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A South American family has paid close to $27 million for eight units at Waterline Square, a new construction residential complex on Manhattan’s Upper West Side, according to the buyers’ agent, Maria Velazquez of Douglas Elliman. The buyers went into contract and closed on the all-cash deal on the same day, an extremely fast turnaround for the New York market, said Ms. Velazquez. She said her clients received a blended discount of more than 7% from the asking price of the units, which range in size from one to three bedrooms and span a total of roughly 11,000 square feet. Waterline Square, a three-tower project developed by GID Development Group, launched sales in 2017. Ms. Velazquez declined to name the family who bought the units, but said they hail from Peru and purchased the units as an investment with plans to rent them out. The family was looking for a safe place to park their cash amid the uncertainty of the coronavirus pandemic and related economic fallout, she said. “They felt their money was safer in an apartment in New York than in a bank,” Ms. Velazquez said. While the buyers had visited the sales office in November, she said, subsequent showings were all virtual, and the closing was completed over videoconference. Showings are currently not permitted under New York law as the state seeks to enforce social distancing measures. Waterline Square has 263 condos plus a number of rental units. GID declined to say how many condo units have sold. Corcoran Sunshine Marketing Group heads sales at the complex. Amenities at the complex include a soccer field, a halfpipe skate park, a 25-meter saltwater pool, a bowling alley and a recording studio. The New York City condo market had been rocky for several years, but sales activity was starting to improve before coronavirus barreled into the city. Ms. Velazquez said the buyers got a slight discount in part because they were willing to transact in the current uncertain climate, though the developer was still relatively firm on prices. “It was a very tough negotiation,” she said. “But the developer did see an opportunity to get this done before things get worse.” She added: “Crises always bring opportunities for investors like this.” https://www.wsj.com/articles/south-american-family-buys-eight-new-york-apartments-to-stash-cash-amid-coronavirus- 11586952028.

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March 21, 2017
March 21, 2017 Hon. Kathleen H. Burgess Secretary to the Commission New York State Public Service Commission 3 Empire State Plaza Albany, New York 12223-1350 [email protected] Filed Electronically Re: Petition to Submeter Electricity at Two Waterline Square, a property of RCB 1NOMINEE LLC c/o GID Development Group Dear Secretary Burgess, RCB 1 NOMINEE LLC (the "Owner") as owner, of Two Waterline Square ("Property"), hereby submits this petition for approval pursuant to 16 NYCRR 96.2(a) of the Public Service Commission's ("PSC") Rules and Regulations, to submeter electricity to a new residential complex. The Property and all units are located within the service territory of Con Edison, Inc. ("Con Edison"). The Property is new construction consisting of a 37-story and a 24-story tower connected by a common base. The Property will include rental units, for-sale condominiums, and ground floor retail space. There will be separate addresses for the residential units and retail spaces. Retail spaces will be direct metered by Con Edison and are not applicable to this petition. Property amenities include, but are not limited to, bike storage, dog was rooms, central laundry facilities, and garage parking. The Property will border the new Waterline Square Park, a 2.6-acre park and open space. Residents will also have access to the Waterline Club, a 100,000 square foot amenity space located in the cellar spaces below the park. Owner's Corporate and Property information are listed on Exhibit A. The Owner's submetering plan is listed below in accordance with the requirements of 16 NYCRR 92.6(a).
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