Crescent Club closings?
Up to Neighborhood Discussion
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Lets address the nomenclautive process that rentals are doing better. In the location, location , location
area's like Queens West, Court Street Brooklyn, a new Avalon is being built faster
then the new Downtown Brooklyn Hotels.
Is there a landlord comming down on rents. It depends
on location. ie: A 4 family house in East Elmhurst on 75 Street
rent roll is for the CO Basement apartment, $1500.00. The first floor 3 bedroom is $2000.00,
the 3 bedroom second floor is $2,100.00. Leaving the 3 bedroom third floor at $2,300.00.
All tenants are professionals, work in Manhattan, and have all the wigets from cable, computers,
and their SUV's.
Bedford Sty is demanding high rents. Harlem and Long Island City's PACKER across the street from
the Crescent Club LIC. The forecast is out of towners are seeking area's of the first and second
generation of immigrants such as the Irish settle into LIC.
Greenpoint on Kinglands Avenue has a glut of Condo's. They are already rented. Next to 99 Kinglands Avenue a new condo was just finish and around the block. Then in DUMBO 100 Gold Street is on the market. Across the street is 99 Gold Street selling through the Developers Group. Because it was next to
City housing the units went rental and each unit is rented!
It's the Real Estate Agents and Broker's that are hit. These people purchase proerties
and can't afford to pay their bills or Common Charges. They continue to be delusional. I see them with dry cleaning, Personal Trainers, Fresh Direct, Parking on the Streets now, complaining that the JCondo $150.00 late fee's are too high. No! They are living to high and living on credit.
They all want to talk of the Hamptons.
They go out on a Jittney and walk Main Street visit clients
and there big expense to be pretentious is buying an ice cream cone.
Baby Ego's.
I lived the life from my birth right. 'The Art of Savings' I read at 19. My parents stressed
savings, work, cutting out coupons and helping the less fortunate unconditionaly nit for your name
or picture in Town & Country.
This is the reality of 2009. My stories can be back up.
Look up Top Under 40 CEO in Crains March 30, 2009. The player I mention
is 26, Hasidic, and is a friend of Ari Chinick. Who is a very good man.
You can't base your conclusions on past performance and this is my point.
I always do the cruching of numbers knowing the false documentation is included.
John 9c?
Why are they doing better. The answer was on this Forum.
Purchasors have decided to rent to wait out the market. It's a long
wait.
The economy can not be fixed in 4 years. The scandals still
being revealed with create a financial tusumi effect. This isn't America 1954
in recovery. It's 2009 psychotic depression from Wall Street Brokers. The delusional
greed of self centered people wanted to live large, larger, largest!
Here on this Forum you have honest purchasors who took their right of recission.
One said,"I'm renting." Therefore, renting is up which increasing Real Estate Landlord holdings.
To do a quantative spread sheet on the factual numbers will not give an accurate number.
Landlords are doing well. The demand is high. Rightfully so as it places
the future purchasor in a safe harbor. The downturn is that the resources you save
will not generate a high interest return. Although, you are correct.
www.aptsanslofts.com/index.cfm?page=Dev
these are pending FHA condo's icluding the crescent club Lic
John
Facts are appearing.
John
It's nice to be labeled smart, even if I am lumped in with Donegan. 
Baby Cute -get a "freaking" lawyer, not a "freaking" storage unit. The lawyer will serve your interest a little more. Make sure he or she is an *ssh*le, and make it clear what you want. Some firms are building practices around getting people out of these contracts.
Peach Pie - welcome to the Crescent Club Schaudenfreude Division. We're all really just tourists in this drama.
The question was raised as to rent as a method to price a purchase. Before I walked away I went across the street, and asked how much is to to get a 1 bedroom for a year. They gave me a price. I took that price and compared it to the 1 bedroom I was getting. The difference was staggering. When the CC came back with a new lower price - the difference was still staggering. As I keep stating, even when you buy to live, there is an "investment" component to it. A staggering difference means I would be putting a large sum of money into an investment guaranteed to lose money in the first year, and guaranteed to decrease in value from year 9 to year 10.
This is not the "best" way to price real estate. Someone else asked whether this accounts for inflated rental prices. It does not. But I'm measuring 2 places of approximate location, to live today. I'm trying to estimate (with false precision) the portion of the unit that was investment, and the portion that is "a place to live." As a place to live, Crescent Club was very very very expensive. It wasn't even a close call, no matter how much I wanted to live a the CC.
The fact that CC lowered the price is not indicative that new price was "fair" or reflected the market. In my new search, every time my broker tells me that this or that place was reduced $30k from the listing price, I want to fire him. The price reduction has nothing to do with fair price. It just means the seller is coming into the realm of reasonableness.
As for the liquidity of the developers. I do not agree with Donegan. The developers have not acted in a way that shows they are liquid: the construction is not complete. It reflects a lack of financing to complete the project that is already almost a year late. Further, this TCO expiration is particularly troubling. It shows they lack financing, and it shows that given a deadline that is rather important, they did not pump in the funds to get it done.
Again, I'm speaking from ignorance. I don't know what their real financial situation is. All I know is that (1) it takes money to complete, and (2) they haven't completed.
You expressed yourself. I agree with
your research. Although, you come across
as very angry. This is Real Estate business.
It's a game like monopoly.
You are entitle to your opinion. The delay
was due to filing DOB permits to covert 2 bedrooms
into 1 bedroom and studios.
As I mention one of the players with Ari Chitrik has
recently been in Crain's Top Under 40 on March 30, 2009.
I myself his associate know for a fact the Crescent
Club LIC has liquidity. Moreover, Ari Chitrik is a very good man
and businessman.
Finally, there is no reason to be sarcastic with your
ridiculous statement,"lumped in with Donegan." Why is it you want
to displace your anger and transfer it onto me?
You make very good sense, write well, without the "DRAMA."
Additionally, I find you amusing.
Did you ever think Baby Cute doesnot have the fee to consult
with an attorny. I'm sure you know the houly rate a Real Estate
Attorney charges. I agree she needs representation from a solid
RE Lawyer.
Congraulations to you in taking your recission. Please understand
I respect your decision. It was proper for you. Thus not Proper for
those of us who still will vote our dollars for the Crescent Club LIC.
"Good Luck, Much Happiness, Enjoy your Life looking for your New Home.
DONEGAN