235 East 22nd Street #5M
Co-op in Gramercy Park
310 2nd Avenue
1 bed•1 bath•500 ft²
Rental Unit in Gramercy Park
The d'Orsayаt 211 West 14th Street
Condo in Chelsea
Is there non-recourse financing available on individual condo units 30% down with sufficient debt service coverage from rental and 1 year reserve? If so, appx what rate for 5/1 arm?
I realize that non-recourse is very common on multi-family with DSCR 125% or so.
Fannie Mae has always had no reserve requirements for their loans including the high balance loans. This Fannie Mae product never changed after the financial crisis. The loans that precipated the crisis were subprime loans which had no down payments, no income verifications, and no employment verifications.
... and all these products takes us back to the year 2008
As a mortgage broker, I can get financing for a 5% down scenario. However the price of the condo can't be more than $1.2 Million. What I do is secure a first mortgage and a HELOC from a wholesale lender. There is no mortgage insurance required. Also there are no reserve requirements. This is a great product.
Email me with any questions.
Mortgage Broker, NMLS #60631
For condo's I don't really think there are rules. It's what your bank will loan you. And I doubt any institutional will let you do 5% down these days! How much do you have saved? Are you working with a broker?
Also, Elleinad85, what? It's a great website, sure, but did it surpass Re/Max, Zillow, and Realtor.com when I wasn't looking?
UESbuyer, when StreetEasy was started, the site invited brokers to submit little write-ups of buildings -- you'll often find, if you read down far enough, that a broker is "credited" with the write-up. That having been said, there's no incentive to update the building blurbs, so as facts change about a building, they become out-of-date. (One easy example is that I just sold in an Upper West Side building whose board had changed its flip tax a few years ago ... SE still has the old, "per share" flip tax as opposed to the new percentage flip tax -- which on a one-bedroom is a difference of more than five thousand dollars. )
That's one reason why some brokers specialize in very specific local markets -- I'm sure if you decided you wanted to live in a Third Avenue postwar brick that there's a broker (not me) who could compare the finer points of 1160 Third and 205 East 77th and lay them out for you.
For what it's worth from the perspective of a prospective buyer (and from talking to other buyers): unless you are buying for investment purposes, from my anecdotal experience, it seems that most prospective buyers basically either (I) look at Streeteasy (or perhaps some other website that aggregates listings, although I stick to Streeteasy) OR (ii) hire a broker to do the searching. I think that in a city as dense as NY, it is too time-consuming for most amateur buyers to use multiple listing resources. I personally never go to a broker's or a FSBO website unless I'm linked to that site by Streeteasy or Trulia.
As an FYI - Corcoran.com is the #1 most visted real estate website in the US. If you're trying to sell in NYC, it might make sense to meet with an agent from Corcoran to talk about maximizing your listing's exposure :)
where does info on buildings come from on street easy? shouldn't the building information (not the fsbo unit) be listed on street easy? Does street easy list all buildings in the nyc area?
Older condos use typically Net SF in offering plan, while newer ones moved to gross SF to have larger sizes.
Check the offering plan as to how they measure and if they use gross SF or net in the schedule A. Or you can check the condo declaration in Acriss for the schedule B and information attached. (free)
Alvin Schein, a Manhattan lawyer who represents condominium conversion sponsors and developers, said condominiums converted in the early 1980's and before used a different technique from condominiums converted or constructed in the past 15 or 20 years.
''When we started doing conversions back in the early 80's, the method for computing square footage of a condo came pretty close to describing the usable square footage in the apartment,'' he said. And the method used by most condos would basically describe the same amount of physical space as the measurement used for co-ops. In other words, back then a 1,200-square-foot condo would have the same amount of usable space as a 1,200-square-foot co-op.
Things are different today, however. ''Somewhere in the mid- to late 80's, someone came up with a way to expand the measurement of a condominium,'' Mr. Schein said. ''Instead of measuring from the inside surface of the walls, they started measuring from the outside face of the walls.''
While that might not at first appear to add significantly to the overall area of an apartment, Mr. Schein said, the additional square footage captured by this method could be significant because of the way some buildings are constructed.
''In some buildings, the exterior walls are 18 inches thick,'' he said, noting that the additional foot and a half could add a significant number of square feet to the final calculation. And that increase would be even greater for corner apartments, which have two exterior walls to account for.
For example, Mr. Schein said, if a corner apartment was 20 feet wide by 40 feet long, and the exterior wall was 18 inches thick, the exterior walls alone would add more than 90 square feet to the apartment's area.
While sponsors and developers generally disclose the method used to calculate the square footage of a condominium apartment, the result often produces confusion.
''First of all, it creates a bit of a distortion because you're including common elements in the measurement of the apartment,'' Mr. Schein said. And second, he said, because the method used has changed over the years, comparing condominium apartments in different buildings may not necessarily be comparing apples with apples. And the distortion can be even greater with larger apartments.
(common elements would be meaning the building exterior walls or interior walls of a hallway or stairway that abut the apartment)
Guys, that's truly shocking to hear that some new developments are including gym etc in their square footage. What about the square footage in the unit's property tax bill online? What does the city use?
This is scary, makes me think you really have to guesstimate yourself or bring in a draftsman before you buy!
Thanks Ali. I did not realize the extent of overstatement in new condos. I guess I have been lucky in my condo purchases. None of them included any common elements but included exterior walls.
hijacking that question: yes lobby and hallways are common elements (also elevators)
30y, Do lobby and hallways count as common elements? I realize the gym, playroom etc do.
Sorry, forgot to mention new development supply in the segment you are looking in.
Real estate more than anything else is related to job and earnings growth in an area. Inflation benefit will be negated by higher rates. However, if there is inflation of say 3 percent per year and 10y is still below 3 percent due to excess liquidity globally, real estate will benefit.
Any thoughts? Is real estate(hard asset) the investment to own since money will be everywhere igniting inflation? I think so. Any other thoughts?
streetsmart, I actually think at $9mm vacant, it is a fair price. It is 22 wide in the front and 25 wide at the back. Facade is beautiful. Location is very good even though the block is not necessarily that beautiful. Problem with this is whether it would delivered vacant or not. 1100 per sq ft for 8000 existing sq foot is fair value in my opinion.
I had occasion to be on the UWS the other day. I decided to pass by 110 West 81st Street. It's been sometime since I have been in the area. I think the block looks worse now than 20 years ago. There is this terrible eyesore at the corner. Actually as I now recall this has always been there. It looks to have been two townhouses at one point but now doesn't resemble townhouses. The exterior is dark brown, smooth cement like. The block looks practically seedy. Would be more than happy to send the pics I took if anyone should want to see. As a broker I would not recommend this property. Not being a park block is a minus. When one walks from west 81st St., CPW to Columbus Ave, the block is simply beautiful. But when one crosses Columbus Ave West 81st Street changes dramatically. This has always been the case with the Upper West Side , and that is that there are changes such as this. And the blocks from Columbus to Amsterdam to Broadway were never as desirable as park blocks or the West End To Riverside Drive Blocks. I also noticed that so many of the trendy cafes on Columbus Avenue are gone, except for one that is now a Shake Shack. At least there isn't any overt crime in the area as there once was. Good luck to the buyer.
30 - I don't disagree with anything you are saying in terms of the market forces, but the two factors I am unsure about are (i) whether this will actually lead to reduced prices or just halt transactions - it is such a small segment of the market that it is tough to judge and (ii) the full extent to which people see large apartments as replacements for townhouses - I just don't know.
It wouldn't surprise me to see a bunch of townhouses held by folks that have to sell take a pretty significant drop, but then for the market to grind to a near halt because of a mismatch in pricing expectations as between buyers and sellers.
There are some townhouses that folks have been trying to sell for an extremely long time without any luck, and I think this emphasizes this mismatch. The question is which Sellers will make the decision to make the significant cuts to get the deals v. which ones will back off entirely from the market and wait until there's a better market (which could be many years away) - I think the challenge from the Sellers standpoint is trying to find that sweet spot of where to cut to maximize value while avoiding trickling down the price in a manner where they are a step behind the market such that people cut faster than them and actually grab the buyers that don't see apartments and townhouses as being fungible.
The one thing that I can say with complete confidence is that I'll find a way to screw up in all of this:)
I hear what you are saying, but one thing which will add downward pressure to the townhouse market is that one thing which has historically driven that market is a rather extreme lack of apartments which are comparable size wise (especially downtown). It used to be that if you wanted a 4-5 BR living space (again especially below 34th St) you didn't have much other choice. With a decent amount of new construction being units which are that size it puts even more pressure on that market.
30 - I somewhat tend to agree that the segment will take a meaningful hit because I think there was some irrational speculation in the segment (e.g., people buying/renovating for sales, but the pool of likely buyers is so much smaller than for apartments because they are tough assets to hold vacant and/or to easily rent out (particularly for foreigners)) and because I think that all of the luxury condo inventory is going to hurt their values (no matter how nicely a townhouse has been renovated, it isn't going to offer the convenience and amenities of the high-end buildings, unless someone has a staff at the townhouse).
However, my sense is that a lot of the townhouse inventory is held by extremely financially secure individuals, and that they don't really have to sell (and often pull the houses off market if they aren't getting the prices they want). So while I think there will be serious downward pricing pressure in theory, I think that other than for investor-held properties with a finite holding period in mind, there is a limit as to how far the prices will drop as a practical matter as opposed to inventory simply coming off the market and the transaction levels going into the toilet.
I'm watching carefully to see how it all plays out... if the right property gets to the right price then I'll move on it.
Taxes do seem absurdly high to the unit(s) footages.
The amounts resemble what happens at the end of a ten year tax abatement on a new development .
Now the old PH unit D is being marketed as "22D" with a $50k lower ask. Another desperate attempt from the brokers after countless price chops (original ask of $2.25M now down to $1.55M). Offering a tax credit to compensate for the ludicrous monthly tax bills was a decent idea, but buyers are not going to budge at the current ask.
High maintenance costs should not always be problematic. The common charges are in line with market but monthly tax bill is way out of line, it should really be no higher than $1,500 p/m. Savvy buyer will do the math on what an extra $700 p/m in mortgage payments could get you, subtract that from the current ask - and there's the market clearing price.
I live here, love building location, high ceilings etc. perfect for a renter, but I'm not sure I'd buy. The management company has one of worst rating in the city (I've had some first hand experiences). When my contractor came to fix something, he was initially interested in building, then he took a look at the exposed wiring..etc near fire escape and said it was really poorly done and potentially dangerous. Also, depending what unit you are in, some folks have heating/radiator issues. I've been told by a neighbor that her wall actually hot (and paintings fall down because the nails don't hold)
I am not a broker but I do live in the building. Its great for me… I enjoy the style of this building and looked into units for years before buying so this is not a fake posting as mentioned before. There are plenty of buildings in NYC but not a ton of loft condos in Chelsea…. if you don't like this building there are other choices..
Red flags abound. I'm glad that the selling points here are that staff are willing to accept packages and that the building has dealt with it's hazardous fire issues.
Looks like true desperation on the part of a broker to sell a lemon.
One of the best rooftop pools in the city too
A dozen listing is not much for a building with over 600 apartments. Clientele for the building and neighborhood tends to be older . As far as I'm concerned you can't beat the neighborhood for convenience to shopping, restaurants and theater and quick exit out of the city via 59th Street bridge.
Great financial shape- there are 600 units that is why occasionally there are many listings.
Hi, I am considering buying an apartment in Plaza 400. Is the building in good financial shape? there are so many active listings... It makes you wonder why... Any idea?
I can give you some architects that can help you. Feel free to email me at email@example.com
Is there a particular reason you are looking to do a gut reno on a stick house rather than a tear down?
Hello- I am looking into a full gut reno on my frame house, the house is detached on both sides and the foot print is 20x60(about), lot is about 20x100, no walkway on either side.
I am in the very early stages, have lots of research to do on financing, architects and potential design (within the R5-d zone). I am leaning towards a gut reno- tear down the walls, floors, move walls/kitchen/bathrrom and rooms, upgrade electrical wires/water+gas pipes and try to upgrade modernize where it would make sense, sister/reinforce beams and stilts and possibly extend the home in the rear from level 1 through 3. and, maybe add a greenspace sort of roof (not even sure if this would be do-able)
it is a lot of work, I was hoping someone here has recently done something similar on the forum and could point me in the right direction in terms of recommendation (architect, construction companies to consider) and other points to take into consideration.
Lastly, I know cost is a huge variable depending on many factors... I am not looking to do anything high end, aiming to be in the middle ground of $$$. What do you think a ballpark range would cost for this in Queens?
In my experience a person can get better rates if they are a resident of the building, one big plus to being a monthy Icon person is you get 50% off on all other Icons (there are a few selected few who dont)as well as Quik Park, as they just merged
ICON is the parking operator in our building, not the managing agent.
Often it depends on who is managing the parking: if it is all monthly parkers and being managed by the building's managing agent it's one thing, but if it is being contracted out to one of the big parking operators it's another.
We' eve had a VERY good discount as owners, for the parking in our building
I have parked in my building for years, and I think I tend to get better treatment as a result of being a resident there.
What going on with this building now? No new sales listings? Looks like they are only 25% sold.
That is what I have noticed for condos/coops with doorman.
$2.20/sf tax and cc's is decent these days .
Condo ranges are $2.00-$2.50/sf
Coop ranges are $2.00-$2.20/sf
Anything more would be a tad pricey
Anything less is a bargain
"30, Will appreciate your thoughts on why it has not sold."
Inelegant layout typical in small full floor units: 2 very narrow side-by-side bedrooms and master facing sort of air-shaft. Plus like a third of the units in the building on the market to compete with it. And if you are going to be on 57th St you usually get a fairly spectacular building to make up for it (think The Osborne, etc.)
It's the floating column in the living room. The duct tape of Architecture.
30, It is a classic case of a new broker being able to get listing because of aspirational^2 pricing and a clueless seller's estate (my guess). Unfortunately, landmarks has usurped private property as it is very hard to utilize any of remaining FAR.
I would suggest they take the gates of to sell.
Between Flatbush and Vanderbilt. 4 story townhouses vs 3 story townhouses in another indication.
What's the "good part" of Prospect Heights if this isn't it?
My take: Certainly below $2mm. Perhaps $1.8mm. Perhaps I have no clue.
If everyone is moving out the problem with those Rent Controlled tenants will be over soon.
Do not be deceived by the nice photos. This building is HORRIBLE. Doormen do nothing. Management ignores tenants. Rent controlled tenants do as they please. Hallways smell. Constant issues with hot water, electricity, etc. Do not be sold on the nice photos, the place might have looked like that at one time. Youll need an Equinox membership. Youll also need to have a third hand to open the door while carrying packages as the doormen do close to nothing. Owners are cheap and it shows. TENANTS BEWARE! Everyone is moving out. Do not move in!
Even though this wouldn't actually solve the problem, you may be able to deal with this thru a carpeting rule: may buildings have a requirement that 80% of floor area must be carpeted to reduce noise issues. If this person doesn't have that and your building has such a rule, you may be able to get them to quiet down so that they are not forced to put down carpeting that they don't want.
How clear is the voice? Can you record it? Because if you can, then you can play it back. While she is talking. Wow that would be annoying.
If the noise is between the hours of 11PM and 9AM you may have some recourse. If it's during regular hours. lot's of luck.
If you own, best to try and solve yourself with soundproofing. Had a neighbor issue in a condo. Effected entire floor including the condo board president who also shared a wall with said neighbor. You will likely find there is very little a condo board is able/willing to do. Our issue dragged on for almost a year, and went beyond noise to smells/drugs/damage to plumbing/etc.
Slay, BTW, it may not be your neighbor's problem. It is just thin walls which are not preventing the regular sounds from passing through. In addition, try the sound barrier at the bottom of your door in addition to soundproof drywall.
Can anyone recommend a good NYC plasterer who specializes in repairing/restoring prewar walls? Our neighbor's contractor put a huge hole through our wall, and the contractor/painter who tried to fix it did an awful job and it needs to be redone. The issue is that its old plaster walls with picture-frame molding, I'm told with a canvas underneath. Someone suggested replacing the canvas, while another suggested skim-coating but my worry is that will not match the rest of the wall. Would like an expert opinion before the wall is damaged further. TIA if you have any suggestions.
Lived in the building for many years and knew the original owner of this apartment. Very nice renovation. I still know people in the building. Moved to another building for a larger apartment because there was too much controversy with the Board.
I think it is a good idea to list the flip tax: why wait until the deal has been fully negotiated and the buyer's attorney does their due diligence and then gives them an excuse to renegotiate because of a "material undisclosed fact"?
Architect was Jennifer Swee; I think she did a spectacular job.
Heavy heavy OH traffic, FWIW.
I like the transom about dining area to bring in natural light.
I'm glad you like it 300. I think it's very attractive too, and I expect good traffic.
As far as flip tax, seller questioned why I wanted to bring it up as well. My reasoning is this: I think it's a material disclosure because it defines the buyer's exit.
If you as potential buyer are looking at two similar apartments with identical list prices, and one has a flip tax higher than the other, than I think that can be the basis for a decision to go with the one with cheaper flip -- even if you're not paying it on the way in.
why is it so hard to get info from street easy
I have a studio apartment I would like to post on street easy. please call me 212-396-8244
can i post my house on street easy? how?
I want to post listing from our website without filling form of "SUBMIT YOUR BROKERAGE". Is there any API available for post listing in streeteasy.I want to do everything from my website using api.
Pretty much no one is building any new one's and if you own one the jump to sell it and buy a 1 BR is too big for most people at today's prices.
I can tell by my Twitter feed.
Sarcasm is often lost on the internet.
They raised it that much BEFORE giving it to the brokers. And the steep hike doesn't account for the commission even if it was Halstead that did the hike. It's 5% on this unit which comes to around $110k, not 300k.
Not cheap at 1800k per stated sq feet for a coop and needs reno/reconfiguration!!
And they raised the price $300,000. If it wasn't for the huge commission they wouldn't have been forced to do that.
I would think it depends how far you deviate from the "on or about" date on your contract. The buyer/seller has some wiggle room (at least 30 days) from the expected closing date.
Many times my lenders will be open to waiving some or all of the fee depending on how many days are needed for an extension.
There are other alternatives also; just one of the many advantages of working with a mortgage broker.
Licensed Mortgage Broker since 1990, NMLS#60631
Licensed Real Estate Broker
The last couple deals I have had where the lock needed to be extended due to an avoidable seller delay, the seller paid the fee.
Digs Realty Group
Typically no but you can certainly ask. If you have an option to walk away you are in a stronger position.
Do sellers typically pay for a buyer's lock extension when closing delays are caused by the seller's attorney mistake?