Does one have to be able to crap sideways?

Posted by: sjtmd at August 19, 2009 10:32 AM in response to Toilet Free for the Taking

What needs to be taken into account for first time resales such as this is the incredible cost of transfer taxes and the like on new construction. Mansion tax, NYS transfer tax, NYC transfer tax, mortgage tax on top of the other closing costs (title insurance, mortgage insurance, legal fees, document fees) - we might be looking at $60,000-70,000 or more in a case like this. One more "ouch factor", but can also be looked at as a "discount" by any buyer. Any thoughts?

Posted by: sjtmd at August 10, 2009 6:41 PM in response to Condo of the Day: 1 Northside Piers, #15D

Here's what's allowed on the Forum: Questions from readers about renovation, gardening, real estate and quality-of-life issues relating to home ownership; readers (not businesses) are also encouraged to post architectural salvage items for sale. Here's what's not allowed: Self-promotional posts by businesses of any kind, events postings, off-topic rants and cut-and-paste articles. Contractors and other service providers may respond to general reader questions or to specific negative reviews. Thank you.

Posted by: sjtmd at August 6, 2009 9:44 PM in response to Landlord Neglected Building

so I took a gander at ACRIS - looking at sales over the last 12 months one would be hard pressed to find anything at or below the $600/sq ft threshold. Apartments at the Crest, Novo, Argyle, and just up the street at the Heritage have sold at numbers that would substantiate today's asking prices. You can "bid half off peak comps", but it seems that you won't buy at that price....unless, of course, you are in Miami

Posted by: sjtmd at July 30, 2009 9:29 PM in response to Taking the Pulse of 4th Avenue's Inventory

Many 4th Ave units have excellent, unobstructed north / west views. This is something that appealed to me along with access to mass transit and proximity to 5th Ave (restaurants, shops). On the negative side is the distance (& incline) to Prospect Park, and the "expressway" nature of 4th Ave traffic. Another, albeit ? temporary drawback, is the industrial / commercial character of the avenue. The biggest problem, however, is the high sq ft inflexible pricing of the developers.

Posted by: sjtmd at July 29, 2009 5:34 PM in response to Taking the Pulse of 4th Avenue's Inventory

I think it is a clothing store whose logo is: "an educated consumer is our best customer". For RE agent, knowledge is an anathema. The only "educating" is to be done by them. This site dispenses wide ranging facts and opinions. A reader can only walk away better educated, but more importantly - a bit more skeptical. An agent likes their customers docile and accepting. The real estate industry should be taken to task for its' role in the ongoing bubble. Their ONLY motivation is "the deal". Keep on reading!

Posted by: sjtmd at July 28, 2009 10:32 AM in response to RE Agents Hate Brownstoner

I believe the issue is not renting vs. owning. The core of the matter is that developments which initially planned on selling their entire inventory are forced to rent because of lack of interest. By default, that means the early buyers overpaid. Wouldn't you be hostile?

Posted by: sjtmd at July 28, 2009 12:12 AM in response to Renting 1 BBP: 'We Would Like Things to be Different'

If I remember correctly, there are two very interesting lions guarding the Albany Avenue entrance of my alma mater, P.S. 91.

Posted by: sjtmd at July 14, 2009 9:03 PM in response to Walkabout with Montrose: The Birds and the Beasts

"less than $600 sq foot" - really. And which apartment is that? I tried that number at 500 4th - they showed me the door. BZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ

Posted by: sjtmd at July 14, 2009 3:51 PM in response to 500 Fourth Avenue Sees Most Spring Contracts

If sandgroper is not a shill, than he/she should certainly look for work in real estate advertising. The wording of your posts, the explanation points - it seems like a copy and paste from a brochuure or web site. I have been to the open house. I have seen the other options up and down 4th Ave. The neighborhood is so-so, but has real upside. The building itself seems better than average in fit and finish. The real negatives - some very bizarre floorplans and a ridiculous pricing profile in this environment. So, sangroper, your posts are as silly & transparent as an "early bird" 10% off sale. Be careful, or you will get stung. BZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ.

Posted by: sjtmd at July 13, 2009 7:09 PM in response to 500 Fourth Avenue Sees Most Spring Contracts

The truth is that a Times Square Stores is hooking up with a John's Bargain Store as well as a Bargaintowm USA. Better yet, Fortunoffs, Kleins, and Alexanders are looking into some commercial lots as well. For the hungry shopper, an Automat will be opening. Ah, the streets of New York are littered with the retail carcasses of yesterday. Whole Foods - join the rest.

Posted by: sjtmd at July 11, 2009 6:08 PM in response to Whole Foods Gowanus May Not Be Dead After All

93 units listed in StreetEasy (79 for sale, 11 in contract, and 3 'off the market'). So, according to my math - it is either 11/156 = 7% or 14/156 = 9%. Either way, to reach the stated 20%, 31 units need to be "sold". It seems like the 10% off "early bird special" hasn't caught the 20% sold worm.

Posted by: sjtmd at June 25, 2009 2:41 PM in response to 500 Fourth Avenue 20% Sold; Opening in Fall?

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 in response to Argyle Closings Happening, But Watch That Punch List

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 in response to Argyle Closings Happening, But Watch That Punch List

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 in response to Argyle Closings Happening, But Watch That Punch List

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 in response to DOB OK's the Argyle

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 in response to DOB OK's the Argyle

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 in response to DOB OK's the Argyle

There appears to be a "price cut". The agent's web site states: "Early Bird Special: 10% off the purchase price of any home at 500 Fourth for those who get in early!" That makes it about $643 sq ft. We will be looking at it this Sunday. If it is a "class" building, and you can get an upper floor w/ views of Manhattan, what would be a good sq ft price?

Posted by: sjtmd at May 12, 2009 11:46 AM in response to Checking In On 500 4th Avenue

Closing (or lack thereof) update:
"Notice of Adjournment from the sponsor's attorney.

No new closing date given, it just alludes to the fact that a new date would be provided with at least 10 days notice."

Posted by: sjtmd at May 7, 2009 10:27 PM in response to StreetLevel: The Argyle Closes Up Shop on 5th Avenue

My wife and I were interested in the Argyle and visited the sales office on 2 occasions. Did not do a lot to get us "excited" about the project. Early discussion about pricing seemed to show little to no flexibility and kept prices at "pre bubble" levels. I still get updates from a yahoo chat forum: "They have 31 outstanding requirements and 11 outstanding objections from the inspection they had on 4/14. In addition their plumbing sign offs have been rejected. The only positive sign is that they finally have received their final approval on the elevator."

Does not sound like a C of O is around the corner.

Posted by: sjtmd at May 6, 2009 4:16 PM in response to StreetLevel: The Argyle Closes Up Shop on 5th Avenue

Perhaps you all missed the point. The buyer's broker shows you a place. Says sure, it is worth $500,000. And sure, you can "afford it". Wrong on both accounts. I understand that ultimately it is "buyer beware", but why pay this professional 1/2 the commission (yes, I know the seller pays, but it is reflected in the overall price) if they cannot give you professional advice and overcome their greed?

Posted by: sjtmd at March 31, 2009 2:41 PM in response to Same Real Estate Agents

As a potential condo purchaser,the comments on this post have been "spot on". Must be giving speculators and realtors nightmares! Keep up the good work! Will reality and realty ever coalesce?

Posted by: sjtmd at March 30, 2009 3:20 PM in response to Short Sale at The Washington

The best Brooklyn bakery is in Ellenville, NY. COHEN'S. Pumpernickel raisin to die for!

Posted by: sjtmd at January 11, 2009 10:14 PM in response to Best bakery in Brooklyn, where?

This may be a little off target, but I think there are fundamental issues regarding realtors and their "interest" in any deal. I personally believe that realtors (some, not all) bear a significant share of the responsibility for the present real estate bubble and its consequences. Who do they represent in any transaction? Will they counsel a potential buyer as to the dangers of obtaining too large a mortgage or simply refer to a broker who will obtain the necessary funding (and send a little commission back)? Will they recommend an appraiser & inspector who will be honest and forthright, or will they suggest someone who will let the deal get done? Bottom line, it is buyer beware - ultimately, it is greed that dictates motivation - I would get my own attorney.

Posted by: sjtmd at January 10, 2009 4:05 PM in response to Atty/Broker Conflict of Interest

The Crest - on 4th Ave. Apartment 11H - a 684 sq ft one bedroom sold on 12/12/08 for $430,000. Originally listed at $564,00, then dropped to $495,000.The identical apartment on the 10th floor sold for the asking price of $549,000 on 4/23/08. So, where are we going from here?

Posted by: sjtmd at January 6, 2009 11:37 AM in response to Hey, Something Sold!

What is the current rental market for smoke filled, soot smelling, rat infested, crack addict attracting, neighbors w/ boarded up windows apartments in Brooklyn? It seems to me, if what you are saying is reality, even $1.00 / month seems a bit high. My advice, with respects to the "The Amityville Horror" - GET OUT!

Posted by: sjtmd at December 30, 2008 10:35 AM in response to RENEGOTIATING THE RENT

Try Wachovia. Arthur Andersen can be your accountant. Better yet, cash in some of your investments at Madoff Securities. My answers can be taken as seriously as your question. If you are not part of the solution, you are part of the problem. And, oh, excuse me for preaching, but I am beginning to tire from paying for all the sundry bailouts.

Posted by: sjtmd at December 16, 2008 10:34 AM in response to No income check mortgage

It is commonly believed that the area currently known as Crown Heights was originally known as "Crow Hill" or "Crow Heights" and the name slowly changed and an "N" was added. Either way,whats not to like?

Posted by: sjtmd at November 18, 2008 4:31 PM in response to Tonight: Crow Hill Reaching for Landmark Status

From "About" Brownstoner:

"Brownstoner.com is a site about Brooklyn real estate and renovation, and all the tangential topics that impact life inside and outside the home in Brooklyn."

Seems like the role of the real estate agent profession in the current meltdown is more than a "tangential topic". Perhaps, it may be to closer to home than you are willing to accept.

Posted by: sjtmd at November 13, 2008 9:25 AM in response to Pigs at the tough

rumor: a statement or report current without known authority for its truth. (Merriam - Webster Dictionary)."Being told by someone who voted in Crown Heights about the printing on the ballot does not make it a rumor." When you have seen the ballot and can validate this as fact, then the inuendo and fear mongering can AT LEAST have some crediblity. Until then, nope..... Change? I doubt it.

Posted by: sjtmd at November 5, 2008 10:05 AM in response to Barack Hussein Obama

rumor: a statement or report current without known authority for its truth. (Merriam - Webster Dictionary)."Being told by someone who voted in Crown Heights about the printing on the ballot does not make it a rumor." When you have seen the ballot and can validate this as fact, then the inuendo and fear mongering can AT LEAST have some crediblity. Until then, nope..... Change? I doubt it.

Posted by: sjtmd at November 5, 2008 10:05 AM in response to Barack Hussein Obama

There is a distinct difference between "I have been told" and the objective truth. Before you try to disperse inuendo and stereotypical rumor, why not search for the facts. No "pig three", this is not the "change" all had hoped for.

Posted by: sjtmd at November 4, 2008 9:55 PM in response to Barack Hussein Obama

This is a saga that is being played out throughout the borough. My knowledge (or lack thereof) has ben obtained by trying to find out the status of a new condo building in which I was interested in buying a unit. The broker and condo developer were of no help. Current occupants knew nothing. Anyway, I have found out that:
-the tax abatement process is multi - stepped
-your building needs a C.O. - a T.C.O. is not accepted
-the process can take three years or longer
-until the abatement takes effect, your taxes are due IN Full. The city is supposed to rebate paid taxes when the abatement takes effect
-you should check out the status of your condo's application by going to: http://www.nyc.gov/html/dof/html/property/property_tax_reduc_coop_condo.shtml
They can tell you if a "preliminary application" has been submitted (at the time construction started) - without that, the prognosis is poor

Hope this is helpful.

Posted by: sjtmd at September 25, 2008 8:19 AM in response to 421a Abatement Advice_2nd Try

Hate to be greedy here (yet, after all the investment types had their chance, maybe it's my turn), but what do you guys think that the effect will be "on the street" as it relates to condo prices, etc. in Brooklyn??

Posted by: sjtmd at September 15, 2008 8:59 AM in response to The end of the Mutant Asset Bubble...

My wife and I returned to the same open house three times. The seller was represented by Corcoran. We were without the services of an agent. When the time came to make a bid, we had some concerns about the 421a tax abatement status of the unit. What amazed us was the total disregard of our questions. Somehow, we were never taken seriously. An educated bid proposal was not possible. This is inexcusable in any market, but when this unit has remained unsold for months, despite a price reduction, there is no explanation. Is this par for the course??...or just Corcoran?

Posted by: sjtmd at September 6, 2008 8:40 PM in response to Brown Harris Stevens vs. Corcoran?

Sold as "belgian block" @ Lowe's or Home Depot, etc. Available in approx. 6" squares or 12" rectangles. Fairly simple to do. Dig down about 18". Place gravel to a height that you are happy with the level of blocks that are to be placed above. Mix a little cement, place a 1-2" layer below and leave a 1" space between blocks and some cement there as well. No need to cut these granite stones (would be tough to do). Simply space the blocks in a way that the proposed length is covered (and use the squares as needed). If all else fails - hire a mason or landscaper - they usually charge by the linear foot. Good luck.

Posted by: sjtmd at August 30, 2008 9:58 AM in response to cobblestone

Sorry, Benson. No misinformation about the lack of information in THIS case. This developer has hid behind a veil of secrecy when it comes to the status of the tax abatement applications of his new buildings. I agree w/ BrooklynLove (as does my attorney) that the abatement is not automatic in all cases. Yes, the taxes are repaid retro-actively IF an abatement is granted. In this budget cutting / tax revenue hungry environment, it is doubtful that the NYC tax dept. would be willing to cut a developer slack if an application is improperly filed.

Posted by: sjtmd at August 23, 2008 9:20 AM in response to Tale of Woe at the Novo

My wife and I have visited The Crest (a new condo building one block north by the same developer). We have seen the units in the last stages of construction. The work appeared shoddy at best, but it seems most if not all the problems were superficial (as you mentioned) and should be fairly easy to fix. The bigger issue, mentioned above, is the incredible mystery sorrounding the 421a tax abatement. The Corcoran agent would only state that the application is in progress. Nothing more. Further e mail requests only led to several dead ends - attorneys, accountants who were never available and never return calls. Contacted the tax dept. - they only have the preliminary application at the time construction started (10/19/06) - nothing else. In summary, whatever money you might have to spend to fix these minor problems pales in comparison to the taxes you will be paying for a "tax abatement" condo. Good luck.

Posted by: sjtmd at August 22, 2008 9:32 PM in response to Tale of Woe at the Novo

Not fan driven.

Posted by: sjtmd at August 15, 2008 10:22 AM in response to DIRECT VENT GAS FIREPLACE

We installed such a fireplace years ago in our home - under the floor "direct" vent - an unmitigated disaster. We disconnected the gas and now burn candles in it. Buyer beware!

Posted by: sjtmd at August 13, 2008 9:41 PM in response to DIRECT VENT GAS FIREPLACE

What NYC needs, and what would suit Red Hook to a "t" - (except the lack of great mass transit), is a real urban market - like Borough Market in London, or Pike Place Market in Seattle. The waterfront would be a great backdrop. Classic buildings on cobble stone streets. It would employ a significant number of people and would really solidify Brooklyn's base - economic, social, aesthetics, etc. Just think of Fairway - just infinitely varied, bigger, "real".

Posted by: sjtmd at August 6, 2008 10:31 AM in response to Will Retail Continue to Trump Industry in Red Hook?

Should be opening late August or early September.....when the kids return for the new school year. All that is missing is one of those ubiquitous board of education medallions up on the wall.. Ouch!!!

Posted by: sjtmd at August 5, 2008 1:16 PM in response to Condo of the Day: 324-328 Dean Street

"The thing is my apt. isn't bad at all- its just the common area that is the problem."

Diemond, it's just a matter of time before your apartment, nice as it is, is affected by this neglect. You should really tackle this issue right away.

Posted by: GHB at August 7, 2009 2:04 PM in response to Landlord Neglected Building

Years ago I lived on the LES and the bulbs were always burning out in the hallway of my 5th fl walk up. What finally solved it was when I called the landlord for the millionth time requesting that a bulb be replaced and said that I was worried someone visiting the building might hurt themselves and then sue the landlord.

A flourescent light was installed the next day.

Posted by: kramer at August 7, 2009 2:34 PM in response to Landlord Neglected Building

Thanks again guys! I don't know why I hadn't posted anything sooner. I'm doing research and gaining the strength to stand up to him once more, maybe the suing scare will work ;) I know it's just a walkup, I don't have super high standards, and by no means would I want to live anywhere ritzy, but this place is a health hazard. The building is rent controlled so the rent can't possibly escalate too much- I'm under suspicion that I'm paying more than the other tenants anyways, which is maybe why they haven't voiced any complaints. My fear for reporting it to the Department of Housing is that I have to give my name- and if he finds out it was me, maybe he will be even sleazier. I wonder if anyone else has had a negative experience with this guy?

Posted by: diemond at August 7, 2009 5:46 PM in response to Landlord Neglected Building

If it weren't for the NY rent laws, your landlord would make enough to hire a super and make the necessary repairs.

I suggest you petition the state and write your local rep suggest the rent laws be abolished. . .

Posted by: IronBalls at August 7, 2009 6:15 PM in response to Landlord Neglected Building

The thing is- he is the super! And I know he has all the necessary tools and equipment he needs to make repairs because he runs True Value Hardware. The landlord is Albert Adami, but he resides in Florida, so the super is the one giving me problems, but he acts as the landlord in the absence of the actual one.

Posted by: diemond at August 7, 2009 6:20 PM in response to Landlord Neglected Building

The City-Wide Task Force on Housing Court has an information table at Brooklyn Housing Court, where you can speak with someone in person. 141 Livingston Street, Room 202, M-F 9am to 12 noon. Or you can call them at 212-962-4795 or the Metropolitan Council on Housing at 212-979-0611. See also: http://www.cwtfhc.org/faq

Posted by: vinca at August 7, 2009 7:08 PM in response to Landlord Neglected Building

"because he runs True Value Hardware."

"The landlord is Albert Adami."

Mind posting your info- since you effortlessly seem to spew that of others.

Posted by: Brooklynchimp at August 8, 2009 6:04 PM in response to Landlord Neglected Building

He is in fact the landlord, as I previously mentioned. The situation is the following because he is not currently residing in NYC, so in the absence of the owner, the super is the one taking responsibility of all matters concerning the building. I am sure that if Adami were here, he would know the situation and would fix it, but in his absence things have gotten out of control

Posted by: diemond at August 9, 2009 1:58 PM in response to Landlord Neglected Building

"I am sure that if Adami were here, he would know the situation and would fix it, but in his absence things have gotten out of control"

Cut out the middleman and send the landlord a certified letter with pictures.

Posted by: jack slade at August 9, 2009 7:10 PM in response to Landlord Neglected Building

OP mentions, "The building is rent controlled . . ."

Possibilities:

1. This happened to a friend in a rent controlled building -- the landlord purposely let things happen so the tenants would move and the rent-control status would be removed. (This isn't legal but some people find a way.)

2. When one can't get response from owner who lives far away: the landlord may be having troubles of his/her own and not dealing with business right now. We had once instance of this where the "super" was drinking and not taking care of the absent owner's business. The landlord had personal problems and was in no position to check on the super.

3. About lightbulbs -- we also had an instance where light bulbs were disappearing. Drug dealing tenants were removing them so light would not shine on their activities.

Posted by: BklynSoFar at August 9, 2009 8:55 PM in response to Landlord Neglected Building