C-of-O Woes for the Novo?
Will anyone ever move into the Novo? We often get emails asking about the status of the 4th Avenue condo, which has been under construction for quite some time now. A reader recently sent us the following note, for example: I heard from an employee of the parks department that the city is holding up…
Will anyone ever move into the Novo? We often get emails asking about the status of the 4th Avenue condo, which has been under construction for quite some time now. A reader recently sent us the following note, for example:
I heard from an employee of the parks department that the city is holding up Novo’s closing until they finish the Terrapin playground. The developer was due to finish the playground for a May 12 ribbon cutting, but that date has come and gone. The new date is June 17, but I checked by today and no work was happening. The city is actually not allowing any further inspections until they are done. The building has a drop dead date of June 31 before it has to let its current contract holders out of their contracts. The developer will be mighty lucky if he makes this date it seems.
Parks Department spokesperson Phil Abramson confirmed that the ribbon-cutting ceremony for Terrapin Playground, the section of J.J. Byrne Park that the Novo’s developer is supposed to rehab in exchange for having used the public parkland as a staging area during construction, is June 17th. Abramson couldn’t speak to the rumor about the city holding up the issuance of a Certificate of Occupancy. Last year Community Board 6 recommended that the city not give the building a C of O until Terrapin was finished. (The recommendation, like all community board motions, was ultimately only advisory.) While we don’t know whether June 31st is indeed the deadline for the building’s C of O to be in order so closings can occur, DOB records show that the department still hasn’t received many of the documents it needs in order to grant a certificate. For example, the DOB needs to get documentation showing that the building complies with DOT regulations, and that the Novo’s sprinklers and elevators are in working order. Read on for the full list of the things that are standing between the Novo and its C of O…
Novo Takes a Nosedive [Brownstoner] GMAP
Terrapin Playground Reopening in May? [Brownstoner]
Yet another reason why condos suck.
Benson,
May I ask you if your condo board tried to get Boymelgreen to move faster? I am supposing you got nowhere…
Lastly, was your building able to get your tax benefit w/ a temporary c of o?
Thanks,
CC
Can anyone who bought into this building say why they did. What is the appeal of the NOVO? Anyone?
Benson,
A temp C of O doesnt mean jack. The city until recently handed out temp c of o before any inspection like free nyc condoms. Alot of condo buyers get screwed once the temp C of O expires.
11.30 AM;
Thanks for the clarification regarding the model apartments.
Regarding the temporary versus permanent C of O, I suggest you re-read my post. A building can get a temporary C of O, even with outstanding issues. As I stated about my building, we received our temporary C of O, even though there were numerous issues outstanding (about 16). So, it is quite possible that the building will receive its temp C of O by June 30th, allowing the closings to proceed. Mortgage companies and insurance companies will proceed with a temp C of O.
THAT is the reason why it is important to make the distinction. Of course, it doesn’t make for as breathless and exciting a story as Gabby makes it out to be, but I thought he might be interested in getting the facts straight.
Benson
I bet a lot of people who bought are hoping June 30th comes with no C of O. I imagine a lot of people are unhappy with their purchase.
This building is a sh*tshow.
I can understand that people who have a contract signed w/ the novo want the closings to happen as soon as possible, and that there could be some problems if buyers bail en masse, but I also would look at the silver lining in case the “opt-out” clause kicks in:
You might be able to walk away with your deposit intact and get another condo of similar size and quality – for a lot less money.
Benson,
the apts with furniture you see are the model units they use for every open house. They have about 8 or so peppered throughout the building. No one lives in the NOVO yet. And what’s your beef with the “reporting” (this is a blog- not a newspaper). Who cares if its a temp CofO or a permanent CofO- the fact is there is NO CofO to allow residents to live in the building.
I was the person who reported this tip to Brownstoner and apologize for the June 31 date. Obviously it should be June 30. We are under contract in the building and the June 30th date is based on the offering plan.
Right now the building is in pretty good shape in terms of units sold 80/113, over 70% under contract.
We still would really like to see things work out but are concerned that they will not make an end of June date. If that happens I suspect a lot of contract holders will back out and that would be a real problem.