Correction to Visionaire Sales Post

In response to our post just moments ago, a reader was quick to point out that recent sales for the Visionaire (of which there have been many) are incorrectly classified as sales in the 9-story Riverwatch building, an older rental property located near the Visionaire. This should help with our comps search....

Is it Just Us or Has the Visionaire Not Closed a Single Unit This Year?

In our quest to determine what a reasonable price would be for the newly unveiled Liberty Luxe and Liberty Green we decided to head over to Streeteasy to get some comps for the Visionaire, a luxury building in an (arguably) less desirable Battery Park location.

So...surprised we were when we discovered that there actually appear to be no recent comps according to Streeteasy. In fact, the Visionaire, which we always thought was comparatively healthy seems to have not closed a single unit in 2010 (it's JUNE folks) and has done little this year except pull various listings off the market.

Is it us? Streeteasy? Or is more trouble brewing in BPC?

BPCA says Kiss My Grits to The Visionaire, The Riverhouse and 225 Rector: No Ground Rent Relief for You!

We weren't that surprised today when the Battery Park City Broadsheet reported that tony Battery Park buildings The Riverhouse and The Visionaire we can smell the money from here won't be getting any of their requested relief from Battery Park's famously high ground rents. We were a touch surprised however that 225 Rector, the bankrupt, unfinished Yair Levy development that somehow got a TCO and actually has residents, is also not being granted ground rent relief, which is a major bummer for the 50 or so condo owners that are still saddled with basically unsellable apartments PLUS large monthly carrying costs.

Although the ground rent thing is the headline from the story, there are also some other interesting bits of information, including the following:

- The Riverhouse is only 66% sold, which is a touch less than the 75% that we had heard previously. Once they hit 70%, a "participation payment" will kick in which we can only assume will raise monthlies.
- The Visionaire is only 50% sold.
- Millstein was "seriously considering moth-balling" North Battery Park development Liberty Luxe (really? we thought that was just a goofy rumor) but the project is now back on track and even looking to open a Sales Office. Perhaps the allure of Goldman Sachs, which had strong Q2 results and will be moving right next door to ol' Liberty Luxe sometime next year, is providing the figurative kick in the pants to Millstein.

---------------------------------------------------------------------------------
Want even more Downtowny? Let us update you! Join our Daily Distribution List!
----------------------------------------------------------------------------------
Are you looking to buy an apartment in Lower Manhattan? Check out our reviews of specific condo and co-op downtown apartments.