Author Topic: Washington Plaza  (Read 128383 times)

Offline jleach

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Re: Washington Plaza
« Reply #345 on: November 06, 2016, 04:48:52 PM »
That $915k is going to look cheap in 5 years.

I am a little biased but I would take the 3BR at Washington Plaza over Elm Court.  That unit at Elm Court looks like it has frozen in time from the Eisenhower administration.  It would take considerable time, money, carrying costs, and frustration to get that unit anywhere close to the finishings of Washington Plaza. 

Offline eddie

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Re: Washington Plaza
« Reply #346 on: November 07, 2016, 07:41:15 AM »
That $915k is going to look cheap in 5 years.

I am a little biased but I would take the 3BR at Washington Plaza over Elm Court.  That unit at Elm Court looks like it has frozen in time from the Eisenhower administration.  It would take considerable time, money, carrying costs, and frustration to get that unit anywhere close to the finishings of Washington Plaza.

i'd take elm court hands down. an apartment can always be renovated, but a maintenance never goes down.

You put 100k into a reno at the Elm court and you can have the same finishes as the WP apt, and still be in it at only 829k (and thats assuming you pay full asking). and you'd have a bigger apartment with a MUCH lower maintenance. Not sure what you mean by carrying costs.

Offline jh35

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Re: Washington Plaza
« Reply #347 on: November 07, 2016, 08:51:16 AM »
That $915k is going to look cheap in 5 years.

I am a little biased but I would take the 3BR at Washington Plaza over Elm Court.  That unit at Elm Court looks like it has frozen in time from the Eisenhower administration.  It would take considerable time, money, carrying costs, and frustration to get that unit anywhere close to the finishings of Washington Plaza.

$915,000 is for a 2 !!! bedroom apartment at Washington Plaza.

Offline Shelby2

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Re: Washington Plaza
« Reply #348 on: November 07, 2016, 09:05:51 AM »

$915,000 is for a 2 !!! bedroom apartment at Washington Plaza.

Are you sure? The only apartment I see listed for $915K on the list of open sales is a 3 bedroom/2 bath at 1500 square feet. http://streeteasy.com/building/washington-plaza

People will pay a premium for a sponsor unit so they don't have to go through the pain and hassle of passing a coop board (and a potential loss of time if they do not pass). So that may be partly why the prices are higher than you think they would normally be for apartments like this. Also there may be potential buyers with plenty of money who actually wouldn't be able to pass a board, due to working freelance or other reasons.

Offline N00b

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Re: Washington Plaza
« Reply #349 on: November 07, 2016, 09:56:25 AM »
REnovations assumes you'll have 100k after closing to pay for it. Otherwise, do you do it gradually? That seems like a pain.

Offline Lilybell

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Re: Washington Plaza
« Reply #350 on: November 07, 2016, 09:57:51 AM »
I think a gut reno would be way more than 100K. The Washington Plaza renos are going down to the studs and includes a lot of electrical work. Estimates for that kind of work in NYC are $200 per square foot (and that's a low estimate for mid-level work - Washington Plaza is getting high-end work and finishes). The estimate below doesn't include things like appliances, new moldings, new baseboards, upgrading the electric, etc....
I looked into buying my own apartment and having it renovated on my own and I quickly realized that 100K was way too low for my 1100 sf one bedroom. 

Figure for mid-level:
$20,000 per bathroom
$30,000 kitchen
$25,000 architect (including job oversight), expeditor, filing fees, coop/condo engineer approval
Then ask, do you need a lot of electrical work? Type of floors you foresee? When you say move walls what do you mean? Most buildings won't let you touch footprint of bathrooms and kitchen, btw. Is there much plumbing? Are you replacing tubs/showers? Do windows need to be replaced? Do existing walls require skim coating? These types of things impact price a great deal.

jh35, the apartment you are referring to is a 3-bedroom and is 1500 sf as opposed to 1300 in the one eddie linked to. eddie, don't forget that 80th street is not as convenient a location as Washington Plaza and that affects cost as well. 

Offline jh35

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Re: Washington Plaza
« Reply #351 on: November 07, 2016, 10:14:06 AM »

jh35, the apartment you are referring to is a 3-bedroom and is 1500 sf as opposed to 1300 in the one eddie linked to. eddie, don't forget that 80th street is not as convenient a location as Washington Plaza and that affects cost as well.

Amendment #5 which came out the other day raised the prices by 15%. The streeteasy prices are incorrect.

The apartment I am referring to is my apartment. $915,000 for a 2 bedroom.  And, don't forget the portion of the mortgage for each apartment. That brings the 2 bedroom to $955,000.

Offline N00b

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Re: Washington Plaza
« Reply #352 on: November 07, 2016, 11:19:53 AM »
The sponsor was not taking any offers below list price. I wonder if that will change with the new price hike.

Offline Lilybell

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Re: Washington Plaza
« Reply #353 on: November 07, 2016, 11:20:54 AM »
jh35, Are you talking about the amendment that we got a couple of weeks ago or is there a new one (I don't have mine with me so I don't know if it was #5)?  The one from a couple of weeks ago reflected the price increase from June.  Mine went up to 480K in the amendment, which is exactly what they are asking on streeteasy for the same floor plan (minus 1000 because it's a lower floor).

The Nu-Place website is the most accurate (they are the real estate agents handing the sales) and there are no price increases there or on the dedicated Washington Plaza site (wplazanyc.com).

Are you saying the outsider price for your apartment is now listed as 955K in the amendment?  And you have a 2-bedroom that is remaining a 2-bedroom in the renovated version of your unit? 


Offline jh35

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Re: Washington Plaza
« Reply #354 on: November 07, 2016, 11:41:17 AM »
jh35, Are you talking about the amendment that we got a couple of weeks ago or is there a new one (I don't have mine with me so I don't know if it was #5)?  The one from a couple of weeks ago reflected the price increase from June.  Mine went up to 480K in the amendment, which is exactly what they are asking on streeteasy for the same floor plan (minus 1000 because it's a lower floor).

The Nu-Place website is the most accurate (they are the real estate agents handing the sales) and there are no price increases there or on the dedicated Washington Plaza site (wplazanyc.com).

Are you saying the outsider price for your apartment is now listed as 955K in the amendment?  And you have a 2-bedroom that is remaining a 2-bedroom in the renovated version of your unit?

Amendment #5 is dated October 20, 2016.

The outsider price for the 2 bedroom, 2 bath is almost $916,000 with a morgtage liability of over $47,000 (which is not cash you have to pay up front). There is no insider price listed since that option is officially over.

Offline eddie

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Re: Washington Plaza
« Reply #355 on: November 07, 2016, 12:37:37 PM »
REnovations assumes you'll have 100k after closing to pay for it. Otherwise, do you do it gradually? That seems like a pain.

i would hope someone paying close to 1million for an apartment would have quite a bit more than 100k after closing. I don't think coop or bank would approve otherwise.

But there are also loans you can get for that. and the monthly savings on maintenance would add up to quite a bit.

Offline eddie

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Re: Washington Plaza
« Reply #356 on: November 07, 2016, 12:43:01 PM »
I think a gut reno would be way more than 100K. The Washington Plaza renos are going down to the studs and includes a lot of electrical work. Estimates for that kind of work in NYC are $200 per square foot (and that's a low estimate for mid-level work - Washington Plaza is getting high-end work and finishes). The estimate below doesn't include things like appliances, new moldings, new baseboards, upgrading the electric, etc....
I looked into buying my own apartment and having it renovated on my own and I quickly realized that 100K was way too low for my 1100 sf one bedroom. 

Figure for mid-level:
$20,000 per bathroom
$30,000 kitchen
$25,000 architect (including job oversight), expeditor, filing fees, coop/condo engineer approval
Then ask, do you need a lot of electrical work? Type of floors you foresee? When you say move walls what do you mean? Most buildings won't let you touch footprint of bathrooms and kitchen, btw. Is there much plumbing? Are you replacing tubs/showers? Do windows need to be replaced? Do existing walls require skim coating? These types of things impact price a great deal.

jh35, the apartment you are referring to is a 3-bedroom and is 1500 sf as opposed to 1300 in the one eddie linked to. eddie, don't forget that 80th street is not as convenient a location as Washington Plaza and that affects cost as well.

have you ever had a reno done before? That seems like a really gross exaggeration. I had a bathroom gutted to the studs and reno'ed for 6k, and a 2 bedroom apt for 40k. now granted we're not talking luxurious high end reno's, but they were nicely done and very professional. I think you'd be hard pressed to spend 20k to renovate a 7x5 NYC bathroom unless you were getting everything completely custom made and fancy imported tiles or something. Looking at the WP reno's I seriously doubt they spent anywhere near 100k per apt on the reno. I could see a kitchen running 30k or so. though again for a small NYC kitchen that seems on the high end. But the kitchen is usually the biggest expense.

personally I like 80th street much better, I find the lower 70's to be congested, and kind of dirty and foul smelling in the summer. But i realize that's just a matter of preference.

Offline Lilybell

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Re: Washington Plaza
« Reply #357 on: November 07, 2016, 12:47:58 PM »
Quote
Amendment #5 is dated October 20, 2016.
The outsider price for the 2 bedroom, 2 bath is almost $916,000 with a mortgage liability of over $47,000 (which is not cash you have to pay up front). There is no insider price listed since that option is officially over.

Thanks for clarifying. So the outsider price remains 916K. Mortgage liability is not considered part of the asking price. I'm pretty sure that the amendment reflects the June price increase, not a new one.

I don't see any 2-bedrooms listed as higher than 675K, so I'm still confused. The only one going for 916 is the 3 bedroom on the C1 line.

Offline Lilybell

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Re: Washington Plaza
« Reply #358 on: November 07, 2016, 12:55:19 PM »
Quote
have you ever had a reno done before? That seems like a really gross exaggeration. I had a bathroom gutted to the studs and reno'ed for 6k, and a 2 bedroom apt for 40k. now granted we're not talking luxurious high end reno's, but they were nicely done and very professional.


eddie, I got estimates from three different contractors and that's why I changed my mind and bought a renovated unit. I'm NOT grossly exaggerating (which was unkind of you to write, by the way). I'm comparing it to the Washington Plaza renovations. I could not do the same level of gut renovation for 100K, not even close. I didn't want just cosmetic changes with some new tile in a bathroom and kitchen - I wanted a similar gut reno with new electric, new floors, new moldings, new baseboards, new high-end appliances, etc.  It was amazing how quickly everything added up to over 100K. It was MORE than $200 a square foot - I was actually being conservative when I wrote that.

Offline jh35

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Re: Washington Plaza
« Reply #359 on: November 07, 2016, 01:02:46 PM »
Quote
Amendment #5 is dated October 20, 2016.
The outsider price for the 2 bedroom, 2 bath is almost $916,000 with a mortgage liability of over $47,000 (which is not cash you have to pay up front). There is no insider price listed since that option is officially over.

Thanks for clarifying. So the outsider price remains 916K. Mortgage liability is not considered part of the asking price. I'm pretty sure that the amendment reflects the June price increase, not a new one.

I don't see any 2-bedrooms listed as higher than 675K, so I'm still confused. The only one going for 916 is the 3 bedroom on the C1 line.

I think you are not looking at Amendment 5 from October 2016.

Jackson Heights Life

Re: Washington Plaza
« Reply #359 on: November 07, 2016, 01:02:46 PM »