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June 18, 2009

Argyle Closings Happening, But Watch That Punch List

As we noted two weeks ago, closing at The Argyle on 4th Avenue in Park Slope (where 70 percent of the units have been sold) have begun. And a press release yesterday trumpeted the fact that buyers have already begun moving in and provided a link to some photos of finished interiors. Unfortunately for one new owner that we heard from, though, his place doesn't look like the one in the promotional photos. Seems that his unit wasn't in finished form when it was time to close a couple of weeks ago and he was persuaded to sign an addendum to the contract in which the developer promised to fix the problems in a timely manner. The buyer sent us the following warning tale at the end of last week and followed up with the photo above yesterday. Here's the owner's email from earlier this week:

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.)

The update as of yesterday was that the sponsor has now torn up 90 percent of his floor, made him vacate the apartment and is predicting the work will drag on another ten days. A far cry from how the model apartment looks. Welcome to Brooklyn's Park Avenue!
First Closings Recorded at the Argyle [Brownstoner]
Argyle Listings [Corcoran] GMAP
DOB OK's the Argyle [Brownstoner]
The Argyle Unveiled [Brownstoner]

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Comments

I think those photos are renderings -- the exterior ones in the flickr set certainly are.

I like to be in a ren-der-ing/ok by me in a ren-der-ing.

Posted by: Ringo at June 18, 2009 10:47 AM

I'm sorry, but you have to be a fool to close when the seller hasn't put the property in move-in condition (unless you were planning to do your own renovation, of course). Your leverage goes out the window, and you are at the mercy of the developer. I hope this is a cautionary tale for anyone else in contract at the Argyle (and generally, too).

Posted by: ProfRobert at June 18, 2009 10:51 AM

The real question is how on earth did this guys attorney allow him to close? Unless he received some type of financial incentive from the Sponsor that "persuaded" him to close it makes no sense to me

Posted by: The Real W at June 18, 2009 11:02 AM

Looks a lot like more than 1 weeks work. If they do finish it in a week the job quality is going to suffer.

Posted by: Adam Dahill at June 18, 2009 11:16 AM

These sound like rather normal things to deal with when buying new construction, from everything I've heard.

None of those things he/she mentions are a big deal. Scratches, missing screens, touch up paint...all this can be done in a day. Hopefully the floors are no cause for concern.

Posted by: 11217 at June 18, 2009 11:20 AM

someone call the waaaaaaahmbulance. i saw some dude come out of the finger building on 4th and carroll and trip over the exit. sorry i laughed. but i think tat is all rental now.

*rob*

Posted by: PitbullNYC at June 18, 2009 11:23 AM

It is very simple - the drop dead date ("the First Closing of a Unit"), according to the offering plan was 12 months from June 1, 2008. If this was not met, each purchaser had 15 days to rescind. These closings were a sham - simply to meet the deadline. Who, in their right mind, would not rescind?
Where are the lawyers when you really need them??

Posted by: sjtmd at June 18, 2009 11:28 AM

A little sympathy would probably be appropriate.

Posted by: Johnny at June 18, 2009 11:41 AM

I'm sorry, but how exactly are the closings a "sham?"

I've seen them showing up on streeteasy, so I'm not really seeing how they are false.

Posted by: 11217 at June 18, 2009 11:44 AM

"A little sympathy would probably be appropriate. "

But everyone seems to be having so much fun blaming the victim!

Seriously, that sucks to move into a new place and have problems of that level (requiring you to vacate the apt. etc.).

I'd be pissed and looking for legal advice.

Posted by: northsloperenter at June 18, 2009 11:57 AM

11217 I'm not an expert but I think at closing the seller is supposed to deliver an apartment. if they are instead delivering a piece of paper to sign, and making buyers think that they have no other choice, that's a sham.

Posted by: joe_the_bummer at June 18, 2009 12:03 PM

I have sympathy. Forget about price for a minute. If someone bought something and the seller delivered a piece of junk, it's not their fault. Maybe criticize people's market timing, but not this. It's just shady developers taking advantage of people.

I work with two people who are both two years into contractor disputes on new units. It is the rule, not the exception.

I want to post that redering/reality photo on my fridge, to remind me. never ever ever ever ever ever ever....

Posted by: joe_the_bummer at June 18, 2009 12:12 PM

Seems that new construction is bedeviled with issues. When we were down on 2nd street the board were still dealing with issues 4 years after completion, albeit with much more serious structural flaws.

I do agree with some of the above posters that buyers lawyers would hopefully protect them in such circumstances. Seems that a good lawyer would really earn their money at points like these whereas others don't understand how god awful problems are for buyers who will have invested significantly both financially and emotionally.

Buyers at the Argyle are bold to take on the new construction and I hope it works out for them.

Posted by: 10thStreetReno at June 18, 2009 12:29 PM

So, have the developers finally succeeded in making:

Never Buy New Construction in Brooklyn

conventional wisdom in the real estate world?

I mean, these types of problems are showing up more and more on the WWW, and the reports will not "go away". Three years from now when someone searches Google, all this info will be there waiting to teach them...

Posted by: northsloperenter at June 18, 2009 12:40 PM

Sham:
1 : a trick that deludes : hoax
2 : cheap falseness : hypocrisy
3: an ornamental covering for a pillow
4 : an imitation or counterfeit purporting to be genuine
5 : a person who shams
In this case, it seems that the developer had to begin closings on or about June 1 or else deal with the prospect of a significant number of contract cancellations. Faced with this outcome, several units were rushed to "completion". The results are clearly underlined in the original post by the purchaser. So, it would seem to me, these early closings are a "sham". The units were only deemed fit for closing by the timeframe faced by the developer, and not by the condition of the finished product. I like definition #1 or #2.....but a pillow sham works as well.

Posted by: sjtmd at June 18, 2009 12:57 PM

The model unit pix is not a render. It actually exist. I was in it - 2J if I remember.

That being said, outside of the minor cosmetic issues (scratch, touch up paint, screen doors) that sux for the floor. Sympathy here.

Hey at least they are doing it now. I know some other devs they had to wait days (even weeks) on major problems.

The cosmetics one is not unusual. That is pretty much expected on new construction.

Posted by: crimsonson at June 18, 2009 1:31 PM

The cosmetic problems are, by definition, just the ones that you can see. Sure, the ones listed are all cosmetic, but the rush to completion could cause other problems too, like leaks, which will cause the floor etc to have to be done a third time.

Who is the developer? are they broke yet or is it one of the more stable ones?

Here's another question. Why are cosmetic problems "pretty much accepted? Would you buy a new car with a scratch on it, even if they had a good body guy who could fix it right up. Maybe that's another 2006 thing that will change.

Posted by: joe_the_bummer at June 18, 2009 1:40 PM

Fantasy vs reality. Caveat Emptor spec.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 18, 2009 1:43 PM

CORRECTION: The Argyle is not on 4th Avenue in Park Slope. It is on 7th Street in Gowanus.

Posted by: lechacal at June 18, 2009 1:47 PM

**review**
ALL YOU COULD WANT! This perfect three-bedroom home is located in a brand new building two blocks from three subway lines and steps from the best shopping and dining in Park Slope, just named one of the 10 best neighborhoods nationally by the American Planning Association. Building amenities include a virtual concierge for deliveries, outdoor roof lounge with panoramic skyline views, fitness center, resident manager, and on-site parking garage! This three bedroom home features QUIET SOUTHERN AND WESTERN EXPOSURES, a private BALCONY, generous rooms, hardwood wide-plank maple flooring, handsome kitchen with bamboo cabinetry and sleek appliances, a washer-dryer, and an individual storage unit included in the purchase price. THE ARGYLE PARK SLOPE. IT LOOKS GOOD ON YOU. Brokers welcome.
----
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

what is a virtual concierge? Is that the Corcoran word for an intercom?

IT LOOKS GOOD ON YOU (if you're a pillow)

Posted by: joe_the_bummer at June 18, 2009 1:57 PM

"what is a virtual concierge? Is that the Corcoran word for an intercom?"

ROTFLMMFAO! Good one Joe!

The What (Real Estate always goes up, right?)

Someday this war is gonna end...

Posted by: Return of The What at June 18, 2009 2:12 PM

Maybe the furnishings are not a rendering, but if that is the model apartment on the second floor, what an amazing view from that height! I love what they did with all the sorrounding three and four story buildings - poof! They are gone. Wait, can it be, the return of the sham!

Posted by: sjtmd at June 18, 2009 2:24 PM

"Here's another question. Why are cosmetic problems "pretty much accepted? Would you buy a new car with a scratch on it, even if they had a good body guy who could fix it right up. Maybe that's another 2006 thing that will change."

Don't compare a car to buying a new home. Every house, even 12 CPW, will have a cosmetic problem some where. Most will be caught during the walk through and addressed appropriately. But to think you buy a house that has NO cosmetic issue is silly.

Posted by: crimsonson at June 18, 2009 2:35 PM

ok I will accept that my comparison is not justified. But I just don't understand how the something like a floor could be SO bad when they are supposed to be working with professional builders. These people have been getting away with delivering a broken product. They just hope buyers will eventually give up.

Posted by: joe_the_bummer at June 18, 2009 3:32 PM

i have sympathy. Even though I don't think he should have closed if the apartment wasn't move-in ready. That's the buyer's foolishness (he was probably overly excited; I know we were when we closed on our new construction).

Regardless, that model apartment looks OUTRAGEOUSLY beautiful. How much would that go for? I mean, the location isn't the best in the slope, but for all that balcony space... I'm jealous.

Posted by: secondbecky at June 18, 2009 3:53 PM

I believe a virtual concierge is a new service that allows remote monitoring and package delivery from a central station. Cheaper than the real thing.

Posted by: denton at June 18, 2009 5:36 PM

I think that's the view from unit 40B.

Posted by: joe_the_bummer at June 18, 2009 6:35 PM

This is sloppy Slope marketing.
In addition to all of the other apparent misrepresentations by sellers, this is not Park Slope.

Posted by: BklynSoFar at June 19, 2009 9:31 PM

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June 18, 2009

Argyle Closings Happening, But Watch That Punch List

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