Should We Feel Sorry For Novo Contract Holders?
Say what you will about the Novo’s architecture or finishes, or about its developer, or about the fact that it won’t have the most exciting commercial tenant in the world. All of a sudden, we’re starting to feel kinda bad for the 4th Avenue condo’s contract holders, some of whom have been waiting a looong…
Say what you will about the Novo’s architecture or finishes, or about its developer, or about the fact that it won’t have the most exciting commercial tenant in the world. All of a sudden, we’re starting to feel kinda bad for the 4th Avenue condo’s contract holders, some of whom have been waiting a looong time to move into the building. While everyone knows that new-construction delays are possible, or even likely, we’re hearing some desperate stuff from contract holders these days. One person posting on the Novo Yahoo group last week had this to say: “I heard a somewhat worse scenario from my mortgage broker who called the sales office today. They said the TCO is now expected in July with closings 30 days later – that potentially pushes closings to August. What does that mean for move ins? I’m assuming September. Sorry if you think I’m being too pessimistic, I’m just reacting on what I’ve been told. Trust me, I just want to get into the place, I’m in a studio with a year old child! Mucho fun. Been in contract since early April last year so I’ve heard it all by now. Wish I’d have seen through the BS back then. This is business to them, a potential home to us…” Meanwhile, the contract holder who sent us the tip a couple weeks ago saying he and 11 other buyers were about to be released from their contracts because Novo developer Shaya Boymelgreen hadn’t finished work on the adjacent public park by late June wrote to say he hasn’t seen Boymelgreen’s workers making any significant progress on the park. (Neither have we). With all the delays, he’s ready to throw in the towel. “Finding an affordable 3br apartment in Park Slope is a Herculean task,” he writes.” We are so disappointed with what has happened with the Novo as it had affordable 3br units. I believe now at this point we will start looking for a new rental and perhaps look at options outside of Park Slope or perhaps the city altogether.”
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Novo Takes a Nosedive [Brownstoner] GMAP
Boylemgreen probably has such a bad reputation with contractors after so many bad episodes he simply can’t find someone to do the work for him.
I feel bad for contract holders. Whatever your personal feelings are about the Novo- people who bought had their reasons. You don’t like their reasons? Tough. You can’t control why people do things which is why I think its crazy when people say so publicly. The people who bought had a reasonable expectation of when to move in. Sure they will be let out of their contracts- I think it was mentioned here that June 30 was the date they can be released- but I’m sure there’s going to be major disappointment because people have been strung out this long. Is it a blessing in disguise? Maybe- but I’m sure people held on to hope about moving out of whatever current situation they’re in. A year lost waiting for something that still may not come for months.
As for Argyle- I hear its doing well (at least thats what the propaganda machine is saying) and the crest has move ins already (I thought crest is same developer?). Novo is moving really slowly.
“here’s something they don’t want you to know: the argyle is actually in gowanus. shocker, i know…”
They don’t want WHO to know?
Don’t you think most people who have bought in the Argyle have at least gone to the location to see for themselves where it is located…?
Your comment is asinine.
The problem is Boylemgreen is an amateur – he doesnt have the organization to effectively manage the projects he got involved in (which is why his Israeli backer split from him).
Yet how could you NOT feel sorry for contract holders – what did they do wrong?
If Boylemgreen had any brains instead of tearing up contracts, he’d hire a reputable company to finish the park and get his C/O asap. Whatever it would cost, will be cheaper then holding onto a vacant building for even longer.
900K
here’s something they don’t want you to know: the argyle is actually in gowanus. shocker, i know…
Don’t worry, In a year you will be able to RENT that three bedroom at the NoGo.
Did a touch a nerve, 11:58?
Feel bad for the closet full of payless shoes and boxes full of ticky tacky chinese tchotchkas you have filling your home?
How much were they charging for 3 BR that made them such a deal in the first place?