Washington Plaza Resales

[JH3525]

We're seeing resales at Washington Plaza.  Those who purchased from the sponsor were allowed 90% financing.  How much financing is allowed for buyers purchasing from owners and not the sponsor.  Thank You. 

[jh35]

It looks like all of the resales are in the C building.  Is something happening there?

[GeorgeWashington]

The C building has had more sponsor sales than any other building, so it makes sense to have more resales there too, but it is still a bit weird to see all the resales at once.

[jo3boxer]

where did you hear you only needed to put down 10%?

Not sure that's accurate.

[NewYorkNaz]

I specifically came here to ask about Washington Plaza. Is something going on there? Is the sponsor still in control of the board?

[JH3525]

NewYorkNas:   I don't own at Washington Plaza but according to previous sales over 125 of the 198 units have sold since the sales office opened in April 2016 which far exceeds 50%.  It would appear that the sponsor currently owns 30% of the units. 

There are currently 7 resales which is not unusually high considering the number of units that were sold since April 2016. 

Since you're interested in Washington Plaza, hopefully some owners will respond. 

[GeorgeWashington]

I think the sponsor still owns the majority of apartments and the majority of shares (which is the important part), so the sponsor controls the board.

But that should change soon, either when a few more sponsor apartments are sold, or when 5 years have passed since the co-op conversion started.

For anyone overwhelmed by that other huge thread, a lot of things have improved over the last few years. There are new gates, lobbies, laundry rooms, basement repainting, fios, wifi, bike room, buildinglink, and almost a gym. I probably forgot something. But I was surprised to see the listings in C.

[JH3525]

If the sponsor has sold over 125 apartments and currently owns the remaining units that are tenant occupied that possibly represents about 30% of the units how is it possible that the sponsor controls the majority of the apartments?  Your response makes no sense and is irresponsible. 

[GeorgeWashington]

Again, ownership is based on shares (which are different for each apartment). Focusing on the number of apartments is the wrong thing.

But I don't think the sponsor has sold 125 apartments. Do you have a source for that?

[JH3525]

Visit the website streeteasy.com and click "past sales" and you will see the number of units the sponsor has sold since April 2016. 

[GeorgeWashington]

StreetEasy says that less than 90 apartments have been sold

Note that StreetEasy has some mistakes. Many apartments appear twice.

[jh_coop_buyer]

The best resource to find resale is by using acris.

According to acris,  the sponsor sold 87 units between Oct 2016 and Jan 2020. We don't know how many of them are in contract after Jan 2020

If there are 198 units in total, the sponsor still controls 111 units.  Granted the number of units is not the same as the number of shares as the number of shares depend on the apartment size (and also other factors), but it gives you a rough idea. In any event, buyers tend to buy bigger apartments than renters. My guess is that the sponsor is still controlling less than 111/198 (maybe less than 50% due to the sponsor's tending to own small size apartments) share. The exact number has to be obtained from the management company.

[N00b]

ppl who are selling have been in the building for 3+ years. prices have gone up enough that there's an incentive to sell. seems rational

[jh35]

I am really getting tired of the employees not wearing masks in the building. I just tried to use the elevator and when the door opened an employee was standing there with no mask.

[JH3525]

Noob:  No one who is selling at Washington Plaza is going to make a profit based on the purchase price + closing costs and the closing costs selling.