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Saturday, January 4, 2014

So sad....


New York is running out of luxury condos....

http://www.cnbc.com/id/101308576

The records keep piling up for Manhattan real estate.

The fourth quarter saw a string of records broken—from number of deals and average sale prices to dwindling inventory—as the rich from around the world scoop up luxury apartments as a store of wealth.

The average sales price in Manhattan rose 5.3 percent to $1,538,203 in the fourth quarter compared to a year ago. That marked the highest-ever price for a fourth quarter. The median sales price for condos is the highest-ever tracked, hitting $1.3 million.

And the inventory of apartments for sale has shrunk to its lowest level in recent memory, with a little over 4,000 apartments for sale. 

More at the above link.


Yeah, let's get rid of rent control and rent stabilization, so the rich can find more space to live in--or play with.

49 comments:

Anonymous said...

I'm sure some developer would love to get his hands on this 80+ acre lot that we call home...

Anonymous said...



Sharks are circling. The property is prime +. And with another record breaking year of Manhattan sale properties, looks like a win win for any developer - landlord.

Anonymous said...



STR - sorry if wrong spot for this. I believe we're being overcharged for renovated apartment and it's more than we were told when we rented in September. Does anyone know who we can contact?

Anonymous said...

How many out there still think we have a prayer of buying this property , even with our "fancy" , "all star" advisers?

Stuy Town Reporter said...

>>I believe we're being overcharged for renovated apartment and it's more than we were told when we rented in September. Does anyone know who we can contact?<<

I would contact the TA. Link info on the main page, right sidebar.

Anonymous said...

Not a shot in HELL 12;43!!!! Not a chance!

Anonymous said...

I did leave a few messages for the TA, they're busy I guess.

Anonymous said...

"How many out there still think we have a prayer of buying this property , even with our "fancy" , "all star" advisers?"

Out legal team, in conjunction with our financial advisors and TA will be buying the property approximately three years ago. They actually intimidated CW into the sale through their hugely successful "Time for You to Move On CW Capital" initiative. When the conversion is complete (approximately 18 months ago) we will all be living in affordable condominiums, the place will be peaceful, and there will no longer be any shit or piss strewn across the property. Thanks TA.

Stuy Town Reporter said...

>>I did leave a few messages for the TA, they're busy I guess<<

Staffed by volunteers, they may be. You can also try Dan's office!

Anonymous said...



Nice reviews on property at Yelp.

Anonymous said...

It it 61 degrees in my apartment.
No heat at all, pipes are as cold as CW's heart. Just bought three huge space heaters for the apartment.

Anonymous said...

TO >I believe we're being overcharged for renovated apartment and it's more than we were told when we rented in September. Does anyone know who we can contact?

Contact DHCR, fill out their form (its easy) and they will give you a rent history and will also correct any overcharge. Every STPCV tenant should check their rent history with DHCR -most tenants are being overcharged.
The TA has their own agenda and is slow.
Go straight to DHCR - that is what its there for.

Stuy Town Reporter said...

Yes, the DHCR will be able to give you your apartment's rental history, but the commentator also mentioned that he/she was told the rent would be lower by, I assume, the leasing office, which presents a different problem possibly, such as being lied to by the leasing office. Whatever the case, the DHCR should provide the accurate amount.

Stuy Town Reporter said...

A good link to have:
http://www.nyshcr.org/Rent/tenantresources.htm

Stuy Town Reporter said...

Sorry for initially being so lazy on this. Busy time.

Anonymous said...

It's not clear why the person thinks s/he is being overcharged. Is the rent on the lease higher than what was promised? If so, why sign the lease? Does this person think the rent is higher than what is legal? That seems unlikely since most new tenants are paying preferential rents, that is, rents that are lower than what is legally permissible. Both amounts should appear on the lease. If, however, this is a brand-new renovation, then it's important to know what the previous rent was, what the allowable increases are (vacancy increase, longevity increase, individual apartment increase for the renovations)--DHCR should be able to provide that info. I still don't understand why someone is paying more than what was promised. DHCR sends a form to every tenant every year stating the legal rent.

Anonymous said...

10:38: WE HAVE a brand new just renovated apartment. I think thy are overcharging.

There is only one amount on the lease. just one amount.

Anonymous said...

The prior tenant (an older man who was here for many many years) was paying $1100.

Anonymous said...

Hooray! Just got my check for interest on my security deposit. $3.19!!!!

I hope I don't spend it all in one place.



$60 in MCIs.

Gotta love it.

Anonymous said...

"WE HAVE a brand new just renovated apartment. I think thy are overcharging.
"There is only one amount on the lease. just one amount.
"The prior tenant (an older man who was here for many many years) was paying $1100."

That means that there could be a vacancy increase of 16.25%, 18%, or 20%, depending on when your lease started and whether it's for one year or two (http://www.nyshcr.org/Rent/RenewalVacancyIncreases.htm).

Since the previous tenant lived in the apartment more than 8 years, a longevity increase can be added (http://www.nyshcr.org/Rent/FactSheets/orafac5.htm). See the fact sheet for how to figure the percentage and for other information.

The landlord can add 1/60 of the cost of the renovation (individual apartment improvement) to the base rent.

The landlord can add any MCIs that have been approved.

As you can see, it isn't hard to get the rent much higher. If there is only one rent listed on your lease, it's probably the full legal rent, not a preferential rent (which would be lower). Check your lease to see if it includes language about you being subject to MCIs. Ultimately, as already noted in other responses, you should get confirmation of the rent from DHCR.

Anonymous said...

Thank you 5:20. I've read the links and did some math, but either i'm very bad @ calculating this, or there are overcharges.

Yes, to MCIs. Yeah us. :(

Anonymous said...

1/6 5:05pm:

Did you receive a Rent Stabilization Rider with your vacancy lease? It should look like this: http://www.nyshcr.org/Forms/Rent/ralr1.pdf

You probably didn't, even though it very clearly states that the rider must be included on all RS leases. But Rose/CompassRock haven't been putting them on the leases, because they don't want people to die laughing when they see the ridiculously high "renovation" costs that they're claiming.

Follow STR's advice and get your apartment's rent history from HCR now. If you live below the 10th floor, you may need to make two requests; for example, if you live in apartment 8-C, you may need to request the rent of apartment 08-C as well. This is because the format changed in the year 2000 and HCR is too stupid to realize that they're the same apartment.

BUT DO NOT FILE AN OVERCHARGE COMPLAINT WTH HCR. If you do that, they likely rubber-stamp whatever bullshit documents the owner sends them, which will rob you of your legal power.

Instead, don't do anything until you receive your annual rent registration at the beginning of August. This form will be mailed to you automatically, and will show you how much the owner claimed in IAIs on your apartment.

After you receive this form, if you still think the cost is inflated (which it probably will be), hire a good tenant lawyer (they will tell you to immediately stop paying rent, until the owner takes you to court in a few months for non-payment, at which point your lawyer will force the owner to provide documentation of the alleged renovations -- you yourself won't ever actually have to go to court).

In court, the owner will need to provide a great deal of evidence to support their renovation claims. The burden of proof will be on them. If they fail to do that, then you will win and your rent will go back down to whatever the most recent correct registered rent was -- in your case, $1,100.

Anonymous said...

8:42 p.m.: If your rent is indeed too high, check the DHCR site for how to go about getting it reduced. It may be painful, but it should be possible to get it done.

Anonymous said...

Ever notice that YELP reviews on property get deleted?

Anonymous said...

A thorny problem indeed, but I don't believe the current RS and RC laws are the answer. They are deeply flawed and at a minimum any subsidy from market rents should be keyed to income. The current system is a losing battle. One, in fact that has already been lost. It's just a matter of time. Residency and other rules would need be strictly enforced. It's ironic that many of super rich buyers (Hollywood, media personalities etc) are strong supporters of affordable housing as long as its not in Greenwich Village, Tribeca or UWS. Hmmm,,where to put them???

Anonymous said...

So if the management not enforcing carpet rules , then I don't have to get carpets right?


Got a notice for inspection, but reading that Donaldae doesn't care or check if you have rugs or not. So I don't have to spend $400 on carpets then.

Anonymous said...

I don't understand why anyone worries about these pesky little inspections. It's just CR and CW walking around, doing zilch.

Even if you had illegal things in your flat------ walls, Viking stoves, Italian marble, no carpets, they don't care.
WE 've gone without carpets for ions. Personally hate carpets, hair, dog , allergies. Lmao. The management does shit about it. Do not fear neighbors. Do whatever you like to your homes here.

Anonymous said...

You'll never get your rent lower. During the Roberts Case they agreed that the renovation costs can essentially be anything the owner wanted to claim.

Besides, you signed your lease with a price you agreed on. What right do you really have to argue that your rent should be lower now that you know what the guy before you paid?

Anonymous said...

"Yeah, let's get rid of rent control and rent stabilization, so the rich can find more space to live in--or play with."

Except what's happening now is that instead of buying brand new to market luxury condos, rich people are buying existing pre-war condos and apartments that most of you would consider "affordable housing" if you never saw the price tag.

What you fail to realize STR is that rich people aren't just going to magically disappear from NYC if they can't get a brand new development, they just push everybody else down and out of the supply curve making all apartments more expensive. Unless of course you are grandfathered into a Rent Stabilized apartment. Must be nice.

Stuy Town Reporter said...

No one is asking rich people to disappear from New York, but people are asking for the middle class to disappear. That's what the fight is about.

Anonymous said...

Yes - But what you and everyone else screaming "No more luxury condos!!" fail to realize is that increasing the total supply of units on the market helps BOTH the rich and the middle class. The rich are going to buy a condo regardless of whether it's new luxury construction or old housing stock.

It actually HELPS the middle class to build new luxury housing stock for the rich to buy. Otherwise they would be buying existing housing stock that would otherwise go to middle class workers and families and drive up prices.

It's mind boggling to me that people don't understand the most basic principles of Economics, and they naively believe that somehow demand will be reduced if supply is restrained.

The ONLY WAY to keep NYC affordable for everyone who wants to live here is to build more housing, even luxury high end condos.

Stuy Town Reporter said...

Build those luxury high-rise condos in Long Island City. I don't want middle class neighborhoods destroyed with high-rises for the rich around here anymore. Enough is enough. The city isn't going to fall apart if the rich don't get more condos, more real estate. Their gluttony is excessive. If we go by your template, pretty soon there won't be any affordable housing anywhere in Manhattan. That's not Economics 101, but Reality 101.

Anonymous said...

You are right STR , but so is the prior poster. People are not going to go away and stop buying here. It will ONLY GET WORSE. WE do need more supply.

and while i'm on this, more SUPPLY FOR MIDDLE CLASS PLEASE

MORE SUPPLY FOR MC PLEASE

dcf said...

Anonymous, 2:57, you are under the mistaken impression that an increase in supply will hold down prices of housing in NYC. That's a simplistic economic model, perhaps basically true in a large GENERAL format for GENERAL commodities but barely relevant to the specific vagaries of this city's housing market. This complexity aside, there is the not unrelated problem of space limitations.

Anonymous said...

"Build those luxury high-rise condos in Long Island City"

Unfortunately Manhattan will always be in higher demand then Long Island City. Again, if you put all the new condos in LIC then the rich will continue to buy existing housing in Manhattan, and the middle class (or less rich) will buy those condos in LIC.

NYC has always been a place of change, saying don't build here is ridiculous. Besides, what impact do new skyscrapers on 51st street have on your life?

Anonymous said...


Did anyone have a so called inspection schedule, but no one showed up?

LMaoooo. They don't even show for their "inspections!!!!"

Totally laughable.

Stuy Town Reporter said...

>>Besides, what impact do new skyscrapers on 51st street have on your life?<<

I walk around parts of the city fairly regularly. Love to do this. The last time I was in the 57th & 7th Ave area my heart sank at what I saw. The aesthetic destruction of that area through the building of these tall high-rises. These high-rises affect many New Yorkers and are marring the views from Central Park. You may want to check several NY Times articles on this issue.

Anonymous said...

The NYC skyline is getting uglier and uglier. The iconic buildings that made is such a "postcard" are the beautiful buildings such as the ESB, Chrysler Building, Woolworth Building, et al. Flatiron Building, et al. The Courthouse and several other buildings are also absolute works of art. I think they call them "art decco" or something like that. The buildings that are being put up now are nothing more than Leggo Set monstrosities with built-in obsolescence. They are ugly and have a very temporary look about them. Rather like Bloomberg and his tawdry crew of opportunists. Building in New York City should be carefully planned and executed to be in keeping with the esthetics of this great City and should not be the up-for-grabs, quick sale for the enrichment of foreign oligarchs and those who are in their pockets.

Anonymous said...

"Did anyone have a so called inspection schedule, but no one showed up?

LMaoooo. They don't even show for their "inspections!!!!"

Totally laughable."

You won't be laughing when they show up when you're not home and enter your apartment anyway. It's happened.

Anonymous said...

"Besides, you signed your lease with a price you agreed on. What right do you really have to argue that your rent should be lower now that you know what the guy before you paid?"

Even if you've signed a lease, if you can prove that the rent is illegally high, you can get reduced (usually after a prolonged fight). A friend of mine did it (not here, though).

Anonymous said...

2;27 am.

WE ALL know even if they inspect, come in when we're not home, they CAN DO NOTHING to us.

I have no carpets, tenants below complain and call Security. DONALDE H. does NOTHING. She doesn't care. Trust me. btdt. and I'M NOT GETTING carpets.

Anonymous said...

1037 am.

I'm glad you don't live above me.

Anonymous said...

"Anonymous, 2:57, you are under the mistaken impression that an increase in supply will hold down prices of housing in NYC. "

Can you give me one actual reason the basic laws of Supply and Demand don't apply to New York City? NYC is affected by Supply and Demand just like everywhere else. In fact, if you remember 2009 rents actually fell in NYC as demand lessened due to the financial crisis.

Anonymous said...

"The NYC skyline is getting uglier and uglier."

Such a subjective statement. I'm sure when they built the ESB and the Chrysler building people hated them at the time too, and thought it was "ruining their New York"

You know the French hated the Eiffel Tower when it was originally built?

Honestly - who really cares what gets built in Mid Town? Now if they wanted to put a skyscraper on 7th and A I might get upset.

Anonymous said...

Anon 10:37 AM - I don't know whether to take what you said seriously or not, but, if what you say is true, what kind of an a--hole are you that you don't give a sh-t about anyone but yourself? What kind of a sad excuse for a human being thinks it's funny to disturb his/her neighbors by having uncovered floors and making noise??? You are EVIL and hopefully you will be leaving STPCV soon. I really feel for your poor neighbors, especially since Management is loathe to do anything about narcissistic, entitled miscreants like you.

Anonymous said...

Well said 5:29p

Anonymous said...

This creature is leaving itself wide open to a lawsuit. If CW's legal dept does nothing, the neighbor certainly has a cause of action.

Anonymous said...

Don't vote for Dan for anything.
He was a Bloomberg - Quinn boy and still is a Cuomo boy.
He would have paralyzed de Blasio with his Cuomo Garodnick sandwich.
We need de Blasio to be successful.
Dan has to go.

Anonymous said...

11:29

i don't know why anyone is surprised at that post. A large large percentage of people here are creating noise problems and don't give a F--- about those living UNDER THEM OR NEXT TO THEM.

We all know this. How does one go about with a lawsuit? I am in this boat and have been polite, gentle and kind beyond belief about the horrific tenants we are sharing walls with. Please help. Someone. If I hire a lawyer, who and how? Thank you all. Haven't slept again in days and it's dangerous and nauseating.