Desperation Sets in at 364 Myrtle Avenue
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…
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]
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)
you’re right, DH, they shouldn’t be rented either
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.
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
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***
if youre right deleep they are full of it. dang. i wonder how much is rent?
If I recall they wanted close to a million to live on Myrtle. Even an asshat knows better.
I repeat….stay away from new development. Cavet Emptor.
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?