A Curbed reader wrote in to update us on the progress at Hester Gardens, the eight-story, 61-condo development with the "hidden" courtyard that is sprouting up at the corner of Hester and Mott in Little Chitaly (see what we did there?). "I'm quite curious about what's happening with this place," anonymous tipster says. " I passed by it the other weekend and the building is progressing." Why so curious? The email continues:
Back in late September, I almost mistakenly signed up for this condo because I wanted a pied a terre so badly in Chinatown. After carefully reading through the hundreds of pages of the draft condo docs, I nearly fainted from disbelief.
Why? A few examples: The sponsor and his wife and son would be the board for at least several years, whether residing at Hester Gardens or not. They could choose to sell only 10% of the units, according to the docs,and still be considered a condo development. In other words, 9 apts. If any of these deals fell through, they could pass with even fewer. Maybe not such a big deal except that the condo docs state clearly that the "unit owners" would have to bear the expense of the entire building of 61 units!!! So I balked at this because there was the potential for 8 or 9 owners to divide enormous costs of what essentially would be a rental apt building.
Meanwhile, the unit owners would have to bear the cost of purchasing the super's apt. and every future apt. that would be up for resale would be bought back by the unit owners if the 3 member board so decided. Purchasers were also required to sign over power of attorney. And on and on.Anyone know someone who bought or considered buying in Hester Gardens? We're curious for more info.
· Chinatown Condos: Just Add More Pedestrians [Curbed]