Author Topic: Washington Plaza  (Read 129872 times)

Offline Simka

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Re: Washington Plaza
« Reply #285 on: August 24, 2016, 01:47:52 AM »
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.

At one of the recent meetings this came up, and according to our lawyer and also a representative from the landlord's office, despite what we'd been repeatedly told by the tenants association officers, renters cannot deny access to their apartments for real estate agents or potential buyers to come look at them. We have to be given notice (I think 24 hours), but that's it. We can always be stubborn and refuse to let anyone in, but things could start to get ugly then.

The lawyer said that he was confident we were not going to have investors buying our apartments because the math doesn't work to their advantage: the purchase prices are too high. He went on a bit about it and seemed to know what he was talking about. I have no knowledge of this sort of thing myself, but his explanation made sense. (I do know what when I see "investor" listings in Manhattan, the asking price is always way below market value.) 

Offline Lilybell

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Re: Washington Plaza
« Reply #286 on: August 25, 2016, 10:30:48 AM »
simka, this is so interesting! I remember doing research early in the process and finding something that led me to believe that people WOULD have to show their apartments (I can't remember where I saw it but it might have been the red herring prospectus). I brought it up at one of our meetings and everyone disagreed with me.  If it's true, then I agree with you and the attorney that they won't be purchased by investors - I thought that because I couldn't imagine anyone else who would be willing to buy an apartment without seeing it.

Offline Lilybell

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Re: Washington Plaza
« Reply #287 on: September 12, 2016, 01:30:05 PM »
Edited: never mind!  I thought that posts were still disappearing but I just realized I posted them in another RE thread, not this one.
« Last Edit: September 12, 2016, 01:44:32 PM by Lilybell »

Offline Simka

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Re: Washington Plaza
« Reply #288 on: September 26, 2016, 05:06:23 PM »
I just noticed one of the combined apartments, on the 6th floor in the E building, was listed today at over $1 million. I don't know if that's the first in Washington Plaza that's been listed at over $1 million; maybe Lilybell knows?

http://streeteasy.com/building/washington-plaza/e6162

Also, Lilybell, did you know that buyers have already moved in? I suspected maybe that was happening because I'd seen some unfamiliar faces. I met a young couple today in my building and demanded to know who the hell they were,* and they told me they were buying a coop but have been renting till the closing. It makes sense—I'd wondered what all those people in contract were doing, back before the plan was approved.

Offline Lilybell

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Re: Washington Plaza
« Reply #289 on: September 28, 2016, 09:18:57 AM »
Quote
Also, Lilybell, did you know that buyers have already moved in?

Hi Simka,  Three renovated apartments have purchasers who have moved in before closing due to extenuating factors (like selling their current apartment before the closing date) and Marilyn is allowing them to rent.  I just got a notice that I should close within 60 days - and I'm pretty sure there will be quite a few people closing before me.  I was the 11th purchaser but because I bought a unit that wasn't even on the market yet, the renovations are taking longer.  I'm assuming you received the new amendment the other day; the "asking" price for my unit is now 62K higher than what I bought it for! Wow.

Robinson mentioned that they are going to renovate one of the lobbies pretty soon (not sure which one). I think they will do the remainder after people have moved in to most of the empty apartments.

I just checked out the floorplan for the 4-br in the E building (I'm sure it's the first one listed for over 1M) Can it really be only 1140 sf?  My 1-br. is only 100 sf smaller than that. The maintenance is over $1800!  They are also merging two apartments on the first floor of the D-building. Not sure if it's going to be a 3 or 4-bedroom. 

Offline rhydewithdis

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Re: Washington Plaza
« Reply #290 on: September 28, 2016, 11:00:15 AM »
I just noticed one of the combined apartments, on the 6th floor in the E building, was listed today at over $1 million. I don't know if that's the first in Washington Plaza that's been listed at over $1 million; maybe Lilybell knows?

http://streeteasy.com/building/washington-plaza/e6162

WTH? 1,140 ft² = $1k psft + $1,864/monthly maintenance.
This should be 1800 sft at least for that price and monthly carrying cost.

Offline eddie

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Re: Washington Plaza
« Reply #291 on: September 28, 2016, 11:11:54 AM »
looking at the floorplan it seems its closer to 1400 sq ft if you add it up, still it's very close to $1,000 per sq foot which is insane, especially with the maintenance. I can buy the studio next door to me and create a similar unit and the maintenance would be around $900 for the two apartments.

They are really pushing the prices, so glad I bought in 2012. IDK how far these prices can go. At some point I would think there has to be some sort of crash.

they are all over the place with their sq footage though, this unit is listed at over 1,500 sq feet and actually seems smaller than the 1.14m apt.

http://streeteasy.com/building/washington-plaza/c51

but then that one doesn't add up to 1500+ sq feet either so I'm not sure where they are getting their figures from. I think the 4 bedroom could be around 1,500 sq ft.

Offline rhydewithdis

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Re: Washington Plaza
« Reply #292 on: September 28, 2016, 01:33:36 PM »
looking at the floorplan it seems its closer to 1400 sq ft if you add it up

No broker in their right mind would ever say a place is 300 sq ft smaller than it really is!

Offline Lilybell

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Re: Washington Plaza
« Reply #293 on: September 28, 2016, 01:37:39 PM »
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No broker in their right mind would ever say a place is 300 sq ft smaller than it really is!

No, but they have had at least 5 errors I can recall related to square footage (on their website). Usually from uploading the incorrect floor plan. I really think it's a mistake.
« Last Edit: September 28, 2016, 01:56:41 PM by Lilybell »

Offline abcdefghijk

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Re: Washington Plaza
« Reply #294 on: September 28, 2016, 03:45:06 PM »
looking at the floorplan it seems its closer to 1400 sq ft if you add it up, still it's very close to $1,000 per sq foot which is insane, especially with the maintenance. I can buy the studio next door to me and create a similar unit and the maintenance would be around $900 for the two apartments.

They are really pushing the prices, so glad I bought in 2012. IDK how far these prices can go. At some point I would think there has to be some sort of crash.

they are all over the place with their sq footage though, this unit is listed at over 1,500 sq feet and actually seems smaller than the 1.14m apt.

http://streeteasy.com/building/washington-plaza/c51

but then that one doesn't add up to 1500+ sq feet either so I'm not sure where they are getting their figures from. I think the 4 bedroom could be around 1,500 sq ft.

These prices are now heading towards Caroll Gdns, Park Slope Brooklyn prices.  But not quite there yet.  So I suppose that may be where we're at. From that vantage, Park Slope or Caroll Gdns... Jackson Heights is still less and better value. So I imagine it's the Brooklynites buying. 

Offline rhydewithdis

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Re: Washington Plaza
« Reply #295 on: September 28, 2016, 04:37:36 PM »
looking at the floorplan it seems its closer to 1400 sq ft if you add it up, still it's very close to $1,000 per sq foot which is insane, especially with the maintenance. I can buy the studio next door to me and create a similar unit and the maintenance would be around $900 for the two apartments.

They are really pushing the prices, so glad I bought in 2012. IDK how far these prices can go. At some point I would think there has to be some sort of crash.

they are all over the place with their sq footage though, this unit is listed at over 1,500 sq feet and actually seems smaller than the 1.14m apt.

http://streeteasy.com/building/washington-plaza/c51

but then that one doesn't add up to 1500+ sq feet either so I'm not sure where they are getting their figures from. I think the 4 bedroom could be around 1,500 sq ft.

These prices are now heading towards Caroll Gdns, Park Slope Brooklyn prices.  But not quite there yet.  So I suppose that may be where we're at. From that vantage, Park Slope or Caroll Gdns... Jackson Heights is still less and better value. So I imagine it's the Brooklynites buying.

Perhaps but rents need to keep pace. If a place costs $600k but that same place wouldn't rent for anymore than $2800, there is a problem signaling a bubble.

Offline abcdefghijk

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Re: Washington Plaza
« Reply #296 on: September 28, 2016, 05:11:21 PM »
looking at the floorplan it seems its closer to 1400 sq ft if you add it up, still it's very close to $1,000 per sq foot which is insane, especially with the maintenance. I can buy the studio next door to me and create a similar unit and the maintenance would be around $900 for the two apartments.

They are really pushing the prices, so glad I bought in 2012. IDK how far these prices can go. At some point I would think there has to be some sort of crash.



they are all over the place with their sq footage though, this unit is listed at over 1,500 sq feet and actually seems smaller than the 1.14m apt.

http://streeteasy.com/building/washington-plaza/c51

but then that one doesn't add up to 1500+ sq feet either so I'm not sure where they are getting their figures from. I think the 4 bedroom could be around 1,500 sq ft.

These prices are now heading towards Caroll Gdns, Park Slope Brooklyn prices.  But not quite there yet.  So I suppose that may be where we're at. From that vantage, Park Slope or Caroll Gdns... Jackson Heights is still less and better value. So I imagine it's the Brooklynites buying.

Perhaps but rents need to keep pace. If a place costs $600k but that same place wouldn't rent for anymore than $2800, there is a problem signaling a bubble.

My guess is that alas, rents will be next.

Offline eddie

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Re: Washington Plaza
« Reply #297 on: September 28, 2016, 05:34:40 PM »
some buildings are way overpriced IMO, but there are still reasonable deals. just saw this listed today.

2 bedroom with reasonable maintenance right near the 74th hub for 380k

http://streeteasy.com/building/35_38-75-street-queens/4g

needs a reno, but a 40-70k reno gets you a brand new unit

Offline newjhuser

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Re: Washington Plaza
« Reply #298 on: September 28, 2016, 07:55:33 PM »
Did you guys hear ETA on Gym and the Gate going up?

Offline Lilybell

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Re: Washington Plaza
« Reply #299 on: September 30, 2016, 09:32:07 AM »
Ha, someone from the RE office must read here because they've amended the floorplan that seemed too small in the E-building - it's listed as 1801 sf now. That makes a lot more sense!

Quote
Did you guys hear ETA on Gym and the Gate going up?

No clue! I didn't even know there'd be a gate until a few days ago. My assumption is that they'll wait for most of the renovations to be finished before they start the gym. I think the lobbies will be the final thing they do because they won't want workmen messing up the new floors and scuffing the paint finishes.  I bet the gate will be soon-ish since people will start moving in in a few weeks.

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Re: Washington Plaza
« Reply #299 on: September 30, 2016, 09:32:07 AM »