Washington Plaza

[Benoit]

Nice apartment, but those views. I would much prefer an older complex with a central green space. But I quess it comes down to affordability, and availability as I would assume they would command a higher price, when available

[Lilybell]

Benoit, those photos are of a different apartment. They use the same photos for multiple listings because most of the apartments are still undergoing renovations.  The one in the NYTimes faces the courtyard and the back of the building.

I'm not sure what you mean when you say you'd prefer an older complex - Washington Plaza is pre-war; I think it was built in 1939.

[BEB]

The majority of the windows in that new 3 bedroom appear to look south..so lots of light. Any idea what floor it's on? I had no idea they allowed washer/dryers in unit in WP. That's a big plus for the complex as a whole.

[jleach]

Going by the Washington Plaza website, the $935k apartment is on the 5th Floor. 

[Benoit]

Sorry, my mistake. I remember seeing an apartment there around 1990. It had a beautiful city view from the kitchen if you put your head out and turned it left. The rooms and layouts were gracious I thought.  Could the building have just started to convert around that time? I ended up buying a larger apt in the upper 80s instead. Congratulations to all my new neighbors of Jackson Heights

[N00b]

The sponsor doesn't have a legal obligation to renovate the hallways and fitness room. It's not in the offering plan. It's a bit concerning. Does anyone know the status of this work?

[newjhuser]

That is true, but they have started renovating some hallways, I think? Also all their marketing includes gym and doorman, etc. It'd be hard press for them to not give us the amenities when they want to close on all these apartments.

[Lilybell]

I had no idea they allowed washer/dryers in unit in WP. That's a big plus for the complex as a whole.

Only the 3 and 4 bedrooms have hook-ups. The rest of us peasants have to use the basement laundry room.

N00b, I think they are waiting to do the lobbies/hallways until most of the renovations are complete. The workmen make a huge mess and gouge the hallway floors so it doesn't make sense to upgrade until most of the apartment work is finished. But it's definitely going to happen. They are going to do one lobby earlier than the rest (I guess to show buyers?) and the new furniture for it has already been delivered and is sitting in Robinson's office.

There's a detailed floorplan for the fitness room - it even lists the equipment that's going in there by brand name. You can find it under the amenities section at:  www.wplazanyc.com
The owner is not shady and isn't trying to get one over on us. There's absolutely nothing to suggest that she isn't planning to make the upgrades.

hi benoit - I heard that the complex tried to convert sometime around 1990 and it didn't go through. Maybe that's when you saw an apartment. Thanks for the congratulations.

[N00b]

That's good to hear.

[Benoit]

And I think at that time, a two bedroom was $60,000.

[jh35]

The next stunning development at Washington Plaza is that I received Amendment 5 to the co-op plan. The prices have been raised another 15%. My unsold 2 bedroom - 2 bathroom apartment is now selling for over $915,000. Greed knows no bounds.

[Shelby2]

The next stunning development at Washington Plaza is that I received Amendment 5 to the co-op plan. The prices have been raised another 15%. My unsold 2 bedroom - 2 bathroom apartment is now selling for over $915,000. Greed knows no bounds.

It does sound high.  However, I can say with certainty that if I owned that apartment and felt pretty sure the market would bear $915K, that's what I would ask (and hope to get) as well. 

[jh35]

duplicate

[jh35]

The next stunning development at Washington Plaza is that I received Amendment 5 to the co-op plan. The prices have been raised another 15%. My unsold 2 bedroom - 2 bathroom apartment is now selling for over $915,000. Greed knows no bounds.

It does sound high.  However, I can say with certainty that if I owned that apartment and felt pretty sure the market would bear $915K, that's what I would ask (and hope to get) as well.

Yes, which is different than owning a large building and driving up the prices in an entire neighborhood. Washington Plaza is not the Chateau.

http://www.zillow.com/homes/for_sale/Queens-New-York-NY-11372/2096911073_zpid/62084_rid/2-_beds/globalrelevanceex_sort/40.753966,-73.883459,40.749699,-73.890712_rect/16_zm/

The link is for a 3 bedroom , 2 bath at Elm Court for $729,000 which is more representative of the neighborhood. The maintenance is $885. At Washington Plaza it is over $1,300.

[abcdefghijk]

How can one building drive up prices?

That's impossible.

A "thing" is only worth the amount others are prepared to pay for it.

If folks are prepared to pay the price...that's the price.

If they're not prepared to pay that price...they won't buy it.

This applies equally to shoes, bagels and apartments...etc.

As well, my guess is that Washington Plaza is pretty close to the main transit hub. And folks might pay more for that convenience.