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Thread: Element Condominium - 555 West 59th Street - Condo - UWS - by SLCE

  1. #46
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    Seemingly refering ^^^ to changes in the regulations per 421-a Abatement ...


    Changes coming to New York City’s 421-a tax abatement program

    Our most recent Alert is provided to bring an important issue to the attention of friends and colleagues. It addresses recent New York City legislation that would, if accompanied by analogous changes from the New York State Legislature, significantly amend the 421-a property tax abatement program.


    On December 28, 2006, Mayor Bloomberg signed Intro 486-A (the “Act”), which was passed by the New York City Council on December 20. The Act proposes to amend Article 11 of the Administrative Code of the City of New York. The proposed changes will not be effective until January 1, 2008, at the earliest. Furthermore, the Act cannot become effective unless and until the New York State Legislature passes analogous changes to Section 421-a of the Real Property Tax Law. If the state enacts these changes, the 421-a tax abatement program will be changed significantly ...

  2. #47

    Default Ccw

    Yes...CCW I live at the Orion. And I've been really excited, as a real estate investor, because I thought Extell had the potential to really make its mark as a new development a brand, essentially. They seemed to really be raising the bar in residential real estate. Also, they have some killer addresses staked out for new projects. However, my experience with Orion has proven that they're doing everything "on the cheap". It's like they're bending over to pick up all the pennies, but are missing all the dollars. Hiring Penmark was mistake number one! They are completely ineffective. They are hurting the value of my investment, and are ultimately hurting Extell, as one no longer associates their name with quality. Like I said earlier, i've already communicated to my broker that I will no longer consider properties that are managed by Penmark. I laud our two resident board members who have stepped up to the plate to deal with Penmark. It is a job that really takes a certain type of person and a big commitment. I hope that they can whip Penmark in to shape to salvage our building which has such AMAZING potential. In the meanitme, i'm seething!

  3. #48
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    RE: Management at The Orion

    Can the resident owners oust Pennmark and hire a different management company? If so, would that have to wait until the Extell-appointed Board members are no longer the majority / in charge?

  4. #49


    From what I understand, even when Orion residents attain all board seats, Penmark has the job for 5 years whether we like it or not. Perhaps there's some stipulation where we can break their contract if they are not doing their stated job.

    This fact is why it's incredibly important to ask, when looking at a new construction, who the developers plan to hire to manage the building. If it's Penmark, RUN and don't walk away!

  5. #50

    Default Penmark's Performance?

    What exactly is so bad about Penmark?

  6. #51

    Default Penmark

    1. They hire subpar building workers
    2. They are completely disorganised in ways that endanger building residents and the building's value
    3. They do everything on the cheap rather than doing things "right"

    All of the above result in a "luxury" building that is run worse than a 2 star hotel.

  7. #52


    Thanks for scaring me into calling the Element and asking them about our management company. Thankfully, it will NOT be Penmark but rather R. A. Cowen. Anyone have any info on this company?

  8. #53

    Default Service


    How has the service been from the Element's sales office after you have signed the contract. Are they still "just as" warm and inviting or do they give you the feeling that after you sign they no longer need to deal with you much.

  9. #54


    For anyone else, who, like yours truly, signed the biggest check of their life to buy in the Element, and are looking for reassurance, here’s some.

  10. #55


    Nice article MidtownGirl If you don't mind my asking, which apt did you buy?

    P2Nice, the sales office has been pretty friendly so far. They've answered my questions within 24 hours when they didn't know the answer right away. I've been told that there might be a party in the works for the owners before the building is completed.

  11. #56


    Maybe I’ll see you at the party, Riversemix.

    We bought a G line 2 bedroom (this forum is a little too public to be more exact). We like the layout, with the bedrooms on each side of the living room.

    There’s so much public space in the building, the owners will probably uncharacteristically for NYC get to know their neighbors.

  12. #57
    Forum Veteran MidtownGuy's Avatar
    Join Date
    Mar 2005
    East Midtown


    Hi MidtownGirl, welcome to the forum!

  13. #58


    I agree and that was definitely one of the reasons for my purchase. I hope the board will host a few meet your neighbor parties. I purchased in the H line because there were entrances to the terrace through both the bedroom and livingroom which is pretty cool.

  14. #59


    Reversemix, why don’t you get on the board?

    Sorry MidtownGuy, I did not mean to do a take off on your name. I was going for a take off on the Billy Joel song. If you’d like, I am more than willing to change my name (I’ll go for WestEndGirl, from another 80’s song). More fitting anyway; the Element officially crossed the line to the Upper West Side, and we probably paid for that fact.

  15. #60


    lol, good song. Now I'm going to have it in my head all day, thanks

    Actually I am planning on running for the board. It'll be an interesting experience to be on the board of a brand new building.

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