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June 5, 2009

Desperation Sets in at 364 Myrtle Avenue

364-Myrtle-Avenue-0609.jpg
We wonder whether the owner of 364 Myrtle Avenue is suing Scarano Architects. After all, the owner was in contract on all three duplex units in the newly constructed building back in 2007 when the architect's aggressive interpretations of the building code caused massive delays in getting a C of O for this building (and many others as well). The owner let all of the buyers out of their contracts and then, as far as we know, rented them out last year. Six weeks ago, however, he put the entire building back on the market for $2,400,000; there's been a price reduction every week or two since bringing the current asking price to $1,850,000. Tough times.
364 Myrtle Avenue [StreetEasy] GMAP P*Shark
Still No Action at 364 Myrtle Avenue [Brownstoner]
Condos of the Day: Whiplash at 364 Myrtle Avenue [Brownstoner]
Rental of the Day: 364 Myrtle Post-Scarano Switcheroo [Brownstoner]
364 Myrtle Avenue: Scarano Strikes Again [Brownstoner]
What's Up With The New Building on Myrtle? [Brownstoner]




Posted by Brownstoner at 10:01 AM | Comments (19)
Categories: Condos, Fort Greene

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Comments

Maybe they can rent them out to Section 8.

The What (It's over...)

Someday this war is gonna end...

Posted by: Return of The What at June 5, 2009 10:06 AM

so issue is there's still NO C of O? If NO C of O, he could rent it out but not sell the condo units individually?

Posted by: more4less at June 5, 2009 10:10 AM

I repeat....stay away from new development. Cavet Emptor.

Posted by: daveinbedstuy at June 5, 2009 10:13 AM

If I recall they wanted close to a million to live on Myrtle. Even an asshat knows better.

Posted by: DeLepp at June 5, 2009 10:13 AM

if youre right deleep they are full of it. dang. i wonder how much is rent?

Posted by: grip100692 at June 5, 2009 10:19 AM

Not this building again!

"aggressive interpretations"

Nice. Same thing happened to someone I know. Architect dicked around with the code and couldn't get C of O. Two contracts fell through. Now renting out.

Timing was everything.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 5, 2009 10:33 AM

Corcoran listed a couple of them asking a $4500 and $5k rent, dunno if they got that much thou...
but, no CO = no loan from a bank = tough times selling

Posted by: Rising Crane at June 5, 2009 10:44 AM

I don't understand - so you can rent if the building has no CofO but not sell them?

I thought CofO stood for "certificate of occupancy" if a place isn't certified to be occupied, nobody should be living there, renters or owners.

Posted by: dirty_hipster at June 5, 2009 10:49 AM

you're right, DH, they shouldn't be rented either

Posted by: Rising Crane at June 5, 2009 10:55 AM

i looked into DOB's website - http://a810-bisweb.nyc.gov/bisweb/COApplicationSummaryServlet?requestid=3&passjobnumber=301752388&passdocnumber=01&allisn=0000958784&allbin=3058364 - and they do have a TCO issued, so it's ok, but in my experience no bank will issue a mortage without a final CO (unlike a few yrs ago, when anything was ok)

Posted by: Rising Crane at June 5, 2009 10:59 AM

"I don't understand - so you can rent if the building has no CofO but not sell them?"

Guys without a C/O you can't rent or sell anything! Wake up it's over go home!

The What (Yes it's over)

Someday this war is gonna end...

Posted by: Return of The What at June 5, 2009 11:16 AM

Do architects have malpractice insurance? It would help market the property if it were an empty lot.

Posted by: Maly at June 5, 2009 11:22 AM

$4,000?!?! WOW..Myrtle sure is on the come up.

Also i want to say that the AIA protects architechts with insurance and it's why companies have to have a board certified architect sign the form, even if they don't do the actual work.

Posted by: grip100692 at June 5, 2009 11:37 AM

think I found my rental - if the guy willing to take $2k

Posted by: more4less at June 5, 2009 11:45 AM

grip: AIA does not provide insurance for architects, though architects should have errors and omissions insurance (essentially malparctice). If you are a registered architect and you are signing forms and drawings that you do did not have a part in making- that is illegal (not that it doesn't happen). Same as a lwayer, accountant, etc.
The big problem (there are many) with this building is that the architect self certified what was essentially a building that did not comply with zoning regulations. Nobody caught on (or wanted to catch on) until it was too late and the thing had been built.

Posted by: jelly donut at June 5, 2009 11:50 AM

Would errors and omissions insurance cover the "creativity" Scarano brought to the table? Insurance doesn't usually cover fraud. Also the owner must have known Scarano was providing value-added FAR. Who would have a standing to sue? The city?

Posted by: Maly at June 5, 2009 1:10 PM

my guess is probably not. A lot of people tried to drive a truck through a loophole (specifically relating to mezzanines and ceiling heights). It's like Madoff's ponzi scheme, if it's too good to be true...
The City could require the buildings be torn down- but probably just require modifications to bring it into line. somebody must have already lost their shirt on this particular one.

Posted by: jelly donut at June 5, 2009 3:19 PM

Seems the units are rented to all young couples, lot of space for the money, most light and space of any condo even close on the market. Top floor is spectacular even if it is a bit of a hike. Not luxury finished to match the overall architecture but great place from what I have seen

Posted by: e46stguy at June 28, 2009 3:20 PM

I friend of mine was assaulted near this building a few weeks ago, 10am... broken jaw, teeth... I'm still not convinced about the area...

Posted by: fchieli at October 27, 2009 6:04 PM

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