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The assessments look kind of high for a 1 BR.
I heard there was a large special assessment in 2009 and there might be more to come. Does anyone have some insight on whether this listing includes some or all of that special?
Also, I heard some talk that the building still needs some infrastructure work (a new boiler?) and hasn't built up reserves to cover it. Anyone have some facts?
It's basically a high-end two room studio.
I think the condo charges are correct -- that is, without the special assessment. The special almost doubled the base fee. But you are right to worry about condo fees in this building. I think there are some big expenses coming, and the building doesn't have the reserves to cover it.
But this unit faces 27th street. That means the Museam of Sex, the sex club La Trapeze, the downscale Gershwin hotel, and the Prince George (for the homeless). Add to that landscape the back door for the building and for the restaurant SD26, and you have a steady stream of garbage collection noise. But at least it's the first west bound street north of 23rd, so there's a steady stream of traffic -- and in the summer there's always the noise from the roof (and front door) of 230 fifth.
NYCMatt -- I think you're being a bit harsh. It's a big unit, and nice. You're just paying for a lot of square footage that you can't really use. For example, it's deep, so while there's room for a second room -- you can't really make it a bedroom, unless you're happy to do it without a window. And the square footage includes the closet located across the hall -- so at $1,000 s/f, that could be a $60K+ closet!
"NYCMatt -- I think you're being a bit harsh. It's a big unit, and nice."
It would be even nicer, for a million and a half, to have a real kitchen, rather than a glorified wet bar at the back of the living room.
In case you've all forgotten what a proper kitchen looks like:
Or, if space is tight:
matt, it is a real kitchen. a full 12 feet or so. you may not care for it, but it is not a glorified wet bar.
No. It's a wet bar. It's appliances in the living room.
It's not a "kitchen".
no, it's not. it's an open kitchen. many people like them, many people hate them. but if it includes all appliances, plenty of counter and storage space, it's a kitchen.
If it's not it's own room, it's not a "kitchen". It's appliances in the living room.
Just like an alcove studio with a designated bedroom "area" is still not a proper one bedroom.
except that industry standards recognize the open kitchen as a kitchen. you don't, so don't ever buy one. but that doesn't make your comment accurate.
Here, check out this lovely "open bedroom" layout: http://streeteasy.com/nyc/sale/467073-condo-425-fifth-avenue-midtown-south-new-york
<< The special almost doubled the base fee. >>
flatiron, does this mean that (i) the special assessment was equal to the regular maintenance, so that the total maintenance (including special) was double the regular maintenance, or that (ii) the special assessment was equal to 2x the regular maintenance, so that the total maintenance (including special) was three times the regular maintenance?
Also, do you have any insight into how long this special assessment will last, what caused it, and what big expenses you think are coming (and the magnitude of special assessments that may arise from those)?
Matt is worse than hfs. Hfs is sometimes humorous (depending on the state of meds intake, probably). Matt is always kerplunkety and lunkish and bull(crap) in a china shop.
matt, how about getting out of town before sundown?
I'm sick of your shit.
whoa...you certainly fall out of love quickly. just this morning, he was your big strong hero. hfs never used to be funny....just endlessly going on and on about the freaking toilet. these days...hfs posts seem to disappear faster than they appear. i picture everyone endlessly pressing the abuse button.
"i picture everyone endlessly pressing the abuse button."
Only for your potty mouth.
"potty mouth" hmmm.
John Doe --
What I meant was (i) -- that the assessment was almost as large as the regular maintenance. And the assessment was introduced sometime in 2009 and I believe it ended in December. Sorry, I don't have the facts exactly -- so check with the broker or someone who really knows.
I think the big open issue is the boiler (which needs to be replaced pretty soon) -- and a bunch of infrastructure stuff that Elad (the developer) didn't do. They've been negotiating with the developer since units started closing (like three years??).
I have no idea how big the expense is -- but words like "boiler" and "infrastructure" don't usually come cheap!
Regarding future special assessments -- I don't know anything.
Don't rely on my information -- I bring it up only so if you're buying you can ask a few questions.