Astoria in Irvine

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PeterUK_IHB

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<a href="http://www.youtube.com/watch?v=Giv4VzvHaus">Astoria in Irvine on Youtube</a>



At the end they show two listing agents along with their Dubai contact #.



:-/
 
More of IHB`s Towering Inferno thread.



I like the sexy voice in the presentation.

Other than that. $600 a Sq Ft. better come with

some very special services indeed.



Also notice the missing San Diego Freeway.

It has turned into some buildings if you pay attention to the show.



This complex will become a rental. Only a matter of time.

Thats if they ever finish it. CPW will stand empty for another year or 2 at least.

That`s got to be helping sales of this high rise. NOT.
 
[quote author="bltserv" date=1214008684]More of IHB`s Towering Inferno thread.



I like the sexy voice in the presentation.

Other than that. $600 a Sq Ft. better come with

some very special services indeed.



Also notice the missing San Diego Freeway.

It has turned into some buildings if you pay attention to the show.



This complex will become a rental. Only a matter of time.

Thats if they ever finish it. CPW will stand empty for another year or 2 at least.

That`s got to be helping sales of this high rise. NOT.</blockquote>


A little bit of foresight from blt in his last comments - word in the investor community is that Lennar/Intergulf have decided to turn Astoria into rentals. They were trying to sell it for a while to either an apartment investor or another condo builder/converter. The offers they received were surprisingly decent, but not close to the $800K per unit price they were asking for (they either need to sell at $800K to avoid a loss, or the lender needs it to sell at $800K to avoid a loss). So instead of sell at a loss they are going to lease them up as apartments and wait.



I have no idea what is giving them the idea they are going to get out for more in a couple of years. They have two potential exits - as an apartment building or as a condo building.



As an apartment building it sucks because it is on the very back of the CPW site and residents will have to drive through a Lennar warzone/ghostown for years to get there. Once they lease it up, with their debt levels they will still have to swallow a ton of negative cash flow. And I certainly don't think they can expect much in terms of rent growth over the next few years to bail them out by increasing the income on the property, thereby translating to higher value.



In terms of exiting in the future as condos - either selling them to a condo converter/builder or selling the units themselves - I think most people on this site would believe they are not wise to sit and wait. It is unlikely that they are going to get anymore for those units in the next few years than they can get for them now.



So instead of taking their pain now, they are likely just going to take more pain later.
 
Builders are full of ego. They measured their success by the height of building's erection. Without ever reaching its climax the idea of CPW is a sore financial limp.
 
[quote author="Joe33" date=1214464378][quote author="bltserv" date=1214008684]More of IHB`s Towering Inferno thread.



I like the sexy voice in the presentation.

Other than that. $600 a Sq Ft. better come with

some very special services indeed.



Also notice the missing San Diego Freeway.

It has turned into some buildings if you pay attention to the show.



This complex will become a rental. Only a matter of time.

Thats if they ever finish it. CPW will stand empty for another year or 2 at least.

That`s got to be helping sales of this high rise. NOT.</blockquote>


A little bit of foresight from blt in his last comments - word in the investor community is that Lennar/Intergulf have decided to turn Astoria into rentals. They were trying to sell it for a while to either an apartment investor or another condo builder/converter. The offers they received were surprisingly decent, but not close to the $800K per unit price they were asking for (they either need to sell at $800K to avoid a loss, or the lender needs it to sell at $800K to avoid a loss). So instead of sell at a loss they are going to lease them up as apartments and wait.



I have no idea what is giving them the idea they are going to get out for more in a couple of years. They have two potential exits - as an apartment building or as a condo building.



As an apartment building it sucks because it is on the very back of the CPW site and residents will have to drive through a Lennar warzone/ghostown for years to get there. Once they lease it up, with their debt levels they will still have to swallow a ton of negative cash flow. And I certainly don't think they can expect much in terms of rent growth over the next few years to bail them out by increasing the income on the property, thereby translating to higher value.



In terms of exiting in the future as condos - either selling them to a condo converter/builder or selling the units themselves - I think most people on this site would believe they are not wise to sit and wait. It is unlikely that they are going to get anymore for those units in the next few years than they can get for them now.



<strong>So instead of taking their pain now, they are likely just going to take more pain later</strong>.</blockquote>
Oh trust me, it's better for them to get out while they can instead of waiting to get kneecapped. The problem they'll face is that sooner or later the construction lender will want to get paid off because they won't want to keep coming up with extension options. Trust me, there won't be many perm lenders that'll be knocking down the door for property when it stabilizes as an apartment complex. If the current loan is non-recourse, I see the Borrowing Entity (Lennar) throwing back the keys once they complete the construction of the property to satisfy their completion guaranty otherwise they'll have to come up with a sizable check to re-margin the loan. Honestly, I'd love to see Lennar go BK because they probably have the biggest egos of any homebuilder out there (I interviewed with them years ago and you can sense the "my-crap-don't-stink" attitude from the people that worked there). We'll see if the current market conditions humble these homebuilders who still have huge ego and are drunk on the Kool-Aid.
 
Interesting to see that as of June 2008, the word is that the builder was leaning toward apt. conversion. I had checked the Astoria as part of my continuing OC housing search (see my 3000 The Plaza thread) about a month or so ago (late July/early August). The builder had just finished completing the building itself and the exterior. We were kindly given a "hard hat" tour, but was warned that none of the units were close to completion interior wise, but at least they began installing carpeting and cabinetry in the lower floor units. It appears that the Central Park West (CPW) sales office is still trying to sell these things and going ahead with construction. I was told that the plan is interiors will be finished by late November through December, and the sales office will be moving into the building. The price sheet is a huge joke, and so is the HOA dues for Astoria itself, which also requires additional HOA for CPW (I think) and Mello Roos.



The one bedroom units only come with one parking spot. And 2 and 3 bedrooms get 2 max. If anything, even the cheapest priced units require a dual income. And to ignore the fact there likely will be two cars for each household, regardless of bedroom number, is ludicrous. Where the hell is the other person suppose to park? In addition, the sales guy even suggested that not all residents with two spots will use them, so it's quite possible that the HOA will come up with some system of leasing out those extra spaces. Excellent, more added expense!



The worst of it is one of the buildings is essentially lined against the 405. As someone pointed out earlier in the thread, this is conveniently missing in the Astoria video and conceptual renderings. Any units on that side will have the freakin' 405 as their view, along with the noise that cannot be dampened, no matter how many layers of glass they try to use. We checked out units along that side (the lower units) on a weekend when the 405 wasn't that busy, and the noise was horrible. The sales guy even tried closing the windows recognizing how loud it got, but even with the windows shut, the sounds of cars rushing by could easily be heard. I understand that completion of the interiors may have some sound dampening effect, but not so much as to eliminate most of the sound. One would be insane to buy a unit on that side of the building. And as expected, looking at the price sheet for the other buidling not along the 405, it is noticeably more expensive - likely due to the fact that you don't have the 405 as your backyard. I don't see why the developer could not have put the Astoria on the other side of the property, away from the 405.



For further amusement, check out the floor plans. I had checked out plan "G," which was one of the few plans remotely close to my price range (but still $100K over based on the asinine pricing sheet). The square footage of the master bedroom is smaller than that of the second bedroom since it is narrower. Are you kidding me? Did the Astoria think this was acceptable - making the master bedroom smaller than the second bedroom? Unbelievable. Look at Plan "A," which was also somewhat in my price range. The floor plan shows a rectangle in the upper left corner of the living room. Yes, that is a structural pillar. What I don't need in a condo that is already as small as it is is a pillar taking up precious square footage. Best one can do is hang art on that wall.



I have no clue what is in store for this place, but I am not impressed by it at all, and I think the location is horrible.
 
Nice post PeterUK. don't know the terms of the agreement but this is officially an intergulf deal, not a lennar deal. I agree that 3000 the plaza is a better project and the price points just don't make sense. Astoria was probably put on that part of the property because of sight line issues from the neighbors.



I think it's safe to say that this will remain a for sale product that will attempt to take advantage of the global buyer market (which, by the way, US builders have no idea how to market to). I'm guessing to large and too much risk for a bank to take it on right now.
 
The highrise building at the corner of Sunset and Vine has its entire east facing wall as a billboard. It nets the owner almost $1 Million per month. The 405 facing facade of Astoria is one of the ugliest of all the building I have ever seen. It is a perfect billboard along the busy 405 and could possibly make $500,000 per month on advertising fee. Digital sign and other animated signage across the entire facade could net very good money and bring attention to this project. Sunset Blvd would not be as lively when the billboards and neon lights were removed.



Lennar if you are reading this PM me for other ideas that can help you. Your project is sinfully ugly!!



<img src="http://farm3.static.flickr.com/2398/2457838047_1ac8bb7341.jpg" alt="" />

Here is a good solution for your ugly building.
 
[quote author="bkshopr" date=1225278037]The highrise building at the corner of Sunset and Vine has its entire east facing wall as a billboard. It nets the owner almost $1 Million per month. The 405 facing facade of Astoria is one of the ugliest of all the building I have ever seen. It is a perfect billboard along the busy 405 and could possibly make $500,000 per month on advertising fee. Digital sign and other animated signage across the entire facade could net very good money and bring attention to this project. Sunset Blvd would not be as lively when the billboards and neon lights were removed.



Lennar if you are reading this PM me for other ideas that can help you. Your project is sinfully ugly!!



Here is a good solution for your ugly building.</blockquote>


QFT. Of all the land in Irvine, the dumb ass developers thought it a good idea to put a high rise building essentially lining one of the busiest freeways in SoCal. Brilliant.
 
<img src="http://farm3.static.flickr.com/2398/2457838047_1ac8bb7341.jpg" alt="" />



bk, last year we arrested two people who had base jumped off that building. Two others were still up top getting ready to jump when we pulled up...they wouldn't come down, so we had to climb all the way up to the top and hook 'em up. Yeah, it's like 25 stories. Phew.



Funny, one of the guys was hiding behind a pile of debris up one of the top floors, I'd say around the 22nd floor (this was before the glass walls were installed, so it was still wide open). When we spotted him, he ran to the edge and onto the scaffolding and pushed on that big banner ad, trying to find an opening so he could jump. He still had his parachute rig and helmet on.



My guys grabbed him and hauled him back from the edge...so that ad assisted us in making an arrest ! It was an ad for the Transformers movie back then.



When I walked up to him, I noticed a little red LED light glowing on his helmet. It was coming from a helmet cam that he had turned on to record his jump. When I asked him if he was taping me, he said "yes". I told him to lean forward towards me...and I looked right into the light and said, "You're under arrest!"



I'm sure it's on YouTube somewhere. (BTW, all 4 pled guilty).
 
<img src="http://farm3.static.flickr.com/2398/2457838047_1ac8bb7341.jpg" alt="" />





Another interesting tidbit about this hi-rise is its "streetview" story.



<strong><a href="http://maps.google.com/maps?hl=en&rlz=1T4SUNA_enUS282US283&um=1&ie=UTF-8&q=sunset+and+vine,+hollywood,+ca&fb=1&cid=0,0,1175427554559982590&sa=X&oi=local_result&resnum=1&ct=image">link</a></strong>



If you "walk" towards the building down vine it was filmed during construction.

At the intersection of Sunset and Vine, Trooper's Transformers skin can be viewed.

One click east and the building is magically completed, so it is as if the whole building "transformed."
 
That's pretty deep for 5 o'clock in the morning. Have you been drinking again? ;)



and yup, that's the ad I was talking about. It was kind of spooky in there b/c they had backlighting (blood red) set up inside that projected out to illuminate the transformer head. That robot face was about 10 feet tall....and all glowy...and creepy.....at 3:00 in the morning.



Couple that with the fact that we were hundreds of feet in the air, in complete darkness (save the aforementioned blood red from a few stories up) with no walls....Mommy ! We were all a little jittery.



When we first found him (jumper to be), from a safe distance we ordered him to come out. Genius laid there like a possum....then BAM, he was up and running in his little flappy orange jumpsuit and helmet. Bizarre to say the least.
 
The entitlements that developers get to put the advertising on their buildings is very valuable. That area of Hollywood is in a special advertising district that allows for that stuff. The Sunset & Vine project across the street (barely visible in the picture above) has huge advertising income. Most of those deals would have never penciled without the advertising income.



No way that the city of Irvine would give them the approval to do that.
 
bk, that's it ! I guess it was a 10 ft eyeball, not a head.



They jumped off the scaffolding on the top of the building and landed in the middle of the intersection at Sunset and Vine....I'm sure the few drivers that were there to witness it, got quite the surprise.



Can't say my job isn't interesting.....
 
[quote author="Trooper" date=1225348270]bk, that's it ! I guess it was a 10 ft eyeball, not a head.



They jumped off the scaffolding on the top of the building and landed in the middle of the intersection at Sunset and Vine....I'm sure the few drivers that were there to witness it, got quite the surprise.



Can't say my job isn't interesting.....</blockquote>


While you were arresting the gang of 4 up in Hollywood Here in Irvine the headline was a thief caught shoplifting a bag of 6oz Mesquite BBQ flavor Frito Lays potato chips.
 
I noticed a few recent listings on redfin and was wondering if the project is complete yet and if people are living there now.







<a href="http://www.redfin.com/CA/Irvine/401-Rockefeller-92612/unit-B707/home/18773485">http://www.redfin.com/CA/Irvine/401-Rockefeller-92612/unit-B707/home/18773485</a>



<a href="http://www.redfin.com/CA/Irvine/401-Rockefeller-92612/unit-B904/home/18764649">http://www.redfin.com/CA/Irvine/401-Rockefeller-92612/unit-B904/home/18764649</a>



<a href="http://www.redfin.com/CA/Irvine/401-Rockefeller-92612/unit-607/home/12470218">http://www.redfin.com/CA/Irvine/401-Rockefeller-92612/unit-607/home/12470218</a>



<a href="http://www.redfin.com/CA/Irvine/401-Rockefeller-92612/unit-1426/home/12463645">Only $2.3 million!! Hurry with a price like this, it won't last!!!</a>
 
In driving past Astoria this morning. Looks like we have some "Occupation" taking place.

Noticed some furniture and plants on one of the Freeway sided patio`s.

Must be nice to enjoy such a fine view of the 405 while relaxing with a beverage

after a hard days work. Such a nice relaxing sound. YUCK.



I wonder if its a rental or owner occupied ? Must be weird living in a ghost town.

One good thing. Parking should not be a problem.
 
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