Thoughts on the Riverhouse in BPC?

lorenzonyc: about 2 weeks ago

Given this building is under PILOT instead of real estate taxes, who sets the PILOT? If bloomberg raises property taxes for manhattan real estate, does that automatically raise the PILOT assessments too or not necessarily?

ceo3141: about 3 weeks ago

Lol, if they are, only to fools . . .

DrZizmor: about 3 weeks ago

With the high prices and ridiculous monthly expenses in this condo, and in today's market, are they still selling?

front_porch: about 4 weeks ago

I just went through with clients and we were offered a discount off list --

New development sales have slowed, and some buildings have responded by raising their payouts to co-operating brokers -- we are seeing offers of 4%, and I think in one case I saw 5%. A discount off list makes much sense, because I know my customers would rather pocket the savings than see it get spent on marketing. (They want me to get paid, but not excessively).

That said, I liked Riverhouse a lot. I like the Visionaire too, but I really think the buildings are marketing themselves as being in different "neighborhoods" -- the northern end of BPC is marketing itself as "steps from Tribeca" and the sounthern end is marketing its seclusion -- and I think they'll end up picking up slightly different customers.

ali r.
{downtown broker}

ceo3141: about 4 weeks ago

I heard 2 things from a broker, would like any comments:
1) the developer is discounting the remaining apts to sell them (any ecxamples?);
2) the developer is 'skimping' on the Green Materials -- not necessarily using Green Materials, building might not get all the Green certifications it claims it will -- does anyone have any info?

cbsml: about 5 weeks ago

one of my friends was forced into moving into his apartment at the Riverhouse even though there was still construction being done on his floor. He's getting woken up at 7am fairly often to the sounds of construction. When my friend attempted to delay his closing the sponsor threatened to sue him. Has anyone else who's living in the Riverhouse had similar stories? Seems like this building has had issues from the beginning.

lorenzonyc: about 8 weeks ago

Has anyone who has closed here used an outside advisor or professional when doing the pre-closing walkthrough?

lorenzonyc: about 8 weeks ago

BPCnewbie - as a buyer in RH, some thoughts:
1 - cabs are absolutely no issue. In the morning especially, but throughout the day, there are dozens of cabs, because of drop-offs at the world financial center. I take a cab to work most every day and have never waited. Even on weekends, there is never a wait (also you have the embassy suites hotel across the road so you can get cabs there).
2 - agree with first half of ritchi that location in bpc is unbeatable (vs visionaire in the south bpc which is really isolated from tribeca). also there are numerous apartment variations so you should check out a few. don't agree with the middle - taxes are high, yes, but price/sq ft is low so it seems to even out especially for river views (no where else in bpc can you buy a river view like these)
3 - i rent in solaire now - river view - and we chose to buy in RH because we are huge believers in the long term potential - disagree vehemently with ritchi's last post - when the esplanade is completely developed, the WTC site is redeveloped, four season opens, and with the whole foods now moved in, i think there is huge upwards real estate value potential - compare prices to the west side highway apartments that are going up in west village, and while you trade a bit of immediate access to hot spots, you also don't have to deal with west side highway and you get the parks, and save a few $000 per sq ft. I think its a great trade.

ritchi: about 8 weeks ago

This is one part of Manhattan where it makes sense to only rent.
There's no one who realistically wants to live here long-term, even with the improvements to the area. Try rentals Solaire and its sister building.

ritchi: about 8 weeks ago

Nice building, better location in BPC.

Some awkward layouts.

Taxes are so high, and they don't have to be this high because several of the other new buildings around are lower - basically the developer traded a lower initial payment to BPCA in exchange for longer-term higher PILOT payments, which you as a buyer will pick up.

Also, you'll feel like a total asshole if you didn't buy a river view.

BPCnewbie: about 8 weeks ago

Live in the UWS and considering BPC. We saw RH and really liked it last weekend, but wonder how people get cabs around here?

lorenzonyc: about 11 weeks ago

I haven't seen a closing here in a few weeks - but they must still be closing - any thoughts?

Anyone on this board buying/moved in here?

lorenzonyc: about 3 months ago

Anyone who has moved in and has any comments? Has anyone had success getting sponsor to pick up any part of closing costs?

lorenzonyc: about 4 months ago

Looks like there have been 10 closings at least and people are living in the building - any comments from anyone who has moved in (or knows anyone who has moved in)? Still a lot of construction going on there

closer123: about 4 months ago

The Riverhouse is one of the most beautifully designed developments in BPCA. The Sheldrake Organization has enormous pride and dignity in all they do. Because they privatized affordable housing in 1986 in Long Island, I think that is a feather in their cap as concientious caring people who's income level is not always what gives a person charachter. We will all be old someday, and may even look to move into one of those developments. Or our parents or Grandparents>
If you have bought or are thinking of looking at Riverhouse to buy you are in very good company of saavy people who know a good property when they see it. If we stop looking for the bad and really put our glasses on and see what is real, the Riverhouse is the real deal! The floors are bamboo and AMAZING!

lorenzonyc: about 4 months ago

The three parking garages on the street are on the edges, so conceptually you could run the park across and only keep the edges of the street for the garages. Doubt it will happen realistically, I am sure street closings are not an easy thing to have happen.

We went to the open house at Riverhouse and saw three units. They look decent. Some of the furniture choices were odd, but thats of course the vision of the desinger. The units themselves are nice, reasonably well done. Also saw some people moving in.

riverhowsoon: about 4 months ago

thanks lorenzo...the link didn't work but i was able to find the info using the property ID.

i've been saying since day 1 that they should close the street and connect the parks. makes perfect sense. but isn't that street necessary for access to the parking garages?

lorenzonyc: about 4 months ago

try this link - its property ID 104192758

http://a810-bisweb.nyc.gov/bisweb/COApplicationSummaryServletpassjobnumber=104192758&go16=+GO+&requestid=0&t10=y&restore=1

i just went by the building - the concierge in one of the lobbies (the west/water facing) said they were closing on both east and west wings currently and already had 2 apts who had moved in, a third today, and a few scheduled for next week. the lobby looks nice enough although a bit plain (don't think they are done decorating, fish tank not in).

there is a rumor going around that they are going to close the street btwn riverhouse and solaire (i think warren) and build out teardrop park even more - would be great if that were the case - anyone else heard this?

riverhowsoon: about 4 months ago

How do you find out which TCOs have been issued? I went to the BIS website but I don't know the C of O number.

lorenzonyc: about 4 months ago

Lots of sales recently...any news from anyone? The BIS website shows TCOs for floors 4-9 at this point.

I saw a ny times article about building-chatter web sites - thinking about setting one up if i can figure out how

ceo3141: about 5 months ago

My info comes from a person who bought a couple of units as an investment. I don't know what their procedure for closing is, but I would suggest that you inspect your floors carefully, document and photograph any problems.

lorenzonyc: about 5 months ago

ceo - where is your news on the lawsuit from? i am surprised there is a lawsuit before people even move in

riverhouse: about 5 months ago

http://wirednewyork.com/forum/showthread.php?t=8814&page=5

read the thread on wiredny

riverhouse: about 5 months ago

Riverhouse got the TCO for floors 4,5,6 - their communications (or lack of) sucks. Call the Sales Office or the developer's attorney and ask for a closing date.

This is Sheldrake's first development in NYC - they need to learn to update the city Type A's periodically on the status.

rusty123: about 5 months ago

in the tower- so I guess west side

riverhowsoon: about 5 months ago

east side or west side?

rusty123: about 5 months ago

6th floor

ceo3141: about 5 months ago

FYI -- I heard that there is a lawsuit because the floors were not properly installed -- the planks separated creating spaces, which they attempted to caulk.

riverhowsoon: about 5 months ago

rusty- which unit are you talking about?

curious77: about 5 months ago

Lorenzonyc--can you give me the location of the RH board on wirednewyork. tried to find it but no luck. i'm an owner to be

rusty123: about 5 months ago

The TCO came in last Friday but still no word of closing date. Was supposed to be week of May 5 but still waiting for closing date.

lorenzonyc: about 5 months ago

I was wondering about the accuracy of the 44 count on here - even if so, on a building of 250 units, that would be over 80% sold which is pretty close to being done in my mind. A friend looking at the building said it was mainly the eastern units. I was told by a rep of the building they were starting on east side, but having just walked around the site, the west side lobby looks to be ready to go and east doesn't, as does the sidewalk on the west, so you are probably right there (and the building rep wrong, not the first time).

riverhowsoon: about 5 months ago

lorenzo- I'm just wondering where you're getting your info that there are only a few units left? According to this website there are 44 active listings. Also, I was told by Corcoran awhile ago that the units on the west side of the building were going to close first, then the east side.

lorenzonyc: about 5 months ago

I hear TCOs are starting to come in - floors 5, 6, 7 on eastern (inside) wing have TCOs from what I understand and closing notices including eastern floor 9 have gone out (although TCOs are still to come). I also hear that there are only a few units left (the inside and eastern ones). Does anyone have any more info / confirmation?

lorenzonyc: about 5 months ago

PS - i don't know if streeteasy accomodates emails but I have posted on the RH board on wirednewyork. Tell your friends to PM me there and perhaps we start an owner-to-be dialogue.

lorenzonyc: about 5 months ago

If there is a lawsuit, let me know who to talk to - I have no complaints but would be interested in what others have. I can't imagine what the lawsuit is though, what variances are they talking about? I have seen the updated architect description from the project and the variances were trivial (ie, 2 elevators stop in basement instead of 1, bicycle room and tenant storage were flipped). There weren't any variances of substance that I saw, and not anything in the units themselves of note (ie, one of my closets got smaller to accomodate an extra heat pump, but I would rather have the right HVAC than an extra foot of a closet).

On delays, sure when I bought a year ago we were told November 2007 was hoped for but Jan/Feb 2008 was realistic. Now its more likely June/July and that feels 90% certain. So is 5 months a big delay? From what I read on other new developments, it seems actually pretty darn good and I give the builder a lot of credit for it (and in fact from a mortgage perspective has actually been a very good thing coincidentally).

jhshin2: about 5 months ago

I currently live in Tribeca and know a couple of local families who are purchasing in RH. I hear that there is a lawsuit against the developer for too much variances from the original design plans. I also hear that the delays keep getting worse on the project. Any confirmations on either of these points from ppl here?

lorenzonyc: about 5 months ago

my understanding is that 30 day closing notices have gone out as of a week ago or so, with closings in late april and potential move ins possible by early may. they are doing a floor at a time and starting with the east (inside) wing, then moving west and then ending with the tower. we are looking at a july closing date for our place from what i hear. thats what i have been told, so i am not sure its actually true

rusty123: about 5 months ago

Lorenzonyc, as you are also a prospective buyer- have you been given any finalized closing dates yet?

lorenzonyc: about 6 months ago

Old news, been covered in a lot more detail than that earlier in the thread