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Author Topic: Anyone visited Eagle Electric bldg?  (Read 8345 times)

Offline krocker

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Anyone visited Eagle Electric bldg?
« on: November 13, 2006, 10:25:13 PM »
Has anyone checked out the Riverview coop bldg in the old Eagle Electric bldg by Astoria Park?  I keep reading nothing but negative comments on forums like this (that it's ugly, cheaply made, etc), but my husband and I are seriously considering buying there.  Compared to other condo/coop bldgs we've seen around Astoria this place is looking good.  The apts are really big, the prices are reasonable for the amount of square footage you're getting and the location right by the park is a really attractive perk.  It's true that they used cheap materials and that the use of space in some of the layouts is strange.  Also the ext. of the building could have a better design - but all the other buildings we've seen have similar issues.  We are concerned about buying into new construction when sales seem to be sluggish, tho.   Just wondering if anyone else has checked it out and is considering it as an option.... or if they rejected it and why...

Tx!

Offline NYCMacUser

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Re: Anyone visited Eagle Electric bldg?
« Reply #1 on: November 13, 2006, 10:38:08 PM »
The one serious problem I can foresee is the property itself. The ground the building is on. It is *not* owned by Pistilli. It is being leased for (someone please fill in the blank here) years and then the coop must purchase the property. Each person will be responsible for their fair share and, of course, Pistilli will want to make a profit on the sale.

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Offline krocker

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Re: Anyone visited Eagle Electric bldg?
« Reply #2 on: November 13, 2006, 10:50:41 PM »
Yes, that land lease is an item of concern.  The lease goes for 49 years, but there's an option to buy in the year 2012 and there's a clause in the prospectus that says the apt corporation is required to exercise that option at that time.  However, the Pistilli people have told us that they're setting aside a fund to make the purchase and it will not have financial implications for the shareholders.  Of course, this is not in writing as of now so we're wary.   Also, rumor has it that Pistilli himself has purchased one of the million $$ penthouses in the property - not sure if that's a good thing or bad thing.

I'm new to the boards by the way, so a friendly hi to everyone.   We've been renting in Astoria for 7 years and are hoping to own soon....


Offline TJT

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Re: Anyone visited Eagle Electric bldg?
« Reply #3 on: November 20, 2006, 12:36:47 PM »
There is always risk when purchasing new construction.  From what I've heard, the units are very reasonable.  But that's to be expected since it is now a co op.  Condos are generally more expensive but the carrying costs are lower.  Co op maintenance is always higher.  And from what I hear, Riverview's maintenance is quite high.  I would have some concern that the upcoming condo conversion could be a shocking expense to the owners at that time.  If they say there is a fund, etc., that sounds wise.  But you can be sure that once a co op board is formed and the building really gets going with day to day expenses, things may change.  I think they are priced reasonably for today's changing market.  A year ago they probably could have asked 50k - 75k more per unit and no one would have flinched.  I think the stucco exterior is cheap but it's the building method of choice all over these days.  Stone and brick is preferrable for the long term.  The location is good except maybe for the units directly facing the park.  I saw some windows had already been damaged and graffiti may come next.  I basically think it's a good thing and will be a welcome addition to the neighborhood.  Up to now, Shore Towers has been the only large complex in the area.  No doubt other construction is planned or taking place now.  The change to the neighborhood is already taking place.  It depends on one's perspective on whether that's good or not.  But we will no doubt see nicer shops and eateries in the immediate area.  Ditmars from 19th on up is already showing the changes.  I think it's unusual but I don't agree with the folks that think it's an eyesore.  I tend to like bizarre things.  There are others like me out there so I don't think it will be a hard sell.  :mrgreen:

Offline Gleason

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Re: Anyone visited Eagle Electric bldg?
« Reply #4 on: November 21, 2006, 08:27:36 AM »
Well, I am one who believes the neighborhood is not trash until 'better' people more into a new building. Most of the people moving in will probibally be from the neighborhood which will open up their old apartments, well check out what Co-op city did to the Bronx.

Everyone is not using that exterior ..... as I understand in some places its banned (Channel 7 had a special on some new homes near Cherry Hill recently that have $60 k repairs with this stuff)

The effect that a few monsters like this will have on the power grid? he he he

The surrounding blocks, I understand, with almost no information from the press (except glowing tribute) and are trying to piece together the impact this will have on their blocks. For example, parking is completey inadequate.

Thats OK that they are worried: a few more places like this and Astoria will finally join up with the anti-development mantra that has seized the rest of the city.

What a wonderful place this could have been for artists lofts and the arts. Of course that would have needed a tincture of imagination and creativity, something lacking here for a generation or so.

Understand the complex was widely panned aesthetically in the outside world (outside of Astoria, that is), but afterall, Astoria is the lastest word for interesting concepts in urban planning, right?

Offline C-J

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Re: Anyone visited Eagle Electric bldg?
« Reply #5 on: November 21, 2006, 08:49:23 AM »
I was walking by last Saturday with a galpal and we called to see about getting some general information.  The woman who answered was really nasty and basically said that there was an open house and you basically were only shown the size you were interested.  When I mentioned that I could "be interested" in either a 1, 2 or 3Br (depending on pricing which she wouldn't divulge) she took on an even more hostile attitude and wasn't helpful at all.

If that's the type of service you get just from calling to ask a simple question then I can only imagine what happens when your heat breaks in the middle of a snowstorm!

Offline Jonathan

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Re: Anyone visited Eagle Electric bldg?
« Reply #6 on: November 21, 2006, 09:33:18 AM »
I spoke with a realtor and she told me 2 bedrooms are starting at around 480K.  Took a long time to get pricing from her.  The ad started with: 1 bedroom apartments from 280K+.

Seems kinda of high and its definitely out of our price range so we are not going to look.

Best of luck in your search.

Offline jayme

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Re: Anyone visited Eagle Electric bldg?
« Reply #7 on: November 21, 2006, 10:05:05 AM »
Any insight on how high the maintenance fees are?

Mostly just curious :)
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Offline LHT

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Re: Anyone visited Eagle Electric bldg?
« Reply #8 on: November 21, 2006, 11:47:41 AM »
CJford - Maintenance fees depend on the square footage of the unit and vary accordingly.  It's also important to note that many of the floorplans at Eagle are unique in that a 2 bedroom in the older factory section is quite different in square footage and layout from a 2 bedroom in the newly built section.  I wouldn't let one less than ideal conversation with a receptionist sway you from making an appointment to view the units.  I have heard from 2 separate parties that reception was gruff in making the appointment, but the person who actually showed them around was very pleasant and accommodating, and they were shown a variety of unit sizes in different areas of the building. 

Jonathan - I also wouldn't let a quick price quote deter you either.  Keep in mind that realtor probably does not represent the property so it might be in their best interest to deter you and show you something else.  Everything is negotiable and right now it's more of a buyers market than it was a year ago, so go check it out for yourself. 

Bottom line, purchasing real estate is not for the faint of heart.  If you're serious about buying, know what you want/need, what you're willing to compromise on and what your price points are, contact a mortgage broker, get your pre-approvals in order, toughen up for some tense times, a few arguments and most importantly be an informed consumer - like any major purchase, do your homework and go for it.

Offline Gleason

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Re: Anyone visited Eagle Electric bldg?
« Reply #9 on: November 21, 2006, 01:31:26 PM »
LHT, you seem suspiciously savvy on real estate (like more than a few bloggers here).

What impact do you think this will have on the surrounding neighborhood? (and please don't say it will upgrade it - the last thing you need to do at this juncture is to even further alienate your neighbors.)




Offline LHT

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Re: Anyone visited Eagle Electric bldg?
« Reply #10 on: November 21, 2006, 01:50:27 PM »
Q: Why savvy? 
A: Just recently purchased, nothing suspicious about that.

Q:  What impact?
A:  Not interested in a debate.  Your position is clear and mine differs. 

RE: Neighbor alientation.
A:  Those who live in glass houses shouldn't throw rocks.  Think about who is doing the alienating here.  Suggest re-reading your last comment. 

Quote
the last thing you need to do at this juncture is to even further alienate your neighbors

Offline Gleason

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Re: Anyone visited Eagle Electric bldg?
« Reply #11 on: November 21, 2006, 02:10:18 PM »

Offline C-J

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Re: Anyone visited Eagle Electric bldg?
« Reply #12 on: November 21, 2006, 02:29:57 PM »
I too work in Real Estate and would never let someone on my staff talk to a person the way I was spoken to on Saturday.

*throws 2 pennies into jar*

Offline TJT

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Re: Anyone visited Eagle Electric bldg?
« Reply #13 on: November 21, 2006, 04:56:33 PM »
Will new luxury complexes upgrade the neighborhood?  Those damn white collar professionals with their taste for finer shops and boutiques.  Their fancy cars clogging the streets.  Their large tax revenues pouring into the area.  Their enjoyment of their skyline views and the river.  Yeah!  A law should be passed in Astoria to ban these buildings and only allow them to be subsidized housing for starving artists.  That's it!  That's the way to "improve" the neighborhood. 

Give me a break.  Art is a beautiful thing but economics are what will drive the local real estate market.  And no one will stop it.  Co op City indeed.  We already have that in Ravenswood and the Astoria Houses.  Two bedroom units starting around a half mill. are definitely NOT Co op City.  And as far as the power grid - bring it on.  The power that is.  Con Ed has no choice but to deal with the massive development that is coming to LIC and Astoria.  And all the expensive electronic gadgets that these new people bring with them.  Again - it's all an economy of scale.  Either they pump up the power or all of Astoria goes dark.  They'll figure it out.  And so will everyone else in Astoria.  Just like in Dumbo and Williamsburg.  People always resist change but eventually people realize that everyone is just looking out for their neighborhood in their own unique way.

Offline Gleason

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Re: Anyone visited Eagle Electric bldg?
« Reply #14 on: November 22, 2006, 10:02:11 AM »
I would urge each and every one of you to print out this and put it away somewhere. Then in about 5 years, take it out and read it.

Actually his posting is pretty funny.

Will new luxury complexes upgrade the neighborhood?  
Mister, I live in a humble dwelling. I enjoy the small town feel of my community, my backyard, and sunlight. I am clean, and proud. You have a problem with that?

Those damn white collar professionals with their taste for finer shops and boutiques.  Their fancy cars clogging the streets. 
Are you one of the new residents who are looking down on us long time Astorians? Why should my elected officials (and taxes) be used to bring you into the neighborhood for you to laugh at me?

Their large tax revenues pouring into the area.
Oh, revenue sharing by community board? Or is LIC/Astoria succeeding from NYC?

Their enjoyment of their skyline views and the river.  
What’s wrong we me and my kids enjoying the river in a park the way rich folks do in Manhattan and Brooklyn?

Yeah!  A law should be passed in Astoria to ban these buildings and only allow them to be subsidized housing for starving artists.  That's it!  That's the way to "improve" the neighborhood
Lets bulldoze the Village and Soho and replace them with Flushing and Elmhurst.

Give me a break.  Art is a beautiful thing but economics are what will drive the local real estate market.  And no one will stop it. 
Well, there is the silly little thing like people developing a credibility gap with the local talent and their lapdog media. After all, I work with someone from Bayside (we talk about downzoning), go the health club with someone from the Village (we talk about waterfront development) and am friends with someone who lives in Williamsburg (well, even you get the picture.)

Wow, what will happen once people compare notes realize what they hear from the local talent and read in the local press is ... not ... quite ... an ... accurate ... picture ... and get organized?

Co op City indeed.  We already have that in Ravenswood and the Astoria Houses. 
Huh? My developer friend, Co op City is not public housing. You should spend less time at your summer vacation place and more in NYC. It’s a wonderful place full of quirky neighborhoods and delightful people.

Two bedroom units starting around a half mill. are definitely NOT Co op City. 
No, in this artificially inflated real estate market that’s about the price for a taxpaying shack in Maspeth.

And as far as the power grid - bring it on.  The power that is.  Con Ed has no choice but to deal with the massive development that is coming to LIC and Astoria.  And all the expensive electronic gadgets that these new people bring with them.  Again - it's all an economy of scale.  Either they pump up the power or all of Astoria goes dark.  They'll figure it out.  And so will everyone else in Astoria. 
No my friend, I want my taxes to pay for better police, sanitation and the like. I frankly do not give a damn to your new projects and am p*d that my money is connecting you to the grid instead of providing services to me.

Just like in Dumbo and Williamsburg.  People always resist change but eventually people realize that everyone is just looking out for their neighborhood in their own unique way.
The beautiful things about Brooklyn is that the people do not accept everything that is said to them on face value, they are now starting to realize that the real estate zoning that was agreed to is being double crossed, and well, just read Jane Jacobs to find out what happens when people wake up.

Get on board, this is not the 1960s, bulldozing a community for urban renewal is dead. The residents of Astoria are not so much vermin to removed to make room for 'better' people.

You will howl when you read this cause in western Queens everything is laid out for the developers. There is just that little problem of all those little people in their way.

Get used to it. You are going to see a lot more comments like this in the future.

Next summer while at your vacation home, read Lincoln’s quote about fooling folks.


« Last Edit: November 22, 2006, 10:10:25 AM by Gleason »


 

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