15 Madison Square North

I was going to direct you to the department of educations website. It has a useful map feature that gives you the schools you're zoned for if you type in an address. However, I tried 15 East 26th Street and it said to contact the office of zoning.
Here's the site, its usually useful.
http://maps.nycboe.net/

also www.insideschools.org has zone maps for all public schools . By the way the 1000st feet apartments in this building have a den with no window and faces an ugly wall. Best kitchen amongst all new devs we saw-has a cool water tap above the gas stove etc etc.. But the nabe did not appeal to us as far as raising a family goes

The NYCDOE hasn't published zoning for this building, which is why it's not in StreetEasy currently. We've contacted the Dept of Ed, and will add it as soon as we've confirmed.

Chances are very good that it's zoned for PS116 which is a great school. That is what is shown on the (old) zoning maps and what 50 Madison Ave, on the corner of that block is zoned for.

Thank you for the info about the school district. My wife and I just bought signed a contract on a 3 bedroom in the building. Two of the bedrooms face that brick wall and the natural light is pretty bad, but for less than $1100/sq ft. i think it's a steal. The building has amazing finishes/amenities and I believe in the marketing of the building as a very high end and prestigious address. Let's hope the rest of the area picks up! A very big negative is the lack of services in the area. There's no supermarket, no parking garage and even the dry cleaner is a few blocks away. These are all trade offs, but I believe the investment value and high quality of the building offset all these. Time will tell!

We've updated the building for the correct schools after speaking with the Dept of Education. Elementary is PS116, and middle school is Baruch. Fifth Avenue is the border.

We also just signed a contract on a 3 bedroom and we are really excited about raising our family in this building. Having two children already, we love this location. Madison Square Park is one of the best downtown playgrounds/parks for kids. We also love the concerts for kids during the summer and the evening concerts for adults. Sixth Avenue and Park Avenue have grocery stores etc. but we have come to rely on Freshdirect anyways! Hopefully, the building will have dry cleaning concierge service. Anyways, we have lived in this neighborhood for four years already w/children and couldn't think of a more choice location.

I can't see why they would not have dry cleaning service.

Does anyone know if they are replacing the old elevators in the building? Anyone seen the plans for the lobby or roofdeck? Was also wondering if anyone has heard an update on timing. If anyone bought an F line apt, there are significant differences with the kitchen they should be aware us.

hearing people cant move here till 2008. that sux.

Just phoned the sales office to see when the building will be done. They were exceptionally rude and nasty and wouldn't give me a straight answer for anything!

fyi, they emailed me a week ago to tell me they still had my offering plan check. i replied back and asked if timing was still projected as 1st quarter 08 and they answered right back, yes.

Who did you talk to?

anyone know what the deal is with this apt? have people moved in and are there still any up for sale?

Anyone know when they are opening the second phase of sales? They have been saying 6-8 weeks since the end of the summer... Anyone have any feedback at all on progress of the building or new developments with the design? timing?

phase 2 just opened, about 5 new apts on sale. no update on when phase 1 construction might be done.

looks like they signed contracts on those 5 units. I wonder why they only released 5? They must still have another 25-30 for sale...I hope they don't drag this out and make the building a contruction zone for the next 2 years! Does anyone know if they are planning on keeping the first 9 floors commercial permanently or will they eventually sell all 20 floors for residential use?

From Daily News:

Friday, December 14th 2007, 4:00 AM

We hear actress Jennifer Aniston finally landed a New York pad. The Emmy-winning "Friends" star looked at and allegedly intends to buy a unit in 15 Madison Square North, a residential conversion of an office building at 15 E. 26th St. Most of the businesses in the building have left, but there are allegedly a few holdouts such as Harcourt, Dewberry and El Al Airlines. Residential buyers in the 20-story loft building will enjoy services from Abigail Michaels Concierge. At the north end of Madison Square, the building was reconfigured by Dan Goldner Architects. The bathrooms in these units are exquisite wall-to-wall studies in Bianco Dolomiti marble. A 2,390- square-foot, three-bedroom is on the market for $3.35 million

http://www.nydailynews.com/services/realestate/2007/12/14/2007-12-14_the_closer.html

viewed the property today- it looks beautiful and high-end. i'm confused by the pricing. whilst i think the apartments are a "bargain" for the area (especially when comparing to one madison) - i do not understand why there are such large increases per floor for the same units. also some of the park facing units have less desirable floor plans than the "empire state building' facing units and yet are much more expensive per sq ft.

I am in contract on a 3br facing north (thankfully got in in phase 1, I'm glad you think the phase 2 prices are still a bargain :). Yes I think the layouts are better, but people like facing the park and are willing to pay for it, big time. I haven't been in yet to see the model that just opened up, I'm excited. The price increases are a bit dramatic per floor, I can understand maybe if the extra floor clears the building on the other side of the street but otherwise seems too much.

I also bought a 3br that is north facing - on the 11th floor. The building on the north side of 27th street is 10 stories high - so I have a view of all the plumbing and heating tanks on the roof of the buidling. Two floors higher is significantly more expensive, as you clear the opposite building and have a wonderful view of the chrysler building and empire state. The park facing units are in some cases fetching a 70-80% premium to north facing apts. The views of the park are indeed dramatic, but there is also the issue of more abundant natural light. I continue to believe that the north facing apts, with the sacrifice of natural light and views, are deeply discounted relative to the building and off a great "value" in terms of $/sq ft.

ccdevi - I'd be curious what they are guiding in terms of timing for a close - I'm being told to expect a late june/july close. Also, have you heard anything about variability of R.E. Taxes after the first year?

rajvaz, last I was told, maybe 3 weeks ago, they expected a close in July or August, but I won't be shocked if it slips again. I haven't heard anything about taxes.

i was told november/december for closing! i think july/august is a bit optimistic.

fred: really. I don't care that much but that would be a little surprising, thats getting pretty close to the date where people can rescind I think. Are you in contract, or was this as part of the sale pitch? I wonder if that could be for some of the later floors, obviously different floors will be closing at different times.

i'm in contract and my contract states november. i stopped into the sales center over the weekend and was told november/december closing. also if you look at the listings on the Corcoran the expected closing is slated for "winter 2008/2009". i have not viewed the model unit yet and didn't know that there is one. do you know if it is complete and the unit? thank you, frederic

frederic: thats very interesting. When did you sign? So your contract says november and then the 1 year grace period runs from then? My contract says Jan 08 (I signed in early 07).

Interesting point about the corcoran website, I hadn't noticed that, until recently the listing still said March 08, which obviously wasn't happening. I think they simply had forgot to update it.

Regarding the model, I had heard it was supposed to ready by March 17, I actually thought in your first post in this thread that you were saying you had been into the model when you said you "viewed the property." I don't know if the model is open yet, I believe it was going to be on the 11th or 12th floor on the south side facing the park, so either an A or B line.

Hi, I'm looking to potentially purchase at 15 MSN, and wondering if some of you have purchased have any insights. The building has great amenities and great location - however, the current assking prices/sq ft are extremely high, and the Mnt+taxes are also very high (almost $2/sq foot). (In addition, I'm sure the Maintenance is going to go up significantly after closing, since the Offering Plan was probably done in 06, and the cost of heating oil and gas has doubled since then.)

Right now, looking at the price/value equation (even for non-park facing apartments, whether east or north exposures), it seems extremely hard to justify prices in excess of $1500/sq ft with cc+taxes that will approach $2.5/sq ft.

I feel like this will make resale down the road very hard (esp for non-park facing apartments). Just look at the problems 76 Madison is having.

Any thoughts?

bmw: I'm not sure where you're getting the mnt/tax numbers, they seem like $1.5/sq ft to me, but you may be right, the maintenance (and the taxes) could be headed up.

you certainly are right, the pricing seems very steep right now. i bought in phase 1, and I thought those prices were steep, and the phase 2 prices seem something like 15-20% higher, even more in some cases I think. That said the apts are still cheaper than say 1 Madison.

I'm not sure what to say, I'm comfortable with the price I paid but I would have a hard time with the current prices too (especially given the market and economy). I wonder if there's room to negotiate now, it seems the apts are not moving quite as well as in phase 1 when they flew off the shelf.

I don't know anything about 76 Madison, what problems are they having? the apts just aren't selling?

frederic: I had a brain cramp, I'm sure you're in phase 2, those apts got started well after the phase 1s. so maybe the phase 1s will close around Aug and the phase 2 sometime in the winter (although I'd think later)

ccdevi: Not sure what is wrong with 76 Madison. Apartments there have been on the market forever, building has been in sales mode for almost 2.5 years now. Not sure if it's because of the location (only north/east exposures at best), the street (supposedly nightclubs and homeless shelter right next door) or something else entirely. I believe most apts are sold, but they've had a hard time selling...

Anyway, good that you purchased in phase 1 - those prices were significantly lower than now!

I don't think you can really compare 15 MSN to 1 Mad - 1 Mad apts are going to have ridiculous views - probably the most amazing views anywhere in Manhattan south of the AOL Time Warner bldg. But that's not to say that 1 Mad at $2,500+/sq ft is not overpriced...

I will pass on 15 MSN at these prices. With the weakening economy and carnage of Wall St, let's see if the prices hold.

bmwbmw: 76 madison is a mid-range building. the finishes are fair and the location is not ideal. further, most of the apartments face madison avenue or are very close to the corner of madison avenue and are very loud. I looked at the building and found it to be nothing special and not in the same category as 15 madison square north. as for prices for square foot, manhattan is on sale. i live in europe and feel that as long as the dollar remains weak, foreign buyers will keep the luxury condo market's prices strong. also compared to the other 'world financial center', LONDON, where prime areas average $4,000 a square foot, NY is a bargain.

Frederic: I would agree with you on 76 Madison - nothing special, and pricey for the location and finishes. From that perspective, 15 MSN is better.

While you were in the neighborhood, did you look at the Grand Madison condo conversion (225 5th Avenue) on the corner of 5th Avenue and 26th Street? Curious to hear your thoughts on that one - seems like a great location, very nice finishes, but not that cheap either.

bmwbmw: yes, i looked at the grand madison and found that the apartments were not finished to a very high standard. the hallways looked like hospital corridors and there weren't enough lifts to service the number of apartments per floor. I also was turned off by the concept of a washer/dryer hook-up. This to me was a sign that the developer was either being cheap or ill advised. How much could it have cost ELAD to include a washer and dryer?

bmw: Grand Madison strikes me as just as expensive as 15 Mad Sq North but not as nice. And Elad is cheap as frederic said, lots of complaints out of the box about GM, course same is true for a lot of new buildings.

i heard that the new rem koolhaas building that is going to be attached to one madison park is going to have starting prices at $3,500 sq. ft. and will reach over $6,000 sq. ft. for the larger units. i would think this is good news for our building!

I've come to the conclusion that as long as you buy on one of the few buildings facing the park, you will be in good shape long term. There are only 4 new condo buildings that front the park (I'm excluding the Madison Green condo that was built 10 years ago).

All have great locations - Grand Madison ($1400+/sf, very nice finishes, low cc+taxes), 15 MSN ($1500+/sf, even nicer finishes but high cc+taxes), One Mad ($2500+/sf, sick views and finishes) and the Toy Building (rumoured $2500/sf).

As you may have heard, Chelsea Clinton bought a $3.5 mm condo at One Mad and her fiancee bought a $4 mm condo across the park at the Grand Mad. Wish i could do that..!

l purchased a 1 bedroom in phase 1. I am happy to finally see a blog about 15MSN. Wired NY has forums about many of the buildings in the area but not 15MSN. I think 15MSN has much nicer finishes then the Grand Madison. Wired forum has a lot on Grand Madison and seems like they all had a problem with Elad. Last week I saw the floors at 15 MSN and I was dissapointed. They did not look like the original model apartment. Has anyone else seen the floors?
I dont understand why they cant come close to knowing a closing date. Seems like they do not have enough workers.
I really hope the maitence and taxes do not change. Can we have the taxes reassessed after the first year?

FYI NY Condo blog lists 15 MSN # 8 out of 100 condo apartments
http://www.nycondoblog.com/?page_id=638

lori, sorry to hear about the floors, as they were awesome in the original model. where did you see them, in the new model? is it open? or did you actually get to see your apt yet. what have they been telling you about closing date?

ccdevi
I walked through the model. It was almost ready. You should take a look at the floors.
I keep asking about the closing date and the answers ranges from late May to late summer.

can you tell me more about the floors, totally different wood? different color? narrower planks? seems like that would be the last thing they'd have to change, its not like that wood isn't available anymore.

how'd the model look overall?

Totally different wood. Red tones, I think thinner planks and I do not like the way the wood lines up.
Maybe its nice but i was expecting the original floors.
I also looked on a gloomy rainy day so that may have influenced my thoughts.
I was told the architect signed off on the wood and they did not know, But you would think someone would have noticed them putting down the wood in the first apartment instead of noticing once the whole floor was done.

so are you saying it was a mistake and they' might use the other wood in the other apts?

overall impression of the model apt?

They put this wood in all the apartments on the 12th floor. The model apartment was not complete so i cant give my impression.
When will you look at the model? I would like to know your thoughts.

I asked them yesterday, they said the model will be done in about a week. I'll probably try and go in the week after. They reiterated that closings on my floor (10th) will probably be August.

seems like they do not have enough workers.
The problem I have with the floors is the color , but most importantly is the short planks of wood. an example of long planks would be
http://130w20.com/residences.html

thinking about buying in the building but just moving back to NYC after almost 10 years away; what are people thinking about the neighborhood in general? how about any comparisons to tribeca?

well I think its great. the park is small but its great, if you have kids even more so. the shake shack, 11 madison, Tabla, etc, lots of great restaurants, central to the city. even 2nd ave deli is right near by now. not really sure how to compare it to tribeca.

i saw the model today and it is beautiful. the attention to detail (including the floors) is worlds apart from other condo conversions that i have viewed. If you haven't already looked at the model its well worth a visit.

frederic12...
Did you look at the orginal model? The floors were a rich brown. Many other websites describe the floors as a chocolate color wood.
I thought the floors in the new model where more of red tones. Do you see the difference?

Even the corcoran website and the 15 MSN website show darker floors. Do yu prefer these?

Lori, no I didn't see the original model and I agree with you that the floors in the new model have more of a "cherry" color to them. I would have preferred the chocolate color floors as well. That being said the floors are still very nice. i also was quite impressed by the cabinet hardware and all of the extra details that I wasn't aware of (ie some of the mosaic tile work in master bedroom, the closet fittings, the door hardware, etc...) I have purchased in many new developments in the past and by far this one seems to have gotten in right. did you ask the builder/sponsor if he would consider staining the floors a darker color? i plan on asking.

Frederic12.. I sent an email to the sales center and am waiting for a response.

As an FYI to the other buyers in the building, I'm now being told to expect an August closing for my 11th floor apt that I bought in Phase I. Apparently, the building is delayed in getting the temporary Certificate of Occupancy and timing has been pushed out accordingly. When I signed my contract in Jan 07, I was told to expect a Jan 08 close! It's frustrating that I won't get to enjoy the summer in the new apt near that wonderful park.

Also, I'm curious if anyone was told about an increase in Real Estate taxes for all units after the first year. I definitely was not made aware of this and the building claims they definitely informed all purchasers of this increase.

August is what I was told as well 2/3 weeks ago. I signed in Jan 07 too and they told me first quarter of 08. With new construction you have to expect delays. I assumed a spring close at best but am not surprised at where we are now. Seems pretty typical. I hear ya about the summer though.

As for the taxes, I can't remember what they said. Not surprised to hear they're going up.

I signed my contract in October 06 . I thought the latest would be January-Feb 2008.
Then March April...Jun.
I am also was looking to enjoy Madison Sq Park this Summer.
The sales agents kept telling me that it is more complicated to do plumbing and electric in a renovated building. But that delay has been long enough. Now that the plumbing and electric is done the rest should be faster.(plumbing and electric done...soooo whats the problem)... the difficult part is done...why is it taking so long for the finishes?? Then they have to get a COO!!! Which could cause another delay!
I think they do not have enough labor. New buildings are done from the ground up in one year.

I was told initially that the first year the taxes would be lower and then the following year they would double,
As owners we need to get together and have the city re evaluate our taxes. We also need to try to get an easment for the 4 story building next store to protect the lot line windows.

When did they initially tell you to expect a closing? When I looked at the 10th floor in Jan 07, it was a completely empty space, so they had done the demolition but had done no building on that floor yet. So I never expected to close before April and am not surprised about August. It just seems pretty par for the course for new developments. Sorry to hear about your missed expectations though and again the summer thing is a bummer. Why would they not have enough labor? They have every incentive to get this thing done as quickly as they can.

Re taxes, that just doesn't seem plausible. Those taxes would be extremely high, much higher than at the Grand Madison for example.

Re the lot line, I suspect there won't be much luck with that. Presumably the sponsor would have tried to do that before the project began. It obviously doesnt affect a lot (I think majority, at least by value) of the apts, so hard to see that happening.

See haven't had a chance to stop by but will give a report on my impressions of the model and progress at least on my floor when I do.

The reason why taxes may be higher is because the Offering Plan may have calculated first year taxes only based on a certain occupancy level, e.g., developer projects only 40% of units will be occupied in 2008, so the fully NYC assessed tax rate does not kick in 2008, resulting in lower taxes. However, in 09 with full occupancy, the assessed tax rates may go much higher. Need to read OP very carefully - developers use every trick in the book to entice you to buy based on lower CC/taxes, so would not be surprised if taxes are indeed much higher in 2009.

Also, you should expect the monthly CC to go up quite a lot - what with labor costs, gas and electricity up substantially since 2006, those CC charges will be much higher in 2009.

I ended up buying at Grand Madison - did not want to have the double whammy of very high taxes/cc at 15 MSN and very high prices/sq ft. Because of the AMT, RE taxes are not tax deductible - so paying extra in taxes is just throwing money out the window.

If the building is well run (and I assume it will be) then the monthly CC should not have an initial increase at 15MSN. The taxes are out of our control as they are based on the final assessment by NYC. Its safe to assume that they will increase. I base this logic on several apartments that I own in the area that were recent conversations of a commercial use building in the area to condos.

BMWBMW, I also own in the Grand Madison and I'm sorry, its not a fair comparison to 15MSN. 15MSN is a more of a boutique building with far superior finishes, apartment sizes, amenities etc.

I think it would be very wise to organize as unit buyers to have a collective voice as we start dealing with issues relating to closing. As we begin the closing process, we could have more barganing power as a group when it comes to having requests heard by the developer of fixing things before/after closing. Also, I really think we need to get a handle on what the tax implications are in 2009. I am also prepared for an increase, but increasing 25%(which is what I was told) is very different from doubling! I am trying to get my lawyer to do some work on this and would appreciate any feedback from other's lawyers. Finally, I think the unit owners should have a strong voice in deciding issues regarding maintenence costs, staffing needs, building policies, ect. Perhaps we should start by creating an email group? Any thoughts?

bmw, I think you missed my point. Sure taxes may be higher than in the offering plan, but if they doubled, they would be extraordinarily high for NY in general. 25% increase seems in the ballpark.

Re the Grand Madison, congratulations on buying there, its a very nice building, we have friends there and they really like it. I guess I still don't understand your comments about the relative cc/taxes. It just doesn't seem like that significant a difference. In fact as an example, it looks like a 1900 sq ft place in the GM has cc of 800+ and taxes of 2400+, while at least my 2000 sq ft place at 15MSN, has cc of 1200ish and taxes of 1800ish. Now I agree those numbers may go up but it just doesn't seem like such an important factor. I also agree with frederic that you have to expect the 15msn cc to be higher, its a much smaller building (about 190 apts versus about 70), you pay for that exclusivity/privacy.

rajvaz, I think thats a good idea and would be happy to join an email group. In the long run, the management of the condo will be handled by the board which hopefully will not be sponsor dominated for too long.

ccdevi, hard to compare apples to apples on the cc+taxes between GM and 15 MSN. The 1900 sqft apt you reference is a park-facing unit that is worth $4 mm - much higher assessed value, so much higher taxes. In general, my research shows the cc+taxes at the Grand Madison comes out to be (for non-park facing apartments) around $1.1-$1.25/sf.

Not sure if your 2000 sf apt is park facing, but I figure the real, fully assessed CC+taxes on your unit will be at least 30% higher each i.e, cc of 1600, taxes of 2400 for total of $4K/month, so about $2/sf.

I could be wrong on these numbers, but having done new construction before and having seeing this happen, I wanted to err on the conservative side.

Of course, congrats on your wonderful apt - 15 MSN is a great bldg with great amenities. I just did not want to pay $2/sf of cc+taxes that are not tax deductible.

that's fair bmw, that is a park facing apt and mine is not. still i would be pretty disappointed if my cc+taxes hits 4000 in the near future

I was thinking about purchasing a unit and had some questions about the neighborhood - i drove by at night and noticed four or five busses idling on the north side of the park. I also noticed that the benches on the north side of the park were full of people sleeping - has anyone else noticed this? does anyone know if the buses are there all night and/or why? also - we're looking at a place in the b line and our lawyer mentioned the lot line issue to us. has anyone been given any relative assurances about the lot line issue and the potential to be forced to close up the east facing windows?

maddie: I've heard others talk about the homeless issue in the park at night and to a lesser degree the buses. Most people seem to think one or both will get dealt with in some respect as the area becomes more residential (perhaps as 15msn and 1 Madison close). That said, who knows, the park seems very well funded and yet nothing is done about it now, so not sure what can be done or maybe there's just not that much desire. The buses also could just be a fact of life. Neither one really bother me (of course I'm on the north side).

Re the lot line, I never asked about it as again it doesn't affect me but I would think that they would have tried to take care of it and obviously haven't.

If new owners do decide to get together as they approach closing to try and collectively get issues resolved, one issue to consider is that the "common interests" between the residential condo and commercial space will be governed by a 3 person board -- 2 people from the commercial space and one from the residential -- with the majority controling decisions. Given the ownership/economic split is 54/46 with the residential condo with the majority, this voting split seems a bit backwards and unfairly favoring the commercial interests. thoughts???

anyone have any feedback or advice on the lot line issues?

maddie, I think the lot line thing is black and white. Either they have obtained air rights so the other building cant build up (and I think its clear they haven't), or they haven't, in which case there can be no guarantee.

Btw, I was able to see the model last week. It looks great, really beautiful. I'm really happy how they're turning out and excited about moving in. And apparently they are listening because while the model has the redder floors (which are still quite nice by the way), they confirmed that they are going back to the darker floors.

On the timing front, as I suspect most of you in contract have heard, they are now saying initial closings (12th fl) could happen by the end of June and 10th and 11th floors could follow in mid to late July. That said its all contingent on the TCOs of course and so you never know.

I bought on lot line windows . I am very concerned because this could affect me.
The buildings on the park are landmarked. Not sure if that could stop the other building from building on top of the exsisting structure.
I tried to google this issue and wasted alot of time:)
I did read that there is a air and ventilation law for apartments.
I am hoping they can not build up because it would affect air and ventilation.

I have heard that the maximum height of 120 feet that could be built next door. However, it seems very impractical since it is very narrow lot and goes from 26th to 27th street. Not much room for light. If you calculate the height of each floor, around 19 feet first floor and at least 12 to 13 feet per floor, any building would come close to the floor of the 10th floor.

I Looked on the apartment of building and it says they can go up to 12 floors.
Are you saying that this is based on 10 feet ceiling per floor ( so 12 x 10 =120 feet)?
If they built 10 feet ceiling for the next 6 floors they would be able to go to the 10th floor.
They could build duplex apartments, 2 per floor. one facing the park and the other facing 27th street.
What do you think?

I meant I looked at the building department website ..

I guess that is feasible but what happens inbetween the two towers on 26th and 27th street, there is an awful lot of room? It is a very narrow foot print but I have seen stranger things happen. The good news is that if they did build, I do not think they could go above the 10th floor. If we could see a section of our building, then we could verify this information. Of course if a building were built, then it would also have mechanicals stair towers and elevator overruns that would go above the 120 feet but this is limited. I am glad you confirmed the 120 feet.

Edivictor:
My lawyer did tell me 12 floors. The question is does each floor according to the building department = 10'
I am on the 10th floor so this is a concern for me.
I want to know how many feet are each floor in our building.
I am assuming the first floor is 20' and the other floors are 12' or 13'
I f this is the case then the 10th floor will be at 128' ( and I will clear the building next store).
Do you know what FAAR (floor area ratio) is?
I have been reading about FAR but do not understand.
I am wondering if they do not use the whole area (26th to 27th) then they can build up higher just in the front. The good news is the building is landmarked.
Did anyone speak to a zoning lawyer?

Edivictor.. DO you know where we can find the exact ceiling heights of each floor?

lori.. I do not think the building department dictates heights of a floor. I think you are correct about the math. The 10th floor (at the floor level) should be about 128'. I am also on the 10th floor and think that if a building was built, it would be lower than my view (which is not much) As far as FAR, do you know what the FAR is for the building next door? Here is a link that will help explain the concept of FAR. http://www.carfree.com/far.html I think if there is a height limitation, then it cannot be exceeded without a variance. I am not sure they would give a variance but that is only a guess. If we saw a set of plans for the building, specifically the elevation or section, that is where we can find out the floor to floor heights. I hope this helps.

Have they given you an approximate date as to when they think you can move in? They have told me they think in July. I am going tomorrow to see the progress and get a better handle on timing.

Edi, please post an update on timing after your visit today. As of 2-3 weeks ago I had heard that they thought the 30 day letters for the 10th and 11th floors could go out as early as the middle of June. My impression was that that was if everything went perfect, and of course is subject to the vagaries of getting a TCO. Of course at that point they were thinking the 12th floor letters might go out by end of May, I wonder if they did. Also I did not hear anything about what the relative timing would be for completion of the common areas.

ccdevi, During my visit today, I was told that they are approximately 2 weeks behind. They have not gotten a TCO yet but are close. I did visit the 12th floor and the unit I visited 12C looked like it was 99% finished as well as the hallways. I have been told they will not put the flooring in the hallways until after everyone on that floor moves, to prevent damage. The quality looked very good. Realistically, I think the 10th floor is 30 to 45 days behind the 12th floor. I think that the 30 day letters would go out mid July?????? Even thought the 30 day letters will go out soon the common areas, such as the lobby, fitness, etc may not be completely done. They are concentrating on the units as that is where their income is.

ccdevi, as a point of clarification, the 30 day letters for the 10th floor might be mid July.

Thanks alot edivictor. That timing is in line with what I was thinking based on my visit awhile back.

I also thought the apts looked very nice, that they were doing a very good job.

Re the common areas, I'm sure they won't be done done, I just hope they're not way behind, so that we're living with unfinished lobby, etc for a long time.

Thanks again for the update.

ccdevi, I am sure that they are motivated to finish the common areas such as lobby, fitness, wine celler, storage as it will help them sell the remaining units. I am sure they will finish these items shortly after the first people move in, given the timing.

I did ask about the completion of the entire renovation and they think the first quarter of 2009. Given the delays, possibly the seccond quarter. I also asked about the elevators and the front elevator will be refurbished. The back two elevators cabs will be replaced upon total completion of the building. All in all, I think they are doing a first class job and the finishes and construction is above and beyond the norm.

I went by the building earlier this week. No update on timing beyond what we've already discussed although my gut tells me that they will not be in position to send out 30 day letters for the 10th fl in mid July. That said I'm very optimistic about the building. They just seem to be doing things right. The finished apts look great, high end stuff all over the place. The hallways look very nice, very simple, clean look. Very wide which is great, only complaint is that they dropped the ceilings in the hallways pretty low (8-9 feet, closer to 8 I think) but I know they did that, to put all the mechanical,etc stuff up there. Just wish they could have kept them a foot higher. They also did a really nice job with the commercial lobby, the residential lobby has a long way to go but I'm sure it will be very nice.

Has anyone done any planning with respect to lighting? We're probably going to do some kind of recessed lighting and I'm wondering if anyone has looked into that yet vis a vis the ceilings. Apparently they left some amount of space b/w the ceiling and the slab to allow for this but I don't know the details.

ccdevi, Glad the building seems like it is going well, even though it is not on schedule. There is a space between the slab above and the ceiling, however, it is not very deep. I have several pictures of this condition if you would like to see them.

Do you know of a good painter and cabinet maker? We are planning on repainting the unit as well as build in some bookcases.

thanks for the offer edivictor, how did you get those pictures? doesn't sound great, my basic understanding is that there needs to be something like 5 inches. my friend just found he has like 3 or 3 and half inches and while he might be able to do it, it would be very expensive. just hard for me to believe that they wouldn't have done the ceilings with this in mind.

I don't know any painters or cabinet makers, we are doing the same, painting and doing some built in cabinets. We hired an interior designer (we have zero talent for such things) and I think we'll just use his people in that regard.

has anyone looked into vendors for stereo/entertainment systems? we're thinking about wiring the living room for speakers but need some vendor suggestions - also... closets - anyone like who they're using already? please keep everyone posted on the recess lighting situation - would love to learn more about this; oh - and does anyone know if you can put electrical outlets on the floor for floor lamps?

edivictor - how can i see the ceilings? would love to see the pictures you have....

maddie, i have a suggestion for home automation/entertainment systems:

Kraus Hi-Tech Automation
srk@kraushi-tech.com

Kraus Hi-Tech did my current apartment and will do my apartment at 15MSN. They have a showroom in the neighborhood and do many projects in the area including One Madison Park. Quality of work is very good and have packages at all different price points.

On the lighting front, I live in a similar building now with the same ceiling scenario. My interior decorator had the beams in the ceiling extended (and added additional "fake" beams) to house recessed lighting. It came out great and was a much more reasonable to alternative (and in my opinion, looks much better) then dropping the ceiling.

best lighting company is Levy Lighting they are on 38th between 7th and 8th, I know him and he has done every major designers showroom and personal home. he is great, (wins awards all the time).
as for cabinet and closet i used www.dkbny.com (website is ok, doesn't really do it justice compared to real life) he is located in the bronx (don't hold it against him, he used to work for a high-end company and just went on his own),and really designs kitchens and baths (plain and fancy), but has a company that does custom closets so he comes measures and designs with pictures and custom features. plus he installs and does custom cabinetry. A real renaissance man.

Ah i forgot, for audio, the best is Innovative Audio (they have the best equipment, only seller of Naim in NY) not to mention others (Naim is my favorite), they will measure design and install. no one is better, they are located below B&B Italia on 58th Street.

ccdevi and maddie, my email address is edivictor@aol.com. If you send me your email address, I can give you a link to some of the pictures I took. I have been trying to visit the site once a month over the last several months and have photographed the progress.

Thanks for all the helpful links and suggestions for venders. Much appreciated.

Hi All,

There are fabulous alternatives to recessed lighting for residential applications. Check out www.studio87.com.
I'd be glad to speak about the details.

Staci

I spoke with the sales office today and they told me they have a building inspection schedule for Monday June, 16th. If they pass the inspection, a temporary certificate of inspection and 30 day notices could start by the end of next week! They said they were very hopeful of passing the inspection and starting closings on the 11th and 12th floor simultaneously by mid-end July! I was thrilled to hear this and am crossing my fingers. I'm on the 11th floor, so I think it's time to start finalizing financing, vendors, ect. Btw, I noticed I am no longer earning any interest on my down payment in escrow. Anyone else in this situation? I'm going to have my lawyer investigate this.

rajvaz, what type of rates are you looking at in this volatile market?

rajvaz, thanks for the update. Regarding the escrow, I noticed that too. I actually called the escrow agent. They told me that rates dropped and that was the reason behind it. I told them that that didn't make any sense, for one thing rates dropped significantly well before my interest went from something like 3% to like .3%, why did the interest drop like a stone starting with the one month. They had no other answer, I'm not sure what recourse we have, its not really a lot of money, in the end its probably not worth it to pursue.

I called about the interest and they told me that we only got the interest over 2%. This past month the interest was below 2% so we did not get any.

Good news on the TCO inspections, let us all hope that they pass...........

Does anyone know if 15MSN will have wireless access installed?
I am in a building now that has a company called Natural Wireless.
I have internet in all areas of the building. There are no wires/cables. I don't even know where the boxes are located
It great!

dledven: I'm looking at 5/1 IO Arms with 25% down - quoted anywhere from 5.5% - 6% depending on terms and conditions of loan. The bigger banks are basically priced out of the market and you need to find a good regional Savings and Loan. If anyone had a good recommendation on lender, i'd love to explore it

Does anyone know if they passed their inspections yesterda?

Ugggh. Another delay. Inspections postponed until next week. Looks like the first apts to close (11th and 12th floors) are looking at August at the earliest.

argh!!

Thanks for the update rajvaz. Is your comment about August your guess based on the delay or did you hear that from the sale office?

San Domenico:s restaurant from Central Park South is opening in our building. check out the website:

http://eater.com/archives/2008/06/san_domenico_up.php

space looks very cool. should be good for the building and neighborhood,

Nice. I was hoping we'd get a high end restaurant, presuming that there was no way it was going to be something useful on a daily basis like a small upscale grocery store. Just glad its not another bank.

The area and the park specifically really is becoming a restaurant mecca.

Now we just have to actually close and move in.