New York City
Washington DC Metro
Northern New Jersey
open house planner
manhattan condo market index
submit your listings
why sign up?
Become an Insider
post your listings
Priced well? Or is the maintance too high for a 1million dollar price tag...
Seems rich to me
Maintenance is a bit high, and prices correspondingly lower, because the co-op carries a hefty underlying mortgage.
It used to lease the land, but bought it in 2004, taking out the mortgage to do so.
How big is the mortgage?
$13,500,000, $12,000,000 of which was for the land.
It is my understanding that the commercial space is independently owned.
Worth it at 900k ?
Don't know. There're lots of Third Avenue 1960s buildings that went co-op in the early 1980s. Pick a few and run their numbers. They might even out, roughly.
On ACRIS there's a 1980s 50-year lease of the commercial space to the sponsor. Don't know what the story is now, but the co-op does own the commercial space.
You'd think that the broker for a place with unusual numbers would have the financials ready at the get-go, to answer the obvious questions.