Washington Plaza

[Babycakesmama]

Hi fellow neighbors!
I, too, like Mr. Plaza lingered on this post for the past 5 months and now I've finally joined in to say...HELLO! I'M genuinely excited to be part of the Washington Plaza family and part of this amazing neighborhood's fabric!
I'm so glad to hear that I'm not the only one that painfully endured a long process from the date of offer being accepted to actually closing. I bought my 2 bedroom in the D building in May and finally moved in November. It was seriously the longest few months bc I was just looking forward to being in this neighborhood! I'm a Queens gal through and through. Lived in other places and Queens is where I always come back to as HOME. Being in JH has even reaffirmed that notion.
I would LOVE a get-together as I'm really looking to build a community within the building and make new friends in the hood. I'm a single mom of a daughter who is by the way looking for babysitting gigs. She's responsible, so good with kids, smart and very mature. Also loves to sing, a lot and all the time, so we apologize in advance if you hear her. She will be 12 this Sunday! You may see us together like sisters, she's a super kid!!!
I'm so excited to learn that the gym will be in the D building! I can't wait for this to be finished but I heard that may be the last phase which seemed like another year of constant construction.
So far, I'm so happy about the purchase. I love the neighbors I have met this far. The staff here is by far the best group of such hard working, sweet and helpful people. We feel very lucky.
As far as the courtyard, I heard that they wanted to restone the fountain edges and just update the gardening.
I also thought I'd be super upset about losing FiOs but TWC must have some amazing deals with WP bc my network connection speed is super fast! I don't own cable so I'm only dealing with the internet and I can't complain!
anyway, we can't wait to eventually meeting all of you!
Good night!

[BEB]

I am curious, has there been a tally of how many units in Washington Plaza still have rent stabilized renters in them VS. (soon-to-be) owner occupied? Or is this process still unfolding? Also is it know if any stabilized people been bought out of their leases by the complex owner or by their sponsor?

[Babycakesmama]

I am curious, has there been a tally of how many units in Washington Plaza still have rent stabilized renters in them VS. (soon-to-be) owner occupied? Or is this process still unfolding? Also is it know if any stabilized people been bought out of their leases by the complex owner or by their sponsor?

I'm not sure of the exact ratio b/w renters vs owners but I DO know that only 1 renter has definitely has purchased their unit at the newly amended insider rate. I also don't believe anyone has been bought out, it seems that current renters' lives won't change much or hasn't changed.

[newjhuser]

They said 50 apartments sold give or take. We can check what's been listed on Streetyeasy (31 for sale), so I venture to guess 19 of them went to renters at the inside price? The complex also holds around 190, so 25% of the apartments have been sold to people leaving 75% in the hands of the owner.

[MrPlaza]

Hi fellow neighbors!
I, too, like Mr. Plaza lingered on this post for the past 5 months and now I've finally joined in to say...HELLO! I'M genuinely excited to be part of the Washington Plaza family and part of this amazing neighborhood's fabric!
I'm so glad to hear that I'm not the only one that painfully endured a long process from the date of offer being accepted to actually closing. I bought my 2 bedroom in the D building in May and finally moved in November. It was seriously the longest few months bc I was just looking forward to being in this neighborhood! I'm a Queens gal through and through. Lived in other places and Queens is where I always come back to as HOME. Being in JH has even reaffirmed that notion.
I would LOVE a get-together as I'm really looking to build a community within the building and make new friends in the hood. I'm a single mom of a daughter who is by the way looking for babysitting gigs. She's responsible, so good with kids, smart and very mature. Also loves to sing, a lot and all the time, so we apologize in advance if you hear her. She will be 12 this Sunday! You may see us together like sisters, she's a super kid!!!
I'm so excited to learn that the gym will be in the D building! I can't wait for this to be finished but I heard that may be the last phase which seemed like another year of constant construction.
So far, I'm so happy about the purchase. I love the neighbors I have met this far. The staff here is by far the best group of such hard working, sweet and helpful people. We feel very lucky.
As far as the courtyard, I heard that they wanted to restone the fountain edges and just update the gardening.
I also thought I'd be super upset about losing FiOs but TWC must have some amazing deals with WP bc my network connection speed is super fast! I don't own cable so I'm only dealing with the internet and I can't complain!
anyway, we can't wait to eventually meeting all of you!
Good night!

Despite beating me to the move, welcome, Babycakesmama! It's good to know your daughter is an experienced babysitter. That's definitely something we'll need after we move. And like you, we're eager to meet you all!

[N00b]

6 months to close?! How did you guys deal with your mortgages?

[MrPlaza]

6 months to close?! How did you guys deal with your mortgages?

Well, I'm renting. So I have a bit of flexibility. I imagine many others were as well.

[N00b]

 I meant mortgage approval for the apartment. My understanding is a rate is only locked in for 90 days. If the Sponsor keeps pushing back the closing due to construction, you'd have to keep getting new commitment letters which affects the rate. Is the Sponsor making any concessions based on this?

For the record, I'm also in contract to purchase, I was quoted an April closing date. I'm hoping it doesn't get pushed back more, but based on anecdotal evidence, it seems like it will be.

6 months to close?! How did you guys deal with your mortgages?

Well, I'm renting. So I have a bit of flexibility. I imagine many others were as well.

[MrPlaza]

I meant mortgage approval for the apartment. My understanding is a rate is only locked in for 90 days. If the Sponsor keeps pushing back the closing due to construction, you'd have to keep getting new commitment letters which affects the rate. Is the Sponsor making any concessions based on this?

For the record, I'm also in contract to purchase, I was quoted an April closing date. I'm hoping it doesn't get pushed back more, but based on anecdotal evidence, it seems like it will be.

6 months to close?! How did you guys deal with your mortgages?

Well, I'm renting. So I have a bit of flexibility. I imagine many others were as well.

Holy hell!? April?! That doesn't bode well for us...I was considering an 180 day rate lock (which Chase apparently offers). But considering how far behind schedule they are for you, I'm not sure. 180 days may not be long enough.

[N00b]

Does the 180 day rate lock cost extra?

[MrPlaza]

Does the 180 day rate lock cost extra?

Half a percentage point of the mortgage amount I believe.

[newjhuser]

I just did my walk through. Minor things but not bad. Gym / hallways / common areas are set to be started by end of spring / summer? Ughhh.

[MrPlaza]

I just did my walk through. Minor things but not bad. Gym / hallways / common areas are set to be started by end of spring / summer? Ughhh.

If you don't mind me asking, how long was it from signing the contract to your walkthrough? And you'll have to let us know how quickly they handle the punch list.

[N00b]

I just did my walk through. Minor things but not bad. Gym / hallways / common areas are set to be started by end of spring / summer? Ughhh.

Set to START by end of spring/summer? that's terrible

[ljr]

Just saw a 2 bed/2 bath listed on Streeteasy for $795,000 (I think). Is that the highest listing price for a WP apartment so far?