323 Park Avenue South #7A
2 beds•2.5 baths•1,396 ft²
Condo in Flatiron
301 East 47th Street
1 bed•1 bath
Rental Unit in Midtown East
Listed by Stellar Mgmt
Steiner East Villageаt 438 East 12th Street
Condo in East Village
What to people think it will sell for? I think low $3mm.
Prices of 3-beds compared to 2-beds is a reflection of Supply vs. Demand. The supply of 2-bedroom (133) units exceeds that of 3-bedroom (90) units in the building, while present demand for 3-beds exceeds the demand for 2-beds.
Why does the price of the 3 beds apartment increased so much this year while 1 to 2 beds stay unchanged?
My broker suggested listing it as a junior one. I don't mind either way, but I do want to make sure it's listed correctly. The studio is fairly large for Manhattan, and I intend on selling it with the sliding doors. Thanks for the feedback, everyone.
Have you considered listing it as a Junior 4? If you do a FSBO, you are held to no standards and expectations only of being a pain in the ass, so you can list it as a 1 Bed or a Junior 4 even. After that all fails, you can list it like a normal person with a broker and as a Studio.
Alcove studio is a term you may use. Also, the proportions of what you call bedroom should be smaller vs living room.
It's a studio and a small one at that. Doubtful that anyone buying would even want the faux wall.
You will drive people away from your sale once they see you're trying to market your studio this way. No reputable broker would advertise it as a 1 bedroom.
New owner is offering completely renovated LUXURY ONE BEDROOM Apartments exclusively through Halstead Property, Brooklyn, Gerard Splendore 917 714 0305. Garage spaces are available at $50 per month and you know how valuable that is in Bay Ridge/Fort Hamilton!
Adding soundproofing was a good idea. You never know what can change in the future and it is close to impossible to effectively add it later after the renovation has been finished.
I'm a current resident now, and absolutely love it here. Love the amenities, love the staff. We added some soundproofing in our renovation, just to be safe, but the apartment is super quiet and we probably didn't really need it. I imagine the lower floors can be noisy, though, with the restaurant underneath and traffic. BTW no roaches in my place... yuck!!
We lived there 3Y as tenant in one of the best unit (line A).
Great building: from what i have seen low maintenance as they have 2 entrances with doorman, guarded swimming pool...) well maintained rooftop. Best Halloween party for kids ever seen in any coop...
This said the elevators are really small and old, limit unsafe...
Another down side is the sound polution: no sound proofing whatsoever on windows or walls and finaly coakroaches are quite common even by NY standard
In reviewing the building's financials to buy here, we found them to be perfectly sound. The maintenance has not been raised very much over the years, which to me is a good sign.
Commercial tenants pay about 24% of the operating expenses.
Currently, the maintenance breaks down like this:
45% goes to taxes
18% goes to labor
17% to utilities
9% to underlying mortgage
5% to maintenance and repairs
4% to admin / management costs
1% to gym
1% to insurance
Here's the settlement agreement: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=FrfyWfcxnFBbFZxlcDx6dw==&system=prod
The sponsor has 15 years to sell 15 apartments. The co-op has to pay the sponsor 19% of each apartment's sale price, but no more than one apartment per year.
teapot, who paid the co-op's legal fees? The shareholders or the sponsor?
sponsor is selling and leaving. building is in good shape, residents are largely happy to rid themselves of sponsor who never added any value to the building. if there was no case, there would have been no settlement.
The continued comments about mice problem is bordering on harassment. you can literally go floor by floor and ask residents if they have had mice in the last 5 years and you will overwhelmingly hear, "no, i have not had mice".
It still has one of the ugliest lobbies in ny, but things have largely improved for the building. if you want a great location, great staff and a building zoned for great schools while being close to subway transportation for an easy commute to work, its hard to beat 1160 3rd ave.
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.
Half the building is a rental. What is the surprise here? The developer didn't build this to the same luxury standard of a full condo development.
Thanks. 9 foot is a little low for new development but still ok. Thought most new developments were at least 9.5 or even 10.
Check the floor-to-floor heights at https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentImageView?doc_id=2015071501248002
Most are 9'9", which makes ceiling heights a bit less than 9'. Even lower near kitchens and baths, where there're mechanicals in the ceiling. A few of the higher floors go up to 11' or so.
Ccl3, while I am not a buyer on new developments at the current prices, I did like the finishes very much including white back painted glass on kitchen. Bathrooms are simply beautiful. However, some ceiling heights are much lower than others.
The finishes look pretty "meh" for a high end luxury building, especially the hospital white kitchens and the interior decor on the common areas (gym). Seems like they are trying to save some pennies compared to other luxury developments.
If that's moving up, then I'm moving out
And they closed Mama Leone's.
So Times Square is noisy. Good to know.
This building is right next to a fire station and the windows and walls are not sound proof at all! All of the south facing apartments are so loud from the street noise! If there is a jackhammer being used anywhere in a five block radius, you will hear it!
Although the building looks modern inside, it's actually really old. Most of the upper floor apartments get cracks in the walls and floors after only a few of moving in because the building sways.
There are also a ton of silver fish in the building, which ate through a lot of my clothes.
The building has a lot of elevator issues too.
Finally, don't be fooled by the lower prices because your rent will be increased by 1k next year!
Also there is a club on the west side of the building which makes a lot of noise and attracts a lot of drunk and disorderly youth.
Hi All -- Happy to see some neighbors on here! I did my first walk-thru yesterday and am really excited to be moving in. I learned that our W/D closets were built specifically to fit Bosch units, which isn't ideal for me as I'd prefer a different brand. That said, does anyone have experience/thoughts with this? I'd be interested in organizing a group buy if there are others that'd like to join.
Turia - re the developer, they are a flushing based real estate developer. Decent background and transaction history. Somewhat well-known in the community. And they are building the tallest Condo in LIC near the area.
In contract as well but there are pros and cons.
What we like: 1) built with quality material used (wall, double layered floor etc) and more up-to-date design such as the central AC unit. 2) Good location as it's close to multiple subway lines. Also density is relatively low and not that many buildings are by the park. Risk of getting flooded is low too compared to the waterfront area. 3) yes amenities, but the gym will be quiet small. Although how long are we going to spend time there? I'd prefer buildings with quality units than amenities.
What we dislike: 1) location (double-edge sword). walking around 44th dr or further towards Queensboro plaza feels unsafe. Area less developed compared to Vernon in terms of bars/restaurants/stores (yes Key foods is there). Hopefully the new rental buildings near the Court Sq station and the one by 11th st could bring in more people to the area. 2) Rental developments. Could be good or bad. Over-supply will be a concern as we worry the vacancy rate would be high without offering significant rent discount, which means lower property value. Although one could argue rentals would bring more people to the area. There are warehouses/taxi repair stations over to the west of the 11th st area, which makes it look a bit underdeveloped, but you never know they could be converted into Condos and prop up the value. 3) people drinking beer/liquor in the park.
Overall we like the building (after seeing a ton in Manhattan/LIC/Williamsburg), okay with the area, concerned with supply and the fact that we might bought at the top. Over the long term, we see value even though there could be a short term correction in housing prices. $1100 to $1300 is the comp for buildings in LIC.
All personal thoughts, happy to discuss further. Congrats for those who bought it is a great building. Look forward to meeting new neighbors.
Surely we're all biased but love the location, great subway access and a few blocks removed from the massive Queens Plaza construction. Like the park nearby, mid-rise building neighborhood feel, and the area's potential for further improvement. Don't know that much about developer / designer but looks like they have been around a few years. The gym seems attractive with views. Curious to hear other's opinions regarding building
Hi neighbors! I recently went into contract in this building - I have heard that some initial walkthroughs have been scheduled and I have been told to anticipate July closing. What are your thoughts overall on the building/location?
Indeed it is, but the income you'll receive from renting the long hallway as a bowling alley will more than offset your initial outlay in a relatively short period of time. HDFC allows for this in ground floor units, as there's no one residing below. Line up those pins & go for it!
Does anyone else think this is seriously overpriced for an HDFC in that neighborhood?
Building is over priced and run down inside. But again most of the buildings on the UWS are overpriced and if your looking I would wait until next year after the next real estate crash coming up the end of this year. Rent and sales will take a real roller coaster ride down, big time!
So I was correct , it's a medical office and isn't going to be a residential apartment.
Because they'd have to put in a bare-bones but functioning kitchen. Here, the plumbing's probably in the wall between bath and waiting room. They don't want to spend the money, and don't want to make the space less attractive to a medical user. I guess they've already realized that no residential user will spend half a million plus reno costs, then pay $5K maintenance, toget a little one-bedroom apartment.
So if it is so easy, why don't buildings get a new C of O prior to listing these units?
a leasehold interest
Then you have to really wonder what it is that you would be buying here. I remember on the late 1980's I almost bought an apatment in The Portsmouth on West 9th Street but I ultimately didn't go thru with the deal because in the Offering Plan it was listed as the building's office with no shares allocated and there was no Amendment authorizing shares for the unit.
With the Fed about to raise rates (or Janet Yellen is a phony and not and we’re all going to hell in a handbasket Q1 2017….depending on your position) I just wanted to give you a heads up on an experience we’ve had refinancing our mortgage with Bank Of America and in particular with Sam Allan who helped us through all of it in case it might be able to help you out.
So our background is that we have great credit (high income no debts apart from property mortgages) but complicated by the fact that although working for a USA based company we’re expats with multiple investment properties overseas and that we live in a small 4 floor coop in Brooklyn Heights which was 8 units however over the past 6 years we’ve now amalgamated 3 of the apartments into a single 2 bedroom, 2 bath apartment over 2 floors.
When we’ve financed in the past something or other always took longer than expected. It’s also hard to find good comps for our particular situation eg not a whole house, and not just a regular coop apartment or something else came up because we are expats with assets overseas etc
Sam was able to arrange all the documentation we needed, sort out the appraisal, get it all approved and sort out the move from Wells Fargo over to BOA reasonably quickly.
Sure one or two things would come up but the reason why I’m posting about Sam is it pretty much didn’t matter what time of the day it was he was either reachable by phone OR would reply to an email question within 10-15 mins.
No I’m not sure 3.5% on a 30 year is still available as rates are moving fast (lol…or not we’ll see in June) but if you are looking to lock in a refinance while rates are relatively low feel free to reach out to Sam Allan at Bank Of America on 347-526-2441 or email@example.com or post below if you have any questions.
The numbers are here, and yes the 3700 includes the cellar.
URL not complete: Also it's a block from the Prospect Expressway.
I really can't believe how these places have become so popular since I grew up in Brooklyn. This was considered a slum area back then. They certainly did a great job fixing up the inside though! No offense to the agent posting here, but take a look from google maps as to what this block was like between 2011 and 2014. This is what it was like back in the 1950s . The new front is out of character with the block.:
https://www.google.com/maps/place/626 6th Ave, Brooklyn, NY firstname.lastname@example.org,-73.9891933,3a,75y,313h,90t/data=!3m7!1e1!3m5!1sQXcAleI9GeFh_YFDdoMOWg!2e0!6s//geo1.ggpht.com/cbk?panoid=QXcAleI9GeFh_YFDdoMOWg&output=thumbnail&cb_client=search.TACTILE.gps&thumb=2&w=86&h=86&yaw=313.733&pitch=0!7i13312!8i6656!4m5!3m4!1s0x89c25ae402619a83:0xef38e4020e3dfefe!8m2!3d40.662134!4d-73.989422!6m1!1e1
Yes, have seen the building. The cellar is completely below grade and is not habitable space. The garage is above grade, but it's a garage.
The permit has the house at 2,962sqft and the ZD-1 has 3,026 sqft.
It seems disingenuous to try and call this 3,700 sqft and to price it off that.
Hello, Have you seen the building? I am and agent and live in the area. There is a bungalow style space in the backyard. It is pretty modern. Huge home, the styling of the entire home is very modern and functional. I do not believe their is a cellar. The home was on the market via owner and now is by our firm. The owner could have had a listing discrepancy.
I find it interesting that the buyer's agent asked you if it was a FSBO listing. Sort of an indication that they knew nothing about the listing before showing it and were just along for the ride.
Well said Keith. It is always a pleasure working with you.
>Unless of course you are willing and capable of assisting buyer with correctly prepping the board package.
Of all the parties involved - seller, seller's broker, buyer's broker, co-op board / managing agent - the one party I least want with his or her hands in my board package is the seller. Others are in the industry, professionals, standards, have stakes in the game etc. A difficult seller (proven by doing a FSBO) is the person I least, by far, want with my social security number, references, income, taxes, history, employment info, etc. etc.
FSBO in NYC is a bad idea for the buyer.
I think it is pretty well established that most NYC buyers are working with an agent. Because of this I think it is always a good idea that the seller offer to pay a commission to a buyer agent. I think it will assist in exposing your listing to the maximum amount of potential buyers in a seamless manner. For a FSBO we always email the seller and ask if they are paying a buyer agent commission, if so we proceed. If not we advise our client they should pursue the listing without us (we will still advise if asked). We successfully assisted in several FSBO sales last year.
This may not be well taken, however many of our buyer clients have noted it can be very difficult dealing with a seller directly. It can get a little hairy when as a buyer you start to challenge the pricing, finishes etc. Just saying. We have no issue doing doing deals with sellers offering 2%, our biz model allows for this and ultimately it serves the best interest of our clients. Sounds corny, but again we are building long term relationships and to date have not paid a dime in adverting.
I don't agree with this idea that the listing agent or buyers agent has so much influence over their client. NYC sellers/buyers are a sophisticated group and would not fall prey to some sales person nonsense of trying to manipulate them one way or the other.
The Burkhardt Group
If it is a condo without a board package , it's an easy transaction and your only real obstacle is whether 2.5% commission is an issue or not. If it's a co-op, in many instances you can offer 3% and they might balk, because they are afraid of the possibility of the seller not knowing or understanding the process involved- and then needing to step up their efforts just to get the deal done.
Do you really want to buy a junior 4 apartment when you have 2 children? This usefulness of this apartment will be short lived as the children grow. I live in a building where the junior 4's are 950 square feet, so the dining area is viable as a second bedroom (with windows). However, people who do that wind up moving out when the children reach school age.
If they wanted to 'reject' you for 'having children' ( or any other reason) they would not have agreed to interview you. Boards are not interested in opening themselves up to potential discrimination lawsuits--once the interview has happened they are far more vulnerable to claims of discrimination. It sounds like they would like to make this work for you but need assurances that you will be able carry the costs going forward. If you want the deal to go through, choose one of the options presented and move forward.
" Although we provide what They ask (documentation, extra down payment), does it sound we may still have a chance to be approved? Any other suggestions to get approved? "
Just focussing on the last part, if you are doing number 3, increasing the down payment, then yes, your chances sound great. Most people who get rejected by boards don't make it to the board interview. I agree with another commentator that the board is bending over backwards to try to accomodate you.
I agree with Ali R. just ask when will the escrow expire, you are only losing 5-10% of the money by putting it into a cash escrow account instead of paying down your mortgage or putting it into equities ( eg. 2 months worth of coop fees) if you are really that hard up to lose that amount for a year or two....then possibly you are over extending?
Bonuses are discretionary.
Employment is at will.
If there are significant flaws in a rental unit you can indeed add a rider to your rental lease saying they will be fixed before move-in. Than said, sounds like a shoddy management situation so I'd probably look elsewhere.
Also check out online reviews--most large rental buildings will have them, on yelp or elsewhere.
What neighborhood(s) are these buildings in?
I would not rent in such a building. Sounds like it would be a pain to get things fixed if something broke while you were living there.
Also, I meant to say, some of the on site people seem somewhat indignant when asked about some of these things, and I guess I get that because they aren't the ones responsible to fix those items so they can't even make the promise if they wanted to. So you see holes in the wall and scratches in the floor and whatnot, how do you know those will be fixed for your move in? You can't add a rider to the lease, so what do you do, or just take it on faith or just suck it up?
How does the value today compare to that old appraisal?
I am selling my apartment in Manhattan and the appraisal came in 5% under the sales price. Several of the "comps" in the building that went to contract weeks before ours hadn't closed at the time of our appraisal. Their sales prices would have more than justified our price. Fortunately, my buyer had been outbid on those other apartments and realized the appraisal was too low. He's just putting a little more money down.
i agree with 300_mercer. appraisal can get even more skewed in fast growing or declining market.
Just put in 30 k extra. Appraisal is not a precise science even if you live in a building with many similar apt sales.
Steven I hope you don't mind but I also have a question about an appraisal--Does anyone know what the rules are for comps? For example, we are buying in a luxury high rise and the appraiser used the same building for most of the comps. Months after the fact the bank suddenly said they need market comps from another building in the neighborhood. The appraiser did put in at least 1 comp from a similar building. What gives?
Make sure you cross-out the non-market and extreme provisions.
The Condo Lease ads some specific protections for the Condo unit owner which are not contained in that first lease.
Use the lease form that meets the requirements of the condo association and has been reviewed and explained to you by your lawyer. That may or may not be one of the Blumberg forms.
I'm thinking about using a broker to rent out my condo - apparently he uses this:
However on StreetEasy I see people mentioning this:
Which one should I be using? Also I saw that people referred to it as "Blumberg A 101" but I don't see the "A" anywhere - am I looking at the right form?
The management seems very unconcerned or even outright hostile towards tenants because we dare take issue with serious maintenance/building safety problems.
There is constantly something broken and it's pulling teeth to get management to fix it and to reply to requests for updates. And everyone thinking of moving here should be aware of the gas leak they wouldn't respond to until Con Ed shut them down and then we had no heat or hot water for 5 days. Elevators in a 3-month old building shouldn't be out for a month, and then a week, etc., they must have gotten some cheap, bad elevators!). And then the time the boiler was out in a blizzard and they didn't even tell people! They waited for people to slowly freeze/wonder why their heaters were blowing COLD air.
I can't wait to get out of this place.