Now Renting (& Renting & Renting): BLUE!

1.

Anyone who'd paid that kind of money to live in Hell's Square, LES, needs professional help.

2.

Do you all think those rents will even cover the owners carrying costs? Just from memory of how expensive those apartments were I doubt it.

3.

this happens in just about each and every new condo once they start closing.

the units will fill eventually. maybe not right away, but sooner than later. And usually there's some price-chopping to accompany it once the newbie investors get their heads out of the clouds, and realize that the rental market won't bear the price that covers the full carrying costs and their 90% loan.

4.

50 thousand to live in a one bedroom on norfolk for a year? that's effed up!

5.

There are at least 9 listings judging by the very distinctive windows or description of the building.

6.

some of the buyers paid straight cash (no mortgage) for these apartments so as long they can rent it out, they will make a profit. the tax incentives/abatements were generous.

once the party moves north to the bowery and west to nolita/chinatown (where all the new 'bars' are opening), the les will become less hellish.

7.

Pricing in rentals of condo units and co-op units in good NYC markets generally follows the rule of 1/25th / 12 of the purchase price of the unit is equal to the monthly rent, plus the monthly common charges, taxes, maintenance. (for those of you interested in the finance of it, that is 4% cap rate (1/25 = 4%) which is equivalent to a pre-tax 6% (which can be compared to current mortgage rates).

8.

I've looked at a couple apartments in Blue. Not my cup of tea, but for what it's worth, the windows really weren't distracting at all. I agree that it's way overpriced, but the apartments are very pleasant.

9.

"some of the buyers paid straight cash (no mortgage) for these apartments so as long they can rent it out, they will make a profit." ----well not really, if you invested that straight cash in other investment forms, you'd do much better. Drop $1.5 million, then after the common charges and taxes, you etch out only $1000-$1500 profit a month? A 4% a year profit on 1.5 mill is $60,000 (which bank accounts are giving), is much better than an $18,000 profit (1.2%) on renting...

10.

So a $1MM apartment, that has a monthly ownership cost of $1K / month equals $1/25 = 40K / 12 months = $3,333 / month + $1K = $4,333 / month rental

11.

I concur with 8. I've seen a couple of units in Blue and was amazed that the windows have a normal view. Personally I thought the kitchen countertops sucked (all white) and the cabinets were too trendy. The kitchen appliances and bathroom and wood floors were, however, bitchin, and they have a ginormous common deck midway up the building and another less impressive one near the bottom in the back. This building IS the shit and all you knuckleheads who dis it are pretty pathetic. I remind you that NoLITA was crap as soon back as 2001 and the bars there were less trafficked than LES bars are today. I do agree that for the are, BLUE is a tad overpriced but for similar construction in other downtown nabes its a steal.

12.

So if I drop 3,475,000 on that PH unit, I guess I can turn around and rent it for $10K. 3.5% of my investment, plus appreciation. This white elephant will go up, right? Oh wait, it's Manhattan, it has to.

13.

by the way--the BLUE party mentioned on this site was attended by over 500 people the vast majority of which had zero intention of ever looking at a unit let alone buying one there. hence the incessant bitching about lack of their ability to get free shit. those kick off parties, IMHO, are inane but some ad wizard thinks they garner word of mouth on the place, as if this place needs it. You people forget that those government lottery housing 2 Bedrooms over on Suffolk are going for 850,000 and up and you think $900,000 and up for a BRAND NEW 1 BR in a building like BLUE is excessive? Continue paying rent, taking cabs, blowing your coin at Starbucks and Magnolia bakery and you'll end up in Hoboken too.

14.

those windows look like crap and who would ever pay that much to be there is CRAZY . It is VERY remote area of the city with limited subway service

15.

those windows look like crap and who would ever pay that much to be there is CRAZY . It is VERY remote area of the city with limited subway service

16.

it's right next to the J (downtown) and F (midtown and connects to everything else) trains.

17.

The J, M and F are steps away. True, the J and M are limited in Manhattan but the F will hook you up at w4th with the West Side and the J/M hooks you up at Fulton with the East Side. That and its a lot cooler than UES,UWS and practically every other nabe in this town (except EVil).

18.

#15---Its remote if you work in UWS, but if you work in the financial district its actually not at all remote. And lets face it, a lot of money people work down there.

19.

#17 - "steps away"
you've outed yourself as a broker, your vernacular betrays you. let me guess, its sun-drenched too.

20.

It's fucking noisy - great selling point that's been left out. It's mind-fucking noisy, noisy as in sleep preventive. So unless you're a 24 year old fratboy, or just plain indifferent to it- it's a nightmare. Hence the nickname, Hell's Square.

21.

There are 4 nytimes listings, not 9. You fucking idiot Joey. This blog consistantly publishes incorrect info, when all they would have to do is click the link they post. That is why no one with power treats this site as anything other than garbage.

22.

"Adve" [sic] needs to work on his reading comprehension skills. From the original Curbed posting:

"...A surf on over to the Real Estate page (online version) turns up four listings on a quick search for 105 Norfolk Street..."

23.

19--17 here. It "steps away" as in its steps away, like 1/4 of a block. I know no other way to describe it. No I am not a broker. I am what what you would call a yuppie, likely. I love how anyone with anything positive to say on this worthless site is a labeled a broker. Seems to me the useles douches posting negativity on this site are the personal assistants of the world.

24.

Why does this midwestern bred tool who runs this site hate Blue so much? Did Columbia School of Architecture turn you down or something? That or he was priced out of LES. Either way, the coverage against this one Building is blatant.

25.

#17 -- are you serious? Taking the J/M to Fulton to go uptown on the East Side? That's the very definition of inconvenience.

26.

Take the J/M two stops to Canal to connect to the uptown 6

27.

Adve, #21- you're the idiot, not Curbed staff. The NYTimes website definately had at least 9 Blue listings. You could have looked yourself, before calling names! Perhaps you don't realize that many listings are not listed by address.

28.

It's not really a Curbed thread until the name calling starts...

I searched NYT with the keyword "blue", came up with 8 which look like our beloved behemouth at 105 Norfolk. Throw in the $6,300 listing on StreatEasy - maybe that one is not advertised in the NYT - that would be 9.

29.

#25---Why the fuck would I EVER want to go uptown on the east side (other than if I worked there or was banging someone up there). I haven't been north of 53rd street in 15 years. I haven't been north of 28th Street for a non-business related matter in that time either. Frankly, I get queasy going above 14th Street. There is nothing up there except white-haired bitties. Downtown has all the hot ass. Hell, I prefer Chinatown to Chealsea.

30.

103rd street is a freaking long train ride from Canal or Chambers via J (when it's running) transfer, this is coming from a LES resident. Better off just walking to Spring or Bleeker ("steps away" orly?).

Ok so why is there all the scaffolding up on top of this piece? Why do the corners look black/clear?

Walked by the other day and noticed a mother and stroller. Poor kid gonna hate his parents some day for putting him in a construction zone as a toddler.

31.

I'm sure the area North of 53rd Street is doing quite well without you #29. You're just as bad as people who refuse to travel south of 23rd Street. There's nothing up there except white-haired bitties?? I just don't get why people have to like one area, at the expense of another- why ? It's just stupid.

32.

I forgot to mention you're a foul-mouthed pig as well #29.

33.

#31/32-- Yea, north of 53rd is doing fine as a pasture for white haired bitties like you. People with a pulse and/or clue have no reason to go there.

#30 -- The scaffolding is up because the building is not complete. the Penthouses are still under construction. and your first sentence is incomprehensible.

34.

Yeah right, I'm a white-haired bittie, whatever works for you. "No pulse, No Clue" eh? And you own the fucking stairway to fabulousness right? You really must be believing in what you see in the mirror- but here's a newsflash for you- from what I can tell from your choice of reasoning, you've got to be a Major, Grade-A stupid ass CUNT. That's assuming you're a female. If not, you should probably get help. What a fucking asshole- biggest one I've come across on this site. I feel sorry for your lame ass.

35.

I've decided it was entirely appropriate in your case, to respond in a foul-mouthed manner. It's so deserving in your case.

36.

Who is this person ( 29, 33 ) ?? How freaking arrogant can a person be? Geez. Going north of 53rd st makes a person clueless or without a pulse? PUUULLLEASSSSEEEEEE! It's either jealousy because he/she can't afford it, can't afford to buy anything more decent than clothes from Urban Outfitters , butt-ugly, or just intimidated by the TONS of YOUNG, Goodlooking, Professional, Successful people living there. Stad downtown you useless dirtbag.

37.

34--- first, i'm foul mouthed, but looks like it takes one to know one, eh, douchebag?

36-- I'm 32 and made over $250,000 last year, slick. I'm "intimidated" by over 28, sarcastic, ugly yentas from long island and NJ which all seem to congregate in your neck of the woods. you either are one or are satisfied with dating and/or kowtowing to them. I am not. I much prefer hot young international (and some domestic)pussy which hangs out in LES. have fun in the your upper east side retirement community. btw, how you think affordability north of 53rd is somehow tighter than downtown is beyond me. unless you live on fifth avenue, i'd shut the fuck up right about now.

38.

BUuaaaaahhhhhhhhh! You think I'm impressed by you shitbag?? Guess again, and again; wrack what little part of you cerebral cortex is left in that cavernous space between your shoulders. Did I ever mention where I lived? No, I didn't- and I don't even live in the area that's in dispute here, not even close- and I don't see any point in revealing that to you, or anyone else here. You can locate me wherever you choose to- I'd say use your imagination, but I doubt there's much to draw on in your case.

I was responding to your original, inane line of thinking about what's North of 53rd Street.
You're just a pathetic wanna-be, flashing your newly made money around some dirty, tasteless bars on the LES. Some of us don't feel the need to do that- aren't you embarrassed yet? You're bragging about the LES after all.

It's more than a little ironic that you continually feel compelled to mention Pussy- I'm gay. That being the case, I wouldn't suck any dick in the LES if you paid me that 250,000 you supposedly earned last year in cash- I prefer guys who bathe more than twice a week.

So go knock yourself out this weekend- hunt down some pussy at Piano's or some other crap-laden establishment down in that stinky orifice you call a neighborhood. I couldn't possibly conjure-up anything with less style or taste- except Pussy- yickkkkkkkkk!

39.

#38 -- We can't all have the same taste as you, thank god (pun intended).

40.

Yawn....

41.

38--boy you're an angry fag. i actually like fags. they attract hot women. that and they buy the drinks. btw--piano's was hot like in 1999.

42.

Not angry, just direct and upfront. I was so disgusted by the poster who wrote the comments about the North of 53rd crap, that I let it get the best of me- oh well- to err is human.

I wouldn't know what's hot and what's not on the LES- I don't spend very much time there, Piano's was the only name that came to mind. FYI- the "F" word is just like the "N" word, it's reserved for people who actually are.

Just a suggestion #41- when you use a comparative, it's best to use it in the correct context. "Piano's was hot LIKE in 1999"- so you'd have to mention what was like 1999, or here's a novel idea- why not just say "in 1999"? It's ok, you're just "LIKE" the rest of society who do the same- stupid.

43.

F*((# the LES--move to Brooklyn, bitches.

44.

FYI, Pianos opened in 2003.

so, stop all this bs posturing.

45.

I am fairly "downtowncentric", spend a lot of time in the West Village, Tribeca, and the southwestern edge of Soho (think Cafe Noir, Felix area)and get a fair amount of "international pussy". Go uptown to visit the museums, galleries, and to shop at Dior on 57th street.
With all of that being said, the LES is the most filthy, disgusting, played out neighborhood in the entire city. It is true hellhole. I'd rather live in Harlem.

46.

you are morons just like anyone living in blue.

47.

45-- NoLITA used to be disgusting too, as did the East Village, as did TriBeCa, as did "Clinton" as did Willie B, and on and on and on.

48.

#41 here. #44--Piano's actually opened in fall 2002 bro. I remember it well. I was being facetious b/c 2002 might as well be like 1999 cause that spot is hot no more. And #42-- I know fags are anal and all but you take the cake.