Author Topic: Washington Plaza  (Read 134279 times)

Offline MrPlaza

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Re: Washington Plaza
« Reply #465 on: February 28, 2017, 01:58:23 PM »
Does anyone know whether any apartments have sold for less than asking recently?  Also, for those of you that had accepted offers, did you use a buyer's broker?
I can't say for certain, but if I had to guess, most people who bought smaller units (1 and 2BRs) paid the asking price, or close to it. There are simply more comps in the neighborhood, which allows them to price accordingly. The larger, more expensive units are rarer and thus have more flexibility. Without going into details, I'll say we didn't pay asking for ours (4BR). It wasn't a "steal," and it certainly wasn't cheap, but it wasn't asking. That being said, I can't imagine there's a lot of flexibility on anything smaller than 3BRs if you aren't a current resident. Certainly, there's got to be more buyer competition for the 1-2BRs, which may have even netted them above asking in some cases.

As for the broker situation, I believe our broker technically read as the seller's broker in the contract. I'm not really sure how all of that works. Our lawyer didn't raise any red flags. So, I guess we're okay.

Offline NYUDan78

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Re: Washington Plaza
« Reply #466 on: February 28, 2017, 10:23:17 PM »
Hi everyone,

I just randomly happened to come across this site, and as a new resident of Washington Plaza, I wanted to introduce myself on this thread. My wife and I, along with our 2-year-old son, moved into our unit in the B building at the end of December, and I have to say that we couldn't be happier. Everyone we've met has been so friendly and welcoming (including you, Lilybell...I believe we met in the laundry room once). I look forward to meeting the rest of you soon, and am very excited to raise my family here.

As an aside, for those of you concerned with your appraisal, my unit was actually appraised for higher than my purchase price! Talk about instant equity!

- Dan

Offline NYUDan78

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Re: Washington Plaza
« Reply #467 on: February 28, 2017, 10:30:31 PM »
Does anyone know whether any apartments have sold for less than asking recently?  Also, for those of you that had accepted offers, did you use a buyer's broker?

We did use a buyer's broker on our end when we put in our offer. It probably didn't make much of a difference whether we had one or not since there was no negotiation on the price.

Offline rhydewithdis

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Re: Washington Plaza
« Reply #468 on: March 01, 2017, 10:48:26 AM »
Does anyone know whether any apartments have sold for less than asking recently?  Also, for those of you that had accepted offers, did you use a buyer's broker?
I can't say for certain, but if I had to guess, most people who bought smaller units (1 and 2BRs) paid the asking price, or close to it. There are simply more comps in the neighborhood, which allows them to price accordingly. The larger, more expensive units are rarer and thus have more flexibility. Without going into details, I'll say we didn't pay asking for ours (4BR). It wasn't a "steal," and it certainly wasn't cheap, but it wasn't asking. That being said, I can't imagine there's a lot of flexibility on anything smaller than 3BRs if you aren't a current resident. Certainly, there's got to be more buyer competition for the 1-2BRs, which may have even netted them above asking in some cases.

As for the broker situation, I believe our broker technically read as the seller's broker in the contract. I'm not really sure how all of that works. Our lawyer didn't raise any red flags. So, I guess we're okay.
Nice I didn't know they had 4 bedrooms. How many of those units are there, how many square feet? 2 baths?

Offline MrPlaza

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Re: Washington Plaza
« Reply #469 on: March 01, 2017, 11:16:20 AM »
Does anyone know whether any apartments have sold for less than asking recently?  Also, for those of you that had accepted offers, did you use a buyer's broker?
I can't say for certain, but if I had to guess, most people who bought smaller units (1 and 2BRs) paid the asking price, or close to it. There are simply more comps in the neighborhood, which allows them to price accordingly. The larger, more expensive units are rarer and thus have more flexibility. Without going into details, I'll say we didn't pay asking for ours (4BR). It wasn't a "steal," and it certainly wasn't cheap, but it wasn't asking. That being said, I can't imagine there's a lot of flexibility on anything smaller than 3BRs if you aren't a current resident. Certainly, there's got to be more buyer competition for the 1-2BRs, which may have even netted them above asking in some cases.

As for the broker situation, I believe our broker technically read as the seller's broker in the contract. I'm not really sure how all of that works. Our lawyer didn't raise any red flags. So, I guess we're okay.
Nice I didn't know they had 4 bedrooms. How many of those units are there, how many square feet? 2 baths?
I believe our unit is the only 4 bedroom. At least that's the impression I got. It's the E61/E62 unit. They advertise it as 1801 square feet, but that's the gross square footage. The net size is 1650 sqft. Kinda wish I paid closer attention to that detail. And it has 3 bathrooms.

NYUDan78 - Great to hear about your move! And your appraisal value! We likely won't be moving until July-ish. But we also have a two-year old boy. Looking forward to having you over once we arrive! Playdate and drinks!

Offline NYUDan78

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Re: Washington Plaza
« Reply #470 on: March 01, 2017, 04:33:56 PM »
Does anyone know whether any apartments have sold for less than asking recently?  Also, for those of you that had accepted offers, did you use a buyer's broker?
I can't say for certain, but if I had to guess, most people who bought smaller units (1 and 2BRs) paid the asking price, or close to it. There are simply more comps in the neighborhood, which allows them to price accordingly. The larger, more expensive units are rarer and thus have more flexibility. Without going into details, I'll say we didn't pay asking for ours (4BR). It wasn't a "steal," and it certainly wasn't cheap, but it wasn't asking. That being said, I can't imagine there's a lot of flexibility on anything smaller than 3BRs if you aren't a current resident. Certainly, there's got to be more buyer competition for the 1-2BRs, which may have even netted them above asking in some cases.

As for the broker situation, I believe our broker technically read as the seller's broker in the contract. I'm not really sure how all of that works. Our lawyer didn't raise any red flags. So, I guess we're okay.
Nice I didn't know they had 4 bedrooms. How many of those units are there, how many square feet? 2 baths?
I believe our unit is the only 4 bedroom. At least that's the impression I got. It's the E61/E62 unit. They advertise it as 1801 square feet, but that's the gross square footage. The net size is 1650 sqft. Kinda wish I paid closer attention to that detail. And it has 3 bathrooms.

NYUDan78 - Great to hear about your move! And your appraisal value! We likely won't be moving until July-ish. But we also have a two-year old boy. Looking forward to having you over once we arrive! Playdate and drinks!

MrPlaza - Looking forward to welcoming you to the building, as well as the playdate and drinks!

Offline indesign

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Re: Washington Plaza
« Reply #471 on: March 03, 2017, 11:34:10 AM »
I recently got approved for a mortgage at Washington Plaza with Citizens Bank.  We haven't had an appraisal yet so we will see how that goes.

Interesting! How did you do that? Just approached them? Did you shop around? I'd love to get a mortgage elsewhere. So far not loving the Chase people.

Hey N00B...I was actually informed by the mortgage broker at Chase that Citizens Bank was lending into the building.  I couldn't get a mortgage with Chase because of an employer restriction so Chase was nice enough to point me in the right direction.  I want to say a credit union or two has also approved mortgages.

I have been very happy with Citizens Bank.  Very responsive and I had a commitment letter within two weeks.  I can give you a contact there if you are interested.

Hi JacksonHeightsCPA, We are signing a contract for a 2 bedroom next week. I was wondering if you would pass on your contact at Citizens bank to me? That would be really helpful. Thanks

Offline JacksonHeightsCPA

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Re: Washington Plaza
« Reply #472 on: March 03, 2017, 12:11:20 PM »
Hey Indesign,

I worked with Jack Cates at Citizens.  Found him to very responsive and helpful.

His number is 212-699-2940.

Offline indesign

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Re: Washington Plaza
« Reply #473 on: March 03, 2017, 12:49:14 PM »
Hey Indesign,

I worked with Jack Cates at Citizens.  Found him to very responsive and helpful.

His number is 212-699-2940.

Thank you

Offline N00b

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Re: Washington Plaza
« Reply #474 on: March 03, 2017, 03:30:35 PM »
I recall someone on the thread mention that they got the sponsor to pay the transfer tax though right?

I see that they also haven't updated the list prices on Streeteasy with the prices from the 5th amendment. That's interesting.

Offline newjhuser

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Re: Washington Plaza
« Reply #475 on: March 10, 2017, 03:24:57 PM »
Anyone going to the co-op board meeting?

Offline MrPlaza

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Re: Washington Plaza
« Reply #476 on: March 12, 2017, 08:39:17 PM »
Anyone going to the co-op board meeting?
It sounds like my opportunity to be on the board will be far out of my reach, since we won't be moving until he summer. When is the meeting supposed to take place? And is the purpose to form the board?

Offline hello123

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Re: Washington Plaza
« Reply #477 on: March 22, 2017, 10:18:48 PM »
I'm looking at the offering plan, and I saw something about the co-op complex having a first mortgage which matures on 12/1/19, at which point the principal balance of ~$6M will be due (if the co-op cannot arrange for an extension or refinancing).  Apparently if such arrangements are not made, the co-op will be responsible for paying this $6M amount, which may result in a special assessment for each shareholder.  This is all on page 6, paragraph 18 of the offering plan.  Does anyone know anything about this and/or has anyone had discussions about the implications of this with his or her lawyer? 


Offline NYC Peromyscus

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Re: Washington Plaza
« Reply #478 on: March 23, 2017, 07:07:07 AM »
I am not a lawyer, but it is common for coops to carry mortgages. Assuming the financials of this coop aren't garbage, they should be able to refinance that $6M at a low rate.

The tax deductible portion of your maintenance may include your portion of the mortgage interest and property tax (prorated by # of shares you own).

Offline hello123

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Re: Washington Plaza
« Reply #479 on: March 23, 2017, 10:07:42 AM »
Okay, thanks NYC Peromyscus!  After doing a little more research that's what I learned too.

Jackson Heights Life

Re: Washington Plaza
« Reply #479 on: March 23, 2017, 10:07:42 AM »