e went into contract with a unit in this building in the fall of 2008 with the declaration of be@schermerhorn's agents that the developer would base his reputation on this building not going rental. The contract still stated that they could, but we were repeatedly assured that this was only in case they needed to rent the last few units once the building was locked in as a condo. Well, when they... [more]
e went into contract with a unit in this building in the fall of 2008 with the declaration of be@schermerhorn's agents that the developer would base his reputation on this building not going rental. The contract still stated that they could, but we were repeatedly assured that this was only in case they needed to rent the last few units once the building was locked in as a condo.
Well, when they changed real estate agencies and law firms a few months ago, we found out from a now-former insider that the developer fully intends to go rental with the building once they have sold the minimum number of condos that will allow them to avoid being rent-stabilized. And I hear that the new agents are _still_ telling prospective buyers that there is absolutely no intention of going rental!
The values of these apartments once the building is rental will diminish significantly. Supposedly they only need to sell about 15% of the units in order to avoid being rent-stabilized. That means that 85% of your neighbors will have no concern whatsoever for your investment. And with the number of shared amenities this building has, that is a nightmare waiting to happen.
Also, we were given an estimated closing date of January 2009 ("February at the latest"). And every month since then, the date gets pushed longer and longer into the future. Apparently, their latest scheme is some sort of pre-closing move-in in August. But they admittedly have no plans of closing then and who knows when they'll sell the minimum number they need to do so. Every month of waiting brings some new BS from that selling office.
These people are unbelievable! They will tell you whatever you want to hear to get you into contract. I would do anything to have had this knowledge before signing away my hard-earned deposit money. Do yourself a favor and put your money and your future elsewhere.
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Response by ab_11218
about 17 years ago
Posts: 2017
Member since: May 2009
enough already....... we've heard it what 100 times now...
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Response by nyc212
about 17 years ago
Posts: 484
Member since: Jul 2008
enough already......II.
People will soon begin accusing you of being a rep from Toren, Belltel, or One Brooklyn Bridge Park.
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Response by jrm
about 17 years ago
Posts: 52
Member since: May 2009
And people might accuse you of being a rep from be@schermerhorn. "Someone" already had my posting removed once, so it must be getting the message across.
Listen, I'm not sure how to prove that I'm telling the truth (without posting my e-mail address--which, if there is interest, I could see doing), but at least the information is getting out there. If any of these concerns matter to potential buyers, I am simply stating that they should get opt-outs written into their contracts. We ignorantly believed that because the developer has several other projects out there, he would actually stand behind the promises of his representatives.
The bottom line is, be careful not to take what their people tell you at face value. Get it in writing!
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Response by Riversider
about 17 years ago
Posts: 13573
Member since: Apr 2009
take a full page out in the times. they need the money
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Response by spinnaker1
about 17 years ago
Posts: 1670
Member since: Jan 2008
No jrm. Despite what you think, your rant/spam postings had the opposite effect.
You lost your opportunity for real dialogue. Nobody will take you seriously. Some nerve coming back now after that BS on the weekend and trying to engage in some dialogue.
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Response by kylewest
about 17 years ago
Posts: 4455
Member since: Aug 2007
The lesson in this, according to jrm, is that in real estate dealings you should get things in writing. ARE YOU KIDDING ME? There are people who are prepared to drop the largest sums of their lives and don't know to 'get it in writing!' What are we? Living on Little House on the Prarie with handshakes and smiles? How naive can a person get in a high-stakes business transaction? "He lied," "she misled me," "the square footage is wrong," "the finances aren't what the broker said...." Grow the f--- up and treat RE like the serious business dealing it is. The law requires all RE dealings be in writing for a reason. Consumers who decide the law is stupid and oral representations are enough proceed at their own risk. All this whining gives me a headache.
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Response by dwell
about 17 years ago
Posts: 2341
Member since: Jul 2008
"Living on Little House on the Prarie with handshakes and smiles?" Cute.
"The law requires all RE dealings be in writing for a reason." Right, it's called the Statute of Frauds. All previous verbal representations & statements disappear once the agreement is reduced to writing.
Nonetheless, I am sorry you're going thru this JRM.
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Response by dwell
about 17 years ago
Posts: 2341
Member since: Jul 2008
All previous verbal representations & statements disappear once the agreement is reduced to writing.
So, if it ain't in writing, you cannot rely on it. Thus, anything that's important to you MUST be in writing.
enough already....... we've heard it what 100 times now...
enough already......II.
People will soon begin accusing you of being a rep from Toren, Belltel, or One Brooklyn Bridge Park.
And people might accuse you of being a rep from be@schermerhorn. "Someone" already had my posting removed once, so it must be getting the message across.
Listen, I'm not sure how to prove that I'm telling the truth (without posting my e-mail address--which, if there is interest, I could see doing), but at least the information is getting out there. If any of these concerns matter to potential buyers, I am simply stating that they should get opt-outs written into their contracts. We ignorantly believed that because the developer has several other projects out there, he would actually stand behind the promises of his representatives.
The bottom line is, be careful not to take what their people tell you at face value. Get it in writing!
take a full page out in the times. they need the money
No jrm. Despite what you think, your rant/spam postings had the opposite effect.
You lost your opportunity for real dialogue. Nobody will take you seriously. Some nerve coming back now after that BS on the weekend and trying to engage in some dialogue.
The lesson in this, according to jrm, is that in real estate dealings you should get things in writing. ARE YOU KIDDING ME? There are people who are prepared to drop the largest sums of their lives and don't know to 'get it in writing!' What are we? Living on Little House on the Prarie with handshakes and smiles? How naive can a person get in a high-stakes business transaction? "He lied," "she misled me," "the square footage is wrong," "the finances aren't what the broker said...." Grow the f--- up and treat RE like the serious business dealing it is. The law requires all RE dealings be in writing for a reason. Consumers who decide the law is stupid and oral representations are enough proceed at their own risk. All this whining gives me a headache.
"Living on Little House on the Prarie with handshakes and smiles?" Cute.
"The law requires all RE dealings be in writing for a reason." Right, it's called the Statute of Frauds. All previous verbal representations & statements disappear once the agreement is reduced to writing.
Nonetheless, I am sorry you're going thru this JRM.
All previous verbal representations & statements disappear once the agreement is reduced to writing.
So, if it ain't in writing, you cannot rely on it. Thus, anything that's important to you MUST be in writing.