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

  1. #61

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    Yeah, an exclusively East-facing unit seems like a rather unattractive proposition. Don't think there are too many of these though; I think most have an additional North or South exposure.
    Agree with you that the location will attract greater than average % of investor buying for rentals. At this price point and with the proposed amenities, not sure it would hurt value much, though.

  2. #62
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    I would make the distinction that a building's being attractive to renters affects its character, not necessarily its value. The Orion is quite full of renters and I believe all the original purchasers are sitting on nice paper profits.

    But what you say about the location is true. I am right next door to the Sheffield, and just this weekend one of my neighbors was bemoaning that our building had become so rental-heavy.

    ali r.
    {downtown broker}

  3. #63

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    any other buyers in this building on this site? if so, are you having closing delays due to lack of TCO's? we were told closing would be at the end of September, and we still cant get a straight answer as to when it might happen. FRUSTRATING!!!!!!!

  4. #64

    Default hi Ekartash

    just curious what your contract says about how much time you have untill you can back out of the deal.

    ive heard no TCO 's yet . But the non renovated units are closing.
    but those need no CO's .

  5. #65

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    we have until end of january. does anyone know what would prevent the TCO's from being issued? we did the run through of the apartment, and it looks really good. sheffield is saying that the city has inspected it. unless they are lying about that.

  6. #66

    Default a DOB inspection is slowing the TCO's

    they may have done a preliminary inspection (plumbing?) but they have NOT done an inspection for the TCO .

    end of January ?
    thanks
    so how many days did that come out to in which case u can back out ???

    the sales office also tells people there will be a driveway like the add in the paper . Fact is they need NYC Dept of Planning permission for it and its very unlikely to get it. They havent even applied yet .

    glad your happy with the unit. some have said the new floor squeeks when you
    walk on it. The floor is suspended a little above the concrete by pegs. They didnt want to flatten it out.

  7. #67

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    "they may have done a preliminary inspection (plumbing?) but they have NOT done an inspection for the TCO"

    do you know this for a fact? this would be very interesting. they have been telling me "any day" now for about a month and a half.

    i knew that there would never be a driveway. i am not even sure how they can fit it in there even if they did receive permission. its not really that important to me. i just hope the other ameneties get built.

  8. #68
    Disgruntled Optimist lofter1's Avatar
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    From DOB for The Sheffield / 322 W 57th:

    C/O Application Summary Inquiry

    Number of Outstanding Requirements: 11
    Number of Outstanding Checklist Items: 0
    Number of Outstanding Objections: 1

    C/O Preview

    Last Inspection Date: 10/18/2007

    ***

  9. #69

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    thanks Lofter. but i dont know what any of that means. can you summarize what it says? thanks.

  10. #70
    Disgruntled Optimist lofter1's Avatar
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    It means that there are outstanding conditions which must be rectified before DOB will issue the TCO.

    You could print out the list of outstanding requirements and present it to whoever at Sheffield keeps telling you "soon" and ask them to explain why the developer has not submitted / completed the work.

    Or your lawyer might be able to explain it to you -- however that will cost you $$ and solve nothing.

    Do note that the one "Outstanding Objection" states:
    AMEND PLANS
    ALL FLOORS
    NOT ACCORD. TO PLAN

  11. #71

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    thank you very much. much appreciated.

  12. #72

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    Every new condominium goes through these types of delays. The reality is that the delay is most likely with the department of buildings than the developer. With respect to the "outstanding" items, the DOB will reflect this as outstanding even if it has been satisfied and the developer is just waiting for DOB sign-off.

    The DOB is just backlogged with all of the new developments looking for TCO's - it is much more a reflection upon the DOB than the developer.

    The Sheffield renovations look very, very good.

  13. #73
    Disgruntled Optimist lofter1's Avatar
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    Granted that DOB is way backed up and has a shortage of inspectors, however ...

    Sheffied renovation might look good -- but if the work doesn't correspond with the plans as filed at DOB then the developer / architect has to rectify that.

    Apparently as of 3 weeks ago (date of last inspection) this had not yet been done.

  14. #74

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    " The Sheffield renovations look very, very good'

    Believe me as a buyer in the building, i would want nothing more than for the renovations to look good. but what renovations are you referring to? besides the lobby and a couple of elevators, nothing has been renovated. i am not counting apartments. none of the ameneties have been built. they havent even changed the windows in the building.

  15. #75

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    Quote Originally Posted by ekartash View Post
    but what renovations are you referring to?
    The renovated apartments look very very good. It is always uncertain whether the quality of finished apartments will match the quality of the 'model units' - a developer will spend lots of time and money to make model units just right. But the renovated apartments/finishes on the renovated apartments are good. I know someone who closed on a 1031 unit (which does not require TCO), and he is very happy and the apartment looks fantastic.

    I know that the lobby and hallways are complete, I don't know about the other amenities.

    Has the appeal of the holdover court case been decided?

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