Tribeca Summit

415Buyer2: about 5 weeks ago

415buyer5 - I'm not sure how many closings have been delayed, but we've have been told by multiple sources that the apartment build-out is basically done with the exception of the penthouses (which are being re-cut yet again) and many of the common areas, including the work-out room, open atriums and garage space. Clearly there have been no closings in the last month given the lien situation. It is more than a bit disconcerting that the sponsors haven't been able to clear-up the lien, but I'm guessing AIG and other entities involved are pretty freaked out given the current financial climate. Further, I've spent some time looking into the sponsor's funding sources and it appears that there is a big loan payment (close to $60M I believe) due on November 1st. Hopefully this payment will be made or re-financed successfully so there isn't yet another obstacle to clear before closings can continue in earnest. Finally, we've spoken with a handful of people who have already moved it. Feedback is pretty positive, although there is clearly frustration about the delays and severe lack of proactive communication! Please post if you learn anything further.

415buyer5: about 5 weeks ago

Anyone know why there are still 20 apts in contract that have not closed? does it relate to the aforementioned lien? seems like a high number to me given where the building is in its lifecycle

superquant: about 9 weeks ago

415B2: could you email me at rogersanchez75@gmail.com, we are a buyer in the building and would like to discuss with you further ..

415Buyer2: about 9 weeks ago

Does anyone have any intelligence regarding the $12M contractor's lien that CPG placed on the building/sponsor earlier this week? All closings have been suspended until the mess can be resolved. It is sounding as if the sponsor needs a new life line!

415Buyer2: about 9 weeks ago

Hopefully we're in one of the townhouses. Time will tell...

superquant: about 10 weeks ago

very timely, thanks. are you in the townhouses? saw that a new TCO was issued yesterday that covers these plus the 8th floor.

415Buyer2: about 10 weeks ago

Superquant: Wanted to pass along that the hoist was being dismantled in the south atrium space today. Hopefully this is good news for F line owners!

superquant: about 10 weeks ago

Any move-ins care to comment on their experience so far in the building?

415Buyer: about 3 months ago

And that's from MAY!

415Buyer2: about 3 months ago

See below URL for article referencing the ongoing delays at the Tribeca Summit development and frequent lies being told by developers. This commentary is far too familiar to those of us who continue to wait, closing letter after closing letter...

http://ny.therealdeal.com/articles/now-being-late-is-disastrous-for-developers/

superquant: about 4 months ago

Are there any other F line owners out here? Was wondering if you have any information about the hoist removal? We have been waiting (very patiently) for two months since the building got the TCO for multiple floors excepting the F line apartments. We are being told 'labor day' but as we all know these forecasts have been proven to be unreliable and they need the hoist to complete the penthouses. It continues to amaze us how slowly the construction is moving on this property, as if there is no rush to bring things to completion ..

Rickny2000: about 4 months ago

Summit!

Rickny2000: about 4 months ago

Congratulations to all Summitt buyers who have closed. I know it was a long time coming, but I certainly hope that when all is said and done everyone will love their homes. Although I am off the project, I can be contacted if there's anything I can do to assist you going forward.

All the Best,

Rick Kelly
rkelly@elliman.com
212-727-6155

Redsk1n: about 5 months ago

Any word on TCO's for 6, 7 or 8? Also, it would be great to know where to find that information independently from the building.

415Buyer: about 6 months ago

Well we felt the same way Zaccai. Enough so that my posting name is, let us say, no longer accurate.

Zaccai: about 6 months ago

I am a buyer in the building and seem to have had a common experience of 'confirmed' move-in dates that have come and gone. On principle alone I would have liked to have walked away from this project and bought in another building in Tribeca, but as you all know, you can't get the same value anywhere else. We were supposed to move in May of 07' but my heart really goes out to 415Buyer!! I thought our delay was bad, but whoever you are 415Buyer, you have got us beat! I don't mind the delays as much as being lied to directly to my face. If I was given a straight story even once, I think I wouldn't have been so frustrated. It sounds like people are starting to move in though. I would appreciate it if those who have moved in could keep up posted on what life is like over there in the Summit. Once we all move in, we should all meet for drinks and celebrate...though there is no need to start chilling the glasses yet!

superquant: about 6 months ago

Redsk1n - yes, I am also in an F line and unfortunately the TCOs issued to date have excluded this line because of the hoist. So we wait .. do you have any sense of timing on when those penthouses will no longer need the hoist?

Don't know about the tax credit ..

Redsk1n: about 6 months ago

Hello all - I am buyer on the 8th floor - clearly, I will not be joining anytime soon, but did see some lucky sole brave enough to be the first to move in. As for question on the F line, my understanding is until the hoist is removed from the penthouse, which I guess is on the F line, no TCO. This from my architect, and is a likely ramification of the accidents in NYC over the past few months. Would appreciate info on tax credit as well, if anyone knowledgeable. If anyone aware of walkaways or re-negotiations, please let us know - but my assessment of market is that it will be difficult to get comparable value in Tribeca...

415Buyer2: about 6 months ago

A question for those buyers who have closed: Did you receive specific information regarding the Landmark Facade Tax Credit in your closing documents? I'm curious if this tax credit is actually going to be available to buyers in 2008 as communicated by the sales staff.

superquant: about 6 months ago

BTW the latest TCO added floor 3 to the existing TCO that covered floors 4 and 5 (excepting 3F and 5F for unknown reasons)

superquant: about 6 months ago

Any move-ins or move in dates yet for those that closed?

dledven: about 6 months ago

Comment was deleted by moderator.

summit1: about 6 months ago

Didn't not see garage, I think the entrance is on Hubert, if so, i peered in and seemed to be moving along, but really can's say I have an informed opinion.

In ref to TCO.. hope for your sake it includes the other floors as well.. The email mentioned floors 2-6 i think.. but again not sure

superquant: about 6 months ago

summit1 - thanks for the great summary. That all sounds exciting. We will try to stop by to see the progress this weekend. Have you seen the garage at all? We bought one of the spaces in the building - hope that turns out to be a good move ..

It seems like a new TCO was issued today on the NYC DOB site but it looks identical to the one issued on 4/21 for floors 4 and 5.

dledven: about 6 months ago

if penmark is the mgmt company, then they are the best in the business and are excellent to work with. they will accommodate most requests and will work with you, they handle the most prestigious buildings in Manhattan.

summit1: about 6 months ago

Superquant: I was one of the first to close apparently, but was told that floors 3-6 would have rolling closins throughout may and june.. I personally know 2 others that have closed so far, and they were averaging 2-3 a week.. Caveat, in mid april i was told to expect closing at end of may beginning of june and received a closing letter 2 days after that conversation, and was given one week to close with very little flexibility (didn't ask questions as to why, i just was happy it wasn't postponed again.)

As for crane, it has been removed as far as I can tell.. they seem to have focused on finishing the apartments themselves and have not finished any of the common areas on any of the floors i have seen (3-6) but was told today that should take another 2-3 weeks to finish. Outside of the apartments which seem to be finished, hallways still under construction. The North atrium is complete (sans shrubbery), the south lobby is close but also still under construction. The lobby is almost done, floor is in, but walls not completed yet , still bare. Gym and children's playroom again close but not ready. The biggest pain in the ass is that the doors to the building close at 5 pm, so you can't get in and if you come in and stay after 5pm they have not been shy in voicing their displeasure... and no, you don't get keys to the front door.. oh and not sure where any mail is going yet.. the mailboxes are not ready yet either though they are in place..

My timeframe for moving in is 4-6 weeks although will postpone if common areas are still under construction. I am doing basic electrical/audio work and painting and have not had any issues yet with them. Penmark has a good reputation apparently and has been easy to deal with so far.

I did see an email from them today indicating that TCO's had been issued and that closings would start on certain floors.

superquant: about 6 months ago

tirbapt - i also am on the 6th floor and had closing postponed. I am hoping they get the TCO soon because I locked a good rate but it expires end of june. I saw on the DOB site that they had a plumbing inspection about a week ago for gas, water, and sewage on the 6th,7th floors and passed - i think this could lead to a TCO for these floors soon ..

tribapt: about 6 months ago

My closing was postponed indefinitely because they hadn't received a TCO for the 6th floor yet. I had my walk thru and everything in the apartment looks good except for minor issues.

dledven: about 6 months ago

Comment was deleted by moderator.

superquant: about 6 months ago

summmit1 - one more question: when did you close and do you know how many closings have taken place to date or at what pace they are doing them?

superquant: about 6 months ago

summit1 - thanks for the report. Have they removed the crane structure that was in the south atrium and opened up the roof? What are the main things they are still working on?

what is your timeframe to move in and when do you think realistically the people will be living in the building? are you doing any work to your unit before move in and have you had any issues with getting the requisite approvals?

summit1: about 6 months ago

Post closing : building itself still a long way from being remotely finished, will be difficult to move in given continued construction and related dust/ construction noise. Mainly small issues in the apartment but mainly annoyances which i will upgrade rather than have them fix.. (they tend to fix one problem and cause 2 others) .. Lots of problems actually getting into the building , they seems annoyed when I show up unannounced. Super seems to be a nice guy, but needs help. After the long wait I am still upbeat and am looking forward to completed product.

415Buyer2: about 7 months ago

Post closing, PLEASE continue to report on conditions at the development! Thank you!!!

superquant: about 7 months ago

Good news - first two closings happened yesterday. We're on our way.

Popomobile: about 7 months ago

Great location!

superquant: about 7 months ago

Interesting - we also had our architect go onsite and measure the rooms directly but didn't find as much discrepancy. In any case, if there is an overall discrepancy in total sq ft compared to what is in the offering plan then I do believe you have recourse and can back out. It would seem crazy that if you had a large discrepancy you wouldn't be able to do anything about it. Just like anything else in the condo, there can't be material differences from what is described in the offering plan.

415Buyer_4: about 7 months ago

I got the plans from the architect in Autocad and measured the square footage. Then I measured the room and put in the computer on Autocad as well, and the disparity between both drawings is 15% less...

superquant: about 7 months ago

415b4 - that seems strange, I recall that the offering plan had provisions if the sq ft varies by more than 5% from what is in the plan.

when you say you have 15% variation in one room, what is your reference?

415Buyer_4: about 7 months ago

In regards to sq ft discrepancy, we have what looks like a 15% in one of the rooms. I am not sure how much less in the overall, but certainly less than shown on the marketing plans. I spoke to my laywer though, who says there is no recourse. Does anyone's laywer offer a different opinion?

superquant: about 7 months ago

we received our closing notice for late may. we are on the 6th floor.