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Had a look at apartments in this building. Maintenance seems high, strict subletting policies, low ceiling, North tower much older than South, mediocre gym and barren rooftop. Pricing looks in line for Murray Hill but the listed apartments haven't moved for a while. Anyone have color on the low turnover in this building ?
High maintenance. What condition are the units you are looking at? How much money to bring them up to quality of other Murray Hill apartments?
Great building. Regarding what sold compared to what is on the market shows a large price disparity.
Considering buying here but am aware of litigation over air rights and underlying mortgage seems high. Any info or thoughts on this would be appreciated
Lisakaye posed a great question. Who owns the air rights of the low rise bldg between the two towers?
The Soldiers/Sailors Club owns the lot. The co-op has the air rights under a lease ending around 2172, with an option to buy the land for $500K.
The club sued the co-op, claiming the original agreement was unfair for various reasons, but has been shot down twice in the courts. The notes to the financials will say whether the Club has appealed again, and what the defense has cost the co-op.
2172?!? Our DUST will be dust!