The Isis boutique condominium on the Upper East Side has decreased the prices of all of its 32 units as it prepares to start sales. "We have to be cognizant of the market," said Kenneth Horn, president of developer Alchemy Properties. "We looked at all of the comparable units on the Upper East Side, and we wanted to come out lower on a price-per-square-foot basis." The building, at 303 East 77th... [more]
The Isis boutique condominium on the Upper East Side has decreased the prices of all of its 32 units as it prepares to start sales. "We have to be cognizant of the market," said Kenneth Horn, president of developer Alchemy Properties. "We looked at all of the comparable units on the Upper East Side, and we wanted to come out lower on a price-per-square-foot basis." The building, at 303 East 77th Street, recently topped out, and Horn said his company held off on marketing the units until its model apartment was completed. Alchemy is doing its own marketing and sales. Under the old pricing, units ranged from $1.63 million for a two-bedroom unit to $5.5 million for a four-bedroom penthouse. Now, for the same units, the pricing ranges from $1.55 million to $5.3 million. Horn said Alchemy cut prices between 5 and 7 percent, depending on the unit. The 18-story building was designed by FXFowle Architects, and Horn said his company bought air rights going to the north and east so the building could have "light and air on all four sides." TRD
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Response by marco_m
over 16 years ago
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Response by streetview
over 16 years ago
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Member since: Apr 2008
Has to have a ripple effect? The percentage decrease posted by the developer is indicating a willingness to go lower than posted. It's only a start.
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Response by MJS1
over 16 years ago
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Wont a building like this have to go rental? Even if they lower prices more, mortgages will be hard to get given they have zero contracts.
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Response by streetview
over 16 years ago
Posts: 331
Member since: Apr 2008
Does this sound like a rental description from their own web site:
Designed with today's sophisticated New York family in mind, the Isis Condominiums offer the quiet comfort of a boutique 32-residence building with luxury first-class service. You'll enjoy a unique and intimate residential experience with just two spacious residences on each floor.
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Response by MJS1
over 16 years ago
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I doubt they had an empty building in mind when they dreamed that up. So whats the answer then? They find 23 all cash buyers and get over the 70% hurdle?
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Response by gcondo
over 16 years ago
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people can find mortgages.
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Response by MJS1
over 16 years ago
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Thats my question. What is the reality of getting a mortgage when a building is almost complete and there have been zero contracts signed?
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Response by gcondo
over 16 years ago
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call a mortgage broker and find out. My experience has been that more $$ down is what you need to do.
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Response by streetview
over 16 years ago
Posts: 331
Member since: Apr 2008
Per TRD this may be an out:
"some are turning to guaranteed income assets, also called master leases. Broker Rodrigo Nino, founder of Prodigy Network, has started using these leases, in which the developer leases out or promises to lease a condo, puts up to three years worth of rent in an escrow account, and then sells the property to an investor, who is guaranteed rental income at least until the money in the escrow account runs out."
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Response by falcogold1
over 16 years ago
Posts: 4159
Member since: Sep 2008
Watch my friends as 'ISIS' becomes the poster child for the Manhattan RE version of 'A Bridge too Far'.
Isis is close to my home. I witnessed as the Morgan Block building came down, followed by the lengthy ground reclimation, this cantaleavered cocaphony of crap emerge in it's place. At your leasure peruse the tight little floor plans and their exhorbant prices. (reduction or not)
This project is dead on arrival. I take no joy in this. I want my neighborhood to grow and flourish. I want the wealthy to come move on to my block. Alas, this will no doubt go down in the history of the UES as the building that tried to stuff 10 lbs. of shit into a 5 lbs. bag.
Anyone out there hate money and space?
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Response by kiz10014
over 16 years ago
Posts: 357
Member since: Apr 2009
since none of these loans are conforming, i believe this 70% is a none issues bec fannie/freddie does not buy these loans
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Has to have a ripple effect? The percentage decrease posted by the developer is indicating a willingness to go lower than posted. It's only a start.
Wont a building like this have to go rental? Even if they lower prices more, mortgages will be hard to get given they have zero contracts.
Does this sound like a rental description from their own web site:
Designed with today's sophisticated New York family in mind, the Isis Condominiums offer the quiet comfort of a boutique 32-residence building with luxury first-class service. You'll enjoy a unique and intimate residential experience with just two spacious residences on each floor.
I doubt they had an empty building in mind when they dreamed that up. So whats the answer then? They find 23 all cash buyers and get over the 70% hurdle?
people can find mortgages.
Thats my question. What is the reality of getting a mortgage when a building is almost complete and there have been zero contracts signed?
call a mortgage broker and find out. My experience has been that more $$ down is what you need to do.
Per TRD this may be an out:
"some are turning to guaranteed income assets, also called master leases. Broker Rodrigo Nino, founder of Prodigy Network, has started using these leases, in which the developer leases out or promises to lease a condo, puts up to three years worth of rent in an escrow account, and then sells the property to an investor, who is guaranteed rental income at least until the money in the escrow account runs out."
Watch my friends as 'ISIS' becomes the poster child for the Manhattan RE version of 'A Bridge too Far'.
Isis is close to my home. I witnessed as the Morgan Block building came down, followed by the lengthy ground reclimation, this cantaleavered cocaphony of crap emerge in it's place. At your leasure peruse the tight little floor plans and their exhorbant prices. (reduction or not)
This project is dead on arrival. I take no joy in this. I want my neighborhood to grow and flourish. I want the wealthy to come move on to my block. Alas, this will no doubt go down in the history of the UES as the building that tried to stuff 10 lbs. of shit into a 5 lbs. bag.
Anyone out there hate money and space?
since none of these loans are conforming, i believe this 70% is a none issues bec fannie/freddie does not buy these loans