Oro Condo delays...

jw, we were asking the same question at the Toren discussion group, here on StreetEasy, after seeing a reference on Brownstoner about its elusive closing date. I walk around that area daily and I have noticed a distinct lack of activity. Do you think that one of the comments on Brownstoner about conversion to rentals is a distinct possibility? What percentage are sold? Is it over 50%?

Obviously, if building goes rental, your purchase price will be hurt. jw, if you find out more info can you post on Toren page since we are neighbors and any problems with Oro concerns those of us who purchased in the Toren.

By the way, the location is superb and those of us who have studied the area extensively are more aware of the future and active development in the area. I live in the Heights and walk this area all the time and it is a fantastic centrally located spot.

Thanks.

I'm still hoping to come across others who are in contract @ Oro, to see what they have encountered with the sales staff. They have been polite and professional, but have yet to provide any concrete info. The less I hear, the more suspicious I become.

If there's no activity (especially building activity) you'd better worry about bankruptcy. It happened to me once:

http://melandrussin.com/index.php?option=com_content&task=view&id=41

Never again would I buy in new development.

If the building goes rental, market rents might not cover their costs since they were anticipating the sale prices. In which case bankruptcy is the only option.

Im wondering myself because my bank is providing financing for many contract holders there and we have approved the building. I know they are close to first closings (about 45-60 days). The Oro and Toren are difficult to compare because the Toren is still far from being complete. As far as sold units, I believe they are around half sold. sunny_hong@countrywide.com

This is definitely very frustrating. It went from a very aggressive “we think we are going to close early/we’re ahead of schedule” type of thing in January/February. And then the closings continue to get pushed back one month at a time. I think the latest excuses had to do w the DOB. I am very skeptical. For anyone that has been at the building, it is practically complete. My guess is they are hedging their bets. Trying to decide whether or not to continue down the condo route or change plans to rental. Does anyone remember what the time frame is for the out clause in their contract? I believe mine is a year and half from the time I signed my contract. If everyone has a similar clause and sales began in Feb 2007. I would expect out clauses to come into affect relatively soon. That I believe will push them one way or another. But what do I know. Anyone else have any theories or thoughts they would like to throw out there?

Junkman,
>By the way, the location is superb and those of us who have studied the area extensively are more aware of the future and active development in the area. I live in the Heights and walk this area all the time and it is a fantastic centrally located spot.

Sorry man but you cannot be serious. The actual block that Oro is on is horrible. You are literally sitting on flatbush avenue on one side and have huge public housing projects on the other side. The Key Foods (or was it pathmark) that they demolished looks like it is going to be a hole in the ground for a while now. There is nothing to see or do within a 5-10 minute walk from that place unless you want to go to McDonald's near the gas station, or enjoy some of the "fine" dining on Fulton street.

I agree that the location is convenient from a public transit perspective, but living about 4 blocks closer to the jaystreet/bourough hall stop would be MUCH MUCH nicer. On the flipside, just about 6-8 blocks away gets you into Fort Greene proper which is also a MUCH more livable neighborhood.

The Oro is in that horrible transition area between nice neighborhoods that will involve quite a lot of sacrifices in your lifestyle just to be *near* the actual neighborhoods you would want to live in.

Believe me, I just moved from Fort Greene to one of those "transition" areas in Boerum Hill and I gotta tell you it aint all roses.

IMO a building like Oro just shouldn't have been built until the neighborhood had more of a supporting infrastructure of businesses like drug stores, supermarkets, etc. They aren't selling because they are advertising a Manhattan like lifestyle which the inside of the building provides but the outside SORELY lacks.

.

well crap...it looks like i'm stuck with this displayname....

I'm sure someone will suggest that jrus is me, but it 'aint. But, he's right on the mark....

The buildings between flatbush and the projects are not only part of a huge glut in that part of town, they're in about as bad a spot as you can get. Across the biggest street in brooklyn from everything that matters (at least in terms of what they try and sell you that its near) and then just steps from the biggest collection of projects I've ever seen. There are bigger projects, but this is like 3-4 projects all together...

EddieWilson, Can you please elaborate about your concern with projects? I've lived in the upper west side close to one and it was fine.

I don't think we need to get into social arguments... so lets just keep this on the investment level. The same property directly adjacent to projects will always sell for signficant less than the equivalent property not next to the projects...

And the projects we're talking about are almost as large as the upper west side itself...

We were looking at Oro as a place to live in, not so much an investment. So wanted to know if there are any concerns with living there that we should know about. The purchase price is significantly less to begin with too, no?

> The purchase price is significantly less to begin with too, no?
As compared to what?

I know someone who bought at the Toy Factory facing the projects... which also happens to be across the street from Oro. Lets just say that safety has been a serious consideration for them.

Also, the quality of services available to them (like supermarkets) has been less than expected, and they chock this up to being next to the projects...

Junkman, what happened? You've been painting a rosy picture just a few weeks ago...and now I guess the reality of this stinkin' economy is slowly sinking in? I thought everything is on schedule for Toren and it's a definite best buy.

The most disconcerting thing about Oro is its location. The fact that it has no neighborhood and it's right next to the projects and considering that the economy is doing bad, I don't think dev't of the area will be happening soon. You'll pretty much get stuck with that shady location with no neighborhood for a while and hope that it does not actually get worse while the bad times roll.

I'm so glad we held back and are still holding back, there were definitely some close calls. There were few times when we thought that a unit in a certain building is maybe our best bet and maybe we should go for it compared with other buildings, etc. The impulse would last for a few days, but then we'd analyze things again and discuss which ones we're not getting, and then eventually we'd change our minds.

It does not hurt to know time is on our side and the inventory keeps piling up. Now we're focusing on established neighborhoods like Brooklyn Heights, Park Slope, Cobble Hill, Boerum Hill and maybe Fort Greene.

SH1 1232, I think you're on target with your theory. The building is, essentially, finished. The sales team mentioned that they were still slightly above 50 per cent sold, where they seem to be stuck for some time. I don't have a clue why else they would be stalling. If there was a legitimate hold up, they would be forthcoming with their explanations.

Following your logic, as compared to purchase price of units next to projects.I agree with the theory of SH 1232. they also might be considering condo-hotel like Oro 2.

Cleanslate, the current situation is definitely on our side. But we were thinking to purchase before the Nov elections in case the situation changes after that.

> It does not hurt to know time is on our side

Absolutely...

Re: location, that should, or should not be of concern, depending on your time frame. Native NY'er here who remembers plenty of "bad locations" that most of us have to stretch to buy into now, so the only thing you can count in in NYC, is that if you stick around, it'll all change sooner or later.

Guys, the situation hasn't changed for the Toren. It has only got better. Prices are increasing and apartments are being sold.

For the record, any idiot can see the market is a buyers market. I never disputed that. I was speaking solely about the Toren. I can assure you that their prices will only go up and that is where I wanted to live. The Oro and many other buildings may have to decrease prices but not the Toren. I get the amendments and ask prices are increasing and purchasers are buying at increased prices.

As far as the neighborhood, most of the developments I'm concerned with are moving along nicely. City Point and Avalon Bay are fine. Let's see what happens with the Oro, half sold and the other half may take time. I am a patient guy and we shall see what the future hold. I'm much more sanguine than you are about Downtown Brooklyn and we'll just have to see who is correct.

Cleanslate, I told you way back when that waiting made sense but not if interested in Toren and nothing that has happened since has changed my opinion.

> As far as the neighborhood, most of the developments I'm concerned with are moving along nicely.
> City Point and Avalon Bay are fine. Let's see what happens with the Oro, half sold and the other
> half may take time. I am a patient guy and we shall see what the future hold.

Yes, its called a glut...

Those projects aren't moving anywhere, so time won't tell anything else, and there are way too many apartments being built there given the demand. Its why Oro is already having problems, and the overall problems of the East side of Flatbush will only increase...

The Toren is an island, an Eden where Good Savages roam and the laws of supply/demand, falling assets and changing buyer's sentiment that affect all other areas of the country (not to say most of the developed world) do not apply. You need not worry! Buy now in the Toren, located in an uber-prestigious and not-to-be-confused area of Brooklyn that wil never see the price decreases that are now affecting Chelsea, Tribeca and the UES. Buy now and enjoy prices that can only go up!

And if you cannot afford the Toren just buy anywhere in LIC and, according to another frequent poster of this board, you'll see your assets go up, up, up.

Why all the talk about prices going up and homes as investment? If one is buying a home to live in and use, in the long run, you'll come out ahead vs. paying rent.

Oh no, not this all over again...

I also signed a contract at the Oro and I've also not heard anything about a closing date. In fact, sometime around April/May, the Oro sales staff stopped answering my questions and deferred them to their lawyers. Accordingly, I had to have my lawyer ask questions on my behalf. Not fun.

I am in the construction business and signing an open ended contract has been one of the greatest mistakes I've ever made. I've been smacking myself harder and harder with each passing day. The way that the Oro was advertised and explained, it sounded like we could be moving in December '07. Here it is August '08 and I have nothing to show. This entire experience has been like an experiment in sleep deprivation. I'm going insane! We got very lucky in moving in with a friend while we waited for a closing date, but to say that we have overstayed our welcome is a gross overstatement.

The area will improve, but it's hard to tell when. Obviously, not in the next few months. The Oro sales staff also told me that the adjacent projects were going to be razed, which made the deal sound so much sweeter. Sounds like that was another marketing ploy.

I want my deposit back.

Not a lawyer, but can't you make the case that you were lied to (re the projects). I'd do whatever I could to get out of that deal...

fisher, numerous people have told me that the oro has been disseminating that garbage about the projects being razed. That is nonsense. One thing that is true is that many of the apartments are empty under the pretext that they are going thru renovations. I have talked to individuals that live and work there and they have all agreed that apartments have been empty for as long as 2-3 years. What this is all about is unclear. The city says, according to my sources, that they can't afford renovation and moving new residents in at this time. Is there a plan by the city to upgrade Ingersoll projects is unknown.

When you say open ended, I'm not sure what you mean. Isn't there a date where if not able to occupy you can cancel your contract?. It looks like it is 50% sold, can't they rent the remainder 50%? If they do rent the remaining unsold, do they have to give you an opt out?

I must admit I am confused as to their intentions.

According to the city's site
http://a810-bisweb.nyc.gov/bisweb/COApplicationSummaryServlet?requestid=2&passjobnumber=301968440&passdocnumber=01&allisn=0000989164&allbin=3000247

there was a C of O inspection on June 11th. The next one is scheduled for August 13th.

Thanks for the link, Zinka. Am I naive, or perhaps indulging in wishful thinking, or might this be the underlying reason for the hold up? I don't want to face this condo going into rentals - I want the apt. I signed a contract for. The views are amazing, and the ammenities are top notch for the $ I'm spending, and yeah, yeah, I know Flatbush Avenue ain't Park Avenue.

Junkman-

According to my lawyer, there is no opt out. JW, is there a section that specifies this?

This is a bit frustrating. I signed a contract on a 2 bed 2 bath back in august of 2007. Have had nothing but trouble since. Any word on them lowering prices? There is no way that they have kept the prices stable during the past year.

fisher81, thanks. News I really wanted to know, thanks again.

jw: They can't close until they get a C of O (at least a temporary one), but that has nothing to do with going rental or not. My guess is they just haven't quite finished all the details of the construction to the city's satisfaction. But I have no inside knowledge.

If I were you, I'd call them up the day after the August 13th inspection and see what they say then.

FYI- Just spoke with my realator. She told me they would close by August 30th. We'll see about that. She also told me that I should have kept my 5.5% mortgage rate (that I had in March when she told me that I would be able to close). What a twat.

Hopefully they start closings soon. All my borrower are ver anxious as well. Fortunately I have many of them locked until the end of the year or end until 2009. For any Oro contract holders, we are offering $2000 that they can use toward closing costs, rate buydown, etc. And we are approved lenders for the building. Just an FYI. sunny_hong@countrywide.com

Hey fisher81 - did your realtor say they were sending closing letters by August 31 or they would like start closing by Aug 31? How confident was she? Thanks for the info.

She said they would start closing 8/31. Confident as ever, but she's been confident for over a year now, so...

fisher81 - my understanding is that there is no opt out clause.
Thanks zinka and fisher for feedback. My realtor says, as well, that we'll get a closing date out of them by the end of August.

by law there has to be an opt out clause, it would be detailed in your plan. They law states that if one unit has not closed within 1 year of there projected closing date the developer must offer the right to rescind. I promise that clause is somewhere in your offering plan.

The problem is that there is no projected date. It's been checked. We went down to the sales office yesterday to try to get to the bottom of this. We were greeted with typical strawberries and cream, called "sweetie" and were generally welcomed with open arms. It just wasn't the typical greeting you expect after all of your questions have been directed to lawyers for the past 4 months. We demanded a move in date and we were only given a "probable" closing date of 8/31. We were then taken on a walk thru of the building so that we could see just how much work has been done since March. Sure, the gym was there, the pool seemed operational (no water, though), the lobby appeared to be nearly complete, but our actual unit still needed paint and the exotic hardwood floor was not installed. She told us they could get everything done in a week if they get 300 guys up there. Don't get your hopes up; this won't be happening. There's still adequate punch list to get through and various inspections. There might be a light at the end of the tunnel, but the ambiguous lying continues. I would estimate mid-fall closing.

"...and the exotic hardwood floor was not installed."

Man I wish I was in your shoes in regards to this one situation! If I were you, I'd ask my lawyer about treating the underlayment with proper materials before the hardwood floors are installed; that is if you, your significant other, or guests can walk in their dress shoes every once in a while without neighbors complaining about how noisy you are. In the UK they have stringent code regarding how multiple unit buildings must float their floors to reduce foot fall noise. Wish we had that in NYC.

Any word on inspections today....8/13/08???

For the people that are anxious to close on their unit. Be careful what you wish for. I've just signed a contract in this development earlier this year and got about 12% of the asking price. A week ago, I found out one of my friend also sign a contract for a unit in 2007 at the asking price. That was before the credit crisis. After comparing notes he realized that he just lost 12% of equity on his unit. Upon closing the banks may require that he put more deposit since his unit may or may not be appraised at the selling price.

It would be worse for him to close since the closing cost is about 5-6%. If he decide to sell his unit it better appreciate another 6% on top of his total cost, since he will be responsible for the transfer tax and the broker's commission (assuming the broker's commission is about 3-4 percent and not the usual 5 or 6 percent). If a unit were to be contracted at 500K and resold afterward, the seller needs to sell the unit at about 560k to break even.

Since there is another similar unit was contracted at a 12% discount the first unit is now worth about 440k. That means the first buyer is already in negative territory and the comparative sales have dropped from 500k to 440k. For the unit to be sold at 560k, the unit has to appreciate a little over 26% since the units are now worth 440k. With the real estate market and the credit market in such a horrific state. It is unlikely for the buyer of the condo unit to sell at break even in the near future, unless we can hold on to it for 10-15 years. But there seems to be no reason to buy an asset that will only break even in 10-15 years. During that 10-15 year period the buyer will actually lose money due to inflation and the cost of carrying the asset (monthly mortgage payments and common charges), unless there is no mortgage. The other negative side of this transaction is the opportunity cost. If I were to invest the 500k in a muni bond and assuming the interest rate at 3-4% compounded over 10-15 yrs. I would be far ahead of buying into this unit.

We like the building and I really like my unit, but both my friend and I are having a heavy dose of buyer's remorse.

If someone were able to get a similar unit at an even steeper discount then we are both screwed. If the numbers don't add up, our worst case scenario is to give up our deposit instead of going into a bigger hole.

By the way these figures are just rough estimates. For those of you that want exact numbers, you should consult with your attorney or accountant to get the exact closing cost and do a bit of number crunching.

i just spoke with the receptionist and she said aiming for the end of october

Did they mention anything about the inspection? This is so frustrating!!!

bklyn306 - I'm sorry to hear about your situation. I understand your concerns. On the other hand, I would seriously doubt that it would take 10 - 15 years to break even. Look @ the bottom of the real estate market after the crash in '87 and where prices went in the next 10 - 15 years.

> Look @ the bottom of the real estate market after the crash in '87 and where
> prices went in the next 10 - 15 years

The analogy makes little sense...

You need to compare buying BEFORE the crash in '87, not after. You're not talking about buying at a bottom, you're talking about buying near the top. Cherry picking like you did leaves out the return during the crash itself... which is the biggest hit of all.

And then you need to factor in inflation...

More common sense from Doomsday Eddie ;) Put your money in your mattress, folks, not in real estate. LOL

Am I the only one who is starting to get the feeling that Eddie lives in a rent controlled studio in Hell's Kitchen? :)

> Put your money in your mattress, folks, not in real estate.

Thats pretty stupid. There are definite buying opportunities out there. Hell, pick up an index fund.

> Am I the only one who is starting to get the feeling that Eddie lives in a rent controlled studio in
> Hell's Kitchen? :)

Would that make you feel better about your "investments"? Is that all you have left? Trying to insult me? What are you, LICC's older sister?

I check this message board everyday and eachtime I get more and more frustrated. I went into contract in August 2007 so know how many of you feel. So despite being over a year and still having not closed i got some more disturbing news. I am in contract for a 2 bedroom and found out that the 2 bedroom 4 floors above me in on the market for significantly less than i am in contract to pay. the differential puts me in the whole (negative equity) for almost $50k. It appears there is not much i can do since i am in contract... but basically it is BS. EddieWilson is right about everything he is saying. I am to the point of walking.... I put down just 5% for my deposit and right now it makes more economic sense to walk away and let Oro try to sell that dog to someone else.... good luck with that, because despite what the sales office tells you, the apartments are not moving. This has been a joke from day one and Douglas Elliman is just as responsible and liable as the developer.....!

Which line were you in? I am in the same boat on the A line. With time I think it will pick back up, if not I plan on living there for 10 years anyway. The views and interior is fantastic. Better layout compared to the Toren.

hadenough, joe11,

Out of curiosity, if you could back out of your deal and pick-up a unit in Toren, would you?

The C line. If I back out I am going to wait a bit to see how the rest of the buildings go - or avoid new const so i have a better idea of what i am getting and when i get it.

hadenough: not to add fuel to the flame, but mind you the apartment above you is at an "asking" price. the amount you could actually acquire it for might be an additional 5-10% less...just FYI

when are people able to rescind their contracts?

ap307,

The toren is fantastic in many ways; SOM, LEED, etc. The view from the northwest corner is better in the Oro, until another building comes up in front of it. The NW view from the Toren is not much different. IMO, The kitchen and master bath are better in the Oro. I just think BFC is in a much better financial situation then 147 Flatbush LLC. Toren has 117 units in contract, I am not even sure about the Oro. To say the least, Toren has sold a lot more than the Oro and they have only just begun.

Don't know about Oro's kitchens, but Toren's market rate units have $7,000+ of kitchen appliances (starting with a $4,000 Swiss-made fridge, a $2,000+ oven, a $500+ good), and cabinets with dove-tail construction (very expensive, ask any carpenter). Tough to beat, but not impossible...

Applicance, Oro has GE. Don't you think the Toren needs more cabinets, island? The Toren is beutiful don't get me wrong, a couple of my friends have already bought in there. I don't know if there will be any descent views once flatbush is developed?

which floor on the A line joe11?

Toren's kitchen can use an island. I think you get one added as an option.

Ironically, although my apartment faces Cat's construction next door, I have some beautiful views of the Williamsburg bridge / Manhattan that will not be obscured by any new development (the view is over the projects)...

hadenough- I'm truly sorry, you're having such a bad experience. Look at some of my old post and you will see, that I predicted this months ago. You are not alone. Many contracts, that are currently signed for new construction, will never close. Most were people looking to put less then 20% down. The whole market has changed. In time, as this problem gets worse, and it will, you will see thousands of units start to hit the market. If you plan on staying for 10 years, I would say that you will OK, however if the building continues to have problems moving units, one must ask about other potential problem on the horizon. If I were in contract, for a unit, in one of the 99.9% of the new construction projects at this time, I would hire a great lawyer and look to get out ASAP. If you don't, 99% of buyers will see their neighbors pay 20-30% less then they did in a year. Good luck.

Having my lawyer look at all the options. But fully agree with you dco.

Does anyone know exactly how many are sold???? This seems to be the biggest question out there. Shong do you know?

hadenough, I am in the same boat as you. I am considering walking away from my contract. If there are more people that are considering walking away from the contract because of the negative equity or because of problem with down payment or mortgage, please let us know.

Is there anyone out there that have the option of walking away with their deposit? If you guys are out there please let the rest of us know.

I got a 60,000 discount on the A line. Anyone else in contract care to share their discounted price?

If we compare notes, it should not be hard to figure out approximately how many people intent to walk away from their contract and how many will actually close on their unit.

bklyn 306 what floor did you signed for?

I plan to speak to my lawyer next week to find out my options. Has anyone received an updated (BS) date from them? Collective bargaining may be a good route if there are lot of us out there.

I have a feeling that there are quite a few of us... many who are probably not on this board.

Can they give everyone 60K off? If they would do that, maybe they would have no problem selling. Then everoyne might actually get factual numbers on units sold.

he's just spoofing you freaks. do you really believe he'd be walking away from this if he got a 60G discount? let's be serious. whoever these people are they're just trying to drive down prices either to mess with the developer or to get better deals themselves. and if you start freaking out about it they get exactly what they want. come on... walking away after a 60G drop????? that woulbe even more ridiculous then participating in this forum. (yes, the irony is built in)

What is the latest scooped on the unsold units. Are they agressively selling at discounted prices already? What's the 'A' line going for these days. Heard they are assuring that closing date is 31st Oct. Any truth in it?

Value of Oro has gone south partly due to remorseful buyers complaining in blogs like this.

They really don't have a clue that by posting negative remarks it will drive the Oro properties value even further down. No new buyers will want this looser of a property. If that happened the developer will have no choice but to convert the remaining units to rental. That will surely drive the value of their Condos further south. Like all investment it can go up or down. Just blame your luck.

I think these remorseful buyers should chill out and be more patient.

agreed. these people can't afford to buy in this building and really want to so they're trying to push the prices down even more than the market dictates. either that or they have a thing against the developer and/or pde. the developer's lenders will not permit aggressive price cuts. this isn't california nor florida nor vegas. they know they can get a return on this. the building will not go rental because that means spreading their return over many years and destroying the cash flow and any existing or future projects. do your research, think and just chill.

Does anyone know how many are sold?? Anyone?

They are dealing but I don't think in the 60K off range, unless you buy one for 1.2 million, then 60K doesn't mean much. What if they are does that mean it is worth it?

Beggars can't be choosers. Either take the discount whatever they offer or get your deposit back. What else do you want? Oro to give you a free unit?

Mandy, it would be nice if we were able to get our deposit back. I think most people on this board would choose to get their deposit back if they could. Unfortunately the problem is either give up the deposit or buy the place with the possibility of loosing even more money. Yes, there are people that should not be buying in this development. But there should also be a lot of people that can really afford it who is hesitant to close due to the drop in value. Example unit 26F is asking 975 and unit 23F was in contract at 975. Unit 23F could have pick up 26F at the same asking price. assuming unit 23f was contracted at asking price he just lost equity in his unit.

According to Streeteasy, unit 11A dropped 43,000 3 weeks ago. And that is just the asking price. So why would anyone think that it is so difficult to get a 60G discount off the same unit on the 20th or 30th floor. There are numerous price changes in the Oro, just look it up in Streeteasy.

joe11, there is zero unit sold, they are just in contract. The contract holder still have the option to walk.

The reason this building is not selling is because of the housing market correction and the availability of credit not because of bloggers. I think this is a really nice building, the view is great and the fixtures are high grade. If the developers are in such a good position why do they need to drop prices. The people that is complaining are the ones that have been contracted in 2007 and have seen their equity disappear since the asking prices on other units have been lowered.

Even the Toren may have people contracted at prices below the asking price. Prices are negotiable, who know what the contracted prices is.

Mr. Hong from Countrywide should have a list of people who is in contract. Maybe he could shed some light on thing. But since it is in his best interest to have people close on the units. His comments may be questionable.

bklyn306 I call BS on you.

Any discounts show up on Streeteasy but they also require amendments to the offering plan and approval from the bank and that's not simple. It's no way as easy as you claim and I can't find any unit that was discounted $60k in the A line or any line for that matter.

The people who bought in 2007 got discounts for buying early but these discounts were part of the offering plan.

Also, why on earth are you pushing Countrywide mortgages?? I believe you and Mr. Hong are one in the same

Toren isn't negotiating FYI.

This is precisly the problem, they are not entering the information on streeteasy or prudential. No one will know until they start closing, no one.

Hong and Prudential keep saying 50% are in contract. How do you really know? Who can you really trust to give you these numbers? It is a bad situation to be in. How long does it say how the last TCO meeting went on August 13th.

And Yes, the Toren in not negotiating.

Bklyn306- back up your claim of a 60k discount by what floor you purchased. If not, you've just outright lied to everyone on this thread.

Here is the list of sold(in contract-having paid 5% booking fee and unsold- still available units).

http://www.streeteasy.com/nyc/building/306-gold-street-brooklyn

Hope this infor. helps!

I signed a contract on July 14, 2007. I don't see it on the list of chronologically "contracted" units. This is unnerving, to say the least. I can't trust anything coming from the Oro at this point.

As far as I know, we are unable to get our deposits back.

This being said, my wife and I were able to come up with a possible opt-out plan: murder-suicide.

fisher81, you should verify your booking with Oro. Your contract should be there in the list in principal. Why would Oro hide your contract sale from the public? Maybe your contract is not binding. Assuming you paid the $5%?

I paid 10%. That was a mistake, huh?

I just flipped through some of the units under the "Activity" section of street easy and noticed that the majority of these are either "No Longer Available" or "Temporarily off Marte". What does this mean?

What if all of us Oro Buyers gave them an ultimatum, asking for a guaranteed closing date?
I bought & put down my deposit a couple of months ago, and at that time the sales agents at Prudential spent a LOT of time & energy courting me. I am personally very excited about a future at Oro, but like the rest of you very frustrated by the ambiguity of waiting for the closings to happen.

If many of us threaten to walk away and join together to give an formal ultimatum, that may spur them into action. Judging by how much energy they spent courting us buyers, I assume they're not really in a position to easily replace us with other buyers if we all threaten to walk away.

I would have no problem doing that, but what would our date be and what would it be based on? I signed a contract in July '07 and was promised that I would be in the building "no later than February." (By the way, I saw my realator two weeks ago and she said that "[I] can't quote [her] on that." FYI- I can.) As the currecnt financial situation sits, I'm f*cked. I mean, what is reasonable at this point?

I agree that the only way that we as buyers will be able to achieve anything is by banding together and making a hot stink.

How do we go about getting this done?

Does anyone know a good real estate lawyer who is willing to help? Dissatisfied buyers could get in touch with him to see what are the available options or assist in negotiating a good deal like a heavy discount for buyers willing to wait. The building is completed and it's only a matter of time. The way to go!

Agreed. I am happy with my decision. I just want to have a real closing date.

I don't think it is possible to get a real closing date. It's impossible unless the developer is God. Any thing could happen during the inspection for the C & O. It would be nice if every buyer get $60 off to shut their mouths and fold their arms and wait. Like I said the building is completed. I see works done every night up to 11.30pm. If you don't believe me drive by any evening and you can see lighted condos. I am sure the developer is just as keen as you if not more to close this deal. They have more to gain then you. Monies in the bank and their reputation- pricless! If you have any experience in buying new condos this waiting game is normal.

I've created a discussion group with Google for current and prospective buyers at Oro. If you guys want to organize some sort of collective action, this can be a useful vehicle.

The name of the discussion group is "Oro1", and the e-mail address is oro1@googlegroups.com

Even if we cannot get a closing date due to unexpected complications arising during the Certificate of Occupancy inspections, then at least we should be expecting a lot more transparency about the progress and receiving frequent status updates.
Their silence on the issue is what is suspicious and frustrating more than anything else, along their inability to quell circulating rumors about going rental with the entire property. Does anyone know more about what would happen in such a scenario?

As for banding together, I think it would just be a matter of writing formal letter and having it electronically signed with the consent of each frustrated buyer...With several of us signing a document like that we could at least expect some more capable response from them.

By the way where is the new Oro 2 going to be built? Will that building interfere with Oro 1 views?

Do you Oro Buyers have RE lawyers representing you in the sale? What are they saying your rights are. There should be transparancy about the closing but I'd expect them to be vague with lawyers. I'd be calling everyday until I found out what was going on.

the sponsor probably wants to start closings more than the buyers do - sponsor wants buyers' money. problem is that they're at the mercy of the DOB when it comes to getting that blessed initial TCO, and the DOB is more backlogged than a time warner call center. i understand how the waiting sucks but relative to other buildings of similar size (and even smaller size), this building is still on the speedy side of the spectrum.

Well said BrooklynLove. Most complainants here are probably inexperience 1st time buyers or sore loosers who paid more in earlier launch and trying to wriggle out of the signed agreement. Let's be fair to the sponsors. They are like you - trying to make a living!

Is anyone concerned about this becoming a rental?

Does anyone regret their purchase?

If you get a deal on Oro now, is it worth it? Over Toren?

Mandy,

Oro2 is going right next to Oro1, next to A and C lines. In the future a building will replace the red brick building and that is in front of Oro1. Will not be that big though. Another building will be built on the other side of Tiliary in front of Oro1. The views will always be there someway.

Oro 2 is going to be 38 stories. No more red brick building on that site - it's been a hole in the ground for a while now. Last I heard, foundation work was supposed to get started there come September. A large portion of Oro 2 is planned as hotel - a Hilton brand. There is something on this here: http://www.hotelinteractive.com/article.aspx?articleid=10383

The other buildings along Tillary are planned to be much shorter (under 20 stories) with the exception of Flatbush Flatiron, which is going to be just a few stories over 20.

11201, you need to use some logic in your comment. Where did you see me promoting country-wide? If I were Mr. Hong from Country-wide I would be giving you guys all the positive so you will close and I can get the commission at closing! Mr. Hong is generous (naive) enough to post his own work email.

Seamus, did you buy at the Oro? Would you post your real name and number on this blog? Maybe I brought the F or the C line! If I need to lie I would told you that the developer gave me 2 for the price of 1.

I am certain that at least one of the blogger on this thread work for the sales team or the developer.

As for Streeteasy, it is to be a reference point. The info on this site is not guaranteed. The reason I am questioning the prices posted on this site is because they don't show the contracted price. The unit I purchased only list the asking price and not the actual contracted price.

If this building does well, it is good for all of us. But who would want to be in negative equity? If the guy upstairs from my unit close cheaper I would be in negative territory. There is no way of knowing unless they close before I do. Then I can check public record for the actual sale number.

Once the closing starts in Oro I would advise potential buyers to go to Acris to check out the actual closing price. http://a836-acris.nyc.gov/Scripts/Coverpage.dll/index

The other way to check on info such as closing and deed, is to go to the county clerk office and ask for help.

Hey, maybe we can have the developer pay their own attorney fees and the transfer tax, that is a start.

Everything is about pricing. Would anyone out there pay 50K for a Hundai? I hope not.

People I was just stating my own experience and have no intention of insulting anyone. If you have a solution to this problem. Please post it.

In conclusion I would hate to be the first one to close. I would love to close once I can confirm that I did not overpay for my unit.

Yes, I work for Countrywide. I hardly ever promote the company I work for. I promote myself. Yes, Countrywide is the poster child for everything that has gone wrong with mortgages. However, what does it really matter to anyone if they close with Countrywide or ABC bank? All is all a mortgage is a mortgage. If a loan officer screws you over, are you going to blame the bank he or she works for or them individually? Getting the best possible loan for buyer, isnt that what really matters? I do this for a living. I didnt just get into the industry to make a quick buck like most loan officers. My experience with all my clients have been most pleasant and you will not hear one bad thing that I have done. With that being said, the Oro condo delays are frustrating me as well. Dealing with rates fluctuating, lock periods, guideline changes, etc. I want to help those who are in contract close in a timely manner and offer our best incentives. As far as I know, the Oro is at or about 50% sold. I can only go off the information given to me from the sponsor's side. I'm not closing 150 units so I can say for sure 150 units are in contract. If anyone has anything they'd like to say to me they can email me. SUNNY_HONG@COUNTRYWIDE.COM