Flipper's delight @ 57 Front in Dumbo?
Hot on the heels of today's curbed bit on an irate buyer wondering when their closing will be at 57 Front in Dumbo, today we noticed that there may be a possible flip job on a unit there already. Developer's Group has a listing on a 990 sq ft 1 bedroom for $750K (unit 201).
We're not sure what the purchase price was, but the Corcoran site (who originally marketed the units) is listing similar units in the line for $630K on the 3rd floor and $650K on the 4th floor.
If the original price was $610K, we estimate that they may make about $95K (assuming they probably paid about $25K on closing costs and will pay another $20K to the listing agent).
44 Comments:
i was told that the closing date should be the last week of august "unofficially"
i would also assume that the listing agent in 201 got 4% which comes out to 30K plus 25K for closing costs and another 13k for tansfer taxes when selling as well as another 2k for lawyer and such which means that he would walk away with 70k not 95K but who cares its still 70K
back as early as april/may, someone was listing a flip on unit #702, 690 sq. ft. (orig $500K) for upwards of $750K on craigslist. whether it sold or was legit is another question.
unit201 dumbo $$$
most prices in dumbo for apts that hover around the 1000 sqft mark are going for 800,000 so i guess $750,000 is normal at this point. any thoughts????????
I have also been told late August, but kept my current lease through September to play it safe. Boymelgreen told us that we will be notified 2 weeks before the closing date, which could be as late as mid September, though they're "shooting for" late August. At least they haven't outright lied about anything. They have been telling me late summer since I purchased. Our walk-through happens this week!
I heard Boymelgreen is typically months late. I was told more towards Novemberish.
is any one thinking about selling there unit in 57 front street? I saw the fully finished apts and they looked very nice. They had beautiful finishes and ots of open space.
i was told a late september closing just recently but that walk-throughs should start soon.
i haven't been by to look recently. does anybody have an update on how things look? last time i was by the lobby was still in need of a lot of work, but obviously, the lobby is of less concern to me.
i have a walk through scheduled this week and heard that the closing is last week of august but could be as long as mid september. the building looks really nice. they did not cut any corners.
did not cut any corners? go check the bathroom tiles. they are identical to the MTA subway tiles! Also, look at the track lights, not even Home Depot carries those shabby lights. I expect recessed lightings or low-voltage lighting at least.
all in all i thought the building looks good. the jacuzzi tubs are big. each unit has a big storage space in the basment, the appliances are all high end and there will be a 24 hour doorman
subway tiles are very trendy these days, you'll see them in many a design magazine.
anyone at 57 front st. have a lead to homeowner's insurance provider that'll insure the bldg.? my provider says it's too close to the water. ok!?
This thread is really helpful. When do we finally close? :( I have also extended my rental lease until the end of September.
Walentas is organizing a lavish brunch for the 70 Washington tenants. What about us ;)
Be forward Boymelgreen has lawsuits up the wazoo!! He is a terrible builder that constantly cuts corners!
boymelgreen has to many projects going on at one time. This is the cause for the delay in closing. he is spread a little thin at the moment. i will further report after my walk through which takes place tomorrow. will be able to tell you guys if the building is complete as well as how the finishes look.
I went to the building and looked at our apartment the other day. Does anyone know why the bathtub has no steps? The tub is at least 2 and half feet high with no step to get in. We've complained to corcoran but haven't been told they will fix the problem. Is anyone else concerned about this?
I've been repeatedly told it will be a late September close. Other than the bathtubs, I think the apts look great, finishings, appliances etc.
We just took a look at the 6th floor, basement, and 2nd floor last weekend. They will have to do ALOT of work around the clock to get the building ready for an end of August close. Also, since the building still needs to be inspected, can we really count on closing that early? It seems unlikely.
The developer definitely cut some corners on the interior. Between the track lighting and the HORRIBLE doors and door handles (they look like Starbucks restroom doors!), there are some cheapie elements to the building. However, my biggest concern is with the 'Check Cashing' store that has just opened next to our front door. Not exactly a luxury tenant, if you know what I mean....
To the person who mentioned that there will be a 24 doorman: As of last weekend, we were told that there will only be one there from 8-6pm. Who told you it would be a 24-hour gig? That would be great!
i'd expect the common space to be unfinished when people move-in.
won't the tenants ultimately have control over the commercial tenants and the doorman's hours through the condo board? that said, as long as the check cashing place pays good rent, i don't have a concern.
i've never seen a step for a bathtub in my life. seems the least of your worries
it was advertised in the corcoran site as a 24 hour doorman.
still being told by the develper that they are pushing for a late august move in but it could be as long as mid september.
Good point with the check cashing store. I guess they have to honor the lease? I believe once the new DUMBO tenants start moving into the new developments that their biz would slow down. I guess most of the future tenants have their own checking accounts ;)
That said, it seems like everyone posting here are friendly, nice and reasonable. That's a great start for the condo camaraderie.
I still believe we should have a lavish brunch as well! Just like the Walentas. If not a wine & cheese evening.
I was in the building last week. There is no noticeable progress on the 6th and 7th floors. Also, did anyone notice that there were no shower curtain rods on either the stall shower or bathtub shower?
There shouldnt be any curtain rods, much nicer. I have already been getting quotes for sandblasted glass door panels I will install after I move in.
please link us to sand-blasted glass door panels. i was wondering how to enclose the tub.
thanks.
If you're buying a condo, you really should have a lawyer who tells you things like, it doesn't matter what the website says, or what they "promise you" verbally. The offering plan, any amendments to it, the contract, and the punch list are the only things that mean anything. (At this point.)
The offering plan states the salaries for a non union doorman, non-live in super, etc. It states that the doorman will work 8-6 M-F. Read your offering plan! It's fun! (Some things in it have changed, like specific fixture models, and even the appliance brands used to be Fridgidaire and such.)
I did my walkthrough and it went great. Carrie Ann made sure to note any problems we had, including scratches anywhere! The cabinets had some damage, but were otherwise gorgeous, as were the floors and windows. As stated in the contract, we must be given 30 days notice for closing, so I guess we can rule out August closing dates.
I agree that the lighting sucks, but I'm looking into ways to adapt the tracks instead of ripping them out. On the other hand, I'd rather the cheap stuff you can easily rip out than some really ugly expensive stuff (which is how I feel about our phallic tub faucet).
Yes the tubs are way too high! The showerheads are low. They're the same height as my shoulder. Fascinating proportions.
hi Jennie:
you really made good points. I consulted a lighting designer already. Easier to rip out the track lights and replace with new lighting fixtures. So when are they going to get the Temporary C O?
May I ask who you're using as a lighting designer? The track lighting (as jennie said) is one of the only things we dont care for.
I havent once gotten the feeling corcoran or boymelgreen have been anything but honest with us, especially after the walk through. Overall, the purchase has been pretty painless. Sure, they expected some high closing costs, 15% down etc.. but this is NYC, not Nebraska. Its a tough market and for the price we paid I think its a great space.
And, subway tile is really "in" at the moment. Id hate square tile.
Good to hear from some future neighbors!
to jenniesotherhalf:
I am using Cliff Starr from Lighting by Gregory @ the Bowery. He will charge 500$ for the plan, then he will advise on which lighting fixtures to use, positioning, lighting reflections, etc. They also have their own electricians who know how to deal with the Italian/German fixtures which could be difficult to install sometimes because of wiring/wattage differences. Hope this helps.
Did anyone use Meridian mortgage broker (they are the company the building recommends)? If so, any thoughts? If not, any suggestions on who to go with?
We're using Guard Hill Financial, recomended by an associate of mine. Theyve been great and got us a good rate. I got a weird vibe from the rep at meridian, and a lot of pressure so we switched. If anyone wants info on the guy Im using at guard hill email me at bryangodwin at gmail dot com
my limited experience with meridien mortgage was awful. i'd stay far away.
i'm using a company affiliated with my job and got a discount.
we did our walk through today. We found everything to be pretty good. Sure there are some things that need to be changed or fixed but they were minor.
We did how ever not have a medicine cabinent. do other apartments have medicine cabinets???
They told us closing was early september. but could not commit to a date. please let us know if anyone hears of a closing date.....
jenny
what floor is your apt located?
This thread is great, but I think we should move our discussion elsewhere. I started a Yahoo group for us. Please, 57 Front buyers only!
Click here to join 57front
I almost bought a place at 57 front. beautiful building... unfortunately i had a deal breaker after i invested much energy and and passion. what i found out the last day [after i had taken off a day from work to go over the contract with my lawyer...] is that corcoran lies, lies, lies. it is an 8 hour doorman, yet the broker told us "full time" and :24 hrs" until the end. they lied about numerous other things. I ended up buying in another Bomylegreen building though- [not corcoran thankfully], so your feedback is really helpful...
I find Corcoran to be very unethical! They say they are the biggest they have all the listings! The broker who pursued me like a bear after honey was acomplete moron, telling me false information about 57 Front that I would assume they were taught NOT to do!! I cannot stand corcoran!!!!!
I find Corcoran to be very unethical! They say they are the biggest they have all the listings! The broker who pursued me like a bear after honey was acomplete moron, telling me false information about 57 Front that I would assume they were taught NOT to do!! I cannot stand corcoran!!!!!
I disagree with your experiences with listing agents of Corcoran. I have purchased a unit through Baruch & Kerri-Anne. They were most wonderful to me that I was even stunned how professional they were. This is the 6th RE property I have purchased over the last 10 years and my 1st in NYC. I was surprised how pleasant my experience was with Corcoran given the "wild NYC real estate" market. The problem I see is that 1st time home buyers have no clue about an RE purchase that they expect heaven and earth in this tight market. Similarly, Boymelgreen developers were very accomodating as well and very professional. I still have saved my Email correspondence. Responding to my needs by close of business every time I address some issues.
I personally think Corcoran is a great company. I bought my first apartment in Brooklyn Heights and the broker that I had was really helpful and knowledgeable about the whole process of buying.
I also rented an apartment in the city and I also had a Corcoran broker that was very helpful too. Maybe I was lucky?
Not to defend them, because I agree that they may not be totally honest...
I think that sometimes they just don't bother to check the facts or changes to the property. Whatever is in the offering plan is what you should and must get. That outlines what the sponsor/developer/Boymelgreen is agreeing to.
Going by what the website or a broker tells you is just foolish. You're not signing a contract with Corcoran.
It's almost October and we still havent closed in this development although I was in contract in January 05. It seems less likely that closing will occur this year. If I knew this would happen with Boymelgreen I would have purchased in Walentas' 70 Washington condos. They started selling only in summer and they have already started closing. So buyers of 85 Adams !!! beware!!! dont buy any units from Boymelgreen! The 57 Front experience speaks volume of how transactions with Boymelgreen Developers happen! Unless you want your 15% deposit stuck for a year and still not have your unit.
we are not talking here about the Nexus are we?
Hello, we just spoke with our Attorney and Corcoran Group today and recieved conflicting information! This was been a common occurence with this developer since we went into contract in Jan 2005. This whole situation is getting out of control.. We were told by someone today, that all of the back units are 4sqft off and either amendments need to go out to all the buyers, or this needs to be fixed which can create a MAJOR DELAY in the closings. Once again!
In response to the medicine cabinet question, yes, medicine cabinets were included in the original contract agreements. However, if the architects were to install anything of comparable quality to the lighting fixtures they provided, perhaps you should count yourself lucky that they weren't installed.
I agree with the Corcoran complaint. No matter that I didn't take their word as final, the various agents I dealt with (minus one) were rude and very ill-informed.
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