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Anyone have color as to why there are suddenly quite a few sponsor sales in the building?
My guess is that these were units that were previously rented (maybe stabilized) and now they are releasing a few at once to create a market for renovated apartments in the building.
not exactly cheap for a relatively "older" building. - http://streeteasy.com/nyc/sale/574991-coop-7-e-14th-st-flatiron-new-york
Co-op fees seem to has some disparity too?
True, the sponsor units are at a premium due to renovations and for flexibility with renting them out. Otherwise, you have the typical co-op challenges if you deciding to rent out. My two cents - if non-sponsor units become available and you are looking to live there, I would wait for non-sponsors to become available and do the work yourself. I owned there for 8 years, so I am pretty familiar if you have any questions. Obviously board approval is minimized with sponsor units, but may not be worth the higher costs.
How do you like the building itself for the past 8 years? any problems?
Also, do sponsor units enjoy some flexibility in terms of alterations?
crg5377: "the sponsor units are at a premium due to renovations and for flexibility with renting them out." -- do you mean that if someone buys a sponsor unit in the building, they have a different (and more liberal) sublet policy than owners of non-sponsor units?
Does anyone know about a building being constructed on the 15th Street side of the building?
Seeing all the above comments about the onslaught of sponsor sales I can only imagine it has something to do with the enormous building being built on the 14th st. side. Some of these units mention "southern views" that for the next few years will let in a great amt of construction noise, and then a nice view into a New School classroom.
how long will it take to build that stupid school.
i live in the neighborhood and the noise wakes me up every day mon-sat.
Zero Bid: When buying from the sponsor, as a "first" owner you are allowed to rent indefinitely. I believe board approval is not required in this scenario, but am not 100% sure. If you have bought from a previous owner, the monthly sublet fee can be substantial. I believe it is 10% of maintenance the first year, 20% the second, and 30% for the third year. I do believe, however, it caps at 30%...
roygbiv: that building on the south side of 15th is going up. From what I have read and heard, it will be about 12 - 15 stories high.
And yes, the past few years have seen a tremendous increase in sponsor sales in the building. Someone knew something was coming...
Maybe someone can weigh in on this---Why would the co-op have built a great translucent awning out front and have it light up at night straight into the windows of the apartments above? To annoy rent stabilized folk? (That would have my support..)
crg5377- I am looking to make an offer for a non sponsor unit requiring full remodel renovations. Being you've lived there for 8 years, can you comment on how strict the board is in terms of renovation requests? i know all coop buildings say they welcome renovations as it brings value to the building as a whole, but I know from personal experience that some are more willing to work with you than others, especially in terms of having every single piece of required paperwork. Most of them only care about the insurance policy amount. Any insights will be greatly appreciated. thanks
crg5377- I am looking to make an offer for a non sponsor unit requiring full remodel renovations. Being you've lived there for 8 years, can you comment on how strict the board is in terms of renovation requests? i know all coop buildings say they welcome renovations as it brings value to the building as a whole, but I know from personal experience that some are more willing to work with you than others, especially in terms of having every single piece of required paperwork. Most only care about the insurance policy amount. Any insights will be greatly appreciated. thanks
Does anyone have insight on 10 east 14th street, which is facing Victoria? It seems that this year New School bought unit #1 of this condo building and just want to see whether anyone in this discussion board knows New School has additional development plan expanding to next buildings.
Rumor is they are trying to expand. Have some friends on the actual build.
Thanks for response. Interesting. Guess it would be a bit easier to buy in 10 east 14th street condo as it only has a few residents but expanding to coop building (12 east 14th street)doesn't seem to be easy.
Do you know whether they are planning to demolish and rebuild new construction if they succeed in buying all the units from condo residents?
I am considering renting an apartment at The Victoria but just researched and found the articles from 2011 regarding the issues with the school construction on 15th Street. I have not been able to find any more recent information than October 2011 so was wondering if any residents could give me a sense of whether the construction is still underway, is noisy, etc. I would so appreciate any insight.
Oh yes, the construction is well underway. All you need to do is walk down 15th street and see for yourself. It started last summer...