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This entire brownstone is for sale (a mere 10 million), but the sales history looks like individual units are separately owned--they are listed as individual sales. Are all of the owners jointly selling the building? Is that common?
The co-op is selling, which it can do if some percentage of the shareholders agree. The possibility is covered in the governing documents.
Saw a similar listing the other day, for a house on W 71st IIRC, where the buyer could either buy all the shares or just have the co-op deed the building over.
There've been others where the single-family or development value is greater than the sum of the apartments.
Several years ago, a rowhouse co-op sold out to the developers of 535 WEA.
That's interesting. I assume people do this because the percentage-per-unit value of the building far exceeds what the units could get individually. It's just fascinating to me that everyone (or most everyone) can agree on such a major change. Although, there aren't so many units in this building....
Thanks for the info
W23rd: If you look in the Times archives, there have been a few transactions involving a co-op.
There's potential for the same story on a larger scale at 300 W 72nd, a six-story non-fireproof building on the corner of WEA, whose lot could apparently support a much larger building. There've been rumors that the shareholders might sell out to a developer.
Then there're the same kind of buildings at RSD and 79th(?) and 711 WEA.
I guess they were built as the residential equivalent of those two-story retail taxpayers you see on the avenues, just to bide time until the market changed.