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August 15, 2008

Delays at 317 16th Street

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A buyer at 317 16th Street in Windsor Terrace South Slope wrote to lament the continued delays at the site. "To date, the building is 75% in contract, but as a buyer I can say we have little to show for it. I went into contract back in November and have been told to expect a TCO since January." Some delays were courtesy of DOB red tape, including an electric violation from 1987 and unsatisfactory fire alarm testing. In May, the buyer got a reassuring email from the developers, Angel Group NY: "We have passed all of our inspections and received all our signoffs necessary for a TCO. We have submitted the folder to DOB in order to obtain the TCO. This process usually takes about two weeks. It is possible that it may take a little longer as many times DOB comes back and says they lost a form and need it resubmitted." Actually, the DOB issued a temporary C of O on August 8th—they're still waiting for developers to fix that pesky fire alarm situation. Neither brokers nor developers returned requests for information, but Streeteasy lists five more units for sale. Will these delays scare new buyers off, and will current buyers prevail? "I'm beyond tired of being told about delays due to negligence," says our beleaguered buyer. "Is this an issue for the Better Business Bureau?" What do you guys think?




Posted by lisa at 11:01 AM | Comments (16)
Categories: Development, Windsor Terrace

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Comments

"Is this an issue for the Better Business Bureau?"

Unfortunately it's not a crime to be a scumbag developer like Mr. Angel...yet.

Seems his other property the Vangaurd 6 near by is also having similar woes.

Posted by: Action Jackson at August 15, 2008 11:30 AM

Not to flog the dead horse of neighborhood borders, but isn't this is in Park Slope, not Windsor Terrace?

Posted by: SnarkSlope at August 15, 2008 11:35 AM

The BBB is toothless.

Posted by: dittoburg at August 15, 2008 11:36 AM

Sorry to hear this--sounds like the developer is dragging his feet. But why? Doesn't he want the money.

It's a good lesson (based on this, and other posts I'm reading about buying a unit in an unfinished building): don't buy something without a CoO in place.

Posted by: BrooklynButler at August 15, 2008 11:40 AM

South Park Slope in my book.

Posted by: Action Jackson at August 15, 2008 11:41 AM

Can't the owners join forces in a condo association and lean on the developer to speed things up? I believe it only takes 50% ownership to form an association.

Suite 16 condo owners are threatening to sue their developer for negligent building maintenance, problems with wiring and plumbing, a promised gym that never was completed, etc.

A lot of these new developments that are hitting the market are running into financing problems due to low sales. They're cutting their losses - and cutting costs wherever they can. Sux for the buyers.

Posted by: y00phemism at August 15, 2008 12:12 PM

Again I'll say "Unfortunately it's not a crime to be a scumbag developer." Buyer beware these days.

Posted by: Action Jackson at August 15, 2008 12:30 PM

y00phemism: You can't have a condo association until people actually close on units. That being said, the only leverage people will have is if they have any "out" clauses in their own contracts.

Posted by: Emigre at August 15, 2008 1:08 PM

Thanks Emigre, I didn't know that. It argues for having a really good lawyer in your corner when negotiating the contract.

Posted by: y00phemism at August 15, 2008 1:56 PM

The atrocities that have been visited on 16th Street just go on and on.

Posted by: Boxermonkey at August 15, 2008 1:58 PM

I walk along the street of sorrow
The boulevard of broken dreams
Where gigolo and gigolette
Can take a kiss without regret
So they forget their broken dreams

You laugh tonight and cry tomorrow
When you behold your shattered schemes
Gigolo and gigolette
Wake up to find their eyes are wet
With tears that tell of broken dreams...

Posted by: SnarkSlope at August 15, 2008 3:48 PM

well, i bought without the CofO in place - i prepared for the worse, but they got it on schedule. in year's past, it was very hard to find the place you wanted and not jump on it. partly because prices would just kept going up as the buildings were getting completed. and, because buildings were selling out.

even now, i wouldn't necessarily worry about buying if youlike the place and the price is right. just have a back up plan if you need to wait. i have friends who just bought in a condo building pre CofO, and even in this downturn, the building sold out quickly. sometimes, the apts are really good, and even though there's inventory out there, it doesn't necessarily mean that there's tons of inventory of what you need/want at a price you can afford.

Posted by: wine lover at August 15, 2008 4:33 PM

This street is in the fuzzy area that could be called South Slope or WT or Greenwood. StreetEasy calls it Gowanus for some listings, WT for others on the very same block. It's weirdly appropriate that the architecture is so polyglot/pastiche.

Posted by: mothra at August 15, 2008 4:34 PM

his is another one of those plastic and styrofoam covered buildings. Since we are talking about waiting for the pesky fire alarm tests, does anyone know what the fire rating is for that plastic stucco they seem to be using all up and down 16th

Posted by: IMBY at August 15, 2008 4:43 PM

This is another one of those plastic and styrafoam covered buildings.
Since we are talking about waiting for the pesky fire alarm tests, does anyone know what the fire rating is for that plastic stucco? Seems like it would produce a real toxic smoke if it ever catches fire.

Posted by: IMBY at August 15, 2008 4:47 PM

It was part of the South Park Slope rezoning for what that's worth. Old-time residents of WT generally regard 8th Avenue as the cut-off between them and the Slope.

Posted by: Boxermonkey at August 15, 2008 5:15 PM

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