Dorsa Lofts - 1007 Washington Avenue

zink · PostMar 22, 2008#3762008-03-22T21:09+00:00

We face south. It is a little freaky with no blinds. The merchandise mart is right there and you see everyone and their TVs. And of course they can see us. We enjoy it though, definitely city living

I cant wait until the sushi place opens!

jimjim15 · PostMar 22, 2008#3772008-03-22T23:36+00:00

We face south as well, and after seeing people walking around in their underwear over in Merchandise Mart, we decided we needed blinds.

They're not actually that hard to find ... Installing them is another story.

meteo · PostMar 22, 2008#3782008-03-22T23:48+00:00

zink wrote:I cant wait until the sushi place opens!

Same here. I keep checking each day and while nothing has changed visually (as the windows are still covered up), from the noises coming out of there it sounds like they are hard at work on it, even on the weekends.

bl211 · PostMar 25, 2008#3792008-03-25T21:14+00:00

zink wrote:Anyone know where to buy cheap blinds that can fit a window 70in X 102in

We got our blinds from Signature Craft (314-961-8484) for our lightwell facing 48" x 144" windows in Bankers. For all 4 they were under $1,000. They were by far the most reasonable price.

We first called Victor Shades but there prices were ridiculously high for lesser quality than Signature Craft and we had a number of other issues with them. I know plenty of people who used them before we did and apparently they used to be a lot better before they were actually owned by David Victor himself. I don't know anyone who has used them since.

Regardless of who you go with, have them come measure for you. If you measure them yourself and they are wrong, you're hosed.

Our northern facing, 7' x 10' windows remain uncovered. We haven't felt the need to.

PostMar 29, 2008#3802008-03-29T00:11+00:00

Just found my old paperwork, Ben Azerola at Signaturecraft was my rep and he did a great job and was a pleasure to work with.

meteo · PostApr 19, 2008#3812008-04-19T16:44+00:00

According to the thread elsewhere on the Forum, Pyramid is ceasing operations:

http://www.urbanstl.com/viewtopic.php?t=5710

Does anyone know what this means for the Dorsa, especially considering that the building is almost, but not quite finished yet?

zink · PostApr 20, 2008#3822008-04-20T03:20+00:00

^ Just posted this in the form you quoted.

"I live at the Dorsa (Pyramid Owned) And it seems everything is all fine and dandy as I can tell. Sells Office was open, I walked out of my door and ran into a sells rep showing a couple one of the units across from us, and walking down the hall saw another couple picking out their final touches...

So it is definitely not affecting the Dorsa. Which only makes sense. Why "CEASE OPERATIONS" when you have probably at least $3-$5 million in cash inflow from upcoming closings,reservations,contracts..."

Seems like Pyramid will stay in the residential market, rather than commercial.

jlblues · PostApr 20, 2008#3832008-04-20T16:41+00:00

zink wrote:Why "CEASE OPERATIONS" when you have probably at least $3-$5 million in cash inflow from upcoming closings,reservations,contracts..."

I dunno, maybe because their cash outflow exceeds $3-$5 million?

zink · PostApr 20, 2008#3842008-04-20T20:33+00:00

^

I think you are mistaken fixed costs vs variable costs.

They are already fully invested in the dorsa( aka is 95%+ complete). No more cash outlays needed except to pay the sales reps.

So, as the rumors were floating... Pyramid laid off everyone and friday was their last pay checks. So we all know it was a false rumor, and the only indication we have is that they are no longer part of the MX Project.

Think of it as a Real estate agent, except as a seller you are paying this person monthly to sell your house. They are arent selling it, so you decide to go with another agent. Doesnt mean your house no longer exists...

ttricamo · PostApr 21, 2008#3852008-04-21T13:34+00:00

zink wrote:^

I think you are mistaken fixed costs vs variable costs.

They are already fully invested in the dorsa( aka is 95%+ complete). No more cash outlays needed except to pay the sales reps.

So, as the rumors were floating... Pyramid laid off everyone and friday was their last pay checks. So we all know it was a false rumor, and the only indication we have is that they are no longer part of the MX Project.

Think of it as a Real estate agent, except as a seller you are paying this person monthly to sell your house. They are arent selling it, so you decide to go with another agent. Doesnt mean your house no longer exists...

I think jlblues was taking the perspective of Pyramid as a whole, not the specific project of the Dorsa Lofts.

the central scrutinizer · PostApr 21, 2008#3862008-04-21T13:36+00:00

zink wrote:So it is definitely not affecting the Dorsa. Which only makes sense. Why "CEASE OPERATIONS" when you have probably at least $3-$5 million in cash inflow from upcoming closings,reservations,contracts..."

Maybe the bank wants their money now. Who knows?

jlblues · PostApr 21, 2008#3872008-04-21T18:15+00:00

ttricamo wrote:
zink wrote:^

I think you are mistaken fixed costs vs variable costs.

They are already fully invested in the dorsa( aka is 95%+ complete). No more cash outlays needed except to pay the sales reps.

So, as the rumors were floating... Pyramid laid off everyone and friday was their last pay checks. So we all know it was a false rumor, and the only indication we have is that they are no longer part of the MX Project.

Think of it as a Real estate agent, except as a seller you are paying this person monthly to sell your house. They are arent selling it, so you decide to go with another agent. Doesnt mean your house no longer exists...

I think jlblues was taking the perspective of Pyramid as a whole, not the specific project of the Dorsa Lofts.

Even with the specific project of Dorsa Lofts, we don't know anything other than it is mostly complete and that many of the units are sold. So, Pyramid has "at least $3-$5 million in cash inflow from upcoming closings,reservations,contracts..."? That means nothing unless you know how much Pyramid owes consultants, contractors, capital providers, etc., and how much remains to be funded for incomplete tenant improvements. You are also aware I'm sure that they will not receive tax credits until the project is complete. There could be a whole lot of people in line for a portion of that $3-5 million in cash.

And that is just from the perspective of this project. Dorsa Lofts does not exist in a vacuum. I see you've had Accounting 101, so I'm sure you understand that Pyramid needs a portion of that cash coming in from the Dorsa for little things like employee salaries, and debt payments, maintenance, investigative demolition, preliminary consulting work, property taxes, etc., etc., on its many, many other properties. No matter how successful any given project, the overall financial health of the developer has an impact on the status of that project. I would be rather anxious right now if I had bought in the Dorsa or was about to close on a unit.

zink · PostApr 22, 2008#3882008-04-22T00:03+00:00

I see your points, but I don’t under stand why you are still making an argument for something that has already been proven false.

-Pyramid has not stopped all their operations.

-They are still selling the Dorsa

-They are still completing it. (I hear the construction workers)

-They were already about to transfer “ownership” to a management company.

At this point in time, you can not even call Pyramid a Developer for the Dorsa, right now they are just a sellers agent to sell the units.

innov8ion · PostApr 22, 2008#3892008-04-22T02:30+00:00

zink wrote:I see your points, but I don’t under stand why you are still making an argument for something that has already been proven false.

-Pyramid has not stopped all their operations.

For all intents and purposes, it could be likely. At the least, heavily restructured.

meteo · PostApr 22, 2008#3902008-04-22T03:15+00:00

zink wrote:^ Just posted this in the form you quoted.

"I live at the Dorsa (Pyramid Owned) And it seems everything is all fine and dandy as I can tell. Sells Office was open, I walked out of my door and ran into a sells rep showing a couple one of the units across from us, and walking down the hall saw another couple picking out their final touches.../quote]

Thanks for the update! Good to see they are still working on selling the units, especially on the higher floors. There was still work being done in Mizu when I walked by Saturday as well.

the central scrutinizer · PostSep 27, 2008#3912008-09-27T05:04+00:00

Expect the Dorsa to be in foreclosure shortly, if it isn't already.

ntbpo · PostSep 27, 2008#3922008-09-27T13:18+00:00

The entire building? Haven't they sold a number of units already?

the central scrutinizer · PostSep 27, 2008#3932008-09-27T14:23+00:00

ntbpo wrote:The entire building? Haven't they sold a number of units already?

Yes, the entire building. And yes, they have sold a number of units. Those are not affected.

downtown2007 · PostSep 27, 2008#3942008-09-27T19:43+00:00

Wow that sucks!!! Was Pyramid in charge of Dorsa?

zink · PostSep 27, 2008#3952008-09-27T20:53+00:00

Yep Pyramid was in charge. TCS is a little late on this one. Bank already owns the units that were not sold. All transfers have been completed.

stlcardsblues1989 · PostSep 27, 2008#3962008-09-27T21:33+00:00

So, what happens to the people who already live there?

meteo · PostSep 27, 2008#3972008-09-27T21:35+00:00

zink wrote:Yep Pyramid was in charge. TCS is a little late on this one. Bank already owns the units that were not sold. All transfers have been completed.

Thanks for quickly getting the clarification out there zink.

To TCS: In the future it would be appreciated if you would either post more detail in regards to something like this or nothing at all. Posts like the one you made can easily cause rumors to be spread about the building some of us here live in.

the central scrutinizer · PostSep 27, 2008#3982008-09-27T22:24+00:00

Meteo wrote:
zink wrote:Yep Pyramid was in charge. TCS is a little late on this one. Bank already owns the units that were not sold. All transfers have been completed.

Thanks for quickly getting the clarification out there zink.

To TCS: In the future it would be appreciated if you would either post more detail in regards to something like this or nothing at all. Posts like the one you made can easily cause rumors to be spread about the building some of us here live in.

I'm not sure how much more detail I could have posted. Foreclosed is foreclosed.

My friend told me about it last night, and by the time I got home I couldn't remember if he had said it was in foreclosure or was going to be. Next time, I'll try to remember better.

So before I post about the Locust property heading toward the same fate, I'll make sure I know exactly which building it is.

jimjim15 · PostOct 02, 2008#3992008-10-02T16:39+00:00

STLCardsBlues1989 wrote:So, what happens to the people who already live there?

Nothing. We still live there. The bank is paying the HOA fees on the unsold units, and frankly, it seems as though everything has been running smoothly for some time now (except for the guy who parked in front of the garage door last weekend) ... knock on wood.

The bank will be looking to sell the units, and there's been some thought that they may sell them as a block to a 3rd party who will then sell them.

Honestly, except for a few weeks during the turnover, the building residents haven't experienced much at all.

debaliviere · PostOct 02, 2008#4002008-10-02T16:45+00:00

Do you know how many unsold units remain?

How nice would it be to be in the market for a loft right now? Provided you could get financing, of course!

Dorsa Lofts - 1007 Washington Avenue

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