C-of-O Woes for the Novo?

I think you mean that the drop dead date is either June 30th or July 31st. Even in a leap year, there is no June 31.

Posted by: guest at May 15, 2008 9:31 AM

June 31st...from the same city that thinks no streetcleaning for months makes sense bacause the signs aren't ready. WTF?

Posted by: guest at May 15, 2008 9:58 AM

Gabby;

This is sloppy reporting. I live in another new Boymelgreen/Katan development a stone's throw from the Novo. I moved in over three years ago. At that time, the development only had a temporary C of O, which is quite common for new developments. Moreover, we JUST received our permanent C of O a couple of weeks ago. There were 16 or so issues to be worked out between the developer and the city. Once again, it is a quite common situation that a new development have a temporary C of O for a number of years while the develop and the DOB work out the outstanding issues.

In your "report", you do not distinguish between a temporary and permanent C of O. Moreover, you list the outstanding issues as if it were big news.

Finally, I may be mistaken on this, but I believe that people have moved into the Novo. When I walk my dog in the park next door each evening, I see lights on in the apartments, with furniture. As a reporter, I suggest you dig into it, before writing up something like this.

Benson

Posted by: guest at May 15, 2008 10:08 AM

DOB Website question: When you look up a building, where do you find the "B-SCAN List of Required Items" from the building's main page?

Posted by: guest at May 15, 2008 10:53 AM

I was the person who reported this tip to Brownstoner and apologize for the June 31 date. Obviously it should be June 30. We are under contract in the building and the June 30th date is based on the offering plan.

Right now the building is in pretty good shape in terms of units sold 80/113, over 70% under contract.

We still would really like to see things work out but are concerned that they will not make an end of June date. If that happens I suspect a lot of contract holders will back out and that would be a real problem.

Posted by: guest at May 15, 2008 11:18 AM

Benson,
the apts with furniture you see are the model units they use for every open house. They have about 8 or so peppered throughout the building. No one lives in the NOVO yet. And what's your beef with the "reporting" (this is a blog- not a newspaper). Who cares if its a temp CofO or a permanent CofO- the fact is there is NO CofO to allow residents to live in the building.

Posted by: guest at May 15, 2008 11:30 AM

I can understand that people who have a contract signed w/ the novo want the closings to happen as soon as possible, and that there could be some problems if buyers bail en masse, but I also would look at the silver lining in case the "opt-out" clause kicks in:

You might be able to walk away with your deposit intact and get another condo of similar size and quality - for a lot less money.

Posted by: guest at May 15, 2008 11:34 AM

I bet a lot of people who bought are hoping June 30th comes with no C of O. I imagine a lot of people are unhappy with their purchase.

This building is a sh*tshow.

Posted by: guest at May 15, 2008 11:35 AM

11.30 AM;

Thanks for the clarification regarding the model apartments.

Regarding the temporary versus permanent C of O, I suggest you re-read my post. A building can get a temporary C of O, even with outstanding issues. As I stated about my building, we received our temporary C of O, even though there were numerous issues outstanding (about 16). So, it is quite possible that the building will receive its temp C of O by June 30th, allowing the closings to proceed. Mortgage companies and insurance companies will proceed with a temp C of O.

THAT is the reason why it is important to make the distinction. Of course, it doesn't make for as breathless and exciting a story as Gabby makes it out to be, but I thought he might be interested in getting the facts straight.

Benson

Posted by: guest at May 15, 2008 11:49 AM

Benson,

A temp C of O doesnt mean jack. The city until recently handed out temp c of o before any inspection like free nyc condoms. Alot of condo buyers get screwed once the temp C of O expires.

Posted by: guest at May 15, 2008 11:50 AM

Can anyone who bought into this building say why they did. What is the appeal of the NOVO? Anyone?

Posted by: guest at May 15, 2008 12:43 PM

Benson,
May I ask you if your condo board tried to get Boymelgreen to move faster? I am supposing you got nowhere...
Lastly, was your building able to get your tax benefit w/ a temporary c of o?

Thanks,
CC

Posted by: guest at May 15, 2008 12:45 PM

Yet another reason why condos suck.

Posted by: guest at May 15, 2008 12:50 PM

12:43pm

Not a contract holder but looked at Novo. I can answer your questions easy: 10%-20% discount per sf to residences a block east, within PS 321, new/clean interiors, parking, one block off 5th Ave and close to subway.

Sounds aweful, doesn't it?

Posted by: guest at May 15, 2008 1:11 PM

"Sounds aweful, doesn't it?"

Yup.

And looks it.

Posted by: guest at May 15, 2008 1:19 PM

Where does it say in the offering plan that there is a drop dead date of June 30th?

Posted by: guest at May 15, 2008 1:19 PM

page 72 says something to the effect that if after 18 months beginning Jan 1, 2007 at least one closing has not occured, the purchasers can get out.

Posted by: guest at May 15, 2008 1:22 PM

CC;

The Board did pressure BG. I'm not sure it helped, but he was certainly aware that we wanted it. Also, we worked with them to expedite the process. For instance, BG notified us of when the DOB inspectors were coming, so that we could make sure that the building was in good shape (for instance: removing all personal articles from the stairways).

I am happy to report that we DID receive our tax abatement, even with just the temporary C of O.

Benson

Posted by: guest at May 15, 2008 1:30 PM

We are under contract too. We are currently renting a 3br about a block away and it is small, old, in need of renovation. The landlords are selling the apt for over $1.1M, more than anything in the NOVO. Our 3br in the Novo is 30% less than that and even with new construction issues will be in so much better shape than where we are now. Most row house apts in Park Slope are really tenements.

Posted by: guest at May 15, 2008 1:39 PM

"Most row house apts in Park Slope are really tenements."

I'd rather live in a tenement than a dormitory. A million dollar dormitory at that.

Posted by: guest at May 15, 2008 1:48 PM

1:48pm. Cool, man! Don't be living there and see if I give a sh!t.

Posted by: guest at May 15, 2008 1:54 PM

1:39pm

im in contract too and agree with everything you said. what people are asking for in the walk-ups are ridiculous. especially what you get for it and the work that would need to be done.

i honestly don't care what the outside of the building looks like. i like the inside and the ammenities are there. it's a bang for the buck.

Posted by: guest at May 15, 2008 1:59 PM

Novo is a No go.

Posted by: guest at May 15, 2008 2:18 PM

You like the inside?

When I went to the open house:

1. Some floorboards were buckling
2. The moldings did not line up with the floor properly.
3. The kitchens were slapped together with uneven joints and missing caulk in the tiles. Also saw some uneven cabinet doors.
4. I saw a few cracks in the drywall
5. The windows were filthy
6. The hallways already looked dated and reaked of mold.

And this is a NEW building!

I live in a 100 year old building and my floors and walls look newer than anything I saw in this place.

p.s. and i didn't even mention the OUTSIDE of the novo...

Posted by: guest at May 15, 2008 2:22 PM

2:22pm
Calm down, the building is going to be fine. What you saw was unfinished. And I'm sure your house has been through some renos as well. I always love when pround brownstone owners on this site talk about how their 100 year old houses are in great shape after they've just spent $100K renoing the place.

Posted by: guest at May 15, 2008 2:46 PM

I'm a contract holder for on of the units at NOVO. I have to agree with the comments made by others as to why we purchased in this building. Obviously evertyhing is brand new, $ per sq. foot is a deal, and the location is key.

I've been to building several times during open houses, not to see my unit specifically, but to atleast get an idea on how the building was coming along, and I dont' recall seeing any of those major issues that 2:22 mentioned aboved. Yes it is new construction, so yes the windows were a little filthy, but no mold issues, no floor buckling, no cracks, etc. Overall, I think the quality of construction is pretty decent. I have a friend that lives in another Boymelgreen development, and I can tell you that he is quite pleased with the quality.

Although there alot of better looking buildings, personally, I don't think the appearance of this building is as half as bad as bashers make it sound. Of course the building stands out and doesn't fit in with the rest of 4th ave, but what does? There's crap on 4th Ave, and starting with Novo and Crest, things will only get better. I like to think that any person living in Park Slope that actually owns there own home sees some value in this new development as others, it only helps to increase their home values in the long run as 4th avenue improves.

Posted by: guest at May 15, 2008 2:56 PM

i wish it were still an empty lot.

and i'm being serious.

it was prettier before...

Posted by: guest at May 15, 2008 3:08 PM

Heard that the application for the abatement was already approved, it should kick in when people start closing.

Posted by: guest at May 15, 2008 3:10 PM

I am in contract, too. I will tell you why I am buying there. It is simply the only place I could afford in the area. My choices were fringe neighborhoods or the novo. For the price of a 1bd here, I could live way out and be scared to walk home at night. No, thanks. Plus, I like that it’s new and that I don’t need to do any work. I rented an old studio in the area (not renovated) and for what I can get for market rent now will actually buy me a much bigger (almost double) and better apt in the novo, tax savings etc. I could care less what it looks like on the outside. Paying less than $600/sq.ft is hard to beat.

Posted by: guest at May 15, 2008 3:10 PM

Lol, this building is garbage and the crime is making a come back in the area...just FYI

save your money and buy when the market hits bottom in 2 years.

Posted by: guest at May 15, 2008 3:59 PM

This is interesting, finally some useful information from the buyers. Personally I could never buy into this building, I hate the outside.And would not expect it to be any better on the inside. This building looks like Hell to me. I would rather buy into one of those white brick buildings they built in the 60's in Manhattan.

Posted by: guest at May 15, 2008 4:20 PM

3:59=lunatic with down payment but waiting to buy, throwing away money on rent

while i'm not one of the buyers at the novo, i think their investment is going to be just fine, thank you. congrats, and i hope you all get to move in real soon.

Posted by: guest at May 15, 2008 4:36 PM

BTW, crime in park slope is down this year over last.

Posted by: guest at May 15, 2008 4:55 PM

Isn't this place like only 40% sold?

Posted by: guest at May 15, 2008 6:32 PM

To those who call the NOVO so ugly

I'd like to see what lovely digs you live in *NOT*

It's always so easy to criticize others isn't it?

Posted by: guest at May 15, 2008 7:54 PM

The above information is incorrect, I am a contract holder at the novo and checked the plan. Anyone who purchased an apartment after April 9, 2007 will NOT have the right to rescind their contract on June 30, 2008. There was an amendment that was addeded by referance on this date and pushed the completion back 6 months. So the Drop dead date is more like the end of december.

Posted by: guest at May 15, 2008 7:58 PM

"I'd rather live in a tenement than a dormitory. A million dollar dormitory at that"

Let's be real here..

I (and I'm sure many) would rather live in a million dollar dormitory than a tenement. A million dollar dormitory that is completely brand new at that...new kitchen, new bathroom, washer/dryer, blah blah blah, you get the idea.

Place is atleast 70% sold to date.

Posted by: guest at May 15, 2008 8:00 PM

I hope you are correct 7:58P. What amendment was that?

Posted by: guest at May 15, 2008 8:03 PM

It was the second Amendment to the offering plan, Amendment dated April 9th, 2007. Its says that it is changing the building completion date from january 1, 2007 to july 1st 2007. So the 18 months would begin from july 1 2007.

Posted by: guest at May 15, 2008 8:12 PM

This is the original tipster again. We went to contract last March which is why we would have the June 30th date. Any way of knowing how many of us went to contract before April 9th? I am still afraid there will be a big dropoff vs 80 units sold as of today.

Posted by: guest at May 15, 2008 8:15 PM

i would rather live in a million dollar brothel personally.

Posted by: guest at May 15, 2008 8:17 PM

According to streeteasy, only 7 people went into contract before the amendment, I wouldn't worry to much about a sell off, you still cant find anything in this neighborhood in this price range.

Posted by: guest at May 15, 2008 8:22 PM

I don't trust the streeteasy numbers. We went to contract on March 13, but our apt shows as 6/20 in streeteasy. The Novo did a lot of business in Feb/Mar last year. Lines where long and lots of contract seemed to be signed.

Posted by: guest at May 15, 2008 8:29 PM

Thats the only way I know how to check. Also, for those people they don't just need the tco by june 30, they need to have their first residential closing by that time.

Posted by: guest at May 15, 2008 8:36 PM

7:58: I see in the second amendment where it says the anticipated date of completion would be July 1, 2007, but that doesn't recind the original language of 18 months post January 1, 2007. Only changes a completion date. Ambiguous language? What a surprise!

Posted by: guest at May 15, 2008 9:32 PM

Because it is an amendment, it is automatically substituted for the original, it does not have to expressly recind the original.

Posted by: guest at May 15, 2008 9:45 PM

you guys sound like you're f*cked.

Posted by: guest at May 15, 2008 9:53 PM

We too bought in March and are anxious to move in, comments about the outside aside. Would love to stay in touch on this and perhaps get some real info from the developers. Anyone ever talk to them vs the know-nothing brokers?

Posted by: guest at May 15, 2008 10:57 PM

Hey 7;54 I am one of the people who commented on how ugly the novo is. I happen to live in a really awesome and beautiful brownstone. It's so easy to judge people on a blog is'nt it.? And by the way NOVO is a building and not a person.

Posted by: guest at May 15, 2008 11:45 PM

Has everyone locked their rates long term? Im sure sme are facing rate exprations and mortgage banking guideline changes. Curious to hear what people are going through as far as their financing for this building.

Posted by: guest at May 16, 2008 12:16 AM

I haven't locked a rate yet....but thinking about pulling the trigger soon since rates appear to be on the rise and seems that the building is getting pretty close to complete. Anyone have any thoughts on this?

Posted by: guest at May 16, 2008 12:27 AM

who's up for starting a yahoo group for novo purchasers?

Posted by: guest at May 16, 2008 7:39 AM

There already is one, just go to yahoo groups and search novo park slope

Posted by: guest at May 16, 2008 7:43 AM

We are offering 4 month and longer locks with free float down option 60 days within closing. sunny_hong@countrywide.com

Posted by: guest at May 18, 2008 12:30 AM

To question of why buy @ Novo-- price/value ratio.

* real 3 bedroom w/2 real bathrooms and a good layout -- we priced a fake 2 bedrooms w/the same finishes in PS 321 that were $900 a square foot; Novo prices out at about $675 per square foot.
* we have a baby, so we opted against a mouse and roach invested "classic"-- so a good 5-7 year time frame
* underground parking
* kids playroom, a kickass gym

We were very skeptical until we saw in interiors. Once you live in a new building, the old ones, unless they are mint classics, feel like a mid-70's Oldsmobile. The cost to bring an old apartment up to standard skews the value equation.

Posted by: guest at May 22, 2008 8:21 AM

People who critique the building are simply not getting it. It is impossible for young families to buy brownstones for 1M+ and then have to fix them up and drive around looking for parking all night. It is ok if Mummy and Daddy gave you a property but for most of us we don't have that option. Novo has very high end finishes, large rooms and convenient to the park, free good zoned public schools (PS 321) and underground parking. I'm from London and yes it is high end.
If you honestly think that people are going to buy a beautiful derelict brownstone and be bankrupt then you are plain thick.
I suppose this email will stimulate more "the building is crap" comments from more self appointed architectural gurus. Get over it.

Posted by: guest at May 22, 2008 2:33 PM

In response to the "why buy at Novo" question:

*$675/sq ft vs. $1000+/sq ft one block east
*New construction vs. old construction - requires less updating which means less $ out of my pocket
*Playground/dog run right outside the building
*On-premise, attended parking garage; beats crusing around the Slope looking for street parking
*Full-service building; 24-hour doorman, fitness center, reception space
*Elevator - no need to lug the Quinny/Bugaboo or groceries up three flights of stairs
*PS 321 (feature not shared by other 4th avenue and Gowanus apts)
*4th Avenue has no where to go but up (you cannot possibly argue that it's getting worse) - Starbucks, new buildings, new bars, Whole Foods are all validations of the 4th Avenue value proposition
*Gowanus is natural fill-in between Carroll Gardens/Cobble Hill and Park Slope; eventually (will take time), development will fill this void and 4th avenue will no longer be fringe
*Condo vs. co-op; no annoying Board prying into my personal finances - also, if the mkt doesn't recover in time for me to re-sell, I'll just rent out the condo free of restrictions
*Community: anyone who is on the Yahoo group can attest to the fact that the bldg (with all its foibles) is engendering some sense of community - I'm looking forward to meeting my future neighbors in person

In fairness to the naysayers, here are some of the negatives:
*Delays delays delays - that said, as a result of the delays, I will now be able to lock-in a lower interest rate (vs. 8 months ago), my mortage is now conforming (which means lower rate), I've saved enough money to bump my down-payment north of 30% (which means lower rate) and I've effectively financed my purchase since I closed my contract at a 0% rate...so not such a bad thing from a pure economic perspective
*Building is ugly on the outside; yup, no arguments here...I like to think that the inhabitants and the Novo's contribution to the community will offset the aesthetic issues (we shall see)
*Some awkward floor plans
*It's on 4th Avenue; far from Prospect Park

That's my analysis - at the end of the day, the positivies far outweigh the negatives (in my view). If I had a few mill in the bank, I might be making a diff't decision but this is the best value I can find in the market.

BTW, I HATE the argument that the Novo wil somehow hurt the Slope. I can only see positive contribution oppty - more foot traffic, further validation of home values in "prime" Park Slope, etc. Everyone should be happy; development is universally a good thing.

Posted by: guest at May 25, 2008 12:52 PM

To the above comment, Bravo...
It really amazes me how people would rather see 4th ave the way it was and not what it is becoming...

Posted by: guest at May 26, 2008 5:17 PM