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I don't understand this. The Board gave their approval CONDITIONAL on your buyer putting up 1 year's maintenance. They refuse to do this, so from common logic I studied in school, there is no approval. Tell the Board the buyer refuses to give the maintenance and ask them to formally reject or accept this buyer.
i am surprised the board hasn't reacted already and rejected the buyer. Maybe you should ask the board to do so. Buyer is either wanting out of purchase, does not have the funds for the year of maintenance, or is just simply a difficult antagonistic person... in either case i think the building would want to reject this buyer.
You seem to hold the cards here- you've got buyer's deposit and a reasonable interpretation that consent has not been given within 30 business days post-a Scheduled Closing Date. If you really want to, send a notice of cancellation. What is the buyer going to do? Sue you when he already doesn't want to give 12 mo maintenance? Don't think so.
The real question is why do you want to cancel and spend another 3-6 months looking for a buyer when you could try and smooth it over with the Board first and why doesn't your first lawyer want to cancel?
BTW getting more opinions from *litigation* real estate attorneys, not transactional real estate attorneys, would probably help you a lot. I was offered a top-down review of my odd and complex situation by such an atty for $2500, another charged $500 an hour. Money that would have been well spent if things hadn't shifted enough to give us a better plan.
I wanted to cancel a co-op sale contract recently. I got a list of real estate litigation lawyers via SE, and went down the line calling them to get their reaction to my situation.
The bottom line is, the seller can't cancel a contract, especially not after the board has approved the buyers. Every atty I spoke with, and I got a couple of rather big ones on the phone, agreed with this.
I'm guessing, but perhaps the buyers are waiting for a board rejection so they don't have to give up any deposit in the form of damages to you. If so, if your atty offers to give them a 100% refund that might solve your problem.
It seems odd that aboutready is taking this thread about an illegal market rate apartment and trying to change the subject. We know her biases on this subject, though I find it particularly offensive that she tries to turn the thread into such self promotion, how charitable she claims she is, or maybe rather that she claims she is in "process" to be.
HOW do you contribute, troll? WHAT do you do? You have zero credibility. You offer nothing, you only troll.
> Wow, where did aboutready come from? Back from vacation just in time for Thanksgiving?
In town for a few days before Christmas vacation no doubt
If I die with somewhat less net worth because I owned my home instead of renting my home, that's just fine with me. We rented in a beautiful high rise that ran like a Swiss watch, but I don't think I really fully exhaled for a whole year. LOVE our condo :)
Wow, where did aboutready come from? Back from vacation just in time for Thanksgiving?
Nobody even called your name and yet here you are talking about your 30 Christmas gifts (that seem to take a whole month for you to "process"). Charity is supposed to be about others, not about yourself aboutready. Where did you even get the money to "process" these gifts?
Rates can't go much lower. Lock it in.
Lock with a provision to float down at no cost if the rate drops more than 25 bps.
I'd lock. If rates go down enough you can pay to re-lock at the lower rate (in my case Wells let me relock 25bps lower at effectively no cost).
float seems more fun
Aboutready, where do your kids go to school?
Where do your kids go to school?
So aboutready, you complain, but you state this is a good topic?
Five years out things have changed so much a new thread would be warranted. pleasant stead is a troll who has never indicated whether or not it has children, and who spent the last couple of days littering the board bringing up ancient threads. It is indeed a worthwhile topic. To be fresh, given all the changes and common core issues maybe you should start a new thread. Although it seems you have your answers, at least for now.
Three kids. Plan to go to public school in the city. We bought after the financial crisis downtown (FiDi) so have enough space to raise three. Downtown schools are almost all new but initial score results very good. Not surprising given the rapidly improving neighborhood. Don't know about Middle School yet, haven't planned that far out in the future. I liked this thread so glad to see someone revive it.
Aboutready, this is Thanksgiving but you seem angry. Maybe try a nice bath.
That's an idiotic statement. Stick with what you're good at, baseless accusations and trolling.
>Plus, the rent/buy still seems to suck for most units.
When you determine that the rent/buy "sucks", did you look historically, measure the price changes over that period of time, and factor that in to the rent/buy? Just to make it easy for you, the price change doesn't apply to the rental, only the ownership side of the equation.
Plus, the rent/buy still seems to suck for most units.
Sooty, I was a bit wrong. Pricing seems to be all over the place. But a sale of $1400 psf seems hardly guaranteed.
Riccardo - Ironically, Woodstock has (re)introduced a unrestricted sublet policy about 2 months ago, while 45 Tudor City has changed the other way because the number of investors has reached a saturation point. It's already been reflected in the sales pace: Woodstock, double the size of #45, now has more listings in contract & less inventory than #45.
Admin - If you look at the price history, all the buildings in Tudor City have barely appreciated in value since the financial crisis (10% over 5 years?). If the rejected buyers bought in other areas of Manhattan, Brooklyn or Long Island City, where the price has doubled, I doubt they are having any sourness in the mouth now. How to better interpret a blessing in disguise? :)
A few years ago, I almost bought into the building at 320 east 42nd Street (Woodstock Tower). It was an incredibly beautiful unit (needed a lot of work), on a corner with huge original casement windows. However, the common areas were HIDEOUS -- peeling paint which was originally painted years ago), wires hanging from the ceiling, scratched doors which didn't fit right (you could see light coming from inside the units). Worst were the extremely high maintenance fees (almost 1,500 for this particular unit). The real estate agent who was purportedly an expert who dealt only with Tudor City told me everything was in the works to be fixed, including new carpet, paint, etc. in the common areas. Last July, I went back and the situation was even worse than 3 years ago. The fact that the dues were so high and the state of the common areas so bad told me that this was NOT a building to buy into. Interesting also, with this building, was the fact that pied a terres (sp?) were and are not allowed. Very strange indeed.
Interesting comments .
Buyers who were rejected complain about the building , though they were happy to apply to the building in the first place . Then they throw libelous grenades at members of the Board and the building .
Sour Grapes Morally Corrupt
Another owner here.
My apartment is my most expensive asset so I want it protected. I%u2019m tied in with all the other owners because we live in a co-op. That being said, I wouldn%u2019t want anyone else running this building.
Recently I decided to rent out my apartment. The rental process was extremely easy. My very first prospective tenants got approved and accepted. No problems.
When I purchased my place years ago I had extensive work done. Also approved quickly. No problems.
But all of these things needed to be approved by the board. If you don%u2019t like this, then do not buy or rent in a co-op. Which means you will have less to choose from as 75% of NYC buildings are co-ops.
It%u2019s not an exclusive co-op board but they do focus on finances. If you%u2019re a bankruptcy risk then you will not be able to buy. That%u2019s actually a good thing. But I can understand that it is upsetting to those people that are rejected.
The board keeps a very high reserve and is very conservative about finances while still keeping the building neat, clean and running well. I would not even look at another building in Tudor City.
I live in the building and the board and the managing agent are not corrupt. The building is VERY well run. The reserve fund is huge and the financials of the building are better than any of the other Tudor bldgs. They are all open for public access and I've viewed them all. In addition, the maintenance is the lowest for 45TCP than any of the other Tudor Bldgs.
In regards to not letting people sell that's a farce.
As the buyers in the other tread attested, the building is poorly managed. The Board and Managing agent (the infamous Robert Kaye) are irresponsive and inefficient. They can't publicly announce the change in policy, because there are sooo many investors already. Officially, about 30% are being subleased. In addition, at least 20-30% are being used by "friends" or "relatives", who are short or long-term renters circumventing the rules. Their only strategy now is to shoot down applicants under presumption of guilt.
These old guys at the "elderly & haggard" (to borrow from the Pope) coops are totally out of touch with what the new generation needs and wants. That's one of the reasons why the price difference between condos & coops keeps increasing.
45 Tudor Place, welcome to the club! More are joining everyday and rejecting non-NY investors, AirBnBers, etc.
This building used to market itself as investor-friendly, even a "Condop". Not anymore! The new Board is very hostile to investors now, even though they have not officially changed the policy yet. Recently, there have been several cases of buyers being forced to back out or flatly turned down, because the Board merely suspects they would sublet after the purchase. Even good faith buyers for pied-a-terre have been rejected. They have taken the sublet package out of the purchase application, even refuse to confirm there is an established sublet policy. The drastic change will inevitably decrease the value of the property, as #45 used to be priced a bit higher than similar buildings in Tudor City thanks to its - now defunct - flexible sublet policy. Given that these apts, most of which are 300 sf studios, are inherently transient in nature, and the maintenance has reached about $3 (!) per sq foot, the buyers pool will be greatly reduced with the Board's new practice. It seems that some owners already start looking for an exit. A glut of new listings suddently came to the market in the last couple of weeks, contradictively right before the slowest season in real estate. Buyers beware.
Listen, just pay your landlord's penalty. You don't need this headache. You'll have to give a hefty incentive to the tenant, pay the broker, coordinate with the new tenant, etc. etc. Life is too short.
I'm looking to sublet a studio in Midtown West with 8 months left on the lease. Can anyone recommend a reputable broker to manage the subletting process? Thanks.
I think it is impossible to do a gut renovation without electrical and plumbing. With electrical and plumbing it should cost 150-200 sq ft depending on what you mean by mid-gut
how much would it be to do mid-end gut renovation of 3000 square foot house in Brooklyn 11230 area? no plumbing or electrical work and no kitchen. any idea of how much would 1 square foot be?
Check out Morningside Heights Housing Corporation : 70, 80, 90, AND 100 La Salle Streets plus 501 and 549 West 123rd Streets. Look at the following sites for photos of the amenities. Buy in's for 3 br, 2 bath are between 750 and 850K and maintenance is around $1350.
They have a nursery school, playgrounds, a gym, storage rooms, a theater group, community wide activities, a gardening club, and work rooms (wood working , ceramics, multimedia, etc.) for residents.
Checkout Hudson View Gardens
No answer from Aboutready? Maybe she meant Thanksgiving and started on her vacation on November 9th. Must be nice to have no responsibilities.
Back to the original question, we lived on UWS until 25 years ago, left, hated it, and moved back six months ago to Hudson Heights (Washington Heights, if you prefer!). Like it much more than I even anticipated. You could perhaps get a 3 bed/2 bath for your price. Restaurants are slightly slim, but one can buy food in the neighborhood on foot, if you don't need really gourmet items. Fort Tryon Park is a gem. Transportation easy to lots of areas: A to anything on the west side,#4 bus to Fifth Ave., #98 rush hour bus down Lex.
>Have a good holiday. Cheers.
Aboutready, which holiday? Are you a veteran?
What a dump!!!!!!!!!!!!!!
What's so difficult about the owner?
Very difficult owner. Avoid this apartment.
Is the reason that they keep dropping the price for this apartment because it will lose all of it's Western views once 220 Central Park South is complete? It seems that way from the orientation of the major wall of windows. And to put up with that noise and debris for 2 more years? Couldn't pay me enough!
There does indeed appear to be a rat problem. It also looks like there may be repair work needed on the facade, which can be expensive. On the plus site it does look to have low utility costs.
You can see this information by searching for the building on Revaluate
That about says it. The gist, from reading all the depositions, seems to me to be that the co-op thought the sponsor would settle pretty quick and give them something. That didn't happen. Two years later, the sponsor is fighting tooth and nail, and the co-op's legal-fee billings are almost $600,000. This in a co-op with hardly any reserve fund to begin with.
It's too many thousands of pages to get through it all, but go to eCourts, then do a party search for Frost Equities for some good reading.
No cell phones in the common areas is a funny one.
The co-op has no case, right, NWT? This seems like a basic, "we don't like that the sponsor has 30% of the stock through we know what the consequences are" situation.
The litigation between the sponsor and the co-op continues. Here's a "Joint Statement of Material Undisputed Facts" by the parties: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=i/daSHop8RKlzXa6ABQ3JQ==&system=prod
Interesting price history on some of the apartments for sale.
lets talk about hfscommm1.
you were rejected by a goldfish?
until I joined the fraternity I did.
Everything work out well for Ottawanyc?
Jonathan Helfer. Jonathan@katzmatz.net
Ottawa, I'll be at my desk tomorrow if you want to ping me : I can give you three people.
Can any of the regulars (i.e. those with more than 0 posts) update this and what going rates are these days? Thanks!
Outsiders can not park in this building so your question is limited to commercial parking lots. Try Pier 40.
Does anyone else know of any other self park buildings in the area?
Real Estate agents have erroneously telling prospective buyers and renters about garage spaces. The garage is very small and there is a long waiting list. No outsiders are allowed to rent and shareholders have absolute priority over subletters.
No one can access the storage area easily and few people know about it
And the storage area is for luggage.
Actually you are wrong. It is now $300 and tenants get priority.
The garage rental is over 400.00 and it is not for tenants only. There is also no storage area, you may wish to correct these comments.
Avoid this apartment. Owner is very difficult. Won't return security deposit.
For vacation houses". Different than a weekend house. The Hamptons is better for a year round house and holiday long weekend location. Unless the owner likes lakes rather than ocean beaches and is willing to take metro north to upstate. The Long Island railroad is more reliable and the hamptons express buses provide an alternative to driving, especially in bad weather
are you close with bill Jackman?
I don't have data, but as much looking as I've done in both places I can tell you that upstate doesn't compare to the Hamptons in terms of price appreciation. Ask Bill Ackman: hes been trying to sell his estate in Chatham for about five years now.
Well this is a message board aboutready, so Fieldschester and greensdale can certainly reply, as can anyone else. That's the way message boards work. Good to be with you on the Streeteasy message board Aboutready.
Why don't you ask Fieldschester? Or greensdale? They seem interested in that market.
>I am opposed to anyone receiving public assistance except in unusual situations where someone is truly in need.
What about people who pay no taxes on their income from municipal bonds?
I am opposed to anyone receiving public assistance except in unusual situations where someone is truly in need. That includes rent stabilization, special tax deductions targeted towards specific groups, 421a, and on and on.
Also, public assistance should be clearly funded, so the taxpayers/voters know how much it costs. The rent stabilization program is funded through a hidden tax (tax breaks for owners of stabilized buildings resulting in higher taxes for everyone else). Someone would be hard pressed to define the exact cost of rent stabilization to the taxpayer.
Or take that $88,000,000 apartment at 15 CPW. They save $68,000 per year in RE taxes via a 421a abatement, intended to incent development in slummy neighborhoods.
Lots of public assistance isn't based on need. The tax code is full of them. E.g., my living in the RE I own throws off about $42,000 per year in tax-free income.
Is it OK by you that there are no income limits if the rent is below $2500/month? How can it be a public assistance program if it is not based on need?