Washington Plaza

[Lilybell]

They posted a new document in the lobby yesterday that listed 28 sales.  That figure doesn't include current tenants who plan to purchase their own apartments.  They need 15% bona fide purchasers for the conversion to go through, and they are at 14.78%.  They haven't sold any of the 900K ones yet but the other ones are going pretty quickly.

I noticed this sentence in the article: The complex has been awarded “Recognition for the Historical and Architectural Merit” by the Queens Historical Society and has National Register Historic District status.  
Can that be correct?  Since when is Washington Plaza in the historic district?

[Miss Chatelaine]

I noticed this sentence in the article: The complex has been awarded “Recognition for the Historical and Architectural Merit” by the Queens Historical Society and has National Register Historic District status.  
Can that be correct?  Since when is Washington Plaza in the historic district?

A larger part of Jackson Heights has national historic district status. (The other is New York City) There used to be cool signs around but they're mostly gone now or completely faded.

[Lilybell]

Thanks, Miss C.  I think I knew that but I didn't read the sentence carefully enough.

[Simka]

They posted a new document in the lobby yesterday that listed 28 sales.  That figure doesn't include current tenants who plan to purchase their own apartments.  They need 15% bona fide purchasers for the conversion to go through, and they are at 14.78%.  They haven't sold any of the 900K ones yet but the other ones are going pretty quickly.

Hi Lilybell. I've been involved in some other things so I haven't stopped by here for a while. I guess the plan will be declared effective soon. I haven't kept tabs on all the sales, but I suspect they're over that 15% now.

You're buying, aren't you? I saw your comment in another thread about moving away from 73rd Street—good for you!

[Lilybell]

Hey Simka!

I ended up purchasing a renovated unit because buying my current unit would have left me with a $900 maintenance fee and I wanted to get away from facing 73rd.  The unit I bought is a bit smaller than what I have now but I really didn't need an 1100 sf 1-bedroom.  I'll missing having 5 closets but I won't miss blowing a fuse multiple times a day. I have to decide between lights and a/c when I get ready in the morning because I can't have both! 

I'm so glad I purchased before they raised the prices. I think they have hit the 15%. My guess is that they will start closings with the current tenants first. There are two renovated apartments on my floor that have been finished for months except that they don't have doors for the bathroom vanity yet (what used to be the metal hamper). 

I was given an estimate of late Sept. for my apartment but I don't think it will be ready until around Thanksgiving.

Are you going to purchase your unit? (I won't be hurt if you prefer not to answer that!)

[Shelby2]

Hey Simka!

I ended up purchasing a renovated unit

Congrats on your purchase! 

[jleach]

Hi Lilybell - any tips on the purchase process at Washington Plaza?  Were they negotiable or they firm on price?

[Lilybell]

Shelby - thank you!  I'm pretty excited and feel sort of like a grown-up (at 45!).

jleach - they were very firm on price - I lowballed them at first because I know they want my current apartment to turn it into a 2-bedroom. They basically laughed at that offer.  I was only able to get them down by 2K.

However, they raised the prices by 10-15% after I purchased, so I have no idea if they are still so firm. I know that everyone who bought before the price increase paid full price (or at least that's what I was told - I'm assuming they were truthful since that info will be public at some point).

They agreed to pay the transfer tax if I would agree to pay the full asking price (2K more than what they first accepted).  I agreed because it ended up saving me 7K in the long run. 

[Simka]

Shelby - thank you!  I'm pretty excited and feel sort of like a grown-up (at 45!).

jleach - they were very firm on price - I lowballed them at first because I know they want my current apartment to turn it into a 2-bedroom. They basically laughed at that offer.  I was only able to get them down by 2K.

However, they raised the prices by 10-15% after I purchased, so I have no idea if they are still so firm. I know that everyone who bought before the price increase paid full price (or at least that's what I was told - I'm assuming they were truthful since that info will be public at some point).

They agreed to pay the transfer tax if I would agree to pay the full asking price (2K more than what they first accepted).  I agreed because it ended up saving me 7K in the long run.

Congratulations! I'm glad it's worked out for you. I don't mind telling you: I'm not buying. I like my apartment (a two-bedroom) a lot, but even the lowest insider price was higher than I feel comfortable spending (especially considering my apartment's not renovated), and the maintenance is high. Plus I'm pretty sure I'll be moving away from NYC in a few years, and I'd rather be free to go and not have to go through the hassle of selling (especially if the number of owner-occupied units is below 50 percent, which would mean potential buyers could have trouble getting financing).

[jleach]

Made an offer of $435k for a $455k 1BR.  It was an initial 'test' offer but they basically responded no negotiations.  They were firm not only on price but on the transfer taxes and attorney fees as well.  They must be selling well and feel pretty confident that they don't have to consider anything but top dollar.  We couldn't come to an agreement so I am having to walk away.

Lilybell - I guess you got a deal compared to some 

[Rhino]

My feelings are, from two prior experiences in JH, it may not be a deal this year, but in 5, when and if you are ready to sell, it will

[Lilybell]

I'm sorry to hear that, jleach!  I already live in the building so I sat and studied the floor plans for hours and hours and made an offer on a specific apartment that hadn't been listed for sale yet. The only reason they negotiated at all (but I still paid full price) is because they want my current apartment.

The owner really understands the market and is willing to wait to get the prices she wants. It was a bit of sticker shock at first, but like Rhino wrote, I'm looking at the long term.

NY1 mentioned that the prices in our part of Queens have gone up by 36% in the last quarter.

simka: I totally get why you didn't buy - those 2-bedrooms are $$$$!

[JH3525]

Jleach or lilybell:  How many square feet are in the $455K 1BR unit and is the unit completely renovated.  I'm asking because I have a 875SF 1BR at the nearby Berkeley which I plan to list in November and it would be helpful having the SF and also the monthly maintenance.  Thank You.

[Lilybell]

Hi, the apartments going for 455K are between 886-916 sf.  They were lower a couple of months ago (the one I bought is 916 sf but I paid 418K). The maintenance varies depending on if you face the street or the courtyard but is around 780 - 800 for that square footage.

Here's link to what's for sale - the square footage and maintenance is listed for each one. You will see a discrepancy in prices - the lower ones were purchased early. http://www.nuplacerealty.com/?page=properties&status=1&agentid=11 - I tried to link directly to washington plaza apartments but if it goes to the main page just do a search.

Everything listed for sale there is a renovated unit.  At some point they will start selling the unrenovated units that have rent stabilized tenants in them, but the tenants don't ever have to show anyone their apartments if they don't want to - but I wouldn't be surprised if the owner sells them in blocks to investors.

[JH3525]

Lilybell, many thanks for your very helpful response and best wishes on your purchase.