selling at 301 East 63rd Street

Why?

Why is maintenance so high in this building??

I know someone who lives in that building. Apparently there were pre-agreed financial economics which are more favorable to the commercial entities in the building, i.e. the expenses are borne by the residential units. Thus the high maintenance fees. I hear the board has been trying to reverse the situation.

The co-op had had a ground lease, but bought the land a couple of years ago. To pay for it, they added $45,000,000 to their underlying mortgage.

So the Coop is absorbing the monthly interest payments on $45 million and not the commercial units, right?

I thought they sold the commercial units including the parking lot?

It's still just a co-op, not a cond-op, so the commercial space can't be sold. It's leased out.

The $51M is for ten years at 4.875%, and is on a 30-year amortization schedule. In 2021 they'll have to re-fi the remaining principal at the then-going rate.

The $45M went to the former landlord for the land. The other $6M is a re-fi of their old mortgage and a few million they added on for projects.

Thanks for your help Ben (BENJOS). I DO believe that anyone looking to buy or sell in this building needs to consult you.