The Brompton

Not that I am aware of

NYCondoblog.com suggests that Related is negotiating at The Brompton and The Harrison at the link below. For one that bought early in the building, any discounts to move current apts for sale by Related at elevated levels psf levels may in fact still be above one's own original contract price. I would think this creates a difficult negotiating situation for the buyer if they have seen their wealth and income deflate over the last year... perhaps they could work with you on closing costs which would help you some (but not a lot) however it definately doesn't hurt to ask for a price concession as i think everyone that is going to close soon will be asking as well... good luck.

http://www.nycondoblog.com/?p=991

I hear some purchasers are unhappy with their units. Is that true?

i don't think anyone has closed or moved in yet and so i think the number of people that have seen a finished apt is very few outside of the construction team. please post if you know otherwise. there is another thread about the Brompton that suggests somebody is already in there but perhaps that is the super's apt or perhaps an onsite office for the development team...? i highly doubt people will be unhappy with the finished product as Robert Stern is on a roll but i'm sure many are unhappy with the price point they are in contract for given what has happened in the market in the last 6 months...

If I were a buyer, I'd threaten to walk. Best of all, if you can find the other people who signed contracts, you have strength in unity. Even if they hold on to your deposits, Related would be very hard-pressed to find that many buyers at this point. And they don't get paid until a sig. % of units have actually closed because the banks get paid first.

IMO, the price points were crazy high for the Brompton and Harrison given what else is available in the 'hoods (okay, they're not condos for the most part). 5m+ for a large 4-bedroom with okay city views and not prewar unreplicable goodness... Things are different now.

Ok. I heard some purchasers were able to visit their units in the fall to take measurements, etc. I heard the kitchens were a disappointment, and the ceilings were low.

If there are purchasers thinking about pulling out, let me know. I can be reached privately at bandanco@yahoo.com. I have a client who is considering pulling out. He is uphappy he purchased at the top of the market with delivery coming in the next few months. If the unit had been delivered when promised, he would have had a chance to close and flip. Now he doesn't. Look at the folks at the Plaza who are now selling and taking a loss. The lesson is to wait until closer to building completion to buy. Of course, the problem is the inventory is not the same.

Related would be smart to grant concession and close than carry these units, fight the deposits and take the market risk going forward. Right now, purchasers are the ones taking that risk.

"I have a client"

who are you? a broker? a lawyer? a mortgage broker?

ali r.
{downtown broker}

the brompton is a waste of space

I'm a broker.

I have a friend who went in the fall to check his apartment and he was totally disappointed. He says the finishes are awful and it's completely different from what was promised. He asked to go back the following week and they didn't allowed him. It seems that the group of people that were allowed in that day were all very disappointed.
He wants to sue to get his deposit back. It was one of the large apartments.

Sanba, send me an e-mail at bandanco@yahoo.com. I would like to hear more.

"He is unhappy he purchased at the top of the market with delivery coming in the next few months. If the unit had been delivered when promised, he would have had a chance to close and flip. Now he doesn't."

Well, someone has to be the one standing at the end of the game of musical chairs. Sucks to be him. But actionable? Give me a break.

The timing part, no. Still, the fact that the market has dropped gives him leverage he would not have had it risen. In fact, had it risen, we would not be having this discussion. It will be interesting to see how many purchasers do not close as scheduled on this project and others.

Bandanco
I gave them your email
They will contact you

Ok. Anyone else who knows someone with an issue, let me know.

I was the one who saw the occupied apt. My guess is super given how it is set up and that it was occupied late at night, but who knows. It is the Apartment on the first residential level directly adjacent to the Gap/Equinox building on the avenue side. One room was painted a powerder blue.

There was also a bed and what looked like full closets and tvs on the walls of two rooms. (easilly seen from street given it is almost eye level and had no blinds since they appeared to be moving in.)

I am a buyer in the building and saw my apartment. It looked like it belonged in a rental.

i can't believe people would pay $650k for a studio in Yorkwille!

Its a Stern building. If you want his across the park, its double that for the maid's studio....

bludog10 - can you provide more detail? I haven't seen my unit in the bldg yet.

It was very cookie cutter, boxy. The closets are too small. HVAC controls are a joke. e-mail bludog10@yahoo.com. Talk more there. Frankly, I think most purchasers will be disappointed. Don't know what to do about it though.

Stern didn't do interiors. Don't blame him.

Another mediocre NYC condo. The interiors are awful, and the location is undesirable.

Surprised to hear these comments. Building looks gorgeous from the outside -- I walk by all the time. Would have assumed that interiors would be very nice.

Location could be better but its still a nice place to live. Just pretty busy area.

"Stern didn't do interiors. Don't blame him."

The Related Marketing people slap his name on every piece of promotional material, but it is somehow okay that he couldn't be bothered with the LIVING spaces of the building? Not acceptable. He is the architect on record. He should be held accountable for both interior and exterior designs. This is exactly why I would never buy an apt. that I couldn't actually see, walk through, or touch.

Just a fact. Doesn't matter. Building's 90% "sold" except no one will close. Will be a very nice rental!!!

That's interesting about the Brompton because what we've seen of the Laurel (disclosure, where I'm working with a client) the finishes are gorgeous as advertised.

Closings are in progress though the building is not fully sold.

Any comments on the Lucida, the third of the trio?

ali r.
{downtown broker}

Reason is the developer of the Laurel spent a ton on the fitout. Related had its stuff made in China from what I hear.

What is wrong with the HVAC controls?

I dont believe that anyone who purchased in the brompton has actually seen their unit pre-close. sorry.

see the posts from bludog 10

Cityfile is reporting Real estate developer Mark Kalimian and his wife Keren paid $9.1 million for an 18th-floor apartment at the Brompton on East 85th Street.

That's crazy..

http://www.nypost.com/seven/02262009/realestate/battle_ready_156947.htm