Whats with the lot line windows at Linden 78? Is this development really happening and as sucessful as the sales agents imply it is - and are those lot line windows - half the windows in some units - really likely to be covered?!
The developer bought 236's air rights, so should be OK on the west side. I got bored after that 38-page agreement, so didn't check the other side. Anybody buying would of course have their lawyer check it out. I think a lot-line window has to be labeled as such even when there's virtually no possibility of it being covered. I.e., the lot line is the lot line regardless of whether the adjacent lot's air rights were bought.
Due to construction delays, the developers of Upper West Side condominium Linden78 have given all of the project's buyers the option to back out of their contracts, a phenomenon that may become more common throughout the city as the credit crisis slows building progress. The sponsors of Linden78, a 33-unit condominium at 230 West 78th Street, offered rescission rights to all of the project's buyers in mid-April, according to a statement provided exclusively to The Real Deal from the developer, Urban Residential.
I liked the interior finishes - I was doing our reno at the same time the sales office opened, and I changed some of my finishes based on what I saw. The exterior is UGLY. Certainly looked much nicer in the brochures and mockups. The windows are too narrow, and the choice of exterior bricks is terrible.
I also have a biff with the developer for knocking down a lovely brownstone (decrepit condition).
They were asking low 2s for small 3beds and low 3s for small 4beds to start off with. I think they'll be in big trouble.
Linden78 did offer all buyers the option to rescinding. What is not known is what percentage of buyer's exercised that option. One would guess a very high percentage since the condos sold at bull market highs. The sponsor did not meet its drop dead/ outside date for completion (which is one year after the scheduled completion) and relatively promptly offerred recission. My guess is that their website will indicate in the near furture that many, many of the units are now available and they will have to re-price downward. Unknown: whether the developers stuck with the initial plan and developed according to specs - if they did, the apartments should be quite nice. Unknown: will they price it correctly to sell in the market? Known: lot line windows are at theoretical risk of being covered. My recollection is that the developer did purchase air rights - but my recollection is that the developer - not the condo - retained the rights to re-sell, so they could be sold to someone who would build and cover the windows. Of course in this market - nothing could be less likely - but in the long term, who knows?
Does anyone know if the developer engaged contract holders before this date? Did they attempt any sort of re-negotiation? Or did they choose a complete 're-boot'?
i do not beleive there was any attempt to renegotiate - in essence, a complete re-boot. seemed like they were either holding out hope that they would make the deadline or that they could avoid the impact of the deadline. renegotiating ahead of time would likely have brought the lender into the equation - and perhaps that it what kept them from attempting this.
I think the lenders are being stupid here. They need to kick ass or step in to finish the building so as to protect their investment. It's almost done. Love it or hate it, the last thing we need is an unfinished open-to-the-weather carcass on a prominent stretch of UWS. For the love of my neighborhood, it needs to get done.
FYI: they're working on the building. I pass it to the subway in the mornings and workers there each day. Seems to be a pretty slow pace. Smaller crew than before the big re-boot. So it won't be a carcass.
Curious if the condo declaration is now not effective because less than 15% sold means they cannot refile for one year. Pretty arcane question, I know, but this could end up a rental.
Nothing seems to be going on in terms of sales. Construction, yes. Sales, invisible.
While OldWest has noticed workers, I've not seen anyone in the tower or anything that seems to indicate movement. Last I checked the entire south face still was open.
A quick factual question for Linden 78 purchasers about your offering plan. The plan has two important dates -- the first operating year in Schedule B, and the estimated first closing date.
The facts in articles online seem are a bit vague. I'd just like to know the exact facts (I'm looking at the contract for another building, and just trying to understand precisely how the AG regs have been applied to the facts).
So --
What were the exact dates for the first operating year (Schedule B)?
What was the precise first closing date promised in the plan? Was it a month (i.e. May 2008) or a date (May 31, 2009)?
Many thanks for the info, and congratulations on what sounds like a good result for you buyers!
just an update. I walked by this building yesterday. Lots of workers on site. They seem to be completing the lobby after after a period of time when it seemed nothing was happening at all.
Whats with the lot line windows at Linden 78? Is this development really happening and as sucessful as the sales agents imply it is - and are those lot line windows - half the windows in some units - really likely to be covered?!
Looking to rent a 3br here once completed. Flexible on move-in date. Please email me at llt6604-ml AT yahoo.com if you are interested. Thanks.
Anyone have an update on this building? A neighbor told me the developers are in trouble, but I can't find any info.
The developer bought 236's air rights, so should be OK on the west side. I got bored after that 38-page agreement, so didn't check the other side. Anybody buying would of course have their lawyer check it out. I think a lot-line window has to be labeled as such even when there's virtually no possibility of it being covered. I.e., the lot line is the lot line regardless of whether the adjacent lot's air rights were bought.
What's up with this:
Due to construction delays, the developers of Upper West Side condominium Linden78 have given all of the project's buyers the option to back out of their contracts, a phenomenon that may become more common throughout the city as the credit crisis slows building progress. The sponsors of Linden78, a 33-unit condominium at 230 West 78th Street, offered rescission rights to all of the project's buyers in mid-April, according to a statement provided exclusively to The Real Deal from the developer, Urban Residential.
I liked the interior finishes - I was doing our reno at the same time the sales office opened, and I changed some of my finishes based on what I saw. The exterior is UGLY. Certainly looked much nicer in the brochures and mockups. The windows are too narrow, and the choice of exterior bricks is terrible.
I also have a biff with the developer for knocking down a lovely brownstone (decrepit condition).
They were asking low 2s for small 3beds and low 3s for small 4beds to start off with. I think they'll be in big trouble.
Linden78 did offer all buyers the option to rescinding. What is not known is what percentage of buyer's exercised that option. One would guess a very high percentage since the condos sold at bull market highs. The sponsor did not meet its drop dead/ outside date for completion (which is one year after the scheduled completion) and relatively promptly offerred recission. My guess is that their website will indicate in the near furture that many, many of the units are now available and they will have to re-price downward. Unknown: whether the developers stuck with the initial plan and developed according to specs - if they did, the apartments should be quite nice. Unknown: will they price it correctly to sell in the market? Known: lot line windows are at theoretical risk of being covered. My recollection is that the developer did purchase air rights - but my recollection is that the developer - not the condo - retained the rights to re-sell, so they could be sold to someone who would build and cover the windows. Of course in this market - nothing could be less likely - but in the long term, who knows?
Does anyone know if the developer engaged contract holders before this date? Did they attempt any sort of re-negotiation? Or did they choose a complete 're-boot'?
i do not beleive there was any attempt to renegotiate - in essence, a complete re-boot. seemed like they were either holding out hope that they would make the deadline or that they could avoid the impact of the deadline. renegotiating ahead of time would likely have brought the lender into the equation - and perhaps that it what kept them from attempting this.
nyc10023: Yes, the finished building bears little resemblance to its depictions in the sales materials (see http://www.corcoran.com/property/nd/detail_overview.aspx?ndevid=293&userid=LIS). If anything, it reminds me of a prison I used to see daily on my commute to school as a kid (think http://3.bp.blogspot.com/_nyuNkynxxXA/SXe0G7vu24I/AAAAAAAAEoo/hxhoekdgWFw/s1600-h/jail+1b.jpg).
I think the lenders are being stupid here. They need to kick ass or step in to finish the building so as to protect their investment. It's almost done. Love it or hate it, the last thing we need is an unfinished open-to-the-weather carcass on a prominent stretch of UWS. For the love of my neighborhood, it needs to get done.
FYI: they're working on the building. I pass it to the subway in the mornings and workers there each day. Seems to be a pretty slow pace. Smaller crew than before the big re-boot. So it won't be a carcass.
Curious if the condo declaration is now not effective because less than 15% sold means they cannot refile for one year. Pretty arcane question, I know, but this could end up a rental.
Nothing seems to be going on in terms of sales. Construction, yes. Sales, invisible.
Any update on the status of this building?
While OldWest has noticed workers, I've not seen anyone in the tower or anything that seems to indicate movement. Last I checked the entire south face still was open.
A quick factual question for Linden 78 purchasers about your offering plan. The plan has two important dates -- the first operating year in Schedule B, and the estimated first closing date.
The facts in articles online seem are a bit vague. I'd just like to know the exact facts (I'm looking at the contract for another building, and just trying to understand precisely how the AG regs have been applied to the facts).
So --
What were the exact dates for the first operating year (Schedule B)?
What was the precise first closing date promised in the plan? Was it a month (i.e. May 2008) or a date (May 31, 2009)?
Many thanks for the info, and congratulations on what sounds like a good result for you buyers!
I was surprised to see another closing.
http://www.streeteasy.com/nyc/closing/910629
Wouldn't that require at least a TCO? The building can't be habitable. The entrance is still chained shut.
I was surprised to see another closing.
http://www.streeteasy.com/nyc/closing/910629
Wouldn't that require at least a TCO? The building can't be habitable. The entrance is still chained shut.
who is the lawyer that is helping the buyers back out of their deals?
just an update. I walked by this building yesterday. Lots of workers on site. They seem to be completing the lobby after after a period of time when it seemed nothing was happening at all.