmless, but could get uptight preppies all knotted up.

[investor350]

angnyc- do you still feel that the Orion is a good investment after reading what BrooklynRider has said in regards to the immediate neighbors to this new luxury building?

[investor350]

angnyc- look at www.projectrenewal.org/housing.htmel (http://www.projectrenewal.org/housing.htmel)

[angnyc]

There is some credence to it.

angnyc- look at www.projectrenewal.org/housing.htmel (http://www.projectrenewal.org/housing.htmel)

[ASchwarz]

Holland House is well managed. It will be a good neighbor for Orion residents. The nearby SRO is under new ownership, and is no longer a nuisance. The owner is converting the building to a tourist-class hotel.

Neither building should influence your decision to purchase at the Orion. I would buy into the building if I had the money. You will make an enormous profit over time, as the West Side is redeveloped.

[angnyc]

Do you think too much sun on the summer time?

In their website, they are promoting the north-east facing the time-square.


[QUOTE=BrooklynRider]South & West would appear to have the best views.

[angnyc]

Which exposure did you get?
Do you have typical floor plan on 49th floor?



Hi:

I am new to the Forum. Sale center opened on March 13th, I got in on the 15th.
Prices are on 4th amendment now. Studios 530 sq ft start at 424K. I picked
a 2 bedroom, 2 bath, 1349 sq ft on 49th floor for 1.3 M. Building interiors are really nice. They are working off a waiting list and not accepting brokers yet. As of today, corcoran has posted some listings. Building first phase ready in June 2006, rest Oct 2007.

[Derek2k3]

On the upper floors any direction would be great.

http://www.pbase.com/archit_kderek2k3/image/41652319.jpg

[Eugenius]

Another thread that must rank high on google search.
You're right. Searching for "The Orion Condominiums New York" on google will bring up wirednewyork at the top.

[detigiwa]

Hello everyone.

The website is orion42.com . They have updated with panoramic views. I bought the " G " line ( 49G ) facing South and East ( corner apt ). All views are really nice. I paid $ 1.33 M and signed the contract already. As of Friday, they were at the 5th amendment and my unit is listing now for $ 1.43 M. This does not mean anything but it is a plus.

The area is going to pickup incredibly. Please read the NYT Sunday Real Estate section. The Orion was favorably mentioned.

I have all floor plans, etc and can give info to prospective buyers.

[angnyc]

Hi,
Thank for the information. I am sure it will worth more later.
Do you know which line is face the (timeSqure)Notrh east corner? It is less expensive than the south east? I am interested on one and two bedrooms as well. Got the appointment later this month.

Hello everyone.

The website is orion42.com . They have updated with panoramic views. I bought the " G " line ( 49G ) facing South and East ( corner apt ). All views are really nice. I paid $ 1.33 M and signed the contract already. As of Friday, they were at the 5th amendment and my unit is listing now for $ 1.43 M. This does not mean anything but it is a plus.

The area is going to pickup incredibly. Please read the NYT Sunday Real Estate section. The Orion was favorably mentioned.

I have all floor plans, etc and can give info to prospective buyers.

[jsgardinier]

Hello everyone.

The website is orion42.com . They have updated with panoramic views. I bought the " G " line ( 49G ) facing South and East ( corner apt ). All views are really nice. I paid $ 1.33 M and signed the contract already. As of Friday, they were at the 5th amendment and my unit is listing now for $ 1.43 M. This does not mean anything but it is a plus.

The area is going to pickup incredibly. Please read the NYT Sunday Real Estate section. The Orion was favorably mentioned.

I have all floor plans, etc and can give info to prospective buyers.

My appointment is on the 9th - i hope the prices don't rise too much before then! Hoping to get a high floor 2br....

Would love to get any additional info you are willing to provide so that I can go into my meeting more informed. My personal email address is: jsgardinier1275@yahoo.com - any info is appreciated!

Any additional info

[ichibans]

South & West would appear to have the best views.



Holly House is not a "welfare hotel". It is subsidized low-income housing. It is a residence, just like the Orion will be. Low income individuals get up, go to work and come home. You'll find that that building is well maintained.

The white brick building directly west of the Orion is a drug addict, prostitute hotel and has drug addicts and drunks on its steps in the entry. That corner attracts a run down lot of people, due to the day treatment center on Ninth Ave under the Bus Terminal viaduct. They are pretty harmless, but could get uptight preppies all knotted up.

Is that building on top of Dunkin Donuts you are refereing to?

[ichibans]

Do you think too much sun on the summer time?

In their website, they are promoting the north-east facing the time-square.


[QUOTE=BrooklynRider]South & West would appear to have the best views.

If you don't like the sun, then you should get a northern view. on the lower floors you will be blocked by other buildings on 42nd, also the sun shines from the south of NYC.

I Have the UNIT A which is the South & West view (should be a lot of sun :) )

[detigiwa]

Hi guys:

My wife was there again today with a friend of hers looking to get a unit. They are still on the 5th amendment. However, some 2 bedrooms have gone up in value dramatically. Unit 44D facing North and East is 1207 sq ft and is listed at
$ 1.39 M , and has appreciated over $ 280,000.- since the initial offering. On the initial offering, South and East exposures were more expensive but North and East exposures on higher floors ( 30 and above ) have appreciated quite a bit.

South will get morning sun, North in the afternoon.

One bedroom 615 sq ft 11 floor west exposure $ 585 K, one bedroom 667 sq ft, 14 th floor, North Exposure $ 577 K as of today noon. Approx 200 contracts have been signed.

[stn104]

detigiwa or anyone else that might know pricing plans for 2br's. do you have information for other 2br's in Orion, price, sq ft, and floor? how many apartment choices did you have when you went to the appt? I have the appt next wk and wanted to find out any relevant info in advance so i can compare data when i'm there. Will let you know how appt goes. Thanks a bunch. Any relevant email, please email to stn104@yahoo.com

[detigiwa]

Sorry but I will try to answer all questions at the same time.

The F line faces North and East. They have 1 bedroom, 690 sq ft. They are around $ 610 K on the lower floors.

2 bedrooms start at 957 sq feet around $ 920 K and go all the way to $ 1.5 M presently.

When one goes to the meeting, they will tell you that they have a list and try not to show it to you. Ask politely to see the list and they will show it to you. They usually release approx 15 units at a time and once they are gone, they release more. Your choices are limited. Say, you may have 2 1 bedroom units, 2 studios and 3 2 bedroom units available and not exactly the exposures you are looking for. My suggestion is put your $ 100 down and take the one you really like. You have about 1 week afterwards to decide whether you want it or not.
If you sit and ask too many questions, by the time you say OK, let' s go for it, someone else may have taken it. It happened to a friend of mine yesterday !!

[detigiwa]

Building is in 6th price amendment as of Saturday April 09. It is my understanding that contract went out for an additional 35 units today.

[Edward]

Construction of Orion (http://www.wirednewyork.com/real_estate/orion/). 9 April 2005.

http://www.wirednewyork.com/real_estate/orion/orion_42nd.jpg (http://www.wirednewyork.com/real_estate/orion/)

[macreator]

I find the "Zebra" building to be quite ugly.

If you're going to use ugly colors, spare the public by only using one...not two.

[macreator]

Great shot by the way. I love looking down across Manhattan streets.

It's quite awe inspiring just to look at how massive and diverse the cityscape is.

[lichingwannchu]

Building is in 6th price amendment as of Saturday April 09. It is my understanding that contract went out for an additional 35 units today.

Do you mind sharing the #bedroom, square footage, direction and price ranges for each line? Thanks very much!

[detigiwa]

Hi Liching:

I just replied to your message a few minutes ago. Prices change constantly and when you go to the meeting, be prepared to jump onto the unit that is available, that you like out of the choices they present to you. Not all plans will be available when you go. I have them in a 300 page book format so it is very hard to share info online.

[stn104]

Just got back from Orion appt. I was very impressed with the potential of the building. I bought 53C, 2BR's, 1070 sq ft, with northern exposure for $1.2mil. The area of Orion is congested, but seems to be very popular/happening. It can only get better. I think appreciation value will be tremendous, especially in 1-2 yrs when the building is completed. Also, the building is one of its kind in Manhattan with 3 floors of amenities(floors 29-31). Floors above 32, have their own washer/dryer hook up, and separate elevator bank. Kitchens, bathrooms, and finishes are really great. They had quite a few other 2Br's, 1Br's and studios available. Also common charges weren't too expensive considering residents get free breakfast each morning :)

[detigiwa]

Good purchase !!!

[macreator]

Congratulations on your purchase! I think you made a great choice. I agree, the building's ammenities seem to be fabulous with what looks to be a great gym with a view to die for as well as a sundeck right outside, a rec area with a pool table and as you mentioned the free breakfast. Looked more like a hotel in ammenities than an apartment house :) .

I'm sure your purchase will appreciate greatly as the area further develops into a great fast paced residential area with great cultural assets nearby. Real estate in Manhattan in almost any section right now is a great investment.

[investor350]

How can a condo with so many units predict and then suppply "free breakkfast" daily to accommodate all that are residing there? What type of an a runaway maintenance fees will there be? What type of buyer would believe such hoey?

[jsgardinier]

Had my appt on Saturday - was very impressed. We bought 15G - 2BR/2BA, southeast exposure, 1071 sf for $995k. Was torn between 1BR on 36-38 on SW corner ($897k/885sf), but opted for the 2BR because the appreciation potential appears greater. Many of the units above the 29th floor are currently selling for over $1k per sf - and most below 29 are selling at or below that price point.

The main differences between apts below 29 and above 29 (besides the view) are that the higher floors have w/d hookup, bosch appliances (lower floors have kitchenaid), and a double sink in the master bath. Virtually everyting else is the same. My estimate: for the same apartment, the diff in appliances and finishes (excluding the w/d hookup) would probably total no more than $35-40k versus the $100-400k difference in purchase price.

Common charges are $0.83/sf for every apartment. I was very impressed with teh level of amenities for this price as I looked at another building that charged the same rate and offered a 2nd floor residents lounge and an "exercise room" - hardly the 30th floor healthclub and lounge offered at the Orion.

[ASchwarz]

How can a condo with so many units predict and then suppply "free breakkfast" daily to accommodate all that are residing there? What type of an a runaway maintenance fees will there be? What type of buyer would believe such hoey?

Free breakfast costs nothing. Most people don't even eat breakfast. People are buying into the Orion because of the fantastic upside, not because of free coffee and eggs.

[detigiwa]

I think your choice is very good because you will have good views and 1070 Sq Ft at $ 985 K is an incredible price. It seems that the higher floors (above 40) are at approx $1100 - $1160 per square foot. Also, you will be able to close within a year and experience the Building first hand.

[ichibans]

Free breakfast costs nothing. Most people don't even eat breakfast. People are buying into the Orion because of the fantastic upside, not because of free coffee and eggs.

I agree, I (1 bd rm owner @ orion) I dont see myself going there tio get breakfast everyday. Think about it you are not going to get the menyu from Sarabeaths. either way, If you can afford Orion you can afford Breakfast. :)

also they can pull the breakfast program anytime.

[stn104]

Breakfast in itself is not the reason anyone would buy a place in Orion. I feel that breakfast is among the many "icings on the cake" if you will, at the Orion. The building just exudes with such innovative and modern thinking, which is a wonderful thing.

[ichibans]

Does anyone know who will occupy the Retail space at the Orion?

[investor350]

salvation army:p

[jaylasoul14]

My name is Joseph Barretta and I am a real estate agent for City Connections realty. One of my clients just cancelled a April 21 appointment we had to see the Orion. Since I made this appointment months ago, I would like to keep it. I know units are going fast and the building is booked for weeks; so if anyone is interested in seeing this property, please contact me at 718-208-7011. Please respond only if you are very serious, I also have info on some other upcoming new developments. Look forward to speaking with you, this site is great!

[sam9846]

We currently have two Orion Condo Contracts available. If anyone who is interested, please email sam9846@yahoo.com asap. Both unit are single bedroom with NE view in 20ish floors. Each units are approx. mid 600K.

We can only hold the contract for another 3 days.

[angnyc]

What unit and sq.ft?



We currently have two Orion Condo Contracts available. If anyone who is interested, please email sam9846@yahoo.com asap. Both unit are single bedroom with NE view in 20ish floors. Each units are approx. mid 600K.

We can only hold the contract for another 3 days.

[ichibans]

Here is a listing from Corcoran

ORION - STELLAR CONDOMINIUM LIVING. Soaring 60 stories in the heart of Midtown's Theater District, ORION is a magnificent tower sheathed in a glass-curtain wall design by award-winning architects Cetra/Ruddy. Services and amenities abound, including full-time doorman, on-site garage, award-winning concierge services by Abigail Michaels, and an amazing three-story amenity suite including fitness center by La Palestra, lap pool, whirlpool, club and screening room, business center, residents' cafe, multiple sundecks and more! Inside this one-bedroom home you will find floor-to-ceiling windows, custom designer kitchens by Valcucine, and your choice of finishes and flooring. One-bedrooms are currently priced from $598,000 to over $900,000. Call for an appointment now!

I remember in the pre-sale, the sales agent told me that this project does not allow custom alterations by them.

"custom designer kitchens by Valcucine, and your choice of finishes and flooring"

does anyone know what is going on?

[jsgardinier]

Here is a listing from Corcoran

ORION - STELLAR CONDOMINIUM LIVING. Soaring 60 stories in the heart of Midtown's Theater District, ORION is a magnificent tower sheathed in a glass-curtain wall design by award-winning architects Cetra/Ruddy. Services and amenities abound, including full-time doorman, on-site garage, award-winning concierge services by Abigail Michaels, and an amazing three-story amenity suite including fitness center by La Palestra, lap pool, whirlpool, club and screening room, business center, residents' cafe, multiple sundecks and more! Inside this one-bedroom home you will find floor-to-ceiling windows, custom designer kitchens by Valcucine, and your choice of finishes and flooring. One-bedrooms are currently priced from $598,000 to over $900,000. Call for an appointment now!

I remember in the pre-sale, the sales agent told me that this project does not allow custom alterations by them.

"custom designer kitchens by Valcucine, and your choice of finishes and flooring"

does anyone know what is going on?

There are 3 different finish combinations included in the building - every 3 floors, they switch - so the "choice" ends up being made for you by which floor your unit is on...

Also, as you read through the offering plan, custom alterations by the Sponsor is allowed with their approval - I asked my lawyer about this as i got the same line from the sales agent about no changes - he said that they are likely not entertaining custom requests at this time because they are so busy selling units, but to call them in 6 months and check on it. He also indicated that in his experience, it is almost always cheaper to do alterations yourself versus having the building do them.....that is what i plan to do....

hope this helps clarify for you....which unit are you looking at?

[jsgardinier]

Free breakfast costs nothing. Most people don't even eat breakfast. People are buying into the Orion because of the fantastic upside, not because of free coffee and eggs.

Actually, free breakfast costs $150k per year according to the offering plan...;)

[ichibans]

There are 3 different finish combinations included in the building - every 3 floors, they switch - so the "choice" ends up being made for you by which floor your unit is on...

Also, as you read through the offering plan, custom alterations by the Sponsor is allowed with their approval - I asked my lawyer about this as i got the same line from the sales agent about no changes - he said that they are likely not entertaining custom requests at this time because they are so busy selling units, but to call them in 6 months and check on it. He also indicated that in his experience, it is almost always cheaper to do alterations yourself versus having the building do them.....that is what i plan to do....

hope this helps clarify for you....which unit are you looking at?

Yes, thanks for your clarification Actually I am the owner of 19A facing SW. I got in on the 4th Amendment. Does anyone know what amendment this building is up to now?

[jsgardinier]

Yes, thanks for your clarification Actually I am the owner of 19A facing SW. I got in on the 4th Amendment. Also does anyone know what amendment this building is up to now?

Welcome to the building - i am the owner of 15G facing SE

They are on at least the 7th or 8th amendment (maybe higher) as i got in on the 6th, and i know that they have released at least one more list of units...I think they are required to give us a copy of every amendment if we ask...I am going to check with my attorney on that

[zabi]

Let's not get ahead of ourselves. When I sent my check and contract in for 14G yesterday they were still on the Sixth Amendment.

[ddjiii]

To be frank, I find the breathlessness of this whole thread to be a little alarming.

Nothing against the neighborhood or the building - I live nearby now, in a walk-up, and it's great - particularly 9th Ave. 42nd Street is rather less inviting. The building seems very nice, with all the amenities you would expect, and it has better transportation access than a lot of the new rental buildings on 42nd. It's right off Times Square (if you consider that a plus, most of our friends think we're crazy to live so close to it) and if the plans for the far west side ever come to fruition this building will surely benefit. But that's a big if, and at least ten years in the future.

From the tone of this thread you would think that investing in a high end NYC condo is a surefire, can't lose proposition, and that the chances to do it are disappearing fast. But although I believe in the long-term future of NYC, it seems clear to me that condo values have become a speculative investment with less and less basis in economic reality. When I read people advising that you should just buy anything you have a chance to before prices go up again - that's bubble psychology. Real estate prices can and have gone DOWN. A colleague of mine (a real estate developer) recently used the phrase "dot condo" to describe the current craze, and I think that's right on the money.

If you want to live in the Orion, I think that's a great choice and if you can afford it, God bless. If you have little knowledge of NYC (as some buyers seem to) and it's just an investment for you - I'd think long and hard, particularly if you're counting on short term gains.

I have no incentive pro or con - it's just my opinion...

[ichibans]

To be frank, I find the breathlessness of this whole thread to be a little alarming.

Nothing against the neighborhood or the building - I live nearby now, in a walk-up, and it's great - particularly 9th Ave. 42nd Street is rather less inviting. The building seems very nice, with all the amenities you would expect, and it has better transportation access than a lot of the new rental buildings on 42nd. It's right off Times Square (if you consider that a plus, most of our friends think we're crazy to live so close to it) and if the plans for the far west side ever come to fruition this building will surely benefit. But that's a big if, and at least ten years in the future.

From the tone of this thread you would think that investing in a high end NYC condo is a surefire, can't lose proposition, and that the chances to do it are disappearing fast. But although I believe in the long-term future of NYC, it seems clear to me that condo values have become a speculative investment with less and less basis in economic reality. When I read people advising that you should just buy anything you have a chance to before prices go up again - that's bubble psychology. Real estate prices can and have gone DOWN. A colleague of mine (a real estate developer) recently used the phrase "dot condo" to describe the current craze, and I think that's right on the money.

If you want to live in the Orion, I think that's a great choice and if you can afford it, God bless. If you have little knowledge of NYC (as some buyers seem to) and it's just an investment for you - I'd think long and hard, particularly if you're counting on short term gains.

I have no incentive pro or con - it's just my opinion...


Good Advice ddjiii, I am currently selling my apt to buy the new one at the Orion, so i am in for the long haul. just wondering since you live in the area what is the closest book store and park(s) in the area.

[ddjiii]

Closest bookstore is Coliseum books, an excellent independent, on 42nd between 5th and 6th - conveniently located across the street from the nearest park, the incomparable Bryant Square. Not that close - this is not a park-rich neighborhood - but it's hard to complain. Having said that, the linear Hudson River Park is 3.5 blocks in the other direction, and there is a new public pier under construction at 44th street. It will probably be done about the time the Orion is, and should be pretty nice.

[stn104]

Nothing is 100%....but smart money says investing in NYC real estate is as close to a sure bet as you are going to get these days, especially if you buy with the cheaper preconstruction sale prices. If history and the events of 9/11 has shown us anything, it has shown that NYC is very enduring, resilient, and can rebound in a harsh environment almost instantly. Everyone who listened to critics back then are kicking themselves right now. For a real estate bubble burst in NYC to occur, that would mean all the businesses in Manhattan will subsequently suffer as well--highly unlikely. The difference with stocks, dot coms, and real estate is with real estate you can choose to live there or rent it out until you can sell it for a profit. Almost all my family and friends think I'm crazy to live in Manhattan, irregardless of the area. The money we spend on a 2 BR can buy a mansion in almost any other city. The appreciation value, however, cannot compare with NYC's rapid rate. Here is an article with Greenspan dismissing a real estate bubble:
http://citywide.blogspot.com/2005/01/greenspan-dismisses-fears-of-mortgage.html
I believe only an act of God will put real estate in Manhattan on a downturn.

[jsgardinier]

7th price amendment officially in effect as of this afternoon

[investor350]

;) Will the free breakfasts be buffet style?

[BrooklynRider]

;) Will the free breakfasts be buffet style?

I hear they'll toss you a bagel on the way out of the building every morning.

[irisha]

Please let me know if there is a way to see apartments in the building?
Thank you.

[jsgardinier]

Please let me know if there is a way to see apartments in the building?
Thank you.

You will need to contact the sales office to set up an appointment (212-245-8200), or contact a broker that may already have an appointment set up. I would call asap and take the first available appointment as they have been booking up quite fast.

The appointments will take place in the sales center on 44th street, which has mock kitchen, bath, and finishes set up. They can also light up any specific apartment in the 4' tall model of the building they have set up.

[ichibans]

You will need to contact the sales office to set up an appointment (212-245-8200), or contact a broker that may already have an appointment set up. I would call asap and take the first available appointment as they have been booking up quite fast.

The appointments will take place in the sales center on 44th street, which has mock kitchen, bath, and finishes set up. They can also light up any specific apartment in the 4' tall model of the building they have set up.

Reminder: if you are on the lower floors you will be getting inferior finishes like me :mad:. They were quite a few discrepancys between what the sales agent told me and what was listed on the offering plan.

[jsgardinier]

Reminder: if you are on the lower floors you will be getting inferior finishes like me :mad:. They were quite a few discrepancys between what the sales agent told me and what was listed on the offering plan.

I thought everything was relatively straightforward and jived with the offering plan....Specifically, us lower floor dwellers will get kitchenaid appliances (vs. Bosch), no frosted glass overhead cabinet over the kitchen counter, no double sink or standup shower in the master bath (and both baths will have same finishes instead of master bath being somewhat different), and no w/d hookup...

Are there other differences that i have missed?

The way i look at it is that I was torn between 2 similar 2BR apartments, one on a lower floor (15, which i bought) and one on a higher floor (40ish) - the price difference was some $300-400k - and for probably about $50-75k, I can renovate my lower floor apartment to resemble in nearly all ways the upper floor apartment....and buy a porsche with the difference...:)

[ichibans]

I thought everything was relatively straightforward and jived with the offering plan....Specifically, us lower floor dwellers will get kitchenaid appliances (vs. Bosch), no frosted glass overhead cabinet over the kitchen counter, no double sink or standup shower in the master bath (and both baths will have same finishes instead of master bath being somewhat different), and no w/d hookup...

Are there other differences that i have missed?

The way i look at it is that I was torn between 2 similar 2BR apartments, one on a lower floor (15, which i bought) and one on a higher floor (40ish) - the price difference was some $300-400k - and for probably about $50-75k, I can renovate my lower floor apartment to resemble in nearly all ways the upper floor apartment....and buy a porsche with the difference...:)


For my apt, I know the flooring is completely different then what the agent had showed me. Also they told me that the bathtub was made by Zuma, but its not made by Zuma, in fact they do not have my tub on display at the sales office. Also the corner of the apts (on the A line) has a large pole at the corner which is not shown on the floor plan. so just double check everything :)

[zabi]

Jgardinier,

Just don't make too much noise with your renovations. Your neighbor below in 14G needs his beauty sleep.

[angnyc]

Keep the way should be. Kitchenaid Appliances is not bad at all. They use GE appliances in Tump's tower. You pay for the view in the upper floor not the finishes.

I thought everything was relatively straightforward and jived with the offering plan....Specifically, us lower floor dwellers will get kitchenaid appliances (vs. Bosch), no frosted glass overhead cabinet over the kitchen counter, no double sink or standup shower in the master bath (and both baths will have same finishes instead of master bath being somewhat different), and no w/d hookup...

Are there other differences that i have missed?

The way i look at it is that I was torn between 2 similar 2BR apartments, one on a lower floor (15, which i bought) and one on a higher floor (40ish) - the price difference was some $300-400k - and for probably about $50-75k, I can renovate my lower floor apartment to resemble in nearly all ways the upper floor apartment....and buy a porsche with the difference...:)

[jsgardinier]

Keep the way should be. Kitchenaid Appliances is not bad at all. They use GE appliances in Tump's tower. You pay for the view in the upper floor not the finishes.

$400k for a view is pretty steep....;)

[angnyc]

It is all about Skyscaper Living. You are in the best city in the world. http://www.wirednewyork.com/forum/images/icons/icon10.gif

[BrooklynRider]

I keep clicking my heels together three times and saying, "Theres no place like the Orion," but I'm still waking up in my Brooklyn apartment.

[krulltime]

I keep clicking my heels together three times and saying, "Theres no place like the Orion," but I'm still waking up in my Brooklyn apartment.


lol you are so funny....

So I how many more studios are left... It seems like most people on this thread are buying them like pancakes!

[investor350]

I hope that you realize that so much of the "information" that is being posted is being done by people who apparently have inside knowledge.
Could this be an intentional ploy by sales staff to create "what appears" to be a buying frenzy at the Orion?

[detigiwa]

I have done lots of posts but I am no insider. I bought unit 49G on March 15 at $ 1,330 M. I have met a few of the forum members already and they have also bought into the Building. I actually propose that we all get together and share our experiences. ( By the way, when I bought, building was in 3rd amendment, now it is in 7th Amendment ).

All one has to do is call a broker or the Orion Sales center and see when they will give you an appointment for.

I was lucky to get lots of info about the Building because I was going to the Center everytime a friend of ours had an appointment. One of our friends did not buy a one bedroom and now, 10 days and $ 70.000 appreciation later, she is banging her head on the wall.

When we went there, they told us that the lower floors will have inferior finishes and the higher floors will have superior finishes. They showed us three models and the one on the far left side was the one that applied to our unit.

So far, what I signed is what I am getting according to the offering plan. The only thing that I was not awre of and I was told by a friend of ours is that the second Batroom does not have a shower door, although it is clearly shown in the offering plan. I think this is something that needs to be taken upn with the Management.

In conclusion, yes, I think there is a buying frenzy. Based on the postings about this Building, I have not detected any sale pitches by anyone.

I am not an investor. I have been looking for 2 years. I have been buying offering plans and returning them, changing my mind constantly.

I think this Building will have a lot going for itself and the neighborhood and I expect more amendments to be forthcoming.

Good luck to all.

[BrooklynRider]

I hope that you realize that so much of the "information" that is being posted is being done by people who apparently have inside knowledge.
Could this be an intentional ploy by sales staff to create "what appears" to be a buying frenzy at the Orion?

In my time here, this is the first time I've seen a thread become an investor hotline. If it's all honest posting, power to you. But, I guess the ol' saying "buyer beware" applies.

Who knew we had so many millionaire posters on WiredNY? Congrats on your demographics Edward!

[angnyc]

:eek: They are in 7th price amendment now. The pricing in lower floor is close to $1000 per sq.ft. and higher floor up to $1100-1250 per sq.ft. They are still saying sold over 50% of the units. I have feeling a lot of people may change the mind and cancel it later after they pay the deposit. What do you think? :confused: Is it still a good buy? Which finishes combination is the best?

[Edward]

Construction of Orion (http://www.wirednewyork.com/real_estate/orion/), with Worldwide Plaza on the left and Ivy Tower in the background. 23 April 2005.

http://www.wirednewyork.com/real_estate/orion/orion_ivy_tower.jpg (http://www.wirednewyork.com/real_estate/orion/)

[investor350]

In reply to angnyc- when a prospective purchaser executes a contract they must give a 10% non refundable payment with another due 6 months later. Why would they turn back their contract and lose their money? Why would you keep proffering inside info with what amendments they are up to and other comments and yet make such a ridiculous statement as you did?

[lichingwannchu]

In reply to angnyc - there are no sure things in this world. You need to do the home work (e.g., comparing what Orion offers to you with others on the market in the same price range), and should not make the decision based on others' opinions. Remember "No pains, No gains".

[stn104]

I keep reading the term "Inside Information". The word has such a negative connotation; makes me wonder if it is just jealousy? "Inside info"--NO, "Biased Info"--YES. Orion has not even started any kind of marketing or sales campaign and they have already sold 50%, they have no need to waste their time on this forum. This forum is the only source out there for potential buyers to share their knowledge/opinion about the building before going to the sales appointment. I found out all the information I needed on this forum and through emailing some of the members before my appt and it made my appointment go very smoothly. Orion website tells you nothing about the building. I have bought a place in Orion and along with a lot of other posters, the reason we bought it is because we are confident in the building and really like what the building has to offer. Therefore, our opinion on the building is more likely to be based on the positive reasons we bought a place. You don't go out and buy something for $1million and start saying it is a piece of crap---common sense! NYC as a whole is composed of rich people. If Orion plans to sell 550 units, you sure as heck better bet that they did demographic analysis that showed them that Manhattan is AKA "Millionairetown".

[investor350]

Stan, you must be living under a rock. There have been ads in NY Magazine, The NY York Times, go to www.google.com put Orion Condo in and see all the stories relating to it.It appears as if info has been planted on this website to boost sales prices which is fine. But I just wonder how thosefew 'junior members" know so very much w/o being on the inside of things.

[jsgardinier]

Stan, you must be living under a rock. There have been ads in NY Magazine, The NY York Times, go to www.google.com (http://www.google.com/) put Orion Condo in and see all the stories relating to it.It appears as if info has been planted on this website to boost sales prices which is fine. But I just wonder how thosefew 'junior members" know so very much w/o being on the inside of things.

we know so much *inside* information because we called the sales office, scheduled an appointment, paid $100 for a copy of the 300+ page offering plan and then decided to buy (or not buy) a unit in the building....you too can have lots of *inside* information if you were to pursue the same strategy...:D

[detigiwa]

I called the sales office today and Building is in 7th Amendment, not 8th.
Also, I did not see any ads regarding the Building in ANY newspaper or on the internet. The only place that the building is advertised with pricing is the Corcoran Web site. If there are any other places where this Building is being advertised, I would like to know.

[investor350]

to all those who have forsaken reading printed material there were several full page ads in the NY Times, over the past few months including the one in the NY Times Magazine Section on April 17, 2005 on pg. 17. Also ads in NY Magazine including the edition on April 11, 2005 p. 146. But this is neither here or there- the point is there are several junior members who appear to have posted discourses on tis thread (check for yourself) who appear to be just so chock full of it.

[detigiwa]

Dear Investor350

What is this hostility and rudeness towards some of the members on this Forum ??? I for one, joined this Forum because when I put " orion Condo " on Google, I came accross wirednewyork and once I logged in, I found out that there were quite a few people who had plenty of information to share about this building.

I did not notice any ads in New York Times Magazine or NY Magazine, although I read the Sunday Times, including the Real estate Section in quite detail. Yet, I do not have too much time to spend checking every page, as I work 7 days a week. There may have been an ad in April and I will try to find it.

Yet, I do not see reason for this attitude. Some of us bought, and some of us did not. That's OK.

Time will show whether some of these postings were " planted " or were from actual real people who wanted to share their enthusiasm about this Building.

[detigiwa]

By the way, I did find the ad in New York Magazine, towards the end. I guess you were right about ads in the paper.

[larryradio]

I just joined after finding this great list on Google.

I've purchased condo 59B at Orion today. After reading the posts re: Orion I'm very confident I did the correct thing.

I own another condo at 2 Columbus for the convenience to Lincoln Center. My home is in Hackettstown, NJ and I use the NYC condo mostly for weekends.

The purchase at Orion was for investment. My experience with NYC property is unlike anything else you can put your money into. Paid $830K for the Columbus Ave. and turned down $2.1M 4 years later! Can Orion be any different? Bubble or no, you'll never get less than paid, I suspect.

Lar

[stn104]

Wow, I thought I was enthusiastic about the Orion and yet even I have not seen the ads in the recent papers--maybe I have been hidden under a rock. Or perhaps, someone so willing to discount all the positive things we have to say about Orion, might just be a "CLOSET ORION LOVER". Why else would someone keep reading posts about Orion, reading all the info online about Orion and then having the time to check for ads in the papers regarding Orion?

By the way, Congrats on your purchase Larryradio!!

[investor350]

Stan you are right I am a "closet orion lover" and I am happy that I bought my unit of choice. I and those who bought have made a wise investment! I just do not appreciate that certain postings offer a bit more information than is of common knowledge. In addition I feel that certain items that were not disclosed or that which has been offered as an incentive, leaves one with questions, (review the entire thread and judge for yourself)..

[sarecca]

I also purchased unit 40G on the sixth amendment for my daughters and for our enjoyment. I thinkg that the ORION will be a spectacular place to live. We are also thinking of purchasing a small unit at 325 Fifth Avenue, which JUST began selling units even before the sales center opens next week.

[detigiwa]

I know they are preselling at 325 Fifth. I was contacted last week about the place but that's all I will post as I do not want to be the culprit..

[macreator]

What is this, some kind of sales pitch for the Orion building?

[ichibans]

I know they are preselling at 325 Fifth. I was contacted last week about the place but that's all I will post as I do not want to be the culprit..

I had several letters of intent for 325 Fifth, but I bought Orion first. The units in 325 costs more per sq ft and I my opinion Orion is in a much better location. don't you guys agree? plus the north west view of the building is 100% blocked by empire state building.

[jaylasoul14]

My name is Joseph Barretta and I'm a broker for city connections realty. One of my clients is interested in selling his contract for 1.7 million, it is unit 53G, 1350 sqft. It is the best two bedroom available in the building; and if you were to contact the Orion directly, a similiar unit would cost you 1.8 million or more by the time you got in there since they are booked until June. Don't miss out on a great investment, I also have other new developments so give me a call at 718-208-7011. If Larryradio sees this, we passed on your unit for this one, so call!

[angnyc]

wow, i got the higher floor less than 1.7M. Most of the higher floor units were sold.

My name is Joseph Barretta and I'm a broker for city connections realty. One of my clients is interested in selling his contract for 1.7 million, it is unit 53G, 1350 sqft. It is the best two bedroom available in the building; and if you were to contact the Orion directly, a similiar unit would cost you 1.8 million or more by the time you got in there since they are booked until June. Don't miss out on a great investment, I also have other new developments so give me a call at 718-208-7011. If Larryradio sees this, we passed on your unit for this one, so call!

[ichibans]

My name is Joseph Barretta and I'm a broker for city connections realty. One of my clients is interested in selling his contract for 1.7 million, it is unit 53G, 1350 sqft. It is the best two bedroom available in the building; and if you were to contact the Orion directly, a similiar unit would cost you 1.8 million or more by the time you got in there since they are booked until June. Don't miss out on a great investment, I also have other new developments so give me a call at 718-208-7011. If Larryradio sees this, we passed on your unit for this one, so call!


In the offering plan, it tells you that you cannot sell your apt until 1 yr later

[jaylasoul14]

To Angnyc, what line do you have? Also, you can arrange to close with the building and with a buyer on the same day, i think; although i won't have they offering plan until tomm.

[larryradio]

Hi Joseph et. al.

I particularly wanted 59B...guest room is directly next to second bathroom. The G has the guests crossing the living room to reach a bathroom...I don't like that. The other reason, 59th floor. For me, the higher, the better.

Too, the B was superior because of the "eat in" kitchen. I declined a G facility for all those reasons.

Lar

[angnyc]

Hi Joseph et. al.

I particularly wanted 59B...guest room is directly next to second bathroom. The G has the guests crossing the living room to reach a bathroom...I don't like that. The other reason, 59th floor. For me, the higher, the better.

Too, the B was superior because of the "eat in" kitchen. I declined a G facility for all those reasons.

Lar

I disagree. For architectural point of view, G is a biggest 2 bedroom unit at the floor and has a superior south east and west view. You can see the empire state and amazing sunset. Did I mention that you will have a view for the future stadium? The only unit has a free stand Island Kitchen and walk in closet in the building.

[detigiwa]

Angnyc:

Which floor did you get your G line on ??? What is your apt number. I think all lines ( B line and G line ) as two bedrooms are nice. I also like the higher floors but when I bought, the highest available was 49G. Of course, 1349 Sq Ft was what I needed and 1250 sq ft was too small for me.

[larryradio]

I guess we have different tastes. Sorry.

[stashinny]

New member here (non-insider...trust me). This week I put my deposit down on a 46th floor 2 bedroom. I very excited, but not looking forward to the long wait for occupancy:( . I'm interested in meeting/keeping in touch with my new neighbors. This is the only discussion forum on Orion I've found, I'm very impressed with the activity on this forum (even when people are arguing). Do folks think that this would be a good way to stay in contact, even after the "sales rush" is over?

[detigiwa]

I do.

[detigiwa]

Angnyc, when I said " I do " I meant that I would like to keep in touch with other buyers, not that I worry about the pricing of the Orion and the unit I bought. Sorry for the confusion.

[sarecca]

This is a GREAT forum for us ORION buyers. I am convinced that we will have a great time in the unit and look forward to the day that we all meet each other ...incidentally does anyone know what amendment they are on now?

[detigiwa]

7th.

[ichibans]

New member here (non-insider...trust me). This week I put my deposit down on a 46th floor 2 bedroom. I very excited, but not looking forward to the long wait for occupancy:( . I'm interested in meeting/keeping in touch with my new neighbors. This is the only discussion forum on Orion I've found, I'm very impressed with the activity on this forum (even when people are arguing). Do folks think that this would be a good way to stay in contact, even after the "sales rush" is over?

I guess we can all meet for breakfast or shoot some pool on the 30th floor :)

[stashinny]

Have they started the 30th floor yet?

[nycl0ver]

Does anyone know how many units have sold at Orion so far?

[jsgardinier]

Does anyone know how many units have sold at Orion so far?

the closest thing to an answer I have been able to get is "More than 50%"...Anyone else have a more definitive number?

[irisha]

I had an appontment with my clients yesterday.
Great building, nice apartments.
I had 2 clients and they wanted to get 2 studios. They were out of studios because 2 of them were sold at the same day.
So they don't need to create an additional advertisement on this forum.

[zabi]

Investor350 was right all along. Two weeks ago several "Insiders" and I exchanged emails and they conned me into purchasing my apartment and now I'm stuck with my foolish decision where my apartment is worth $30,000 more than the contract price. I'm suing and Investor350 is going to be my lead plaintiff in a class action against all the insidious insiders that have infected this thread and caused people to make money!!!

In all seriousness, I can agree that there is an enourmous amount of speculation with the Orion (witness people trying to sell apartments before they close which is prohibited under the offering plan), and yes our neighborhood is terrible, especially 9th avenue during rush hour, and yes the economy is slowing but inflation is rising (the worst combination possible). But as STN104 said before on this thread, the New York real estate market is different and can endure much more than the rest of the country. Unlike Miami, for example, where 60,000 new units will come on line in the next 5 years (only 7,000 units were created in the past 3 years in Miami) and purchased almost exclusively by investors/speculators, the New York market is 75% coops which do not allow investors to own and rent. New Yorkers, for the most part, are buying to live in their apartments. Moreover, New York has almost no new construction coming on line and, according to most real estate agents, flooded with Europeans taking advantage of the cheap US currency (and by all accounts the dollar will continue to weaken no matter how much interest rates rise). Thus, although we may be in a bubble environment where talk of real estate has replaced the dot.coms, short of a worldwide meltdown, NY condo prices will not go below $900 a square foot which is where we all more or less bought our apartments. And trust me, if there is a worldwide meltdown, no asset class other than gold, will be safe. And at the end of the day, you can always live in your asset.

So don't worry Investor350, if the market tanks and the Orion prices go down, I promise to buy you breakfast every morning.

[jsgardinier]

Investor350 was right all along. Two weeks ago several "Insiders" and I exchanged emails and they conned me into purchasing my apartment and now I'm stuck with my foolish decision where my apartment is worth $30,000 more than the contract price. I'm suing and Investor350 is going to be my lead plaintiff in a class action against all the insidious insiders that have infected this thread and caused people to make money!!!

In all seriousness, I can agree that there is an enourmous amount of speculation with the Orion (witness people trying to sell apartments before they close which is prohibited under the offering plan), and yes our neighborhood is terrible, especially 9th avenue during rush hour, and yes the economy is slowing but inflation is rising (the worst combination possible). But as STN104 said before on this thread, the New York real estate market is different and can endure much more than the rest of the country. Unlike Miami, for example, where 60,000 new units will come on line in the next 5 years (only 7,000 units were created in the past 3 years in Miami) and purchased almost exclusively by investors/speculators, the New York market is 75% coops which do not allow investors to own and rent. New Yorkers, for the most part, are buying to live in their apartments. Moreover, New York has almost no new construction coming on line and, according to most real estate agents, flooded with Europeans taking advantage of the cheap US currency (and by all accounts the dollar will continue to weaken no matter how much interest rates rise). Thus, although we may be in a bubble environment where talk of real estate has replaced the dot.coms, short of a worldwide meltdown, NY condo prices will not go below $900 a square foot which is where we all more or less bought our apartments. And trust me, if there is a worldwide meltdown, no asset class other than gold, will be safe. And at the end of the day, you can always live in your asset.

So don't worry Investor350, if the market tanks and the Orion prices go down, I promise to buy you breakfast every morning.

Hey - i want to be part of the lawsuit too!! Damn insiders convincing me to buy something as awful as the Orion....

In all seriousness though -- the two most comforting thing about real estate no matter the price is that 1) you can always live in it or rent it out and 2) its value will never go to zero....it may decline, but it can not and will not ever be worthless (unlike bankrupt dot.com stocks).....and in the case of the Orion, we will get that free breakfast!

[sirius]

I had an appontment with my clients yesterday.
Great building, nice apartments.
I had 2 clients and they wanted to get 2 studios. They were out of studios because 2 of them were sold at the same day.
So they don't need to create an additional advertisement on this forum.

hi irisha, did they say how many studios were left? how much were the studios going for?

[irisha]

Studio is going for $ 479,000.
I don't how many apartments are left.

[Scraperfannyc]

What is so great about this building that I see a new post on it everyday and moreso than any other building? There are so many residential buildings going up everywhere.

[investor350]

Right on Zabi! I feel that the Orion is a wonderful opportunity for both an owner and possibly an investor. I don't feel that there will be a downturn in the condo market in NYC versus what "might occur" in other regions such as Nevada and Florida.
In review of the early info that was posted on this thread there was dissemaination of info that only people that I feel are close to the development could know. I feel that there was a failure to disclose several items; the type of property that sits directly in front of the Orion. I was quite dismayed when I asked an employee at a bank on the corner of 9th.Avenue and 42nd. St. about 'that hotel and the people that live there" and did I get an earful. In regards to a free breakfast- people nothing is free! If anyone is familiar with developments as big as the Orion and the gradual release of units upon TCO for closing what better a way to quell the voices of those that are disappointed or dissatisfied but by filling the bellies of the multitude of owners awaiting a closing. As in developments of this size "free meals" go by the way after majority of the units have been closed upon, (by the deveoper). So by using this line of a free breakfast fin the sale of over 500 condo units for the potential owners, their fanily members .... utterly ridiculous. Meanwhile will the developers be designating any part of the building as was alluded to in the Declaration for low cost housing?

[cityguy]

Honestly, in response to investor 350, I looked over the prior posts and I did not find anything of an insider nature about The Orion. I was there the first day and bought a high floor two bedroom. I went back and got another two bedroom on a higher floor a week later. I plan on using one for myself and and am unsure about the other. Everything I read on this site was information I got at the sales office except for the free breakfast which was insignificant in my decision anyway. Sure the neighborhood is questionable, but what made it so appealing was the chance to get into a new and changing area. In addition the central location, the amenities, the size (sixth tallest residential building in NYC), and the price all sold me. I have been looking for something for over two years and I think this building is a winner. Thats part of the reason why this is one of the most active condominium web sites in New York. I'm sure that all of us who have bought will be rewarded for our decision.

[BrooklynRider]

I'm not questioning the veracity of the info in this thread, but I do notice that respected long-term forum members have sat out of the banter about the "gold rush" for units here.

I trust the folks who have w-i-d-e interests and a track record of quality, insightful posts.

Just an opinion. It is accurate to say that this thread has be bolstered by lots of new posters who add little to the overall forum. There's no rule governing where or how often a person posts, but if anyone is in here looking for investment advice, I say buyer beware (again).

[angnyc]

I have a same question asking by my lawyer. Does anyone know anything about it?

[detigiwa]

We all have to start from somewhere to post. Some of the " Seniors " who are posting were also juniors like us sometime ago. The reason that we found this site ( I am repeating myself ) is that it came up on google when we type " Orion ".

Of course we are posting in the Orion thread because that's what interests us !!
I think we have added some value to this thread as we have created a small community of Orioners who have bought and who are exchanging info amongst each other.

This Forum is quite useful and has made me aware of other Developments in NYC and I congratulate the people who started it. However, let's stop this " insider " and other unpleasant comments and move on.

Of course, real estate is risky. But living in NYC is risky as well.

[nycl0ver]

I believe the west side stadium will help orion and the neighborhood. HOwever, what is the likely outcome if the stadium is not built??

[lshtutman]

Can somebody tell me if units ares till available directly from the sponsor or we have to go to a broker?

[jsgardinier]

Can somebody tell me if units ares till available directly from the sponsor or we have to go to a broker?

You do not need to go to a broker - rather, you need to schedule an appointment with the sales center directly - the downside is that it may be a couple of weeks before getting an appointment (my appt. was scheduled for 2 weeks from when i called). As such, the benefit of going to a broker would be if you can find a broker who already has an appointment schedule thereby getting you into the sales center at an earlier date.

[sarecca]

Does anyone know what amendment they are presently on? Thanks

[nycl0ver]

they are on 97th amendment. the following are the update price.
studio: $5.7 Million
1 bedroom: $15 million
2 bedrooms: $30 million
3bedrooms: Priceless.

Only problem is that no one is buying at those price. :)

[lshtutman]

Can someone explain to me the difference between amendment?
Is it just that the prices go up with each one?

[zabi]

The City requires large developers to prepare and send prospective purchasers an offering plan that is filed with the City/State of New York. Similar to a registration statement for securities, every time there is a material change to the offering plan, the developer must file an amendment to the offering plan and have it approved by the City/State. A change in price is automatically deemed material so the developer has to file an amendment.

[Stern]

The conversation in this thread is almost as boring as the building’s architecture.

[zabi]

Stern,


You can make fun of our posts, but why ridicule our new home? I thought you liked the glass architecture? By the way, I reviewed older posts and I don't recall the thread being any kind of intellectual smogersborg, although I must admit the comment of "throwing bagels at the residents on their way out" makes me laugh out loud.

[NYCResident]

What's up with the obsession around the amendments? Is everyone that anxious to flip their apartments?

[Stern]

Stern,


You can make fun of our posts, but why ridicule our new home? I thought you liked the glass architecture? By the way, I reviewed older posts and I don't recall the thread being any kind of intellectual smogersborg, although I must admit the comment of "throwing bagels at the residents on their way out" makes me laugh out loud.

The buildings architecture is boring, end of story. But unfortunately NYC doesn’t offer much in the way of new residential architecture, at least not with prices located in this stratosphere, the only exceptions being two Fox and Fowle buildings, the Helena and Friars Tower.

[irisha]

Is there more info on Friars Tower?
Thank you.

[lshtutman]

Whoever is interested, they are now in 7th amendment.

[lshtutman]

A question. We just went to the sales office and they told us that you cannot flip or reassign your contract, you have to close first.

Yet, I read on this forum that some people are trying to do just that.
Anybody knows if what we were told is correct?
Also, if you buy multiple units and then decide to cancel one of them, the whole package gets released back into the pool.

[ichibans]

A question. We just went to the sales office and they told us that you cannot flip or reassign your contract, you have to close first.

Yet, I read on this forum that some people are trying to do just that.
Anybody knows if what we were told is correct?
Also, if you buy multiple units and then decide to cancel one of them, the whole package gets released back into the pool.

You cannot flip or reassign your apt until 1yr later from your close date. and if you decide to cancel one of them, you will lose your 10% deposit.

[angnyc]

My lawyer didn't see such statment in the offering plan. I don't think you will not lose your deposit if you decide not to sign the contract. After signed contract, you may have 7 days to cancel it without losing your deposit. Ater 7 days. they have a right to withold your deposit.

You cannot flip or reassign your apt until 1yr later from your close date. and if you decide to cancel one of them, you will lose your 10% deposit.

[jsgardinier]

My lawyer didn't see such statment in the offering plan. I don't think you will not lose your deposit if you decide not to sign the contract. After signed contract, you may have 7 days to cancel it without losing your deposit. Ater 7 days. they have a right to withold your deposit.

Actually, after you pay the $100 for the contract and offering materials, you have 7 days to read and review the contract before you give them the 10% deposit, without risking losing the unit, or a price increase. After you sign and give them the 10% - it is a done deal....you will lose your deposit if you back out or breach your reps and warranties...

PS - the restriction on sale clause is item #22 in the contract (it is also noted in the offering plan) titled "Prohibition against sale and advertising"....

[Derek2k3]

http://www.sotawall.com/proj_thumbs/USA_350W_02_sm.jpg

Images of facade installation.
http://www.sotawall.com/site_pages/USA_sites.html

[investor350]

NY Times Sports Sunday 05/08/05 p.14 Grand Opening Classified appears

hi Detigwa (Debra)

[detigiwa]

Hi Investor350

Yes, last night I also saw the first NYT classified on Orion in real Estate Section, as grand opening. On the other hand, all buildings had an ad. I guess the season is starting. By the way, it is Chris ( Male )

[ddjiii]

Right on Zabi! I feel that the Orion is a wonderful opportunity for both an owner and possibly an investor. I don't feel that there will be a downturn in the condo market in NYC versus what "might occur" in other regions such as Nevada and Florida.
In review of the early info that was posted on this thread there was dissemaination of info that only people that I feel are close to the development could know. I feel that there was a failure to disclose several items; the type of property that sits directly in front of the Orion. I was quite dismayed when I asked an employee at a bank on the corner of 9th.Avenue and 42nd. St. about 'that hotel and the people that live there" and did I get an earful. In regards to a free breakfast- people nothing is free! If anyone is familiar with developments as big as the Orion and the gradual release of units upon TCO for closing what better a way to quell the voices of those that are disappointed or dissatisfied but by filling the bellies of the multitude of owners awaiting a closing. As in developments of this size "free meals" go by the way after majority of the units have been closed upon, (by the deveoper). So by using this line of a free breakfast fin the sale of over 500 condo units for the potential owners, their fanily members .... utterly ridiculous. Meanwhile will the developers be designating any part of the building as was alluded to in the Declaration for low cost housing?

I don't think there is any obligation for either the seller or a broker to "disclose" existing buildings across the street from where you are buying. And frankly, you're on 42nd street down the street from the Port Authority Bus Terminal! What kind of neighborhood were you expecting? New York City is full of subsidized housing, public housing and assisted housing of various flavors, and in a mixed urban environment I don't think most people consider it a problem. If there was some kind of large assisted living facility on what was otherwise a quiet residential block it would be one thing, but again this is 42nd street... If you've hung out in the neighborhood a while and you feel comfortable, than you shouldn't feel nervous about uses in various buildings around yours.

[lshtutman]

Hi,

Can somebody tell me if they have mortgage contingency in the contract?
Thanks.

[sarecca]

The contract is NOT contingent on obtaining a mortgage

[londonlawyer]

I walked by this building last night. It has really nice glass and will be an awesome addition to NYC.

How many feet tall will it be?

[cityguy]

According to the offering plan the height of the building will be 637 feet.

[irisha]

Do you know what's going to be on ground retail floor?

[londonlawyer]

According to the offering plan the height of the building will be 637 feet.

Thanks.

[larryradio]

You do not need to go to a broker - rather, you need to schedule an appointment with the sales center directly - the downside is that it may be a couple of weeks before getting an appointment (my appt. was scheduled for 2 weeks from when i called). As such, the benefit of going to a broker would be if you can find a broker who already has an appointment schedule thereby getting you into the sales center at an earlier date.

The broker must appear with the person who was named as the potential buyer. If the buyer cancels, the broker cannot substitute another person. The appointment is effectively cancelled.

[jsgardinier]

The broker must appear with the person who was named as the potential buyer. If the buyer cancels, the broker cannot substitute another person. The appointment is effectively cancelled.

didn't realize that - thanks for the clarification

[angnyc]

Does anyone know what amendment are they in now?

I heard they sold all the studio.

[investor350]

hi - jsgardinier - you are apparently so full of information, do you work as a salesperson selling the Orion? If there are no studio aptartments left why are they listed for sale w/ listing numbers on the www.corcoran.com (http://www.corcoran.com)? People you are behicing like Ostrich:p

[jsgardinier]

hi - jsgardinier - you are apparently so full of information, do you work as a salesperson selling the Orion? If there are no studio aptartments left why are they listed for sale w/ listing numbers on the www.corcoran.com (http://www.corcoran.com/)? People you are behicing like Ostrich:p

:confused: huh? maybe i am *so* full of information becuase i actually READ my offering plan and paid attention and asked the right questions in my sales office appointment....everything is laid out in black and white....:p

besides, i am not the person who said no more studios are left....and if people read the thread, it is mentioned that they only release a block of apartments at a time so it would seem to me (through all my vast "insider" "salesperon" knowledge) that there are simply no more studios in the current block of available apartments...

[ycpey]

can anybody take a guess what potential building could have b y the time its build...$/sf on the 39-40 floors. Thanks

[lshtutman]

My husband had an appoint for 2 clients for this Thursday and Friday. Yesterday they called us and said they only have available 1 and 2 bedroom units on high floosr starting from mid 800,000's. They said they might release more studios at a later day but they don't have the prices.

[londonlawyer]

One bedrooms start in the 800's in a dingy area...

That's almost as expensive as San Francisco. (At least that's what the morons on SSP would say!)

[Eugenius]

There is an interesting set of articles in New York Magazine http://www.newyorkmetro.com/nymetro/realestate/features/realestate2005/12015/ about the real estate boom. Among other things, the magazine provides a risk analysis of various neighborhoods/apartment types. In the Chelsea/Clinton/Hell's Kitchen area they say that "the biggest question mark is the new “luxury” towers that have sprouted all over the West Forties, one with lovely views of the Port Authority Bus Terminal."

I wonder, which building is that last phrase refers to...
This should be required reading for all those looking to pile into the Orion.

[angnyc]

They are in their 8th Amendment.



My husband had an appoint for 2 clients for this Thursday and Friday. Yesterday they called us and said they only have available 1 and 2 bedroom units on high floosr starting from mid 800,000's. They said they might release more studios at a later day but they don't have the prices.

[cina]

Does anyone know what the estimated closing costs will be on a $1,000,000 unit?

[ycpey]

Can anybody take a guess about how much the end price per square feet could be when building is ready for move in .... 45 floor one bedroom with south west view...
People are buying whole floors in the Orion .... its damn hot building .

[sirius]

Whoa.. let's not get too excited. I believe people are not allowed to buy whole floors, just a max of two units. At least that is what the salesperson said during my appointment. Though she did say that people are coming in wanting to buy whole floors, but who knows if that is just to create buzz.

[zabi]

Closing costs for a $1 million dollar apt includes the mansion tax (1%) and recording fees if you have a mortgage so expect to pay about 7% of the purchase price. With a sponsor apt you have to pay the developer's transfer taxes and related costs (except brokers' commission). The closing won't be pleasant. At the closing for my apartment at the Worldwide Plaza I almost choked when I looked at all the costs, especially the seller's attoney fees. I started making lawyer jokes despite being a lawyer myself. But I got the last laugh, on the way out I stole two of the firm's pencils.

[pianoman11686]

I figured we all needed a little update on the actual construction of the building, as opposed to all this amendment discussion. I saw the building from several angles today. I really like the glass they're using, which covers about half of the structure as of now. It also looks as if they've constructed floors all the way up to the 30th floor terrace. I'm starting to warm up to this building, although it's unfortunate it's not on a more prominent site. It is literally surrounded by crap on all sides. Hopefully that will change in the future.

[ichibans]

Does anyone have updated photos?

[pianoman11686]

I'll try to bring a digital camera next time I go into the city.

[ddjiii]

I figured we all needed a little update on the actual construction of the building, as opposed to all this amendment discussion. I saw the building from several angles today. I really like the glass they're using, which covers about half of the structure as of now. It also looks as if they've constructed floors all the way up to the 30th floor terrace. I'm starting to warm up to this building, although it's unfortunate it's not on a more prominent site. It is literally surrounded by crap on all sides. Hopefully that will change in the future.

Well, it's not that bad. The McGraw-Hill building is excellent, and there's a lot of very decent brick walkup buildings around that I believe will stay because the Orion bought their air rights. It's only all crap if you only like glass curtain wall construction.

[pianoman11686]

Well, yeah, and then again you have the dingy Port Authority Bus Terminal and all those porn shops on 8th avenue and the side streets. Plus, a lot of the residential walkups are really old and could use a renovation or just should be demolished.

[stashinny]

Ouch!!

[pianoman11686]

Investor350: That was totally uncalled for. I have a right to state my honest opinions of a neighborhood and not be accused of perverted behavior when I come into the city. And for your information, I go to school in Durham, North Carolina, but I still live in New Jersey, about an hour south of the city. I'm starting my summer job in about a week in Manhattan, and I thought I would contribute something valuable to this site in the form of pictures of the Orion condo, which I consider to be a very beautiful building. Maybe you'd also like me to take some pictures of all the porn outlets and the rundown buildings in the area? Otherwise, I'd like to go about my business on this site without being insulted.

[eddhead]

just signed a contract on 19f one bedroom with northeast exposures. having read through some of the most recent posts over the past week or so, here are some observations and views:
Speculation vs. Investment: I am not quite convinced that anyone can predict what will happen to manhattan real estate in the short term, i.e. next 1-3 years, however I do believe that the opportunity costs will be low over that period. I am far from an expert, but it looks to me like equity markets will ontinue to under-perform in the shot term, and while interest rates may increase moderately, they will remain RELATIVELY low as a result of foreign investment (China) in the dollar. In other words, I am not sure there is an investment opportunity that will yield better results. Over the longer horizon 5-10 years, ROI will likely even out, and this will look more like an investment and less like a higher risk speculation. At the very least, Manhattah Real Estate and condos in particular should outperform inflation rates. I am not sure that is necessarily the case with alternative opportunities. Even with all the new building, there is only so much land and inventory to be had, so demand for new condos may slow down but remain high enough to make this an attractive investment vis-a vis the alternatives.
The Orion: Although the amendments are undercutting per-construction values, I still believe this is a relatively good value. Putting aside the undesirable attributes of the neighborhood, the location is convenient from a transportation perspective and the building itself promises to be appealing. In addition, rental income is also high creating additional options. It is the kind of building corporations look to lease for executives. And as the neighborhood continues to improve, the building should appreciate further.

I could be wrong about all of this... I did a lot of soul searching before taking the plunge... but this kind of reflects my thinking...

.

[investor350]

Right on-eddhead!:)

[ichibans]

just signed a contract on 19f ...

.

Nice to meet you 19F, I am 19A :)