bkre,

I understand that it is an accepted practice. It is not how it is done in ALL offering plans, however. Perhaps NY, i don't know. There have been plenty of discussions on this board about this and the problems it creates for buyers/sellers--brokers that refuse to market an apt for say, 1000sq. ft, simply because that's what the seller paid for it--when it's actually 900sq ft of USEABLE FLOOR SPACE.

That it is an "accepted" practice, doesn't make it any less palatable to a buyer/seller since you won't be LIVING in the entryway OUTSIDE your door, on your FIRE ESCAPE (which is large, mind you), or INSIDE the wall, halfway between my apt and my neighbors.

Posted by: Zed at June 11, 2009 1:55 PM in response to Cobble Hill Towers Condo Plan Drops

Beautiful building...disappointing offering plan. I'm a renter. The "insider price" was expected to be $500/sq. ft. but it varies considerably among apts. (from $400-$600 or so per sq. ft from cheapest to most expensive) But even that is erroneous b/c the developer has inflated the square footage (perfectly legal) by including the exterior portions of all apts (mid pt between apt. walls, window sills, fire escapes, door vestibule) in the calculations. If the actual floor area of your apt is 800 sq. ft, the Hudson offering plan calculation could be as much as 15 or 20 percent more (960 ft)!! So if you thought you'd be looking at a $400,000 apt, it's actually $480,000.
If you buy it and wish to sell it one day, chances are you'll have to sell it for its ACTUAL USABLE Sq. footage (800 sq.ft) which is $600/sq ft. That's the hell of square footage calculation. But it's not the only thing wrong with this plan. They will have a lot of negotiating to do if they want this to fly, starting with significantly lowering either the sq. footage calculations or the price. or both.

Posted by: Zed at June 11, 2009 11:42 AM in response to Cobble Hill Towers Condo Plan Drops