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Thread: The Avery - 100 Riverside Blvd - Condo - Upper West Side - by Costas Kondylis

  1. #46

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    Quote Originally Posted by Tall Guy View Post
    Jennicak-

    I had thought about that, but the numbers just don't seem to work. I believe that the least expesenive unit would be a small 1br for about $820K. That would mean that he was offered $82K in concessions in a building with strong sales? If it were a 2br where apts seemingly start at around $1.3M that would mean concessions totalling around $130K! As I mentioned, I am an I banker, as if you couldn't tell. Also it struck me as odd that he bought in a building that he is seemingly berating. The sales claim also struck me as odd, since sales have been fine. Maybe I am just a bit cynical, I guess...

    -Jack

    I'm sorry, I must be missing something, but how can I tell that you are an I banker? (I mean other than the fact that you mention it in each of your posts.)

  2. #47
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Industry-wide negotiability (difference between listed price and final price) is running between 3 and 4%. Sometimes new condos will offer about that much of a break, sometimes they will hold to their price and offer to pay RETT (real estate transfer taxes, around 2.5%), sometimes they won't do either.

    10% is certainly impressive.

    ali r.
    {downtown broker}

    ps: that stat comes from today's Miller Samuel report, billed as "60 pages of statistical bliss"
    Last edited by Front_Porch; March 20th, 2007 at 08:13 PM. Reason: to give Jon Miller a little credit

  3. #48

    Default New Owner

    Congrats to all the new owners. I signed my contract back in May. I did receive the standard closing cost concessions and nothing else. I do feel foolish for signing so early, but I am very excited to be moving in, hopefully before year end. I will be in the lowest floor (they call it the third, but its the second floor) facing the highway (Mayby a glimpse of the river). Does anyone have a recent update on when the building will be ready? I was told back in May that it would be Sept/Oct (Everyone else told me to add 3 to 6 months to whatever the sales office told me). I am looking forward to meeting our new neighbors. - Charlie

  4. #49

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    If a new construction bldg is doing a concession over 2%, normally it means a) they are trying to get rid of the last left-over unsold apartments so they can close the books or b) building is not selling that well due to some unspeakable problems I would be careful.

    Quote Originally Posted by Front_Porch View Post
    Industry-wide negotiability (difference between listed price and final price) is running between 3 and 4%. Sometimes new condos will offer about that much of a break, sometimes they will hold to their price and offer to pay RETT (real estate transfer taxes, around 2.5%), sometimes they won't do either.

    10% is certainly impressive.

    ali r.
    {downtown broker}

    ps: that stat comes from today's Miller Samuel report, billed as "60 pages of statistical bliss"

  5. #50
    Forum Veteran MidtownGuy's Avatar
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    Do any of these buildings have retail of any kind in the bases? Suppose you're in Riverside South park and you want a snack or a drink- anything available?
    I've bladed along the water but never went up the "hill" to get a look at the ground floors. Anybody know?

  6. #51

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    Thanks all for the replies! At least from what I've found, I agree with Tall Guy's assessment that sales have been strong, and concessions were only offered towards the beginning.

    MidtownGuy: There are some shops in a few of the Trump buildings - including a place where you can buy snacks.

    In confirming that we certainly made the right choice, I fond out that, unlike a number of new developments in the area, (e.g., the element, 10 wea, that dowdy trump building at 120 RSB, etc.), Extell is doing things that help ensure that there will be owner occupants as opposed to investors.

    Anyway, we too are really psyched about the move. I was last told that things were on schedule for move ins in September - we'll see. BTW, my wife and I have a 16-1/2 month old son, so obviously we are really happy too about the park across the street and the toddlers' playground. I am also really happy about being in a great school district, unlike the buildings further south. Does anyone else buying in the building have a toddler?

  7. #52

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    Quote Originally Posted by rsupreme View Post
    I'm sorry, I must be missing something, but how can I tell that you are an I banker? (I mean other than the fact that you mention it in each of your posts.)
    Sorry...I am used to posting on sites that relate to my left brain where reflexively I note that I am an investment banker (in my heart of hearts, I ma a musician, so I post on a number of musician sites where the minute I mention finance, I am belittled). I should have realized that this is not a site where mention of numbers makes me a freak!
    Last edited by Tall Guy; March 21st, 2007 at 11:34 PM.

  8. #53

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    Quote Originally Posted by ckucic View Post
    Congrats to all the new owners. I signed my contract back in May. I did receive the standard closing cost concessions and nothing else. I do feel foolish for signing so early, but I am very excited to be moving in, hopefully before year end. I will be in the lowest floor (they call it the third, but its the second floor) facing the highway (Maybe a glimpse of the river). Does anyone have a recent update on when the building will be ready? I was told back in May that it would be Sept/Oct (Everyone else told me to add 3 to 6 months to whatever the sales office told me). I am looking forward to meeting our new neighbors. - Charlie
    I do not understand how you can feel foolish! I have scrutinized the offering doc, and if I had purchased a comparable unit in May, like you did, I would have gotten it at a less expensive price PLUS closing cost credits!!! To me it seems like you got a great deal...I wish I had bought ealirer!!!!

    Gringo: We don't have a toddler, but do have a teenager. Maybe a future babysitter?? Anyway, while the school district thing was not a selling point for us, I do think that tat does add to the the intrinsic value. I also agree that another strong point was the owner-occupant angle.

    -Jack

  9. #54

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    tallguy, btw.. did i mention you were an i-banker?

  10. #55
    Senior Swanky Peteynyc1's Avatar
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    Hotwire Communications will be in this building with new IP TV product. Does some pretty cool stuff...amazing video on demand, voicemail over TV, Caller ID on your TV screen, find me follow me, etc. They are working on the Rushmore, Barbazon, and a few others as well. Already in The Link.

  11. #56

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    Hello all - just wanted to mention this blog entry on the avery. They have a fairly comprehensive write-up about it and a few other condos and some self-taken pictures. I'm a buyer at 10 WEA and I found it helpful.
    Last edited by bobbybird; March 29th, 2007 at 11:58 AM. Reason: Apparently the link changed, so I corrected it.

  12. #57

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    Quote Originally Posted by bobbybird View Post
    Hello all - just wanted to mention this blog entry on the avery. They have a fairly comprehensive write-up about it and a few other condos and some self-taken pictures. I'm a buyer at 10 WEA and I found it helpful.
    Thanks, Bobby! I had noticed this blog on the 10 WEA thread, and meant to post the link here too. Indeed, it offers a nice write-up of the Avery.

  13. #58
    Disgruntled Optimist lofter1's Avatar
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    Taken yesterday, 3.27.07, from the pathway along the under-construction section of Riverside Park South ...


  14. #59

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    Quote Originally Posted by Tall Guy View Post
    Sorry...I am used to posting on sites that relate to my left brain where reflexively I note that I am an investment banker (in my heart of hearts, I ma a musician, so I post on a number of musician sites where the minute I mention finance, I am belittled). I should have realized that this is not a site where mention of numbers makes me a freak!

    No problem, Jack. Just didn't realize how I was supposed to tell from your posts, and was feeling a bit foolish for not being able to figure it out.

  15. #60

    Default Really strong sales

    Lofter1: Thanks for the updated photo!

    I suppose that all purchasers got the latest amendment last week. Apparently each western facing unit saw a purchase price increase of $50,000! Sales continue to be exceptionally strong.

    From what I am being told, things are still on target for move-ins starting some point in September.

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