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Thread: Sheffield57 - 322 West 57th Street - Midtown - Condo - by Emery Roth & Sons

  1. #46
    Disgruntled Optimist lofter1's Avatar
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    Quote Originally Posted by Front_Porch View Post

    ... the floors in the models are somewhat buckled ...
    What is it with these developers and the installation of lousy floors (or should I say lousy installation of floors)?

  2. #47

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    on which side of the building is the Hearst loading dock? i will try to look at apartments facing away from it.
    whats your take on the value of these apartments, in terms of price to quality/ameneties?

  3. #48
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    The loading dock is on the 56th Street (South) side, which is also where some of the good view apartments are, so just make sure you like the quality of your windows.

    And I'm not trying to avoid your question, but I don't compare buildings to each other for people who are not my clients -- like all real estate agents (no matter what they say) I am basically chasing deals and casual "A vs. B" comments don't help that.

    However, there are many knowledgeable posters on this site who aren't bound as I am . . . jump in, guys and gals!

    ali r.
    {downtown broker}

  4. #49

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    whats the story with holdover tenants in this building? am i getting this right. there are 90 rent controlled units + 23 market rate units that will not vacate?

  5. #50
    Disgruntled Optimist lofter1's Avatar
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    No "rent controlled" units in this building -- they'd be "rent stabilized" if they come under rent laws at all.

  6. #51

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    Someone who owns a regulated unit in the building could probably work a hell of a buyout deal. With what they're charging for the Condos (if they get it), a six figure buyout goes from merely possible to likely.

    Someone I work with used to rent there (unregulated), and got bounced in the conversion. He said that, for his unit (a highly unremarkable studio, with a stunning view of the offices in the Hearst Building), they wanted something like $600K

  7. #52

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    there arent any studios under 750k there right now. so i guess 600k would have been a good deal

  8. #53

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    Quote Originally Posted by lofter1 View Post
    Wow --

    ~ $2,800.00 per sq. ft. !!

    Who do I call for such a deal?
    CALL ME!!

    I'll even give you a 10% wirednewyork discount!!!

  9. #54

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    looks like they've started closings. anyone know how much of the building is actually finished?

  10. #55

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    does anyone know if they have started closings? have any of the units received TCO?

  11. #56
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    sorry, ekartash, for not answering -- I have been doing some work in soho -- but I will pop my head in to the Sheffield and see if they will answer these questions for me (they may not, since I have no active deal in the building and don't represent any client) and get back to you.

    ali r.
    {real estate agent who lives next to the Sheffield}

  12. #57
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    they are not closing the sheffield by floor but by units as the TCOs come through, but the sales office says that's happening . . .

    ali r.
    {downtown broker}

  13. #58

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    thank you very much for the info. do you know whats happening with the hold over tennants?

  14. #59
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    The tenants were winning as of March 22, according to The Real Deal:

    Judge rules for Sheffield's tenants


    Kent Swig

    A housing court judge this week dealt a blow to developer Kent Swig's plan to evict 23 market-rate tenants from the Sheffield 57 condo conversion at 322 West 57th Street. If the ruling is upheld, developers will not be able to evict market-rate tenants while a conversion is in progress, even if their leases are up and have not been renewed. Swig will appeal. "The law is black and white. If you don't have a lease and you are not rent-regulated, then you have no right to occupy," he said. more [NYO]
    And more [Post]

    If you are coming up to visit the building today, I would suggest the afternoon -- I don't know what machine they've been running (or the subway guys have been running, sometimes it's their fault) since 7:30 am but my head has been ringing for three hours -- I'm about to leave the neighborhood and I'm jumping for joy.

    ali r.
    {downtown broker}

  15. #60

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    I was wondering if you guys have thoughts about how the Hearst building affects the overall value of the building. After all, 1/2 of all the units basically have the Hearst building staring at them a few feet away from them. I can't imagine people wanting to buy that (for the asking price anyway). Buying it to rent might be ok since the location is very convienient, since renters tend to favor location more highly. So I wonder if the building will turn out to be mostly rentals which could alter the value of the owner occupied apartments.

    Thoughts?

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