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Old 12-16-2014, 12:12 PM
 
162 posts, read 334,112 times
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Would you consider Elmhurst Queens up and coming? The area I am specifying is near the new Elmhurst Library. The continental park was bankrupt perviously and a developer (Myles Horn) bought 79 units in the building and is renovating the entire complex/units he bought. Below is the link to the building. The building looks like it will be nice. Any thoughts?

The Continental Park
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Old 12-16-2014, 12:28 PM
 
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Quote:
Originally Posted by abcdefgnewyork View Post
Would you consider Elmhurst Queens up and coming? The area I am specifying is near the new Elmhurst Library. The continental park was bankrupt perviously and a developer (Myles Horn) bought 79 units in the building and is renovating the entire complex/units he bought. Below is the link to the building. The building looks like it will be nice. Any thoughts?

The Continental Park
The area should improve, the thing is, the asking prices are high for what it is now.

2bedrooms are asking about $400k

You only have the M & R trains

really you'd be better off buying in nearby Jackson Heights for about the same prices, in a much more established neighborhood with much better transportation options and amenities.
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Old 12-16-2014, 12:39 PM
 
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Thanks for you thoughts, it really helps to have other opinions on it. I researched that the train station would be Grand Avenue Train station and it is only 2 stops away from Jackson Heights. The building itself seems promising. All 79 units have been renovated and the building will have plenty of amenities. Each apartment has a washer on dryer hookup which I rarely see in the co-op's. All halls will be updated and everything will be new. They are also pet friendly. My concern is about the area. Do you think it will change? With the opening of west Elm rental apartments within the last 2 years it seems like things will change slowly. They are also mentioning a East Elm rental building across the street in the future.
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Old 12-16-2014, 12:43 PM
 
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Originally Posted by abcdefgnewyork View Post
Thanks for you thoughts, it really helps to have other opinions on it. I researched that the train station would be Grand Avenue Train station and it is only 2 stops away from Jackson Heights. The building itself seems promising. All 79 units have been renovated and the building will have plenty of amenities. Each apartment has a washer on dryer hookup which I rarely see in the co-op's. All halls will be updated and everything will be new. They are also pet friendly. My concern is about the area. Do you think it will change? With the opening of west Elm rental apartments within the last 2 years it seems like things will change slowly. They are also mentioning a East Elm rental building across the street in the future.
Personally not a big fan of the area. I agree the renovations are nice, but I think when buying an apt you should look at the location, floor plan, and monthly costs more than a renovation.

Renovation styles come and go and you can always renovate an older unit... but layout, location and monthly costs cannot be changed.

It depends whats most important to you though of course. A good amount of co-ops allow pets, most won't have W/D in unit though, but almost all will have it in the building.

Personally for the same money I would say JH or FH.
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Old 12-16-2014, 02:26 PM
 
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The location is actually not bad, 2 min walk to the train station. Bakery on the corner, Chinese supermarket across the street, brand new library next store. Target is about a 10 min walk, queens center about 15 min walk. If you walk further into Elmhurst towards Jackson height you can get cheap eats. Everything is accessible by walking. Too bad some people make the area dirty/bad. Hopefully this turns around when young professionals start moving in.
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Old 12-16-2014, 02:42 PM
 
Location: Beautiful Pelham Parkway,The Bronx
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By the floor plans, it looks like most of the 2 br's are really 1 br's and they have taken the dining areas to turn them into a second bedroom, with access only from the living room.Not great.Seems like $400,000 for a 1 br converted to an awkward 2 br with 1 bath ,in that area ,is way over priced. What are the maintenances like ? My guess is they must be pretty high to service all the debt.

The underlying mortgage on the place is huge for an 80 unit complex so the sponsor will do very well if they manage to unload all that debt onto the shareholders.I think I'd pass on the debt load alone.

http://thecontinentalpark.com/availability/#plans-50

http://thecontinentalpark.com/wp-con.../2014/09/1.jpg

Also wondering how they get 895 sq ft out of a 30 x26 rectangle.

Last edited by bluedog2; 12-16-2014 at 03:14 PM..
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Old 12-16-2014, 02:59 PM
 
Location: NYC
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Originally Posted by abcdefgnewyork View Post
The location is actually not bad, 2 min walk to the train station. Bakery on the corner, Chinese supermarket across the street, brand new library next store. Target is about a 10 min walk, queens center about 15 min walk. If you walk further into Elmhurst towards Jackson height you can get cheap eats. Everything is accessible by walking. Too bad some people make the area dirty/bad. Hopefully this turns around when young professionals start moving in.
I go to this area quite frequently and it's a solidly a working class neighborhood. I don't really see any reason why this neighborhood would change since it doesn't have the advantage of being very close to the city like other neighborhoods that have experienced change.
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Old 12-16-2014, 03:03 PM
 
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Quote:
Originally Posted by abcdefgnewyork View Post
The location is actually not bad, 2 min walk to the train station. Bakery on the corner, Chinese supermarket across the street, brand new library next store. Target is about a 10 min walk, queens center about 15 min walk. If you walk further into Elmhurst towards Jackson height you can get cheap eats. Everything is accessible by walking. Too bad some people make the area dirty/bad. Hopefully this turns around when young professionals start moving in.
yea but the M & R aren't exactly the best trains.

also yes heavily asian area and has potential to become more asian and crowded...

If I were the OP I would look in JH or FH... cleaner, better amenities, more and faster train options... and same price points. just better overall neighborhoods IMO.

Elmhurst is the little brother to JH, but if the prices are equal JH is definitely the better option
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Old 12-16-2014, 04:16 PM
 
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Originally Posted by Adhom View Post
I go to this area quite frequently and it's a solidly a working class neighborhood. I don't really see any reason why this neighborhood would change since it doesn't have the advantage of being very close to the city like other neighborhoods that have experienced change.
Skyview Parc was one of the best selling buildings in 2013 within NY. If your buying in this area, your not thinking about the people currently there. Your thinking about the future growth of the Chinese community as more international buyers continue to invest in the area. If you were to buy in this area, it would be preferable a condo instead of a co-op, so you can attracted international buyers when you hope to resale the property.
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Old 12-16-2014, 04:24 PM
 
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Originally Posted by NYer23 View Post
Skyview Parc was one of the best selling buildings in 2013 within NY. If your buying in this area, your not thinking about the people currently there. Your thinking about the future growth of the Chinese community as more international buyers continue to invest in the area. If you were to buy in this area, it would be preferable a condo instead of a co-op, so you can attracted international buyers when you hope to resale the property.
Skyview Parc is in Flushing, which is a different area.

However, if your point is that condos are doing very well with Chinese people in certain areas (including Elmhurst) then I would say I totally agree with you. It's my perception there's a lot of Chinese money floating around, and that developers are trying to sell condos to Chinese.

So my guess is that the area where this coop is will become more Chinese. I have noticed that the Chinese who have immigrated here in the recent past do not have much of a sense of aesthetics and the areas that contain a lot of Chinese do not tend to be particularly attractive areas. There may be a whole set of other types of Chinese who could build really beautiful areas, but they must be the Chinese who are either staying in China or moving to areas that are not Queens and Brooklyn. Just my opinion.
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