6 HUBERT STREET FOR SALE

[mangina]

http://sinvin.com/listings/view.php?id=251&order_by=neighborhood&dir=ASC&category=investment_property&from=0

[liL Ray]

there goes a piece of history to the high price apartment market....

AREA
B square
SHELTER
BODY AND SOUL
NASA
DANCE RITUAL

....and many other parties in that space.

[Leslie]

Just a mere $18 million.....

[liL Ray]

Originally posted by Leslie:
Just a mere $18 million..... I smell a MAGUS rant coming on.....

[Martin Red]

http://sinvin.com/listing_images/6Hubertweb.jpg

Guesses on future usage ?

What about all the millionaires out there, someone like Grace Jones could afford it ?, well maybe not, what about Madonna or someone like that ...

[TAC]

Alright, lets get serious here. The building is 18 mil. Say, lets say it goes for that 18 mil (which it won't). To purchase it, you would need a down payment of $180, 000. That's 10 percent down.

With the amount of space in there you could most probably easily create a number of loft units that could be sold to recoup that cost in a flash.

The problem would be carying the building while your doing the construction.

Just a thought.

Peace
TAC

[D J 1 3 8]

The people who will be buying those lofts are not about to let another club open right below them. No way.

[Steve Price]

The building is 18 mil. Say, lets say it goes for that 18 mil (which it won't). To purchase it, you would need a down payment of $180, 000. That's 10 percent down Uh...bruh' your math is off. Ten percent would be 1.8 mil.

Peace,
SteveP

[ July 29, 2003, 11:21 AM: Message edited by: Steve Price ]

[El Mayimbe]

Originally posted by TAC:
Alright, lets get serious here. The building is 18 mil. Say, lets say it goes for that 18 mil (which it won't). To purchase it, you would need a down payment of $180, 000. That's 10 percent down.

With the amount of space in there you could most probably easily create a number of loft units that could be sold to recoup that cost in a flash.

The problem would be carying the building while your doing the construction.

Just a thought.

Peace
TAC bro, if there is ONE form of investment that is a sure thing (besides porn) its REAL ESTATE.
Grant it the buyer if he goes by what your saying would have to pay for the burden of having no one move in due to construction but in the end it works out for you since this is a prime location (TRIBECA) and you can advertise: "NEWLY RENOVATED TRIBECA LOFT". All I can hear is "ca ching!"
The Lower West Side has been going through MAJOR changes in the past few years and there is way more to come ;)

[mangina]

Well it's only 3 stories so even if you pay $18 Million and then spend 2 million on construction and turn it into 3 Lofts that sell for $5 million each. You still will lose money.
They will never get $18 for that building unless it comes with the rights to build above the 3 floors

[Leslie]

Originally posted by mangina:

They will never get $18 for that building unless it comes with the rights to build above the 3 floors How likely is that?

[The Buddy Love Show]

Originally posted by TAC:
Alright, lets get serious here. The building is 18 mil. Say, lets say it goes for that 18 mil (which it won't). To purchase it, you would need a down payment of $180, 000. That's 10 percent down.

With the amount of space in there you could most probably easily create a number of loft units that could be sold to recoup that cost in a flash.

The problem would be carying the building while your doing the construction.

Just a thought.

Peace
TAC TAC beat me to the rant

hell 20 people putting up 10K a person would be able to cover the down payment.....with that many peeps ya might be able to access capital to renovate, keep the club, do conversions on the additional space that would allow you to have added revenue

Nothing is impossible if you are Supermen...ya just have to have the will..thats the genesis

[TAC]

Originally posted by Steve Price:
</font><blockquote>quote:</font><hr /> The building is 18 mil. Say, lets say it goes for that 18 mil (which it won't). To purchase it, you would need a down payment of $180, 000. That's 10 percent down Uh...bruh' your math is off. Ten percent would be 1.8 mil.

Peace,
SteveP </font>[/QUOTE]Word.... way offfffff!

Forget it...

[mangina]

Originally posted by Leslie:
</font><blockquote>quote:</font><hr />Originally posted by mangina:

They will never get $18 for that building unless it comes with the rights to build above the 3 floors How likely is that? </font>[/QUOTE]As a landmark building it would be hard to get the air rights above the building.
But more importantly the community board (1) would never allow the space to continue as a nightclub.
From knowing the two owners well they would love it to become a huge Gourmet Garage style food shop to cater to the Lofts and condos in the area. Then it may well get it's money back in the long term. Building just 3 floors into condo is not going to make any money with the building selling for $18 Million.
The bids have to be in by August 8th and I understand a couple of bids have already been received.
They seem to be looking for a quick sell and will probably drop to $15 million to do so.

Just my opinion however.

[Steve Price]

Well it's only 3 stories so even if you pay $18 Million and then spend 2 million on construction and turn it into 3 Lofts that sell for $5 million each. You still will lose money. 15,000 sf on each floor plus basement

John,

I think 15,000 SF would be a bit excessive for a loft/condo. I think you could cut that up into 1500 sf residences and get a better return on your investment. Many condos that are considered "lofts" are not as spacious as they once were, at least here in Chicago.


SteveP

[ July 29, 2003, 11:48 AM: Message edited by: Steve Price ]

[TAC]

Originally posted by St Magus the Reviled:
</font><blockquote>quote:</font><hr />Originally posted by TAC:
Alright, lets get serious here. The building is 18 mil. Say, lets say it goes for that 18 mil (which it won't). To purchase it, you would need a down payment of $180, 000. That's 10 percent down.

With the amount of space in there you could most probably easily create a number of loft units that could be sold to recoup that cost in a flash.

The problem would be carying the building while your doing the construction.

Just a thought.

Peace
TAC TAC beat me to the rant

hell 20 people putting up 10K a person would be able to cover the down payment.....with that many peeps ya might be able to access capital to renovate, keep the club, do conversions on the additional space that would allow you to have added revenue

Nothing is impossible if you are Supermen...ya just have to have the will..thats the genesis </font>[/QUOTE]The math is off. You would need 1.8 mil, as Steve P. has pointed out. Plus, you would be behind the eightball. I bet there are people with their ducks lined up already. By the time the down payment would be raised, the building would be sold already.

Mangina, 2 mil for Lofts of that size is under valued. Have you checked the price of lofts recently?

Peace
TAC

[ July 29, 2003, 11:43 AM: Message edited by: TAC ]

[Leslie]

Originally posted by St Magus the Reviled:
</font><blockquote>quote:</font><hr />Originally posted by TAC:
Alright, lets get serious here. The building is 18 mil. Say, lets say it goes for that 18 mil (which it won't). To purchase it, you would need a down payment of $180, 000. That's 10 percent down.

With the amount of space in there you could most probably easily create a number of loft units that could be sold to recoup that cost in a flash.

The problem would be carying the building while your doing the construction.

Just a thought.

Peace


True enough 10k per person is not hard to gather especially if you already own something - no biggie. How do you get past the community board if you intend on keeping it a club?
TAC TAC beat me to the rant

hell 20 people putting up 10K a person would be able to cover the down payment.....with that many peeps ya might be able to access capital to renovate, keep the club, do conversions on the additional space that would allow you to have added revenue

Nothing is impossible if you are Supermen...ya just have to have the will..thats the genesis </font>[/QUOTE]

[Fletch]

You actally think, in this economy, that building is gonna go for 18 mill? Please.

Listen, y'all, forget about 6 Hubert Street. That was the worst excuse for a club ever! Yes, I know Vinyl had a good sound system, but that was it! For partying, the location was bad, the space was bad, mostly everything about that spot was bad (it was too hot, too!). Sorry, B&S, old Shelter heads, but I gotta call this one. One of the few times I'll say "good riddance" to a house music space.

Oh, by the way, let's see how the new 6 Hubert Street holds up in a post 9/11 economy. Just remember, Lower Manhattan is still reeling. Let's see who's gonna buy these units. If they do, let's see if they make a resale profit. Peace.

[liL Ray]

Originally posted by einnod23:
You actally think, in this economy, that building is gonna go for 18 mill? Please.

Listen, y'all, forget about 6 Hubert Street. That was the worst excuse for a club ever! Yes, I know Vinyl had a good sound system, but that was it! For partying, the location was bad, the space was bad, mostly everything about that spot was bad (it was too hot, too!). Sorry, B&S, old Shelter heads, but I gotta call this one. One of the few times I'll say "good riddance" to a house music space.

Oh, by the way, let's see how the new 6 Hubert Street holds up in a post 9/11 economy. Just remember, Lower Manhattan is still reeling. Let's see who's gonna buy these units. If they do, let's see if they make a resale profit. Peace. you are way off on all the points you made above...

"in this economy"....do you think it is juan from the bodega buying the building(no disrespect to juan or bodegas)? FYI, last I read, the upscale real estate market is BOOMING in NYC, especially in the Chelsea/lower Manhattan area.

also....

you must be new to this partying scene...that building has many history lessons in this thing we call house....it's not just about the past 5 years...it housed one of the best clubs NYC has ever seen and that was AREA, with folks like Johhny Dynell, Timmy Regisford and countless others getting their real start in the business....So yes, the building will be missed.

bad location?....are you serious?....the building was located just a few steps from 3 major subway stops and a stone throw away from the Holland tunnel, one of the entrance to NYC....there was parking all around the building, a police precint for safety(ok, this could go both ways), and before the insurgence of the condos and loft spaces(residential), many warehouses, so you never had neighbors in that area...

'the space was bad'....this is debatable....if anything, there was much more space in that place that could be used.

sorry, but I think your points are flawed....

I will miss 6 Hubert place....there was some magical nights there....maybe you should have participated.

[mangina]

Originally posted by TAC:
</font><blockquote>quote:</font><hr />Originally posted by St Magus the Reviled:
</font><blockquote>quote:</font><hr />Originally posted by TAC:
Alright, lets get serious here. The building is 18 mil. Say, lets say it goes for that 18 mil (which it won't). To purchase it, you would need a down payment of $180, 000. That's 10 percent down.

With the amount of space in there you could most probably easily create a number of loft units that could be sold to recoup that cost in a flash.

The problem would be carying the building while your doing the construction.

Just a thought.

Peace
TAC TAC beat me to the rant

hell 20 people putting up 10K a person would be able to cover the down payment.....with that many peeps ya might be able to access capital to renovate, keep the club, do conversions on the additional space that would allow you to have added revenue

Nothing is impossible if you are Supermen...ya just have to have the will..thats the genesis </font>[/QUOTE]The math is off. You would need 1.8 mil, as Steve P. has pointed out. Plus, you would be behind the eightball. I bet there are people with their ducks lined up already. By the time the down payment would be raised, the building would be sold already.

Mangina, 2 mil for Lofts of that size is under valued. Have you checked the price of lofts recently?

Peace
TAC </font>[/QUOTE]Yeah I'm outta touch with the prices

[Ron la Rock]

Originally posted by liL Ray:
</font><blockquote>quote:</font><hr />Originally posted by einnod23:
You actally think, in this economy, that building is gonna go for 18 mill? Please.

Listen, y'all, forget about 6 Hubert Street. That was the worst excuse for a club ever! Yes, I know Vinyl had a good sound system, but that was it! For partying, the location was bad, the space was bad, mostly everything about that spot was bad (it was too hot, too!). Sorry, B&S, old Shelter heads, but I gotta call this one. One of the few times I'll say "good riddance" to a house music space.

Oh, by the way, let's see how the new 6 Hubert Street holds up in a post 9/11 economy. Just remember, Lower Manhattan is still reeling. Let's see who's gonna buy these units. If they do, let's see if they make a resale profit. Peace. you are way off on all the points you made above...

"in this economy"....do you think it is juan from the bodega buying the building(no disrespect to juan or bodegas)? FYI, last I read, the upscale real estate market is BOOMING in NYC, especially in the Chelsea/lower Manhattan area.

also....

you must be new to this partying scene...that building has many history lessons in this thing we call house....it's not just about the past 5 years...it housed one of the best clubs NYC has ever seen and that was AREA, with folks like Johhny Dynell, Timmy Regisford and countless others getting their real start in the business....So yes, the building will be missed.

bad location?....are you serious?....the building was located just a few steps from 3 major subway stops and a stone throw away from the Holland tunnel, one of the entrance to NYC....there was parking all around the building, a police precint for safety(ok, this could go both ways), and before the insurgence of the condos and loft spaces(residential), many warehouses, so you never had neighbors in that area...

'the space was bad'....this is debatable....if anything, there was much more space in that place that could be used.

sorry, but I think your points are flawed....

I will miss 6 Hubert place....there was some magical nights there....maybe you should have participated. </font>[/QUOTE]Agreed 100% with RAY on this
graemlins/thumbsup.gif

[Dj Alex]

I only visited there a few times but I enjoyed it alot , it was comfortable had all these little encloves . And sorry to say it but I prefered it to the new Shelter venue . That place had a wild feeling about it ! .
I liked that location as well as it was just a little out but made you feel good about travelling there .
Hell what do I know ? .

peace Alex . :rolleyes: ;)

[Fletch]

Originally posted by liL Ray:
</font><blockquote>quote:</font><hr />Originally posted by einnod23:
You actally think, in this economy, that building is gonna go for 18 mill? Please.

Listen, y'all, forget about 6 Hubert Street. That was the worst excuse for a club ever! Yes, I know Vinyl had a good sound system, but that was it! For partying, the location was bad, the space was bad, mostly everything about that spot was bad (it was too hot, too!). Sorry, B&S, old Shelter heads, but I gotta call this one. One of the few times I'll say "good riddance" to a house music space.

Oh, by the way, let's see how the new 6 Hubert Street holds up in a post 9/11 economy. Just remember, Lower Manhattan is still reeling. Let's see who's gonna buy these units. If they do, let's see if they make a resale profit. Peace. you are way off on all the points you made above...

"in this economy"....do you think it is juan from the bodega buying the building(no disrespect to juan or bodegas)? FYI, last I read, the upscale real estate market is BOOMING in NYC, especially in the Chelsea/lower Manhattan area.

also....

you must be new to this partying scene...that building has many history lessons in this thing we call house....it's not just about the past 5 years...it housed one of the best clubs NYC has ever seen and that was AREA, with folks like Johhny Dynell, Timmy Regisford and countless others getting their real start in the business....So yes, the building will be missed.

bad location?....are you serious?....the building was located just a few steps from 3 major subway stops and a stone throw away from the Holland tunnel, one of the entrance to NYC....there was parking all around the building, a police precint for safety(ok, this could go both ways), and before the insurgence of the condos and loft spaces(residential), many warehouses, so you never had neighbors in that area...

'the space was bad'....this is debatable....if anything, there was much more space in that place that could be used.

sorry, but I think your points are flawed....

I will miss 6 Hubert place....there was some magical nights there....maybe you should have participated. </font>[/QUOTE]Sorry, Ray, but I just did not like the decor of that place. Yes, I did attend the B&S and Shelter parties. Loved the music and sound system, but I did NOT like that place, nor did I like that location. I'm one of the few who tried to stay away from 6 Hubert. Peace.

[liL Ray]

more memories...

in that building, I saw:

Stevie Wonder

Femi

Sounds of Blackness

Tito Puente...RIP...a ****ing magical night

Eddie Palmeri(sorry for the spelling)...

Grace Jones....WOW!!

The Nuyorican Band

Roy Ayers

Pevan Everett

Larry Levan making that sound system sound like magic...nobody could get it to sound like that again...don't know what he did...

Larry Patterson...R.I.P...one of his last dj gigs alongside Tee Scott(R.I.P.), Francois K, and a host of other djs...what a F'ing night...I can still hear Francois playing Love is the Message!! Rememeber that night FK??!!!

The birth of the Trio....Francois, Danny, and Joe!!

The speaker dancing with me...ok, so I was tripping, but what a trip!!

...and countless other acts and djs....

[ July 29, 2003, 12:36 PM: Message edited by: liL Ray ]

[The Buddy Love Show]

Originally posted by TAC:
</font><blockquote>quote:</font><hr />Originally posted by St Magus the Reviled:
</font><blockquote>quote:</font><hr />Originally posted by TAC:
Alright, lets get serious here. The building is 18 mil. Say, lets say it goes for that 18 mil (which it won't). To purchase it, you would need a down payment of $180, 000. That's 10 percent down.

With the amount of space in there you could most probably easily create a number of loft units that could be sold to recoup that cost in a flash.

The problem would be carying the building while your doing the construction.

Just a thought.

Peace
TAC TAC beat me to the rant

hell 20 people putting up 10K a person would be able to cover the down payment.....with that many peeps ya might be able to access capital to renovate, keep the club, do conversions on the additional space that would allow you to have added revenue

Nothing is impossible if you are Supermen...ya just have to have the will..thats the genesis </font>[/QUOTE]The math is off. You would need 1.8 mil, as Steve P. has pointed out. Plus, you would be behind the eightball. I bet there are people with their ducks lined up already. By the time the down payment would be raised, the building would be sold already.

Mangina, 2 mil for Lofts of that size is under valued. Have you checked the price of lofts recently?

Peace
TAC </font>[/QUOTE]1.8 million...o.k....so 20 people take a second mortgage and invest some of the built up equity in their houses and the job will gt done

[The Buddy Love Show]

Ray...you forgot Soul Boys

[liL Ray]

Originally posted by St Magus the Reviled:
Ray...you forgot Soul Boys first the brain goes then the peepee...or is it the other way around?? :D

[TAC]

Originally posted by St Magus the Reviled:
1.8 million...o.k....so 20 people take a second mortgage and invest some of the built up equity in their houses and the job will gt done Yo dude, you just dropped Chapter B of real estate 101. This is how its done. Btw, I am not disagreeing with you, but this takes time.

Peace
TAC

[The Buddy Love Show]

Originally posted by TAC:
</font><blockquote>quote:</font><hr />Originally posted by St Magus the Reviled:
1.8 million...o.k....so 20 people take a second mortgage and invest some of the built up equity in their houses and the job will gt done Yo dude, you just dropped Chapter B of real estate 101. This is how its done. Btw, I am not disagreeing with you, but this takes time.

Peace
TAC </font>[/QUOTE]so true..it takes time...which was Marlon Brandos lament in The Godfather...so we bust shit now so our kids will rule

gonna use the equity i've built with this house to purchase something a lil more grand...and keep em both

shit lets all start an empire (with myself as emperor, of course)

[Leslie]

Hello can someone tell me how to get around the community board. The financing is the easy part...

[Leslie]

Originally posted by St Magus the Reviled:
</font><blockquote>quote:</font><hr />Originally posted by TAC:
</font><blockquote>quote:</font><hr />Originally posted by St Magus the Reviled:
1.8 million...o.k....so 20 people take a second mortgage and invest some of the built up equity in their houses and the job will gt done Yo dude, you just dropped Chapter B of real estate 101. This is how its done. Btw, I am not disagreeing with you, but this takes time.

Peace
TAC </font>[/QUOTE]so true..it takes time...which was Marlon Brandos lament in The Godfather...so we bust shit now so our kids will rule

gonna use the equity i've built with this house to purchase something a lil more grand...and keep em both

shit lets all start an empire (with myself as emperor, of course) </font>[/QUOTE]If people only knew how much money they throw at you once you own a piece of property they'd get it....

[julian_kelly]

Issues like this are the reason why I talk about the importance of making $ and understanding business. If people in the house community had cash, a business with a strong balance sheet/income statement/statement of cash flows, or any other type of signigicant asset, they could purchase this property.

Heck, you dont have to even have cash yourself, but just have the ability to structure a deal (or find somebody with more sense than you to structure the deal) and know of a business or individual who has the balance sheet to make it work.

Whether this would be a good investment or not, I cant comment on because I am not familiar with the area, the demographics, commercial real estate and most importantly the numbers. And even if the numbers didnt 'necessarily fit' one common strategy to 'make the numbers fit' is to force the value of a property up buy buying other real estate properties in the area to increase the value of your property and comparables in the area.

The ability to be creative in financing is key. You can structure your financing to where you can have 'profit' in the early years and allow the appreciation of the asset to catch up. Financing options may be unlimited, depending on the needs of the seller. The owner of the property might not necessarily want 18million at once...think about it, they will have to pay taxes on the gain...unless they quickly move the profit into another piece of real estate (1031 exchange.)

Heck...soembody in the house community could purchase 6 hubert and make it into a mixed use retail/housing venture. With a state with as many high net worth individuals as New York and an excellent master salesman/marketer real estate agent, you can find individuals who will pay ridiculous amounts for a luxury apartment. Somebody in the house community could build a strong balance sheet/income statement from this venture and then borrow against your balance sheet to open a club.

But the ability to do this type of thing doesnt work if you dont have the knowlege. Most people are agonizing over how get rid of $5,000 in debt and survive off a measley $40,000 per year...most cats reading this post are 3 paychecks from poverty and struggle to pay $25 to get into Shelter. Some cats are still tryin to figure out how to get 200 people to a party consistently in a venue they dont even own, therefore, 6 hubert may be 'out of the league' for the majority in the house community.

Gotta be able to build a 1 bedroom house before you build a mansion. Gotta be able to make quarters before you can make dollars.

Get the necessary knowledge people...learn how to do more than work a job...then potentially good opportunitites wont pass you by.

julian kelly

[liL Ray]

OK, I'm official on julian kelly's jock!!!

[houseaddict]

In the event the property does come with air rights, 18 Mil is cheap, cheap, cheap!!

I'm in the busines here in Manhattan, so I know!! Right across the street is a new conod development 12 floors and 33 units ranging in price from $800,000 to $12,000,000 for a friggin penthouse!!

There is no way, however, that one will actually be able to build a building similar to the one described above for $2,000,000 as was conjectured in a prior post.

The funny thing is 7 Hubert Street aka The Hubert isn't even finished and over 60% os the units are sold!

As John said, the ONLY way to recoup one's money is to be able to build on the site. There are various way to go about this, so it will be done. Give it three years and this too will be a new condo development. Acutally, The Shelter has a nice ring to it for Million dollar penthouses. If only it didn't have a negative connoation to it affiliate with the homeless. Oh well, the name's the easy part.

[mangina]

Originally posted by houseaddict:
Acutally, The Shelter has a nice ring to it for Million dollar penthouses. If only it didn't have a negative connoation to it affiliate with the homeless. Oh well, the name's the easy part. They should build 2 penthouses on the top floor.
East side should be called The Shelter Penthouse
West side should be called The Body & SOUL Penthouse.

That would be kinda cute.