C-of-O Woes for the Novo?
Will anyone ever move into the Novo? We often get emails asking about the status of the 4th Avenue condo, which has been under construction for quite some time now. A reader recently sent us the following note, for example: I heard from an employee of the parks department that the city is holding up…
Will anyone ever move into the Novo? We often get emails asking about the status of the 4th Avenue condo, which has been under construction for quite some time now. A reader recently sent us the following note, for example:
I heard from an employee of the parks department that the city is holding up Novo’s closing until they finish the Terrapin playground. The developer was due to finish the playground for a May 12 ribbon cutting, but that date has come and gone. The new date is June 17, but I checked by today and no work was happening. The city is actually not allowing any further inspections until they are done. The building has a drop dead date of June 31 before it has to let its current contract holders out of their contracts. The developer will be mighty lucky if he makes this date it seems.
Parks Department spokesperson Phil Abramson confirmed that the ribbon-cutting ceremony for Terrapin Playground, the section of J.J. Byrne Park that the Novo’s developer is supposed to rehab in exchange for having used the public parkland as a staging area during construction, is June 17th. Abramson couldn’t speak to the rumor about the city holding up the issuance of a Certificate of Occupancy. Last year Community Board 6 recommended that the city not give the building a C of O until Terrapin was finished. (The recommendation, like all community board motions, was ultimately only advisory.) While we don’t know whether June 31st is indeed the deadline for the building’s C of O to be in order so closings can occur, DOB records show that the department still hasn’t received many of the documents it needs in order to grant a certificate. For example, the DOB needs to get documentation showing that the building complies with DOT regulations, and that the Novo’s sprinklers and elevators are in working order. Read on for the full list of the things that are standing between the Novo and its C of O…
Novo Takes a Nosedive [Brownstoner] GMAP
Terrapin Playground Reopening in May? [Brownstoner]
To the above comment, Bravo…
It really amazes me how people would rather see 4th ave the way it was and not what it is becoming…
In response to the “why buy at Novo” question:
*$675/sq ft vs. $1000+/sq ft one block east
*New construction vs. old construction – requires less updating which means less $ out of my pocket
*Playground/dog run right outside the building
*On-premise, attended parking garage; beats crusing around the Slope looking for street parking
*Full-service building; 24-hour doorman, fitness center, reception space
*Elevator – no need to lug the Quinny/Bugaboo or groceries up three flights of stairs
*PS 321 (feature not shared by other 4th avenue and Gowanus apts)
*4th Avenue has no where to go but up (you cannot possibly argue that it’s getting worse) – Starbucks, new buildings, new bars, Whole Foods are all validations of the 4th Avenue value proposition
*Gowanus is natural fill-in between Carroll Gardens/Cobble Hill and Park Slope; eventually (will take time), development will fill this void and 4th avenue will no longer be fringe
*Condo vs. co-op; no annoying Board prying into my personal finances – also, if the mkt doesn’t recover in time for me to re-sell, I’ll just rent out the condo free of restrictions
*Community: anyone who is on the Yahoo group can attest to the fact that the bldg (with all its foibles) is engendering some sense of community – I’m looking forward to meeting my future neighbors in person
In fairness to the naysayers, here are some of the negatives:
*Delays delays delays – that said, as a result of the delays, I will now be able to lock-in a lower interest rate (vs. 8 months ago), my mortage is now conforming (which means lower rate), I’ve saved enough money to bump my down-payment north of 30% (which means lower rate) and I’ve effectively financed my purchase since I closed my contract at a 0% rate…so not such a bad thing from a pure economic perspective
*Building is ugly on the outside; yup, no arguments here…I like to think that the inhabitants and the Novo’s contribution to the community will offset the aesthetic issues (we shall see)
*Some awkward floor plans
*It’s on 4th Avenue; far from Prospect Park
That’s my analysis – at the end of the day, the positivies far outweigh the negatives (in my view). If I had a few mill in the bank, I might be making a diff’t decision but this is the best value I can find in the market.
BTW, I HATE the argument that the Novo wil somehow hurt the Slope. I can only see positive contribution oppty – more foot traffic, further validation of home values in “prime” Park Slope, etc. Everyone should be happy; development is universally a good thing.
People who critique the building are simply not getting it. It is impossible for young families to buy brownstones for 1M+ and then have to fix them up and drive around looking for parking all night. It is ok if Mummy and Daddy gave you a property but for most of us we don’t have that option. Novo has very high end finishes, large rooms and convenient to the park, free good zoned public schools (PS 321) and underground parking. I’m from London and yes it is high end.
If you honestly think that people are going to buy a beautiful derelict brownstone and be bankrupt then you are plain thick.
I suppose this email will stimulate more “the building is crap” comments from more self appointed architectural gurus. Get over it.
To question of why buy @ Novo– price/value ratio.
* real 3 bedroom w/2 real bathrooms and a good layout — we priced a fake 2 bedrooms w/the same finishes in PS 321 that were $900 a square foot; Novo prices out at about $675 per square foot.
* we have a baby, so we opted against a mouse and roach invested “classic”– so a good 5-7 year time frame
* underground parking
* kids playroom, a kickass gym
We were very skeptical until we saw in interiors. Once you live in a new building, the old ones, unless they are mint classics, feel like a mid-70’s Oldsmobile. The cost to bring an old apartment up to standard skews the value equation.
We are offering 4 month and longer locks with free float down option 60 days within closing. sunny_hong@countrywide.com
There already is one, just go to yahoo groups and search novo park slope
who’s up for starting a yahoo group for novo purchasers?
I haven’t locked a rate yet….but thinking about pulling the trigger soon since rates appear to be on the rise and seems that the building is getting pretty close to complete. Anyone have any thoughts on this?
Has everyone locked their rates long term? Im sure sme are facing rate exprations and mortgage banking guideline changes. Curious to hear what people are going through as far as their financing for this building.