Washington Plaza

[Simka]

Renderings aren't meant to reflect reality. If the intent was to reflect reality, the realtor would come take a photo of what is actually there. (And many, many photos, since not every unit can have a Manhattan view). It's just weird to register an objection to a rendering that is meant to depict *what is to come.*

I think it's weirder to be mystified when people make fun of the hyped-up phony images real estate agents use to try to attract buyers. 

[Simka]

why not have a 3-D landscape with jetsons-styled features and a unicorn doorman?

LOL! I hope someone will Photoshop a unicorn into that gatehouse picture. 

[Simka]

Is it within the realm of possibility that there may be buyers who complete the entire purchasing transaction from overseas and never actually see the apartment or building?  It is a sponsor unit, so there would not need to be board approval.

shelby, it is very likely this will happen. If I decide not to buy, I don't have to allow anyone inside to see my apartment and any purchaser will have to buy it sight unseen (I think it's because it's a rent-stablized building but I'm not sure). My guess is that they will try to sell the unrenovated apartments (the ones with tenants who aren't going to buy) to foreign investors who often buy blocks of apartments in the same complex.  That's why I'm concerned about those apartments becoming airbnb short-term rentals. I'm hoping the board won't allow that. 

Edited:  But I don't think they would use those renderings to sell the unrenovated apartments; while they aren't the most altruistic of owners, I don't think they are shady enough to do something like that.

Lilybell, is that really true, about us not having to let potential purchasers in to see our apartments? I hadn't heard that. I'm pleasantly surprised, if that's the case. I know there's been a lot of talk about foreign investors buying apartments at WP, but I hadn't thought about the AirBnB possibility. That would suck. It will be a long time before there's a board that has any control over something like that. Or, I should say, it will be a long time before residents can wield any power on the board. Until then, the sponsor and managing agent can pretty much do what they like.

simka - They will probably post the monthly sales document in the lobby this weekend. There's one listed as "in contract" on streeteasy (B Building) and I've heard they sold 3 apartments so far for a pretty decent chunk lower than the asking price. But it's just a rumor.

Yeah, I heard that about the three being sold for lower prices. I wonder how low? And is it even correct to say the apartments have been bought? The conversion won't even be declared effective unless 15 percent of apartments have purchase agreements. Until then, can any of the apartments be considered "sold"? I would think the buyers are in kind of a limbo until the plan is effective.

[Simka]

how are the floors named in this coop? For instance a unit that says D42? is that a 4th floor unit?

Yes, but because of the 42, not the D. There are six buildings, A-F. The numbers after the letters indicate the floor and then the line. So, say, B64 would be on the sixth floor of building B, and B54 would be right under it.

[CaptainFlannel]

Renderings aren't meant to reflect reality. If the intent was to reflect reality, the realtor would come take a photo of what is actually there. (And many, many photos, since not every unit can have a Manhattan view). It's just weird to register an objection to a rendering that is meant to depict *what is to come.*

I think it's weirder to be mystified when people make fun of the hyped-up phony images real estate agents use to try to attract buyers.

Please don't get it twisted. Poking fun at is hardly mystifying. The tone though at times has certainly been that renderings are  unusual (they arent.) and that people are being presented a bill of goods that doesn't match reality (renderings aren't meant to match the current reality). There's nothing strange, unusual, or even marginally deceitful about how the developer and realtor is marketing the conversion. What would be deceitful and likely illegal is if in truth, there are no plans to renovate the lobby, add amenities, and renovate the apartments being sold.

[dssjh]

Renderings are common in the luxury market.

and how does that relate to washington plaza?

[Simka]

Renderings are common in the luxury market.

and how does that relate to washington plaza?

Exactly.

I've hesitated to bring this up because I haven't seen every real estate listing for every noneviction coop conversion in New York. So there's no way I can claim with certainty that this sort of rendering is never done for noneviction coop conversions. But here's the thing: I'm an inveterate real estate window shopper. I browse internet coop listings all the time, and I have for years. I don't recall ever seeing this sort of listing for a noneviction coop conversion. I've seen listings sort of like this for new-construction luxury condos (though the listings have been more tasteful/less cheesy). And of course, there's the recent trend toward listings for resale coops that show computer renderings of what the rooms might look like with furniture in them (though the renderings are modest, and usually photos of the empty rooms are also shown). So actually, I do think the way Nu-Place is presenting Washington Plaza is unusual.

But let's say it's not. Let's say rental buildings are being converted to coops all over the city and the listings for all of them are similarly slick and glitzy and misleading. My opinion would still be the same. 

[Simka]

Renderings are common in the luxury market.

and how does that relate to washington plaza?

Exactly.

I've hesitated to bring this up because I haven't seen every real estate listing for every noneviction coop conversion in New York. So there's no way I can claim with certainty that this sort of rendering is never done for noneviction coop conversions. But here's the thing: I'm an inveterate real estate window shopper. I browse internet coop listings all the time, and I have for years. I don't recall ever seeing this sort of listing for a noneviction coop conversion. I've seen listings sort of like this for new-construction luxury condos (though the listings have been more tasteful/less cheesy). And of course, there's the recent trend toward listings for resale coops that show computer renderings of what the rooms might look like with furniture in them (though the renderings are modest, and usually photos of the empty rooms are also shown). So actually, I do think the way Nu-Place is presenting Washington Plaza is unusual.

But let's say it's not. Let's say rental buildings are being converted to coops all over the city and the listings for all of them are similarly slick and glitzy and misleading. My opinion would still be the same. 

[Palermo]

Yeah, I heard that about the three being sold for lower prices. I wonder how low?

Streeteasy records one contract at $426,700 for a 915 sq/ft unit, which gives a cost of $466 sq/ft.  This is about 11% lower than the typical asking prices at Washington Plaza, which average at $522 sq/ft.

[Lilybell]

Lilybell, is that really true, about us not having to let potential purchasers in to see our apartments?

Yes! The attorney confirmed it at the last tenant's meeting. I was surprised and really happy to hear it.

palermo, 426K was the asking price for the apartment that's listed as in contract (I just checked my black book to make sure) - I think it sold for less than that.   

One of the apartments on my floor was shown to prospective buyers four or five times yesterday. It's still undergoing the reno and is probably a little more than halfway done. It looks really nice so far - I don't like the tile they chose for the bathroom floor (light grey squares), but that's just me. I know it's a very popular look right now.

[eddie]

The maintenance seems very high, $1077 for a 2 bedroom? And if you look at the floor plan it's actually a JR4. I think that will keep the prices down somewhat.

Maybe because it has a doorman? Man, I would never live in a doorman building, so not worth the cost, not to mention holiday tipping and just lack of privacy.

[Dodger]

Street easy says the maintenance for the two bedroom in contract is $821.

[CaptainFlannel]

Renderings are common in the luxury market.

and how does that relate to washington plaza?

You failed to notice it's being marketed as a luxury building?

Take a look at the sign on the building. Do a search for the word luxury on the website.

AMENITIES

At Washington Plaza, a thoughtful array of services, including gatehouse entry, new lobby and hallway designs, private garden, fitness center and laundry facilities, create a lifestyle rich in convenience and luxury.

AVAILABILITY

A wide variety of one, two and three bedroom plans are designed to offer the ultimate in luxury living. We invite you to see our current availabilities.

[CaptainFlannel]

But here's the thing: I'm an inveterate real estate window shopper. I browse internet coop listings all the time, and I have for years. I don't recall ever seeing this sort of listing for a noneviction coop conversion.

Do you suppose that could be because most of the rental conversions to coop listings you've seen aren't being marketed as luxury builds?

Keep in mind as well that the software that enables this type of rendering is probably much more affordable today than it was 20 years ago or even a decade ago, which may explain why you see it used more to place furniture in an empty room (speaking as someone who was trained on QuarkXPress back in the dark ages).

[eddie]

Street easy says the maintenance for the two bedroom in contract is $821.

I see a 1 bedroom in contract listed at $426 with an $821 maintenance.

The smallest JR4/2 bedroom jumps to $1077

The bigger 2 bedroom jumps to $1,231 maintenance, but even in that unit the 2nd bedroom is only about 12x7 feet.