Author Topic: Washington Plaza  (Read 128087 times)

Offline Lilybell

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Re: Washington Plaza
« Reply #540 on: May 23, 2017, 11:50:57 AM »
I called the management company and apparently it was announced at the first shareholder's meeting (which I wasn't able to attend) and in the 8th amendment to the offering plan (which I never received). This annoys me because we don't have a "real" board right now and they all have vested interests due to their relationships with Washington Plaza.

There's an owner's meeting tomorrow and I will report back (it's not a full shareholder's meeting - it's informal and was organized by one of the board officers who just moved in).   
« Last Edit: May 23, 2017, 11:59:11 AM by Lilybell »

Offline MrPlaza

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Re: Washington Plaza
« Reply #541 on: May 23, 2017, 02:37:34 PM »
I called the management company and apparently it was announced at the first shareholder's meeting (which I wasn't able to attend) and in the 8th amendment to the offering plan (which I never received). This annoys me because we don't have a "real" board right now and they all have vested interests due to their relationships with Washington Plaza.

There's an owner's meeting tomorrow and I will report back (it's not a full shareholder's meeting - it's informal and was organized by one of the board officers who just moved in).
Yes, please let us know how that goes. The maintenance fee on our unit is already really high, and we're already stretching to cover that and the mortgage. It's just scary to think that it could go up so easily, so quickly.

Offline Simka

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Re: Washington Plaza
« Reply #542 on: June 10, 2017, 10:00:30 PM »
Renters in the building have received notices that the landlords have applied for a major capital improvement increase. It covers the windowsill replacements, the water system overhaul, asbestos abatement, and "engineering." The monthly rent increase is $20.71 a room.

I don't know how this affects shareholders, or if it even does. There's a line on here that refers to the coop reserve fund, but it seems that for some reason the amount in the reserve fund is deducted from the overall MCI costs. Not sure how or why, but I guess that's a good thing? Otherwise the MCI per room would be higher.

I suppose this will knock out a few more of the renters, especially those who are barely hanging on after recent massive rent hikes. Of course, that's a good thing for the shareholders: more apartments will be turned into coops, resulting in higher owner occupancy.   

Offline jh35

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Re: Washington Plaza
« Reply #543 on: June 10, 2017, 10:53:00 PM »
Renters in the building have received notices that the landlords have applied for a major capital improvement increase. It covers the windowsill replacements, the water system overhaul, asbestos abatement, and "engineering." The monthly rent increase is $20.71 a room.

I don't know how this affects shareholders, or if it even does. There's a line on here that refers to the coop reserve fund, but it seems that for some reason the amount in the reserve fund is deducted from the overall MCI costs. Not sure how or why, but I guess that's a good thing? Otherwise the MCI per room would be higher.

I suppose this will knock out a few more of the renters, especially those who are barely hanging on after recent massive rent hikes. Of course, that's a good thing for the shareholders: more apartments will be turned into coops, resulting in higher owner occupancy.

Shouldn't the sponsor pay for capital improvements on each apartment they own? It adds to the value of the apartment, by definition.

Offline jh35

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Re: Washington Plaza
« Reply #544 on: June 10, 2017, 10:59:23 PM »
Renters in the building have received notices that the landlords have applied for a major capital improvement increase. It covers the windowsill replacements, the water system overhaul, asbestos abatement, and "engineering." The monthly rent increase is $20.71 a room.

I don't know how this affects shareholders, or if it even does. There's a line on here that refers to the coop reserve fund, but it seems that for some reason the amount in the reserve fund is deducted from the overall MCI costs. Not sure how or why, but I guess that's a good thing? Otherwise the MCI per room would be higher.

I suppose this will knock out a few more of the renters, especially those who are barely hanging on after recent massive rent hikes. Of course, that's a good thing for the shareholders: more apartments will be turned into coops, resulting in higher owner occupancy.

BTW, Simka, that is the definition of gentrification. Not, as mentioned in another thread, that we will have a Target store (barely, really in Elmhurst) in the neighborhood.

Offline MrPlaza

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Re: Washington Plaza
« Reply #545 on: June 10, 2017, 11:46:40 PM »
Pause. Rewind.

"...asbestos abatement..."

The building is old, so I'm not terribly surprised. But it's at least a little alarming to learn that they're just now addressing it.

Offline jh35

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Re: Washington Plaza
« Reply #546 on: June 11, 2017, 12:03:42 AM »
Pause. Rewind.

"...asbestos abatement..."

The building is old, so I'm not terribly surprised. But it's at least a little alarming to learn that they're just now addressing it.

The only asbestos abatement I saw was when they tore off the covers from the old pipes in the basement. They did not cover anything to prevent the spread of the asbestos and the workers did not wear protective gear.

If there was asbestos in the apartments when the walls were torn down, that dust went everywhere, especially into the elevators.

Offline MrPlaza

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Re: Washington Plaza
« Reply #547 on: June 11, 2017, 07:05:14 AM »
Well...that's reassuring.

Offline Simka

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Re: Washington Plaza
« Reply #548 on: June 11, 2017, 03:13:47 PM »
I suppose this will knock out a few more of the renters, especially those who are barely hanging on after recent massive rent hikes. Of course, that's a good thing for the shareholders: more apartments will be turned into coops, resulting in higher owner occupancy.

BTW, Simka, that is the definition of gentrification. Not, as mentioned in another thread, that we will have a Target store (barely, really in Elmhurst) in the neighborhood.

I didn't follow that argument closely, but I have seen others on here before. Yes, sharp rent increases drive out people who can't afford the higher rents, so that's one tool that encourages gentrification. The fact that those apartments are then turned into renovated coops that command high prices is another. And the success of the WP conversion will encourage landlords of other Jackson Heights rental buildings to see whether they can do the same thing. So, yeah, bad news for people who are priced out of the neighborhood.

Offline llh

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Re: Washington Plaza
« Reply #549 on: June 12, 2017, 12:44:29 PM »
Hi guys,

My wife & I are planning to put an offer in for this complex. We're expecting our 1st baby and also new to the neighborhood so we're just wondering how the complex is in general for young couple? Our last complex had a pretty bad management company. How about this one?

Also are they generally on time for closing/renovation? (was wondering if we'll be able to close before due date)

Thank you so much!

LH

Offline jh35

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Re: Washington Plaza
« Reply #550 on: June 12, 2017, 02:27:19 PM »
Hi guys,

My wife & I are planning to put an offer in for this complex. We're expecting our 1st baby and also new to the neighborhood so we're just wondering how the complex is in general for young couple? Our last complex had a pretty bad management company. How about this one?

Also are they generally on time for closing/renovation? (was wondering if we'll be able to close before due date)

Thank you so much!

LH

Washington Plaza is a very nice building. As you can see, it is set up as smaller buildings inside. They are only connected in the basement. Since there are so few apartments on each floor, especially in the A, B, E and F buildings, the quality of life depends on who your neighbors are. My floor is quiet and peaceful.

What do you mean how is it for young couples? We don't have bikini pool parties. Starbucks is blocks away. I hope you like getting up in the middle of the night for prayers. (blah, blah, I always get woken up.)

The management office doesn't directly get involved much with the tenants.  They apply for increases when they think they deserve them and leave the rest to the Super. The management office is not overly aggressive.

Before the building went co-op it was nicely maintained. Since the renovations started the building has been a noisy, filthy, dusty, mess. They clean often but the job is overwhelming. The renovations may continue for years.

The new halls, as you can see in the test version in Building C, I think 4th floor, are, in my opinion, cheap and tasteless.

I can not comment personally on closings, but others have said they are months late. Has you apartment been renovated? Is it finished? If it is finished, you may not have a probem with the closing.

In my opinion, if you like the neighborhood, like the apartment, and the price seems reasonable to you (it is overpriced for this neighborhood) then go for it.



Offline MrPlaza

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Re: Washington Plaza
« Reply #551 on: June 12, 2017, 05:27:25 PM »
Hi guys,

My wife & I are planning to put an offer in for this complex. We're expecting our 1st baby and also new to the neighborhood so we're just wondering how the complex is in general for young couple? Our last complex had a pretty bad management company. How about this one?

Also are they generally on time for closing/renovation? (was wondering if we'll be able to close before due date)

Thank you so much!

LH
I can only give you my perspective as someone who has bought but hasn't closed. So, jh35 and I are coming from different places.

As suggested, renovations have generally been behind schedule to-date. Several months in most cases. Though, they picked up the pace on our unit in the last two months. So, I'm hoping to close by the end of July and move sometime in August. I could imagine that given the scope of the project (and the fact that they're converting the building phase-by-phase), there is likely to be construction somewhere in the building(s) for the next several years. Whether it's construction on someone's apartment or one of the common areas. That being said, if you're planning to set down roots for the long haul, such as us, it's a temporary inconvenience.

I've never heard much negativity about the management company, though I can't speak from firsthand experience. When it comes to the day-to-day, most of your interactions will be limited to the Super and any extended staff. And just with any other building, the golden rule applies. The better you treat them, the better they'll treat you. We've always been very friendly and appreciative of our current building's staff, which is why we have always been treated especially well.

As for how it is for young people: Hard to tell from an outsider's perspective. My wife and I are young parents — 33 and nearly-30, respectively, with a 2.5-year-old boy. We know we skew on the younger end of the spectrum for the building/neighborhood. But we generally believe that you make it what you want. We're not far from our old hood (LIC). So, friends will still visit, and we're pretty social anyway. I think we'll always land on the edges of the age bell curve, because of the inherent barriers to ownership. But we suspect "younger" 30-somethings will make up an increasing number of people moving to (or within) the neighborhood/building if that's what you're asking.

Offline llh

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Re: Washington Plaza
« Reply #552 on: June 13, 2017, 12:20:06 PM »
Thanks a lot MrPlaza & jh35 :) Yeah the price (& maintenance) is a higher compared to others we've seen but we definitely love the proximity, finishes & the common space that WP offers! We'd put in our offer then!

Offline Marcin_JH

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Re: Washington Plaza
« Reply #553 on: June 13, 2017, 10:12:46 PM »
Halo Everyone,

I am new to the building and I was hoping that the community can share some tips. I have a bicycle that I intend to use a lot, since there are really wide streets and quite a lot of bike lanes around Jackson Heights. My problem is, I don't have anywhere to store it, so it sits in my living room to my eye's enormous discontent.

Any tips about storing your bicycle somewhere about/around the building? I applied for storage, but there are 6 people ahead of me, so I have little confidence of getting some storage space anytime soon....

thanks for any tips in advance!
M.

Offline newjhuser

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Re: Washington Plaza
« Reply #554 on: June 13, 2017, 10:30:00 PM »
There's storage in washington plaza? 

Jackson Heights Life

Re: Washington Plaza
« Reply #554 on: June 13, 2017, 10:30:00 PM »