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Anyone know this building? Or know someone who has recently bought or looked to buy here? Some of the apartments look like good value in terms of price alone, but digging deeper, building has high maint & flip tax. Curious to see what others may have found.
Did you completely walk away from your other purchase?
Hburg: Almost...long, convoluted story of a delusional seller & a first-time home buyer. Nothing good can come out of such combination.
sammy300, the building is old and most units will require a gut reno'. that's what i remember a few years ago when a friend was looking and we went to a few OHs in that building.
for example, this looks like an OK deal, not a bargain, especially after you factor in the maintenance of $2500 for a 2BR in a pre-war and no W/D allowed in the unit.
This apt is the one that was the first resale after the conversion I'll say in 1978. The person who bought it in presale did not want to move in once it was completed and even though she paid in the mid 90's for it, the resale was 104K in 1979. We were all shocked at that price. Then again, there was a large group looking for coops and not that many yet available. The bulk of conversions were in the early to mid 1980's. It was the Opera Hotel which for years had weekly furnished rentals before conversion. It was never a building to find interior moulding or any kind of charm. As str33 stated aptly, "OK deal, not a bargain...." And yeah, that Mt.? In thirty plus years you mean they didn't have any financial people living there to get on the board? No amenities? Geez, I usually prefer to look on the bright side, but this is pushing it. Wait, river views, OK, there we go.
Str33 is out of character
Bad soundproofing between floors. Bad elevator-resident ratio. And unless they redecorated in the past few years, bleak corridors and blah lobby.
alanhart; I forgot about the elevator-resident issue. As a guest it was bad enough. Soundproofing is another point that you remind me of. In 1978 it sold out like wildfire. Sure, what else was there? That's a definite arguement for not going back to the good old days.
> Str33 is out of character
Still in character .. call it as i see it .. nothing more .. nothing less
Good to know Brooks2
Thanks everyone. There is also a flip tax: $2/share AND 3% of NET profit; however, in this case one is not allowed to include the cost of improvements or renovations to calculate Net profit. Considering the place is pretty much a gut job down to the very charming,"pop corn" walls, does this at all make sense (i.e. to not include reno or improvements costs in the calculation)?