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May 26, 2009

DOB OK's the Argyle

argyle%205-26.JPG
'Tis the season of TCO's, it seems: A reader tipped us off to the fact that the Argyle, the 60-unit condo on the corner of 4th Avenue and 7th Street, got its temporary certificate of occupancy last week. Closings are slated to start this week. Corcoran's listings page for the building shows 12 units still for sale, with prices ranging from $459,000 for a one-bedroom to $965,000 for a three-bedroom.
Argyle Listings [Corcoran]
The Argyle Unveiled [Brownstoner] GMAP

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To follow up on Lechecal's statement that this place is not 70% sold: Is it possible that they are claiming 70% of the units released for sale have been sold and not 70% of all units in the building are sold? Or, have they all now been released for sale? I know they did presales at the now closed 5th Ave location, but maybe some weren't released yet? I honestly don't know, just asking.

Posted by: InsertSnappyNameHere at May 26, 2009 11:08 AM

Are they actually ready to move people in? Seems unlikely. I bet they keep people waiting on the hook for months like Novo did.

Posted by: SnarkSlope at May 26, 2009 11:23 AM

I know they have been pre-marketing for a couple years, but if you signed a contract for this place in 2007 you are easily 20% underwater at this point. I don't know what kind of deposits people have been putting down, but I can see a lot of them deciding to walk away and forfeit the deposit. Every one of those signed contracts is a possible closing. Not even a likely closing. Just a possibility that someone will not walk away from their deposit.

Let's say 70% of the units are actually under contract. How many are actually going to close, 35% if they are really lucky? If you're one of the people who close you have all of the risk of the remaining units being dumped onto the market at lower and lower prices, going rental, developer going under, etc etc.

Posted by: lechacal at May 26, 2009 11:49 AM

I would be crying fat hot tears if I had put my life savings for a deposit there. What will these people do? I can't imagine many people would walk away from $60,000, if that represents 50% or more of their liquid assets.

Posted by: Maly at May 26, 2009 12:20 PM

It will be interesting to see how many do walk away. Theoretically I agree that this place should be in trouble. But how many 800k apartment buyers can afford to just give up 80k? This would seem to be something of a sweetspot where the dollar deposits are pretty serious money, but not so much that people putting it down can likely afford to lose it without it affecting their lifestyle.

Posted by: Ledbury at May 26, 2009 12:24 PM

In this economy I can't see many folks saying 'screw it' to a sizeable deposit like that. If I were them, I'd just take my lumps now, close, and wait for the eventual turn-around in the market. Real estate prices may be now or soon will be in the toilet, but they wont' stay there forever.

Posted by: InsertSnappyNameHere at May 26, 2009 12:33 PM

But what if they can't get mortgages...their downpayment no longer represents 20% of the value of condo. If there were mortgage contingencies, it is an easy way out. If not, alot of people could be out of their downpayments. But the bottom line is, in this environment, as others have mentioned above, in contract is very far from actually closing. I will be amazed if this building is 70% closed

Posted by: dcorreale at May 26, 2009 12:50 PM

Don't forget that closing probably means putting a bunch more money into an underwater asset. Let's say you have put down $80k on an $800k unit. The bank will want you to put in at least another $80k to close. And as of closing your equity may very well be zero. Why let another $80k boil away into space? That's throwing good money after bad.

"Well I already lost $80k of my net worth on this trade. What the hell, why not lose it all?"

Posted by: lechacal at May 26, 2009 1:07 PM

All hope is gone. THIS is the finished product. A horrible baby blue stucco finish. A bizarre configuration with a walkway between two separate buildings. One elevator. Two new projects going up across 4th Avenue - there goes any possible view of the Slope and the park. I would get to get out of my deposit based on the fact that I am receiving something entirely different than what was promised in the glossy brochure and sales office. If not, leave it and rent - you won't be getting out from under for at least 5 years - and the tax abatement might not even be in place by then. RUN!!!!

Posted by: sjtmd at May 26, 2009 1:16 PM

Look at that building in the context of the street. It's madness.

Posted by: musicmope at May 26, 2009 1:30 PM

70% units of the total units are under contract according to the bank questionnaire.

Posted by: crimsonson at May 26, 2009 1:38 PM

Hopefully there are contingencies that give them a loophole to get their money back.

Posted by: Maly at May 26, 2009 1:50 PM

i looked at that place back in Feb 2008. SO GLAD that I didn't buy there. Prices off 25% easily.

Posted by: bklyndodger at May 26, 2009 1:51 PM

"Look at that building in the context of the street. It's madness."

That may be true, but 4th avenue is so ugly, dirty, and unpleasant, that I really can't hold that against them.

I mean, how bent of shape can you get when the new building doesn't match the atmosphere of the historic UHAUL rental yard and self storage center?

Now, their prices? That's madness.

Posted by: northsloperenter at May 26, 2009 2:25 PM

I really wouldn't be so snarky about this place if they just priced it for what it is. These places are worth maybe $450 psf. It's a new condo development in a perfectly unattractive part of Gowanus (is there any other kind). When they try to pretend they are in Park Slope and ask Park Slope prices, they are begging to be ridiculed.

Be what you are and price accordingly and you won't get hit with so many spitballs. I don't mock the $5 wool hats I sometimes buy on the street - but that's because they are asking $5. If they tried to charge me $100 they would be in for a good mocking.

Posted by: lechacal at May 26, 2009 2:33 PM

> A horrible baby blue stucco finish.

Gray, actually.

> Two new projects going up across 4th Avenue

Something might go up some day next to the firehouse. I doubt the firehouse itself, or the building right south of it, are going anywhere any time soon.

Posted by: SnarkSlope at May 26, 2009 3:45 PM

It is a horrible looking building, doesn't even go with the surrounding buildings. What are these architects thinking, it sticks out like a sore thumb, has the ugliest windows ever, which probably can't be cleaned easily from the outside, so much for a view.
The color, lets not even go there.
No matter what, when the old tenements are taken care of, they look so much better. I'm a little sick of looking at all thse high rise buildings looking like office buildings already.
ugh.

Posted by: nightcrawler at May 26, 2009 3:50 PM

Snarkie: I don't know - most of it looks blue to me. I was up on the 10th floor - looked out across 4th ave and behold, there are two lots being excavated...looks like footings are to follow. The sales agent acknowledged that two new residential buildings were about to go up. Still say take the money and RUN!!

Posted by: sjtmd at May 26, 2009 4:56 PM

sjtmd: Don't you mean leave the money and run?

Posted by: lechacal at May 26, 2009 5:06 PM

sitmd/SS, the lot btw 5th Street and 6th Street is owned by Katan, his financing fell thru (surprise) so even tho the footings have been sunk it is not going anywhere soon. But it will some day.

The lot next to the firehouse, last time I heard was slated for a similar fate, but the ownership on that was a bit less clear. I don;t believe the footings were sunk for that one.

Posted by: denton at May 26, 2009 5:11 PM

Are you talking about the empty lot on 8th Street and 4th Ave?

Posted by: crimsonson at May 26, 2009 5:13 PM

denton: I stand corrected "Leave the Money & Run".

let the readers decide: - the Brownstoner reader survey

WHAT IS THE COLOR OF THE ARGYLE?

BLUE? SILVER? BUTT UGLY?

Posted by: sjtmd at May 26, 2009 6:16 PM

The Argyle is grey. Photos are not accurate, when processed by who knows who, using what profile, filtered thru Stoner, then viewed thru browsers that don't even support color management.

Posted by: denton at May 26, 2009 8:14 PM

Want a value three bedroom in Park Slope? We found one.

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1550984&ohDat=5/26/2009%2012:00:00%20AM;5/31/2009%2012:00:00%20AM;

Unit 2 went into contract instantly. One unit left at that price. Beautiful finishes and priced well. We looked at the Argyle. The interiors look pretty good but the exterior is extremely disappointing.

Good luck!

Posted by: billybrooklyn at May 26, 2009 8:45 PM

Sure looked blue to me when I drove by earlier today.

The stucco job is terrible... looks really uneven and patchy. The rounded "bay window" structure on the upper floors facing south is pretty horrendous also.

That said, when we were looking for a new place we took a look at this bldg. The price was decent for 3 bdrms, but the layouts were a little off. Nothing terrible, but the location is what really turned us off. Fourth Ave is improving, but traffic noise will always be a problem and I'm just not crazy about Gowanus: "Oh yea, you'll know you're near our place when you pass the big Superfund cleanup site"

Posted by: 8thandprez at May 26, 2009 11:09 PM

Anything close?

Posted by: Schmitty at June 1, 2009 10:31 AM

Ok, got some information and I not sure if its good or bad for those still stuck with this monstracity of a building:

Temp COO received on 5/19
What does this mean? Window of opportunity has closed to get your money back. They were required to complete 1 closing by 5/31 and since they did 1 (at least) they are not under obligation to refund deposits.

Needless to say I want out by any means necessary. Anyone else of the same ilk? With the market going the way that it is and the banks requiring hefty money from the buyers end you will be underwater in this property if you stay. Well, that's my perspective and I would rather not throw anymore good money on this. Just my personal perspective on a more and more gloomy situation.

If there are others out there who feel the same or have any advice I am all ears

Posted by: Schmitty at June 1, 2009 12:37 PM

For those who want to see for yourselves as proof of temp COO; go to the NYC Department of Building's web site. Their temporary COO is 302269676T001 and it expires on 7/18/09. There are 18 outstanding requirements for this building to obtain its final certificate of occupancy.

Also, in earlier posts folks were talking about the total number of residential units in this building; the Certificate states there are 61 "dwelling" units.

I am sharing this information for all of those who are interested and/or have deposits on this development. I am mulling over what I am going to do so I want to provide as much information for those who are mulling over next steps themselves. The only folks who seem to be talking about this are the people on this site. The posts are informative and at times disturbing (but in a good way as a wake up call to reality) and funny.

Consider this a gift of information; you can use it or leave it. Its a gift and your choice

Posted by: Schmitty at June 1, 2009 4:58 PM

Schmitty,

Do you have a deposit with the Argyle? I do as well, and am trying to get it returned.

Posted by: bossaboy at June 2, 2009 8:09 PM

Unfortunately, I do. Based on the at least 20% down turn in value and the ridiculous banking requirements I am at the point where throwing more money at this is INSANE. I don't want to walk away from this I want to run with as much of my cash as possible.

I saw that were was another person as well as you looking to get out too. I definitely want to out and get as much or all of my money back as well. Any ideas? I am all ears

Posted by: Schmitty at June 2, 2009 11:46 PM

there is a yahoo group for argyle contract holders:
http://us.rd.yahoo.com/evt=42879/*http://groups.yahoo.com/group/
argylecondoparkslope

it is now a closed group, but once you prove to the moderator that you are a contract holder, you will find you can connect to others...some of whom are certainly sympathetic.

Posted by: missdee at June 9, 2009 1:01 PM

Thanks for providing me a link to the group. The folks there appear to be deliriously happy and things are going well swimmingly for them. I will keep watch on the group and see what comes of it. Thanks!

Posted by: Schmitty at June 10, 2009 12:37 PM

Schmitty,

I will be speaking to a few attorneys to see if there is any way possible to get my money back. The new banking requirements, the fact that this is still essentially a construction zone, and we don't even know if the tax abatement has been approved should make an interesting case. Who knows. I have a substantial amount down, but my fear is going through with this will be disastrous at this point.

Posted by: bossaboy at June 15, 2009 6:46 PM

Keep me posted as I am not far behind you in your thinking as well.

Posted by: Schmitty at June 17, 2009 1:12 PM

This is getting more and more concerning. Did you read this?

Here I am at day 11. And I still don’t have keys to the main front doors, access to my parking space, window screens, appliance warranties, touch up paint. What I do have are uneven and scratched kitchen cabinets, sloppy paint and caulking work, uneven tiles and floors that look like the rolling hills of the Berkshires (okay, that’s an exaggeration, but there are elevation changes by inch in a three foot are all over the place.)

Posted by: joe_the_bummer at June 18, 2009 1:53 PM

Why would you close? Geez....this is making me sick just thinking about it. Can we revolt? Seriously, this is not what I am looking forward to as a new home owner

I think I am going to be sick

Posted by: Schmitty at June 22, 2009 3:01 PM

Schmitty and Bossaboy, did either of you make any progress on getting out?

Posted by: dellwood at August 25, 2009 11:44 PM

« Downtown Tower Has Been Hit With 12 SWO's Last Week's Biggest Sales »

May 26, 2009

DOB OK's the Argyle

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