The Orion - 350 West 42nd Street - Condo - by Cetra/Ruddy

**investor350** · March 11th, 2006, 03:15 PM

Xenos- have you walked by the Orion of late? It is still a construction zone. Why would one wish to be forced to close in several weeks when so much of the common area and amenities remain unfinished?

**Xenos962** · March 11th, 2006, 05:12 PM

Yes, I walked past there 2 weeks ago. Found it hard to believe that the building would be ready for any move-ins. However, my broker told me that the lower floors were complete but for a few finishing touches.

Essentially, I signed a contract that says that Developer will send written notice of my closing date and I have 30 days from the date of that notice to close. That is legally binding and I have to honor that.

Now, I am a lawyer but not a real estate lawyer. It seems to me that the time for me (or for anyone) to object is at the time of inspection. If at inspection one feels that his/her unit is not habitable then an argument can be made (I would think) that there is no obligation to close until the unit is habitable.

Now, folks-- this is not some rinky dink developer. With a temporary certificate of occupancy from the City, clean and safe passageways to and from your unit and the street, and a fully completed unit, I doubt that anyone can prevail on refusing to honor a contractual obligation to close!

**angnyc** · March 11th, 2006, 07:18 PM

Today had a BIG ad at the NYT said the building reach 95% sold. Very Cool!

**davidlindo** · March 11th, 2006, 07:44 PM

The first floor in the Orion with apartments is the 4th floor (and some of them have a terrace) if you look at the offering plan it will tell you, but I guess these apartments are not ready because of the garage and part of the building so I guess they start athe 5th floor.

**investor350** · March 11th, 2006, 10:04 PM

Xenos- I am sure that the individual units will be finished prior to the walkthru but I find it hard to believe that the interiors of the elevators and much of the common areas, lobby and garage will be finished since the building is in a construction and move in mode. Again I ask why should lower
floor owners be subjected to living in a building in which the majority of the finish construction and amenities are yet to be completed and construction workers, decorators and tradespeople will have access to the building.Furthermore people forced to close under these adverse conditions will bear the full maintenance at the same time? Have you ever moved into a construction site and the new age intercom systems go off all day and night due to construction dust and the heat from the finish work going on throughout the building-just wait when the automatic alarm screams that you must not use the elevators but must evacuate the building!

**Xenos962** · March 12th, 2006, 11:52 AM

I hear you, Investor, and I am not arguing nor disagreeing with you. I am simply saying that the legal remedy for what you complain of is not there, in my humble non- real estate lawyer opinion.

Orion buyers signed contracts after reading the Offering Plan. Further, New York law gave buyers the right to rescind their purchase within a period of time after signing-- in part, because a voluminous offering plan may take time to read and digest.

The offering plan advises buyers that move ins may be prior to building completion-- in fact, that move-ins will commence on receipt of a TEMPORARY certificate of occupancy. A temporary certificate of occupancy means, obviously, that the building is not yet complete but that the City has deemed the building habitable.

You may very well have an argument on the basis of fairness, reasonableness and equity-- that does not mean you have an argument that would be LEGALLY recognized and that would lead to a remedy.

I will assess my closing based on what I see during my inspection.

**investor350** · March 12th, 2006, 12:04 PM

Xenos- I agree with you. But those early on closers who will be forced to live in a construction zone without many of the amenities that are supported by the maintenance should let their feelings be known that they wish an abtement in maintenance until those amenities are available for use. Furthermore if a property is under TCO, when will the property taxes be assessable if the majority of the property is not yet completed. Remember until the closing of units the developer must bare the paymewnt of those property taxes.

Xen

**investor350** · March 12th, 2006, 12:09 PM

www.emporis.com has 6 recent photos showing how the 1st floor (street level) looks. Fae from move-in ready condition

**Alvarez** · March 12th, 2006, 12:11 PM

Hi,

I am on the 31st floor and was told to expect closing in late October/ early November.

**sarecca** · March 12th, 2006, 01:21 PM

To the above poster.... I find it unusual that I would be moving in before you and I am on the 40th floor. Call the ORION.....

**investor350** · March 12th, 2006, 02:41 PM

Well! If Alvarez is correct how could the La Palestra Spa, restaurant and luxurious lounge areas as well as laundry facilities be available for those who are forced to take occupancy in April?

**ddjiii** · March 12th, 2006, 05:43 PM

Originally Posted by investor350

Well! If Alvarez is correct how could the La Palestra Spa, restaurant and luxurious lounge areas as well as laundry facilities be available for those who are forced to take occupancy in April?

They may not be. I doubt if the developer promised anyone they would be. It is not only common but ubiquitous for developers of both condo and rental buildings to move people in before the building is completely finished and before all the amenities are in place. (For that matter, it's just as common in the suburbs for people to move into a new house while other houses are under construction and before the landscaping and clubhouse or whatever is built.) Sometimes they offer discounts for this, and sometimes they don't - it's all in the negotiation. To be frank, your persistance on this is getting kind of hard to understand because as several people have said, (1) everybody does it this way and (2) the deal is done and the papers are signed. The time to either object or cut a deal was beforehand.

I'm not at all saying you shouldn't ask, but you seem to be implying that you're getting a raw deal, and I don't think you are - or at least, not one that you didn't already agree to. Sorry to be blunt, but there it is.

**investor350** · March 12th, 2006, 08:46 PM

ot implying anything. I am questioning if the other early owners who will be closing in April should be given a proportionate maintenance abatement during that period of time when they will not be able to live in the manner that is represented on the Corcoran Website that the buyers in the Fall will hopefully enjoy.

I am n

**zabi** · March 13th, 2006, 06:42 PM

I just heard that they gave notices to everyone on the 14th floor except for the G line. They claim that the service elevator is still attached to our apartment so they can't let us move in. Has any other lower G line people been given their notice to move in.