building at 343 East 74th Street

11 apartments for sale out of 148 is not an unreasonable amount coming into the spring season. Most of the reason why the maintenances are high is because this Coop does not own the land. My customer found this building to be a good choice because she did not want to pay vastly more to buy a 2 bedroom in a great Upper East Side location.

Land lease (even when I type it it sounds like FU)

See http://streeteasy.com/nyc/talk/discussion/20812-sale-at-343-east-74th-street-ph3d

The two things that you can be assured of is that taxes will increase over time and time plus inflation equals increasing costs to maintain the building.
This is why the final purchase price will seem extraordinarily low to those who only hear the number.
Think of the carry in this building like the impending nuclear threat that Iran is becoming. Seems manageable for the moment. Everything is going to work out fine.
What Me...Worry?

I forgot all about that penthouse. 1MM seems about right. It's a funky apartment with lots of potential.
I would love to see some photos post renovation.

Run run run! Incompetent board, shoddy "go go 80's" construction, land lease with horrible escalation clauses, shady super, below average staff... I bought a unit and sold it in this building back in 2000 through 2002 and was glad to get out!

i heard about a capitol assessment notice for this building that went out on june 6..does anyone have more information on the amount or whats going on with it?

Understand all the -ve aspects of buying here, any issue to renting for 1-2 years?