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Thread: Buying a new construction condominium

  1. #46

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    And by the way i wish that i would have known how important it is to research on the developer when i made the original offer. The sponsor at 133 west 14th is Lawrence Omansky (google). I have to say that i was just very fortunate overall with my experience and that i was treated fairly, however "I" have to be in charge of changing the flashing.
    Last edited by seven; July 6th, 2007 at 09:39 AM.

  2. #47

    Default Tribeca Space Cautionary Tale

    For a true cautionary tale of buying new construction, check out the blog that's been started up by an angry buyer of a condo in Tribeca Space - http://tribecaspace25murray.blogspot.com/. Sounds like everybody should steer clear of Thurcon and Corcoran Marketing.

  3. #48
    Disgruntled Optimist lofter1's Avatar
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    Cautionary indeed ^^^ and sorry to hear about your troubles ...

    But one look at what the developer planned for this building should have sent you running in the other direction.

    How much DRYVIT did it take to do this, anyway :


  4. #49

    Default Thanks

    Thank you for your replies everyone. Coincidentally, Seven and I have previously exchanged correspondence with respect to the lofts on 133 w. 14th. I know Seven seems to have taken some initial heat on the board about the 133 lofts, but I will say that I took a look at some of the units and was impressed with the space and I hope it's working out well for him (assuming it's a him because I am a him and can't help but think Seven is a very manly name -smile-).

    I've discovered that the principal developer at Vintage working on the 135 w. 14th lofts is Sam Suzuki. Some of the other principals at Vintage are Eric Nelson and Gary Podell. I'm doing some digging, but ring any bells with anyone?

  5. #50

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    I think someone might have asked this earlier as well, but how do you exactly tell if a developer is "reputable" or not?

    Doing a google search is step one, but likely you won't find anything obvious right?

  6. #51

    Default Another More General Question

    I went through several other threads and didn't see anything that really helped me on this point, so maybe this is the place to ask. As a purchaser, what is the value added of having a broker if you've located the site yourself, have a relationship with a contractor for technical questions about the apartment/furnishings/etc., and already have a real estate lawyer? Or I guess another related question, does going without a broker give you any advantage in negotiations with the seller (or to put it another way, does one less fee to pay give you some extra room to move)?

    Any thoughts on this would be greatly appreciated.

  7. #52
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Default should you get a buyer's agent?

    Buyers' agents will tell you that having an agent gives you someone to shepherd the process -- your lawyer is your advocate, but at $1,500 or so per transaction, they're not going to be able to spend that much time chasing around the pieces of your deal and still make money.

    I do think that's the service an agent performs -- getting you through the closing -- and that it's valuable.

    The more complicated question is what that service costs you.

    Argument #1 is that buyer's representation is free. I had a senior Stribling agent tell me the other day that he hooked a lot of buyers by explaining that the developer expected to pay out a brokerage commission anyway, so that as long as it was built into the deal his services to his buyers were free.

    Now, "look at what you get for free" is one of the great sales propositions of all time, so it's no wonder that this guy was wearing a Brioni suit.

    Argument #2 is that buyer's representation costs money. Obviously, if skipping an agent gives you a sliver of negotiability on the deal, then your agent "costs" you whatever percentage of negotiability you would get back. If you are buying into a building that is offering 2.5% to buyers' agents, and you could recapture that premium if you didn't have an agent, then the decision to use a buyer's agent costs you 2.5%, and you might, or might not, decide those services are worth it.

    Now here's the tough part: No one alive knows whether argument #1 or #2 is right. There's no control group -- no one has done the same real estate deal both with and without an agent, and reported back on whether they had different experiences and different pricing.

    My best attempt at trying to size up whether you need a buyer's agent is that if you're looking at a hot building, where you know other people haven't gotten pricing concessions, and you're a less experienced buyer, and you're a terribly busy person, you probably want an agent.

    If you're looking at a building which is a little less in demand, where you know other buyers have gotten pricing concessions, you're a more experienced buyer, and you have a little more time to dedicate to the deal, you probably don't want an agent.

    I know that's kind of like saying that light is both a wave and a particle but unfortunately, that's true.

    ali r.
    {downtown broker}

    ps to spaceboy: one way to judge the reputation of your developer is to ask someone who has experience in the real estate community, and if you don't want to hire an agent, that person should be your lawyer.
    Last edited by Front_Porch; July 12th, 2007 at 12:45 PM. Reason: spellling probblems

  8. #53

    Default Great

    Thanks Ali for your prompt response. That's very helpful indeed.

  9. #54

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    Quote Originally Posted by 25Murray View Post
    For a true cautionary tale of buying new construction, check out the blog that's been started up by an angry buyer of a condo in Tribeca Space - http://tribecaspace25murray.blogspot.com/. Sounds like everybody should steer clear of Thurcon and Corcoran Marketing.
    what a nightmare. i am a bit surprised by corcoran as i had a pretty good experience with them as my "buyer broker". my sympathies to the perspective owners.

  10. #55

    Default Tribeca Space Nightmare

    With regard to Tribeca Space - Corcoran is now saying that closings won't begin until the "Fall!!!!!" When I bought my apartment in June 2006, it was a finished apartment in a finished building and I was told that I'd be able to move in in the Fall of 2006!!!! I could have some understanding if the delay was because of construction - but it wasn't!!! The building's been finished FOR A YEAR!!! The problem is that it can't get a Temporary Certificate of Occupancy!!!

  11. #56
    Disgruntled Optimist lofter1's Avatar
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    That ^^^ usually means the building is NOT "finished"

    (they might start by re-doing that dryvit "arch" over the entryway on Murray Street -- truly horrendous proportions there)

  12. #57

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    Quote Originally Posted by 25Murray View Post
    With regard to Tribeca Space - Corcoran is now saying that closings won't begin until the "Fall!!!!!" When I bought my apartment in June 2006, it was a finished apartment in a finished building and I was told that I'd be able to move in in the Fall of 2006!!!! I could have some understanding if the delay was because of construction - but it wasn't!!! The building's been finished FOR A YEAR!!! The problem is that it can't get a Temporary Certificate of Occupancy!!!
    At this point it sounds like corcoran is just making stuff up. There must be a serious issue that is keeping the building from getting its TCO. Sounds kind of like the skylofts problem on Hudson street where it took years. Don't mean to frighten you but hopefully you have an outside date in your contract so you can get out if you need to

  13. #58
    Disgruntled Optimist lofter1's Avatar
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    Building Records for Tribeca Space (DOB Address is listed as 29 Murray / 125-139 Church) show that the original Application to "REHABILITATE SIX EXISTING FIVE STORY COMMERCIAL BUILDING & ADD FIVE (PARTIAL) STORIES TO CREATE COMMERCIAL U SE ON THE S.C.CELLAR,1ST FLOORS AND RESIDENTIAL CLASS A APTS ON THE 2ND TO 10TH FLOORS" was filed in 1996 and the PERMIT was ISSUED on 7.19.07 .

    However the List of Required Items which need to be finished in order to have the work deemed complete is lengthy -- 15 Items.

  14. #59
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Poor 25Murray, my heart goes out to you as you count the days . . .



    ali r.
    {downtown broker}

  15. #60

    Default Tribeca Space Nightmare

    Does anyone know how I can find out what all of the "Required Items" are all about? I don't understand what they mean or how serious they are. Help please! I'm sitting here in tears!!!

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