Comments on: Eastcoast 3 debuts as The View; Rockrose broker fees paid to tenants http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants A Blog About Life and Real Estate in Long Island City, Queens, NYC Fri, 21 Nov 2008 20:18:40 +0000 http://wordpress.org/?v=2.6 By: David Byrne http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-10695 David Byrne Thu, 09 Oct 2008 04:01:11 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-10695 Any comments for The Star Tower and Vere26? My friend bought a home-office at the Power house and she regrets it. She wants out, and told me about these 2 options, ah, also The View. Thanks. Any comments for The Star Tower and Vere26? My friend bought a home-office at the Power house and she regrets it. She wants out, and told me about these 2 options, ah, also The View. Thanks.

]]> By: Richard Allen http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6794 Richard Allen Tue, 20 May 2008 03:56:43 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6794 Here is the problem: Americans are clueless on the use of a calculator, even people with Masters degrees are at a loss. $800,000 requires an income of $5000 A WEEK $1000 a workday to afford in normal times. So this will end in a disaster, because all the high income stock brokers et all. are being laid off as we speak very very quietly......they are paying people for a gag order...shhhh or we will sue for your severance back. What LIC needs is JOBS, Not $10 starbucks jobs but real jobs, LIC is DEAD after 6pm look at all the FREE parking available and on weekends and holidays.... Why are there no businesses coming to hunterspoint that are open 18-24 hours except 1800 mattress That will be the biggest mistake of this whole mess, there is plenty of room for manufacturing jobs heck even IT jobs...but nothing is coming into the area. It will always be a commuter stop..... Like a suburb, no body shops in Darien or Scarsdale during the day during the week ..no foot traffic... and the bars will close at midnight cause they have to get up for work... Here is the problem:

Americans are clueless on the use of a calculator, even people with Masters degrees are at a loss.

$800,000 requires an income of $5000 A WEEK $1000 a workday to afford in normal times.

So this will end in a disaster, because all the high income stock brokers et all. are being laid off as we speak very very quietly……they are paying people for a gag order…shhhh or we will sue for your severance back.

What LIC needs is JOBS, Not $10 starbucks jobs but real jobs, LIC is DEAD after 6pm look at all the FREE parking available and on weekends and holidays….

Why are there no businesses coming to hunterspoint that are open 18-24 hours except 1800 mattress That will be the biggest mistake of this whole mess, there is plenty of room for manufacturing jobs heck even IT jobs…but nothing is coming into the area. It will always be a commuter stop…..

Like a suburb, no body shops in Darien or Scarsdale during the day during the week ..no foot traffic… and the bars will close at midnight cause they have to get up for work…

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6793 Anonymous Sun, 11 May 2008 20:58:24 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6793 I stopped by sales office this week. My view of "the view" as follows: CONS: - Having an unobstructed view of the city is clearly nice, but building is considerably overpriced for the area / similar offerings (2B starting at 1.1m) - No on-site gym: buyers can use facilities at building next door (4705) but who knows if that building will go condo 5-10 years from now, so you may end up not having a gym at all - No on-site parking - Wood cabinetry in bathrooms looks cheap - Not many floor plans available, some are awkwardly shaped - Not many amenities on site (there will be a bike room which they will be selling spots for, though) - Expected move in date Q1 09 - Wooden floors, appliances and fixtures are standard, not what you'd expect for the price PROS: - City views - AC control in each room GENERAL COMMENTS: - Sales staff rude and not very knowledgeable. if this is how they treat "friends and family", can you imagine customers? - Sales force not very in touch with reality, based on their comments that "prices will only go up from here" - No handouts or price list...they did give us a cold bottle of water though CONCLUSION: - Building itself does not stand out from other offerings in the area. For a 2B apartment, the surcharge for the nice city view represents roughly 300-400K, thus, the price is in the name. I stopped by sales office this week. My view of “the view” as follows:

CONS:
- Having an unobstructed view of the city is clearly nice, but building is considerably overpriced for the area / similar offerings (2B starting at 1.1m)
- No on-site gym: buyers can use facilities at building next door (4705) but who knows if that building will go condo 5-10 years from now, so you may end up not having a gym at all
- No on-site parking
- Wood cabinetry in bathrooms looks cheap
- Not many floor plans available, some are awkwardly shaped
- Not many amenities on site (there will be a bike room which they will be selling spots for, though)
- Expected move in date Q1 09
- Wooden floors, appliances and fixtures are standard, not what you’d expect for the price

PROS:
- City views
- AC control in each room

GENERAL COMMENTS:
- Sales staff rude and not very knowledgeable. if this is how they treat “friends and family”, can you imagine customers?
- Sales force not very in touch with reality, based on their comments that “prices will only go up from here”
- No handouts or price list…they did give us a cold bottle of water though

CONCLUSION:
- Building itself does not stand out from other offerings in the area. For a 2B apartment, the surcharge for the nice city view represents roughly 300-400K, thus, the price is in the name.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6792 Anonymous Mon, 05 May 2008 21:58:53 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6792 Looks like there maybe a new "premier" building to give The View some competition. It is the tallest condo in LIC, 7 stories taller than The View and much closer to all the transportation. The website is: www.thestartower.com "The Star Tower on LIC's North Side is preparing to open for sales, if the launch of it's website is any indication. The Star Tower is across Hunters Street from the Roe corporation's successful "Fusion" condominium. The building will be located at the site of the defunct "Long Island Star" newspaper. More details coming soon.... <a href="http://afinecompany.blogspot.com/2008/04/coming-soon-star-tower-lic-north.html" rel="nofollow">http://afinecompany.blogspot.com/2008/04/coming-soon-star-tower-lic-north.html</a> " Looks like there maybe a new “premier” building to give The View some competition. It is the tallest condo in LIC, 7 stories taller than The View and much closer to all the transportation.

The website is:
http://www.thestartower.com

“The Star Tower on LIC’s North Side is preparing to open for sales, if the launch of it’s website is any indication. The Star Tower is across Hunters Street from the Roe corporation’s successful “Fusion” condominium. The building will be located at the site of the defunct “Long Island Star” newspaper. More details coming soon….

http://afinecompany.blogspot.com/2008/04/coming-soon-star-tower-lic-north.html

“

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6791 Anonymous Wed, 23 Apr 2008 14:55:11 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6791 Keep building and see price tumble. Keep building and see price tumble.

]]> By: John http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6790 John Sun, 20 Apr 2008 13:16:40 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6790 If you build it they will come...with all the residential condos going up, the restaurants and grocery stores will come...LIC is Chelsea 10 years ago. If you build it they will come…with all the residential condos going up, the restaurants and grocery stores will come…LIC is Chelsea 10 years ago.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6789 Anonymous Tue, 15 Apr 2008 12:56:31 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6789 Be patient. The NYC real estate market will not tumble overnite. However it will over time. This could save you hundreds of thousands of dollars. Just ask yourself , Would you buy a stock that is projected to go down.( Assuming ofcourse your not shorting it.) Be patient. The NYC real estate market will not tumble overnite. However it will over time. This could save you hundreds of thousands of dollars. Just ask yourself , Would you buy a stock that is projected to go down.( Assuming ofcourse your not shorting it.)

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6788 Anonymous Tue, 15 Apr 2008 12:51:24 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6788 Genghis- I think you are on the right track in your analysis. I was told be a reliable source that the building will sell as condo. However they plan to either go 50-50 on the rental end. My best guess will be they test the waters in this terrible market and when they can't move 25% of the buliding they will just rent the rest. So just be careful because you find yourself paying about $500 over the average LIC price for a building that will have more renters than owners. My opinion is that LIC is worth about 600-650 a sq ft. If I were you and you do decide that LIC is where you want to be I'd wait for at least the next 12 months. There will be many options in the future including new development that will open. Wait and see how many units are flipped for various reasons. You may get a great deal. Genghis- I think you are on the right track in your analysis. I was told be a reliable source that the building will sell as condo. However they plan to either go 50-50 on the rental end. My best guess will be they test the waters in this terrible market and when they can’t move 25% of the buliding they will just rent the rest. So just be careful because you find yourself paying about $500 over the average LIC price for a building that will have more renters than owners. My opinion is that LIC is worth about 600-650 a sq ft. If I were you and you do decide that LIC is where you want to be I’d wait for at least the next 12 months. There will be many options in the future including new development that will open. Wait and see how many units are flipped for various reasons. You may get a great deal.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6787 Anonymous Tue, 15 Apr 2008 12:38:36 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6787 Genghis, where you getting your numbers? There is no way you are buying into a good building on the east side or west side of Manhattan for close to 800psf. The general minimum nowadays is near 1000psf. Glamorous glass (I like your phrase) is minimum 1300psf and more into the 1500-2100psf range. The range for new developments in Harlem is fairly broad, with the top-priced buildings asking over 1500psf, though there are places in the 650-800 range. Genghis, where you getting your numbers? There is no way you are buying into a good building on the east side or west side of Manhattan for close to 800psf. The general minimum nowadays is near 1000psf. Glamorous glass (I like your phrase) is minimum 1300psf and more into the 1500-2100psf range. The range for new developments in Harlem is fairly broad, with the top-priced buildings asking over 1500psf, though there are places in the 650-800 range.

]]> By: Genghis http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6786 Genghis Tue, 15 Apr 2008 10:20:14 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6786 "People inquiring about the property are being told that the building will be 50% Rental." They didn't tell that to me when I inquired, though to tell the truth, I didn't beg the question. The conversation (conversations, really -- I had two or three) always went straight along the lines of plain old condo. Right now Harlem is developing in its own, pretty exciting way. Prices are between high 500s /sft to mid 700s. More established residential neighborhoods on the east and west sides go for 800s and 900s, while glamorous glass is asking over 1100s, right up to 1600s. Well, where does that leave the LIC waterfront? On the one hand, it's peripheryville (no insult to those who know and love her). On the other hand, it's an upcoming riviera, more convenient to LI and midtown than Brooklyn. So there are reasons it should be cheaper than glamorland in the middle of town, but also reasons to be more costly than anywhere else. My original question still holds, then: what could <b>make</b> Rockrose reduce prices? If a nervous bank or group of investors forcloses, what'll they get? Unfinished buildings that they don't know how to complete? On whom would they unload it? Trump? I don't think he's famous for paying top dollar. EC3 isn't all <b>that</b> big, so people who hung on through the upcoming catastrophe (UAUI-RE, right?) will still be able to take them. Sorry to have only one song there, I'm just trying to figure out an action plan. “People inquiring about the property are being told that the building will be 50% Rental.”

They didn’t tell that to me when I inquired, though to tell the truth, I didn’t beg the question. The conversation (conversations, really — I had two or three) always went straight along the lines of plain old condo.

Right now Harlem is developing in its own, pretty exciting way. Prices are between high 500s /sft to mid 700s. More established residential neighborhoods on the east and west sides go for 800s and 900s, while glamorous glass is asking over 1100s, right up to 1600s.

Well, where does that leave the LIC waterfront? On the one hand, it’s peripheryville (no insult to those who know and love her). On the other hand, it’s an upcoming riviera, more convenient to LI and midtown than Brooklyn. So there are reasons it should be cheaper than glamorland in the middle of town, but also reasons to be more costly than anywhere else.

My original question still holds, then: what could make Rockrose reduce prices? If a nervous bank or group of investors forcloses, what’ll they get? Unfinished buildings that they don’t know how to complete? On whom would they unload it? Trump? I don’t think he’s famous for paying top dollar. EC3 isn’t all that big, so people who hung on through the upcoming catastrophe (UAUI-RE, right?) will still be able to take them.

Sorry to have only one song there, I’m just trying to figure out an action plan.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6785 Anonymous Sat, 12 Apr 2008 21:06:49 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6785 128- Your wrong again, not surprising. 128- Your wrong again, not surprising.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6784 Anonymous Sat, 12 Apr 2008 17:59:29 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6784 128 is the same person who posted the rumor on Streeteasy. 128 is the same person who posted the rumor on Streeteasy.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6783 Anonymous Sat, 12 Apr 2008 15:27:38 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6783 People inquiring about the property are being told that the building will be 50% Rental. I didn't start this rumor. It was posted by the name of "lobo" on street easy. I guess people are starting to figure out that it's much cheaper to rent in EC1 or EC2 than to put $100's down and pay CC's and a large mortgage. Besides they can also park their cars in their own building and swim in the pool in EC2. Prices have got to drop to about $700 sq ft. for this building to sell. I think they should just rent the whole thing. This is may be why they are taking longer to start offering units. I can't wait to see 5sl go to closing and see how many people put their units right back on the market. It's going to be interesting summer. People inquiring about the property are being told that the building will be 50% Rental. I didn’t start this rumor. It was posted by the name of “lobo” on street easy. I guess people are starting to figure out that it’s much cheaper to rent in EC1 or EC2 than to put $100’s down and pay CC’s and a large mortgage. Besides they can also park their cars in their own building and swim in the pool in EC2. Prices have got to drop to about $700 sq ft. for this building to sell. I think they should just rent the whole thing. This is may be why they are taking longer to start offering units. I can’t wait to see 5sl go to closing and see how many people put their units right back on the market. It’s going to be interesting summer.

]]> By: Genghis http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6782 Genghis Sat, 12 Apr 2008 03:11:49 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6782 " Guess what rumor on street easy that EC3 is going to be 50% rental " Where did you see that? I looked around on streeteasy, but didn't find the thread. Can you supply the url? ” Guess what rumor on street easy that EC3 is going to be 50% rental ”

Where did you see that? I looked around on streeteasy, but didn’t find the thread. Can you supply the url?

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6781 Anonymous Thu, 10 Apr 2008 21:33:55 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6781 Hey 124- Guess what rumor on street easy that EC3 is going to be 50% rental. How does that make you feel. Still think everything is great in the real estate business. The building doesn't have a chance at $800 sq ft. Views or not. Face the fact that this is a terrible time to buy second only to those who bought 6 month's ago. Sorry buddy you lost a lot of money. Enjoy you upside -down mortgage. Hey 124- Guess what rumor on street easy that EC3 is going to be 50% rental. How does that make you feel. Still think everything is great in the real estate business. The building doesn’t have a chance at $800 sq ft. Views or not. Face the fact that this is a terrible time to buy second only to those who bought 6 month’s ago. Sorry buddy you lost a lot of money. Enjoy you upside -down mortgage.

]]> By: An0nymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6780 An0nymous Wed, 09 Apr 2008 10:32:04 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6780 124 - How many foolish statements can one person make? You sure are comical, I'll give you that. Look on streeteasy.com, it lists the date that every unit went into contract. So who is the clueless one?? 124 - How many foolish statements can one person make? You sure are comical, I’ll give you that.
Look on streeteasy.com, it lists the date that every unit went into contract. So who is the clueless one??

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6779 Anonymous Wed, 09 Apr 2008 00:27:41 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6779 Why don't you give me the breakdown on a monthly basis for units sold. My guess is you can't. Why? Well because you don't have the slightest clue as to what is and what's not sold. I still don't see how you can say these properties are 50% sold. Please stop telling your lies to people who are thinking of buying in LIC. You are going to cost people $100's of thousands of dollars just because you need to make a buck, try getting a real job and stop living off other peoples hard earned money. One more question. When was the Powerhouse scheduled completion date? I'll give you the answer because it I don't you will just make it up anyway. It was to be completed late 2007. Look at the building. It won't be done until sometime in 2009. What a joke. PowerHouse Condominium Up to PowerHouse The Powerhouse building is build on the old Penn Station powerhouse and the Schwarts Chemical factory in Long Island City, New York. PowerHouse Rendering Building B/C51st Sreet & 2nd Ave 400 luxury condos Designed by Karl Fischer CGS Developers of Brooklyn Apts 1,100 ft or so going for $550 -> $700K ------Under Construction 2005 to late 2007--------- Why don’t you give me the breakdown on a monthly basis for units sold. My guess is you can’t. Why? Well because you don’t have the slightest clue as to what is and what’s not sold. I still don’t see how you can say these properties are 50% sold. Please stop telling your lies to people who are thinking of buying in LIC. You are going to cost people $100’s of thousands of dollars just because you need to make a buck, try getting a real job and stop living off other peoples hard earned money. One more question. When was the Powerhouse scheduled completion date? I’ll give you the answer because it I don’t you will just make it up anyway. It was to be completed late 2007. Look at the building. It won’t be done until sometime in 2009. What a joke.

PowerHouse Condominium
Up to PowerHouse
The Powerhouse building is build on the old Penn Station powerhouse and the Schwarts Chemical factory in Long Island City, New York.

PowerHouse Rendering

Building B/C51st Sreet & 2nd Ave
400 luxury condos
Designed by Karl Fischer
CGS Developers of Brooklyn
Apts 1,100 ft or so going for $550 -> $700K
——Under Construction 2005 to late 2007———

]]> By: anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6778 anonymous Tue, 08 Apr 2008 19:29:15 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6778 The Powerhouse is within my direct view, and I can assure you that there is work going on there daily. And yes - they are now working mainly on the interior. The Powerhouse is within my direct view, and I can assure you that there is work going on there daily. And yes - they are now working mainly on the interior.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6777 Anonymous Tue, 08 Apr 2008 16:37:18 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6777 121- Why do you keep saying the same incorrect things after it has been shown over and over in prior comments that you are factually wrong? You keep saying that all the apartments were sold over 6 months ago when these buildings only began sales approximately 6 months ago. The facts are that all the units in the buildings discussed above have had the bulk of their sales over the past 6 months. 50-80% sold in 6 months at asking and increased prices is excellent. Buildings don't try to sell all their units right at the beginning of sales. They release units in phases. As for Powerhouse, what is your evidence that work has stopped? If the exterior is done, you are not going to see all the interior finishing work happening by walking past the building. Do you not mind that you are one of the most nonsensical commenters on this site? 121- Why do you keep saying the same incorrect things after it has been shown over and over in prior comments that you are factually wrong? You keep saying that all the apartments were sold over 6 months ago when these buildings only began sales approximately 6 months ago. The facts are that all the units in the buildings discussed above have had the bulk of their sales over the past 6 months. 50-80% sold in 6 months at asking and increased prices is excellent. Buildings don’t try to sell all their units right at the beginning of sales. They release units in phases.
As for Powerhouse, what is your evidence that work has stopped? If the exterior is done, you are not going to see all the interior finishing work happening by walking past the building.
Do you not mind that you are one of the most nonsensical commenters on this site?

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6776 Anonymous Tue, 08 Apr 2008 00:37:28 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6776 How in the world can you say that All of the LIC new developments will be 80-100% sold by the time the buildings are complete. What is your analysis. There are buildings like the Powerhouse and the Foundry that are not even 50% sold. And if they didn't sell those units over 6 months ago they would probably be less then 10%. You heard it here first. Some of these buildings may never be completed or there will be a fire sale in the next 12 months. Some developers are having their financing pulled or have had their own loan financing shoot through the roof. Take a good look at the work activity at the Powerhouse and you will see very little being done. People don't work for free. This is a signof a project that is in serious financial trouble. If there was money there would be workers there 16 hours a day. They have gotten to the point where they can only hire a few contractors at a time. It's way over budget with an endless finish. Wake up they thought that there average units per squar foot would be over $800. The market right now for the area is $600-650. A penny more in this market and those units will sit for as long as the developer can hold out. The only way this building starts to move will be at $550. And then you may see some interest. I would advise anybody that is considering to sign a contract in this area not to do it. Some of these developments will fold. You run the risk of losing your downpayment. How in the world can you say that All of the LIC new developments will be 80-100% sold by the time the buildings are complete. What is your analysis. There are buildings like the Powerhouse and the Foundry that are not even 50% sold. And if they didn’t sell those units over 6 months ago they would probably be less then 10%. You heard it here first. Some of these buildings may never be completed or there will be a fire sale in the next 12 months. Some developers are having their financing pulled or have had their own loan financing shoot through the roof. Take a good look at the work activity at the Powerhouse and you will see very little being done. People don’t work for free. This is a signof a project that is in serious financial trouble. If there was money there would be workers there 16 hours a day. They have gotten to the point where they can only hire a few contractors at a time. It’s way over budget with an endless finish. Wake up they thought that there average units per squar foot would be over $800. The market right now for the area is $600-650. A penny more in this market and those units will sit for as long as the developer can hold out. The only way this building starts to move will be at $550. And then you may see some interest. I would advise anybody that is considering to sign a contract in this area not to do it. Some of these developments will fold. You run the risk of losing your downpayment.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6775 Anonymous Sun, 06 Apr 2008 13:11:23 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6775 All of the LIC new developments will be 80%-100% sold by the times the buildings are completed and people start moving in. Your analysis doesn't hold up 119. All of the LIC new developments will be 80%-100% sold by the times the buildings are completed and people start moving in. Your analysis doesn’t hold up 119.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6774 Anonymous Fri, 04 Apr 2008 16:55:13 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6774 Hense many units will be reduced once many buildings close on their units and people are in the builings. What will contribute to the price reductios will be both new owners who just can't afford today what they did 2 years ago and remaning units by the developer will be reduced with out risking pending contracts. Ofcourse they can also kep the units rent the rest. Which is not a building I want to live in anyway. If I bought a 1M unit and then found out that 50% of the building were renters i'd be pissed. Hense many units will be reduced once many buildings close on their units and people are in the builings. What will contribute to the price reductios will be both new owners who just can’t afford today what they did 2 years ago and remaning units by the developer will be reduced with out risking pending contracts. Ofcourse they can also kep the units rent the rest. Which is not a building I want to live in anyway. If I bought a 1M unit and then found out that 50% of the building were renters i’d be pissed.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6773 Anonymous Fri, 04 Apr 2008 16:45:37 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6773 Actually #116 you do make a good point, however I don't know that theory to be fact. I'll tell you why I believe why new develpoments don't lower prices at a faster than expected pass. The developers are stuck with difficult problem. Many units in these deveopment have contracts that were agreed to over 1-2 years ago. The developer realizing the market is dropping has a problem, however the solution is not so simple. If the deveoper thinks that he needs to lower prices he just can't for these reasons. First if the developer lowers units to a price less than people agree to pay 1-2 years ago it will put the contracts pending aty risk. If you lower units to better move in a bear market the apprasials for the scheduled closings will come in far less. That means the developer runs the risk of buyers not getting the necessary loan amount. The bank just says no. And you are stuck with coming up with more money or getting the developer to lower the price. This puts the devoper in a situation in which it has no choice but to wait until pending contracts are signed or run the risk that it loses pending contracts. Actually #116 you do make a good point, however I don’t know that theory to be fact. I’ll tell you why I believe why new develpoments don’t lower prices at a faster than expected pass. The developers are stuck with difficult problem. Many units in these deveopment have contracts that were agreed to over 1-2 years ago. The developer realizing the market is dropping has a problem, however the solution is not so simple. If the deveoper thinks that he needs to lower prices he just can’t for these reasons. First if the developer lowers units to a price less than people agree to pay 1-2 years ago it will put the contracts pending aty risk. If you lower units to better move in a bear market the apprasials for the scheduled closings will come in far less. That means the developer runs the risk of buyers not getting the necessary loan amount. The bank just says no. And you are stuck with coming up with more money or getting the developer to lower the price. This puts the devoper in a situation in which it has no choice but to wait until pending contracts are signed or run the risk that it loses pending contracts.

]]> By: Anonymous http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6772 Anonymous Fri, 04 Apr 2008 00:37:49 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6772 woo hoo #116, you're started a trend! woo hoo #116, you’re started a trend!

]]> By: Genghis http://www.liqcity.com/new-development/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6771 Genghis Thu, 03 Apr 2008 22:55:58 +0000 http://beta.liqcity.com/uncategorized/eastcoast-3-debuts-as-the-view-rockrose-broker-fees-paid-to-tenants#comment-6771 Regarding the Universally Acknowledged Upcoming Implosion of RE* prices in NYC: 1) Does anyone have a nuanced understanding between individual resales and large projects? A person who has to sell a home in order to make a work-related move or some other life adjustment is under pressure to move and has to negotiate with a buyer. Ditto for the builder of a place with a small number of units, since he has obligations and must move on. On the other hand, a large project like the many hi-rise condos we see all around the city isn't quite the same. If the developer doesn't get his asking price, he's at liberty to buy units and rent them until he gets his price. Also, while the small seller is afraid of the bank, it is the bank who is afraid of the large-scale developer, given the obligation involved. That allows the developer to call the shots, doesn't it? 2) The mere fact that I'd like to get a place listed for 1.7M doesn't mean that the passage of time will soften up the seller. I suspect that someone who was looking in the 2.2M range and is suddenly "poor" will now snap it up for the asking price. That doesn't do me any good, does it? So the question becomes "how do I, Joe Nosebleed, take advantage of all of this fallout?" I have some money in the bank, there's a glut of new product out there, I read of armageddon daily, yet I can't seem to make use of my knowledge or relative flexibility. Is anyone in the press reporting on this story from "my" point of view? I can't be alone. *Let's call it UAUI-RE . I propose it be pronounced "wowee-ree"; maybe we'll get something started. Regarding the Universally Acknowledged Upcoming Implosion of RE* prices in NYC:

1) Does anyone have a nuanced understanding between individual resales and large projects? A person who has to sell a home in order to make a work-related move or some other life adjustment is under pressure to move and has to negotiate with a buyer. Ditto for the builder of a place with a small number of units, since he has obligations and must move on.

On the other hand, a large project like the many hi-rise condos we see all around the city isn’t quite the same. If the developer doesn’t get his asking price, he’s at liberty to buy units and rent them until he gets his price. Also, while the small seller is afraid of the bank, it is the bank who is afraid of the large-scale developer,
given the obligation involved. That allows the developer to call the shots,
doesn’t it?

2) The mere fact that I’d like to get a place listed for 1.7M doesn’t mean that
the passage of time will soften up the seller. I suspect that someone who was
looking in the 2.2M range and is suddenly “poor” will now snap it up for the
asking price. That doesn’t do me any good, does it?

So the question becomes “how do I, Joe Nosebleed, take advantage of all of this fallout?” I have some money in the bank, there’s a glut of new product out there, I read of armageddon daily, yet I can’t seem to make use of my knowledge or relative flexibility.

Is anyone in the press reporting on this story from “my” point of view? I can’t be alone.

*Let’s call it UAUI-RE . I propose it be pronounced “wowee-ree”; maybe we’ll get something started.

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