October 28, 2010
The Clouds Have Almost Cleared From Over The Oriental Warehouse
While a bit of litigation ("your basic ‘construction defects’ issues such as water intrusion") has been hanging over the units at The Oriental Warehouse (650 Delancey), a plugged-in tipster reports that while not officially finalized, "all parties have agreed to the terms [of a settlement] and the developers’ insurance company has 45 days to pay the funds."
The settlement might help explain the three new listings over the past month ranging from $999,000 for #408 which now sports Viking and Miele appliances, Paperstone counters and custom cabinetry in the kitchen (and new fixtures and Italian tile in the baths), to $1,150,000 for #215 which touts a gas range.
∙ The Oriental Warehouse (650 Delancey) [SocketSite]
∙ Listing: 650 Delancey #408 (2/2) 1,456 sqft - $999,000 [MLS]
∙ Listing: 650 Delancey #215 (2/2) 1,577 sqft - $1,150,000 [MLS]
∙ Listing: 650 Delancey #213 (2/2) 1,400 sqft - $1,198,000 [MLS]
∙ A SocketSite Smackdown: Gas Versus Electric In The Kitchen [SocketSite]
∙ (Not So) Simply For Our Love Of A Beautiful Staircase [SocketSite]
First Published: October 28, 2010 1:00 PM
Comments from "Plugged In" Readers
"While a bit of litigation ("your basic ‘construction defects’ issues such as water intrusion")"
It's astounding to me how many building have this problem. So much for "new" being worth paying extra. And in this lending environment this is absolutely killing some buildings
Posted by: hangemhi at October 28, 2010 1:26 PM
Waterproofing new windows and openings in old masonry buildings is challenging...
Posted by: developer at October 28, 2010 3:00 PM
Fantastic news. With headwinds removed and economy back on track (GDP up yet again), the units in this *very desirable* true conversion building are priced to go quickly.
Posted by: anon at October 29, 2010 9:16 AM
The list price for 650 Delancey #215 has been reduced $61,000 (5%), now asking $1,089,000.
Posted by: SocketSite at November 29, 2010 3:02 PM
Many architects and contractors will not do condos - because there are always lawsuits. Regardless of whether or not there are real construction problems, there is always at least one lawyer on the HOA who convinces his/her neighbors that they all can get rich by suing the developer/architect/contractor/subs/suppliers.
Posted by: Jim at December 6, 2010 10:15 AM
"there is always at least one lawyer on the HOA who convinces his/her neighbors that they all can get rich by suing the developer/architect/contractor/subs/suppliers."
I never understand lawyers who are litigation-happy about their own disputes. Most smart lawyers realize that litigation is ridiculously expensive and don't actually want a case to go to trial. It's one thing to try to get a settlement, but I'm betting not all of these people have really done the cost/benefit analysis and instead get emotional about it.
Maybe they think that the HOA can front some of the bill, so that it's subsidized by all the neighbors, but that's a weird rationale. There are so many pitfalls, including the fact that getting an HOA to do anything coherent is like herding cats.
Posted by: sfrenegade at December 6, 2010 11:47 AM
Just to be clear, I was responding to Jim's comment specifically, not commenting on this building. It seems like the owners here had a legitimate complaint.
Posted by: sfrenegade at December 6, 2010 11:51 AM
Unit 215: Back on for 1.049.
Posted by: tipster at January 26, 2011 4:52 PM
The sale of 650 Delancey #213 closed escrow on Tuesday with a reported contract price of $1,080,000, 17 percent under its "original" list price of $1,298,000 according to industry stats (or 28 percent under its list price of $1,498,000 before that).
Posted by: SocketSite at March 10, 2011 11:59 AM
This sale @ 760.38 $psqft is a very good result for that building. Pretty much dead on what the nicer units have always done. Why they thought to price it so high to begin with the question.
Posted by: [anon.ed] at March 10, 2011 12:21 PM