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At least the three living room/"office" windows face Morningside Park. The unit's only other windows surround an airshaft.
There seems to be a speed hump on 120th St a few buildings east of this building. Many buses or trucks hitting that hump will make even more noise than schoolchildren.
HDFC requires a cash-only purchase, yet gut reno needed and you can't earn too much to be qualified to buy it.
Opposite a public school - not pleasant!
Seems it should be noted that the images are renderings. Other pictures show the condition of the apartment. not that I'm against renderings, but please list them as such.
Given in the amount of price growth in each of those 2 markets, my gut feeling is that if there comes a market correction it will be worse in the Brooklyn property.
I am mostly a Manhattan co-op broker, but a couple of years ago I put a client in a condo building in Downtown Brooklyn, and he's very happy there. Depending on your commute, need for services, etc., I would say Downtown Brooklyn. Just realize that the building boom is creating a lot of new stock that might be competition in the rental market, so even though a condo offers the advantages of being more rentable than a co-op, I wouldn't count on it being rentable at a great price.
I vote for Sutton Place, convenient to everything in midtown. If you tell me you work in Brooklyn or on Wall Street I might give you a different answer. Also you will generally get more space in an older co-op than in a new condo for the $1.5 mm.
and tax abatements eventually run out.
It's Brooklyn, not Manhattan. And downtown Brooklyn, so you can't even say it's an interesting, fun, charming part of Brooklyn.
You don't need a broker.
I live in a rent-stabilized building in Queens that is undergoing a conversion to luxury coops. Tenants who purchase their apartment for the "insider price" (only a 10% discount) will purchase "as is" and will not get renovated units (100K renos, which is why the insider price is so insulting). These are sponsor sales with one agency having exclusivity.
The tenants hired an attorney who made an offer asking for better insider prices and we are still waiting for a response. I’m also considering making an offer on a renovated unit even though I won’t get the insider price unless I buy the apartment in which I currently reside.
I’m getting ready to reach out to the agents so I can see the renovated units and make a decision. My assumption is that I don’t need a broker since I’m not looking elsewhere – but I’m a first-time buyer and not sure. Should I hire the attorney we are using instead? He is currently working for us as a group but I will need someone to help me navigate the process pretty soon. Thanks in advance for any advice…
Street Easy has incorrect information. No Dogs for Renters. No washer/dryers in units .
Dude, this thread is six years old.
Hi Tracyc. How can I contact your contractor?
You are a funny person, nyc..are your eyes tired of reading my post recommending Filip, my contractor? So negative..hope the rest of your day gets better!
Tracyc: stop spamming. If you are yourself a contractor, then just post as yourself. This is getting tiresome.
I'm not sure if you are still looking for someone-but I just asked the contractor who did some electrical work for us what he would charge. He said approximately $4500 for replacing wiring, new outlets, new switches and simple light fixtures for the entire apartment. He would be able to give you pricing for closing walls, smoothing and painting, once he got to look at the apartment.
I highly recommend him! He is extremely honest and trustworthy! If you would like his info, shoot me an email @ tracy5760.
That depressing view reflected in the bathroom mirror says it all.
No pets or children allowed on those floors; they'll be blown off the balconies
Does anyone know the current status of this building? The Isen site is not helpful and there doesn't seem to be any new information for several years, even though the neighborhood is thriving.
oh great, aboutready is back.
Plumbum is cheaper, and can be painted over, tricking a lot of people.
Umm ... isn't this up in Harlem?
I am sure there will be detractors saying that the property is Harlem. Keep in mind, if you had listened to them over the years not only would they have been proven wrong, but you would have missed out on some amazing opportunities.
I have been following the Harlem market for 15 years, as a potential buyer for the first few years, currently an owner, and most recently as an agent. I have been bullish on Harlem and I remain bullish. As downtown has gotten far more expensive and untouchable for many, people that would have only considered buying below 96th street just a few years ago are buying in this area. Whole Foods should be opening in the next month or two on 125th st. Add to that all the new great restaurants that have recently opened in the upper 120's and Lenox. With the 25 year tax abatement and features such as an energy co-generation plant- it will help keep your monthlies low. That said, obviously investment objectives vary- and may depend whether you are seeking a high cap rate/ ROI vs. appreciation and equity. High cap rates are not easy to come by in Manhattan, and I doubt this will be the exception, but I do think you would be able to get a nice level of appreciation on this property.
It is a new building with 25 years tax abatement just on sale recently..Looks good, is it a good location to invest?
before it sells?
I need a renovation
to prevent more price chops?
Anyone living here have any issues with noise? Particularly with noise from neighbors from floors above?
Shares are assigned based on the price / value of the apartment in the initial offering. The more the price / value, the more shares.
The coop is an ugly basic brick post-war high rise surrounded by low-rise pre-war buildings. The view is towards the Bronx and Northern Manhattan -so perhaps its not as valuable as a city-facing view?
We aren't financing the purchase ( we got an inheritance) so we could conceivably buy the cheaper high floor and renovate I suppose but I had no idea that it might be hard to find a contractor to do a project under 100K (!).
Why is the maintenance so much more for high floor apartments?
Lower floor. Negotiate.
dubious, you need to think of the premium for high floor vs low floor after you have renovated the higher floor including the trouble to renovate and cost overruns. The premium is highly dependent on whether the surrounding buildings are low rise of high rise. If the building you are interested in surrounded by high-rise, the lower floor is unlikely to get too much light. In such cases, the premium for high floor with view may be 20-30% in Harlem (Manhattan will be even more). For low-rise townhouse neighborhood, the premium may not exist if the lower floor has higher ceilings.
Some of it depends on your cash position. You can finance the purchase price but may not be able to finance the renovation costs. So if you were planning on putting down $88,000 on the renovated unit, you may have to put down $83,000 on the unrenovated unit and another plus another $50,000 or $75,000 for the renovation. In addition you will have to live somewhere else and carry the unit during the process and odds are that you won't even be able to submit your renovation plan to the Coop for approval until after you have closed. If you can swing that, then I agree with the higher floor probably being the better investment.
But also you may have issues getting a good contractor to take a project under $100,000 these days.
Is there any update on this? Has anyone rented here recently? The apartment looks not bad.
This building is very lovely and has great pre-war layouts. Unfortunately it is owned and managed by a difficult, litigious, disturbed, curmudgeon. If you are a broker or tenant steer clear of this one.
DO NOT RENT HERE IT IS JUST NOT WORTH IT!!!
I wish I had known about a what a challenge the apartment I rented was in advance I would have gone elsewhere. Aside from the lack of adequate power throughout the building, the horrific maintenance, the boiler going out in the middle of Winter, the unabated lead/asbestos, the lack of caring by management, who wants to end up in legal proceeding on a constant basis because the landlord is a lawyer and sees going to court with his tenants as a fun activity . I wish I had spoken before I rented to any of the older rent regulated tenants each of whom has their own what it's been like to live here, horror story.
This could be a lovely building in a great location if money was invested in it by a real owner with pride of ownership but just look at the lobby from the tacky florescent light fixtures, to the beautiful but sadly uncleaned marble (except for a test patch in the front hall) that the owner is to cheap to have cleaned. Look at the beautiful tile floor entranceway patched in concrete, or the badly installed hardware that accompanies the slamming front door which has never been properly repaired and understand that however nice it may seem or whatever your broker says this one you should DEFINITELY NOT rent.
I would trust it to mean "in contract" since I don't see how it would help a developer to take inventory off the market ... if things are slow, they just tend to slow the release of units.
on that front, don't put too much stock into a phrase like "60% sold." It doesn't always mean what a normal human would take it to mean (that, assuming a hundred-unit building, sixty units have been sold). It can mean that 60% *of what's been released to market * has been sold ... so if the developer has a hundred units, and has released twenty of them to market, putting twelve of them in the hands of buyers would be "60% sold."
Link to"Past Sales" section:
Where a developer has marked a property "Under Contact" on StreetEasy what does it really mean? Can we trust that fact or can it be developer spin?
160 Leroy the Ian Schrager development in West Village has changed status on quite a few units in the last month to under contract after a very quiet 3 months. They claimed 2 weeks ago to be near 60% sold.
Under the "Past sales" section about 8 properties say listing status "No longer available". What can that mean?
Thanks for helping me understand :)
Einstein - you seem confused about the distinction between zoning and a C of O. Changing a C of O can be done as of right - it's not a discretionary approval. And generally a co-op will allow someone to commence the process as long as the buyer pays for the work involved (zoning analysis, inspections). The zoning analysis wouldn't really matter in this case - as I mentioned above, the zoning for 740 Park Avenue is already residential, and converting the medical unit to residential would not change the bulk. The only hurdle would be making sure the unit, once renovated, would comply with residential building code. This shouldn't be difficult, either - the unit has two means of egress, and presumably a buyer would pay a top architect to redesign the space so it meets code.
It's just not a very big deal to change the use, or change the C of O, in a situation like this. It might be expensive, but what else would you expect at 740 Park?
If the corporation wanted to sell this as a residential unti, they should change the C of O
All the ground floor "offices" on the upper east side are medical offices for medical use only. This is very easy to look up at the DOB. The offering plan is just that, an offering. One needs to look at the Certificate of Occupancy.
The idiotic listings that one sees all the time stating "the Board will allow a live/work situation or a professional use are nonsense. Cooperatives are governed by Federal, State and City law and so is the Board. It was in public interest to zone these spaces for medical use. Today most of them are too small to practice medicine with all the equipment required. The change needs to be legislated. Permitted use by a licensed professionals would be a start.
The monthly charges associated with these units are greater than residential units on the same floor since they are used for a commercial application, no matter how noble. It's very easy to differentiate an original medical space from a maisonette, not only at the DOB but by the 40' sitting rooms versus the many small rooms with sinks. This is not a grey area. An expeditor can resolve this very quickly.
The practicing of medicine has changed. Every building is plagued by this. And instead of saying the use can be changed, the Corporation should change the use legally prior to the listing the unit.
The Corporation can also repurpose the space for their own use. One always needs more space even at 740. Bikram yoga?
Thanks for the info. I'll look for the 2/3C floorplan.
The offering plan has 1C as a four-room two-bath simplex, with 2/3C a regular duplex. Gross's 740 Park book says 1C was intended as a doctor's office.
The maisonette triplexes were A, B, and D. I've never found floor plans for them. Apparently their first floors were turned into doctor's offices early on.
Back up over $9 a share this morning. Hopefully will continue to climb over the next few months.
A great deal of the prepared deli items used to come from Mitchel London. I don't shop at the deli counter much these days, but when I the last few times I passed by the conter didn't notice the Mitchel London signs. Could be an oversight, perhaps they switched sources. But if they didn't then the problem is external