When Condo Investments Go Bad: Toy Factory Loft Edition

Buyer beware. That goes double when the buyer is a Corcoran broker.

Posted by: guest at February 29, 2008 9:08 AM

Here come the tears.

Posted by: guest at February 29, 2008 9:09 AM

now who could have seen this coming?

this is the tip of the iceberg in the new condo world of unhappy buyers

suckers

Posted by: guest at February 29, 2008 9:11 AM

This guy sounds like a big ass...

Posted by: guest at February 29, 2008 9:18 AM

You know what sucks even more?

When you wake up one day to realize you significantly overpaid for a piece of property, in a crappy building that leaks on a crappy block, next to a project with construction on the other side.

Cry me a river

Posted by: guest at February 29, 2008 9:20 AM

i'd feel bad for him because of the water damage, but not the views.

and so what if they offered to buy the unit back at cost? that means the guy has to move again, find another place to live, pay closing costs, try to get another mortgage in a more stringent environment, etc.

selling back his unit is not a "break even" event for the guy. there are all sorts of negative financial and quality-of-life implications.

the builder should fix the water problems and i don't blame the guy for bitching about it.

tough shit on the view, obviously. you live in NYC, you should just assume that someone will eventually build in front of you window.

Posted by: guest at February 29, 2008 9:21 AM

how could a real estate agent not know about a "lot line window" issue? that's just ridiculous. and why is he touting the "wall-to-wall views" in his other listings in the building? does this guy know anything about disclosure rules? does this guy deserve to carry a broker's license?

Posted by: guest at February 29, 2008 9:26 AM

The irony of him being a broker is the icing on the cake.

Posted by: guest at February 29, 2008 9:27 AM

Be Aware of the warranty claims that come with new condos...while it may seem like a no brainer, unless your devleoper is decent they can basically reject your warranty claims and you can do nothing unless you decide to sue them. I am experiencing this. I have water damage but for some reason my developer doesn't think so even tho insurance, inspectors and everyone else with eyes can see the visibly warped boards. My warranty has been rejected and now I must sue them to get the situation fixed. Lazy developers get away with this because most people dont want to deal with it.

Posted by: guest at February 29, 2008 10:02 AM

I would have sold it back and run. who needs the stress? THis place will be worthless with a building blocking its windows.

Posted by: guest at February 29, 2008 10:04 AM

That's hysterical if he's the broker for other listings in the building -- and he's touting the views too! Just shows how dishonest brokers are, and how unethical they can be. No problem for him to screw others, but it's a crime if someone does it to him!

Posted by: guest at February 29, 2008 10:06 AM

hope people who buy using him as a broker SUE HIM.

I do feel sorry about the water, but these thinsg happen. In a condo, in a co-op, in a house

If you don't have a "protected view" you have no view. Anyone buying should know that. Or have an attorney who points it out.

Posted by: guest at February 29, 2008 10:09 AM

at least with a house you can fix yourself without the red tape.

Posted by: guest at February 29, 2008 10:22 AM

Can't feel sorry for this stooge. He was looking to flip at some point anyway, and got caught with his pants down. This sounds like a broker to avoid at all costs.

Posted by: guest at February 29, 2008 10:32 AM

I saw these when they were being built and noticed mold and flooding on some of the floors that weren't open to the public.

Posted by: guest at February 29, 2008 10:42 AM

"Any readers have similar tales of woe?"

No. I almost did though. A tale of two brokers (both selling me condos in the Washington/Atlantic Cathedral): One (Mom/Pop brokerage) hyped up the off-street parking as a long term option. The other (Brooklyn Property's Ian Smith) immediately implied that it was not necessarily long term. And now hindsight reveals that, indeed, the parking lot swiftly morphed into condos.

It's best to buy "certified" pre-owned. Certify your investment with due dilligence.

Posted by: guest at February 29, 2008 10:44 AM

"When Condo Investments Go Bad"

Wait a minute! I thought you "live" in a Condo? Well people are starting to come to the light. Pixie dust is wearing off, the suckers are holding the bag. Over 4000k a month for a "apartment" LMMFAO.

You knew you bought a piece of shit but, you wanted to be in the Metoo click.

Here asshats, please read this story. The fuck that house thing is picking up momentum. I told you people are NOT paying their mortgages and are tired of being debt- slaves.

Facing Default, Some Walk Out on New Homes

http://www.nytimes.com/2008/02/29/us/29walks.html?scp=1&sq=walk+away&st=nyt

The What

Someday this war is gonna end...

Posted by: guest at February 29, 2008 10:53 AM

My last sentence @ 10:44 is with respect to not only my tale but, also, workmanship. Like software, let the bugs or kinks work themselves out (if they ever do).

Posted by: guest at February 29, 2008 10:55 AM

Brooklynnative you have to disclose that shit! Yep, that's why I not going Real Estate now, these asshats gives Brokers a bad name.

The What

Someday this war is gonna end...

Posted by: guest at February 29, 2008 10:56 AM

"wall to wall views" - no misdescription, sounds like excatly what he got!

Posted by: guest at February 29, 2008 10:56 AM

"clique"

Courtesy of the Grammar Natzi.

Posted by: guest at February 29, 2008 10:57 AM

do your due diligence, people. this isn't an investment gone bad, it's a bad investor.

Posted by: guest at February 29, 2008 10:59 AM

Thanks Grammar Natzi. <---????

The What

Someday this war is gonna end...

Posted by: guest at February 29, 2008 11:01 AM

Hey What.
Re your "Some Walk Out" article.

They have 200 clients, hardly a stampede

Posted by: guest at February 29, 2008 11:17 AM

As someone who lives in the Toy Factory and moved in with the first round of buyers, I think it's important to clarify something: the issue about lot lines blockages was not buried in the offering plan. It was sent out under separate cover, as an addendum/appendix item, by itself, and it could hardly have been clearer. The developers offered to allow anyone in the building out of their deals as a result, no questions asked and no fees paid--before we moved in--and explained what they would charge to brick over the blocked windows in the event the neighbors built to the lot line. I'm no apologist for these developers--we had water trouble too, although we were satisfied with their fixes--but it's a little nuts to consider the Toy Factory a "bad investment" based on the lot-line windows thing, which everyone knew about (like the possibility of Oro blocking light, by the way!) before anyone moved in.

Posted by: guest at February 29, 2008 11:21 AM

Poor kid, he just ruined his career at Corco. All those asshats read Brownstoner.

He probably though he was going to use the power of the press to get a better deal from the sleazy developer.

Actually, being fired from Corco might be the only silver lining for him in this whole ordeal!

Posted by: guest at February 29, 2008 11:38 AM

I'm not shocked the ? spelled it click instead of clique. The rest of the English-speaking world (and the French of course) pronounce it cleek. Click is a dumbass pronounciation.

Posted by: guest at February 29, 2008 11:41 AM

11:34 AM <--- Toy Factory Condo Owner. LMMFAO

You Know Who

Someday this war is gonna end....

Posted by: guest at February 29, 2008 11:42 AM

I'm walking out!!! Oh LMMFAO This is getting good and I thought I would have to wait to the end of the year. This shit is thick!!

Here here is the Wall Street Journal, you that bullshit paper. They don't what their talking about. LMMFAO!!! This Walking away shit has merit.

Borrowers Abandon
Mortgages as Prices Drop

http://online.wsj.com/article/SB120424677934501611.html?mod=hpp_us_whats_news

Typically borrowers who turn in their keys are those who have run into financial trouble or need to relocate but can't sell their homes. But mortgage-industry executives and consumer counselors say they are starting to see people who aren't in dire financial straits defaulting on their mortgages because they don't want to pay for properties that have negative equity.

Read this over and over again.

defaulting on their mortgages because they don't want to pay for properties that have negative equity.

Tell me, why would anyone want to buy ANYTHING in this market. Come on someone please!! LMMFAO Stupid!

The What

Someday this war is gonna end...

Posted by: guest at February 29, 2008 11:50 AM

"Tell me, why would anyone want to buy ANYTHING in this market"
That hits the nail on the head.

Posted by: guest at February 29, 2008 12:02 PM

Take a look at the listings on StreetEasy:

http://www.streeteasy.com/nyc/building/176-johnson-street-brooklyn

There is one studio listed for $539k(!), another studio listed for $750k(!!!), and our dear Mr. Henn is representing a studio converted 2BR for $775k(LOL). The property descriptions penned by these jokers/brokers all made this place out to be the real Shangri-La. Anything for a buck I guess.

The ominous signs of a derailing Downtown revival plan are everywhere: City Tech Tower - cut, 110 Livingston - going rental, Catsimatidis - getting cold feet, Atlantic Yard - shrinking. The market top for Brooklyn Downtown has come and gone. People who bought properties in the surrounding area in the past 1-2 years may be in for a rude awakening.

Posted by: guest at February 29, 2008 12:04 PM

I was one of the few kids on my block who didn’t think George and Weezy made a smart choice by selling their single family home for deluxe apartment in the sky. But I guess if was on the market today it would go for a pretty penny.

Posted by: guest at February 29, 2008 12:04 PM

Just desserts for Mr. Henn...

Posted by: guest at February 29, 2008 12:15 PM

i hope curbed picks this up...

Posted by: guest at February 29, 2008 12:25 PM

wow--I love the internet.

Posted by: guest at February 29, 2008 12:28 PM

somebody put a fork in this douche...

Posted by: guest at February 29, 2008 12:45 PM

regardless of type of project - get your place inspected!

anyway, it is possibly to work with the board and the management company to get results.

to say that this is indicative of just a condo development is silly. my old boss had massive damage in his renovated pre-war coop and both me and my friend in PS, have had severe, i mean severe, water damage from overflowing sewers into our houses. this is so tough because you end up just pumping it to the street where it re-enters the sewer system and just comes right back up through your floor. Roofs, gutters and cracks are easier to repair because you can control it more.

if you go to look at a building and see that the basement is empty, probably means that they have flooding and can't store anything there.

personally, i get super annoyed when the city spends money on projects like washington sq park and the highline, but can't get it together to fix infrastructure like the sewer system.

Posted by: guest at February 29, 2008 1:10 PM

An old pre-war building gets re-purposed for residential and ends up being a leaky mess.

Could it be that it isnt just "new construction" that has issues?

Posted by: guest at February 29, 2008 1:23 PM

110 livingston has not "gone rental." some units are rented out by the sponsor and owners. prices are up 15%.

curbed and brownstoner have become nothing but schadenfreude at misinformation.

Posted by: guest at February 29, 2008 1:46 PM

Whenever someone posted a negative comment about 110 Livingston on Brownstoner or Curbed, it was always immediately countered by vehement denials. I've never seen a group of buyers and brokers that is more thin-skinned and vain than this bunch.

If the price were actually up 15%, they wouldn't have been forced to rent out the cold potatoes.

Posted by: guest at February 29, 2008 2:13 PM

Your home is your single biggest investment. Yes, it takes hours, but READ THE PLAN, consult an attorney, look at all the adjoining property and see what's going on in the immediate vicinity. If the fellow is indeed a broker he has no excuses.
Marion

Posted by: guest at February 29, 2008 2:15 PM

"Tell me, why would anyone want to buy ANYTHING in this market."

Filthy fuckin' rich or brain dead. Mostly brain dead.

Posted by: guest at February 29, 2008 2:34 PM

"the trouble cost them $70,000"

It won't stop there.

Posted by: guest at February 29, 2008 2:40 PM

2:34
well, there are deals now, and if you have a high rent or need to move for personal reasons, it is possible to find places that fit your needs that will be cheaper than renting.

isn't it better to buy in a down market?

why buy at the top?

Posted by: guest at February 29, 2008 2:40 PM

2:40,

Cite me three deals so we can discuss them. Relative to prices and the liabilities/committment that comes with ownership, rents are not high and are likely to fall slightly due to the "hold on" sale-to-rental trend.

"isn't it better to buy in a down market?"

Yes but only when it stabilizes near the bottom.

"why buy at the top?"

That was The What's original question (implied). We're still near the top. You'll have to wait years for the bottom. Otherwise you'll be buying a "car", a melting asset. That's what Jim Cramer just said on some talk show a day or two ago. He sold all his real estate and now rents.

Posted by: guest at February 29, 2008 2:56 PM

Oh Brooklynnative, The language I'm appalled. It's not nice to call people asshat, fucktard, Fucknozzles, shitstain, dumbfuck, cockwearer, fuckhead, cumguzzler and shithead. But you have my blessing to them a cornswollower.

The What (Go get em Brooklynnative)

Someday this war is gonna end...

Posted by: guest at February 29, 2008 3:44 PM

"Tell me, why would anyone want to buy ANYTHING in this market."

Because you need/want to move, and cant find what you want in a rental. And your not an idiot who understands that your primary residence is just that - a home 1st - and an investment a distant second (if at all).

If your planning on buying and holding for a long time 7+ years, who give a shit what the "market" is doing.....if prices fall, your next place will be cheaper, and if prices go up so will your current home.

Buying (a home) or not based upon market timing is ridiculous (and frankly one of the reasons our economy is in the mess in the 1st place)

Posted by: guest at February 29, 2008 4:25 PM

i turned down the right to purchase one of the units in this line when i found out that it contains lot-line windows.

i was a first time buyer at that time. even i know better than a corcoran broker.

i could understand the broker sueing the owner for the flood damage. how could they sue them for the lot line windows that is clearly stated in the offering plan?

Posted by: guest at February 29, 2008 5:16 PM

I agree with your first sentence, 4:25, but not the second and third. Holding is futile as these prices (after inflation) will never return in your lifetime. From an investment standpoint, timing is everything. A claim to the contrary is pure broker propaganda as it is ALWAYS a good time to buy in their opinion. Think about it.

Posted by: guest at February 29, 2008 5:21 PM

The What tag teaming with Brooklynnative??? What's this world coming to?

Posted by: guest at February 29, 2008 5:23 PM

Architect:

Scarano & Associates

enough said...

Posted by: guest at February 29, 2008 5:29 PM

dont be fooled they are the same poster

Posted by: guest at February 29, 2008 5:43 PM

Brooklynnative: the units in the building were all sold in 2005, so the only brokers selling in the building are Henn and a handful of others representing individual units. I'm pretty sure it said in the article that Henn is one of the brokers.

Posted by: guest at February 29, 2008 5:45 PM

post 5:29, Do you thinks architects install windows asswipe?

Posted by: guest at February 29, 2008 10:20 PM