New York City
Northern New Jersey
Open House Planner
Shop for a Broker
Condo Price Index
maybe the noisiest corner in the city
Agree with all of the above points. The only thing I would add is that comparing condo and coop prices is not an apples-to-apples comparison. Newer ultra-luxury buildings tend to be condos, whereas there are many older walkup buildings that are coops. So a simple comparison of the price per square foot will show condos to be much more expensive. Though most of that price difference is due to the difference in building type (has nothing to do with whether it is a condo or a coop).
Factors such as buildings rules and mortgage, which are fundamental to whether it is a coop vs a condo, should account for part of the price difference too, but it will be a must smaller amount.
Maklo: I would add a few points to the discussion.
1. Age: Some coops will have more wear and tear; this is dependent on each apartment. Some co-ops will be more run down than new condos, but white brick condos haven't aged well either. Regardless there is more pre-war coop stock and so it's easier to find better layouts, higher ceilings, better locations, and more gracious details in the units. Some people prefer these features of pre-war buildings.
2. Underlying mortgages: Dependant on co-op, but relevant as comparison between any two buildings. There are also tax benefits to the mortgages.
3. Stricter rules: Again, some people value the fact that co-ops are more exclusive and have more rules. If you are happy to abide by rules and be a good neighbor, then co-ops may work for you. If you'd like more flexibility to sublet, host guests, play music, pied-a-terre, etc. than condos may be a better option. I don't think that AirBnB is getting much traction in co-ops, for this reason.
Ultimately, there's a discount because so few people can get into co-ops, so resale is harder. If resale is harder, it's easier for buyers to negotiate. The same is not true in condos where anyone with a check-book can make a purchase as long as the bank approves a mortgage.
Ps - hmm I'll add beds filter to this chart and see how that looks. Take a few days to build n regenerate stats. I'll post here when done.
Damn, link broke.
Condo median almost 2x coop median. Now the spread is what we should monitor. Also median highly exposed to swings due to what types of apts close and when. But not sure what other metric we can use to answer op question. Chart room link here with 12 diff chart types to use -
When I was apartment hunting 2 years ago, I found coops were about 75K to 100K cheaper than condos for a 1 bedroom/1 bathroom on the Upper East Side with comparable amenities and views. The condos were listed at 50 - 75 square feet smaller, but felt much, much smaller than that due to the layouts and possibly the measuring rubric. The coop and condo rules were similar except for the mortgage and refinancing.
A coop Board requires an Aztech agreement giving them first shot if you default on the "mortgage". You're really putting your shares of stock up for collateral to get the loan.
By the way, I did live in a condo that was able to get a mortgage on the super's apartment.
Nothing wrong with a nice porcelain tile. We have used them in 90% of the bathroom renovations we have done in the last 5 years. Nemo tile has a very nice selection.
Based on the comps in the building, I have to go with at least mid end work. This is based on the bathrooms I have seen in apartments sold in the building over the past 5 years, both on StreetEasy and in person.
The apartment we bought lingered on the market for a year because it hadn't been upgraded since 1952, except for kitchen appliances in 1991. Think of pink tile in the bathroom with Peptop Bismal pink semi-gloss paint on the ceiling, walls, and door to boot. We have done nothing to the bathroom except paint it linen white for our own sanity and rewire.
I have been considering using a porcelain version of stone tile. We had to replace the floors in the bathrooms of the apartment we just sold. We used a porcelain version of calacatta gold and it looked pretty close while being easy to clean.
Before I put my last apartment on the market, I had to replace the bathroom floors because they were shot. I used a porcelain version of calacatta gold marble that the potential buyers loved.
The costs of a residential bathroom can be kept down or you can go for broke. For example, a shower curtain and rod will cost about $3000-4000 less than tempered glass frameless door and barrier. Bath faucets and shower head can be had for $200 or ten or twenty times that. If you get a nickel plated thermostatic valve with rain shower and hand held attachment in the more reasonable range, budget about $2000. Many great ceramic tile options that won't cost much at all. Want calcatta gold marble? Then that's a few thousand. Medicine chest? Well, Home Depot has them for $90 or you can pay $1500 for a Robern. So when people say $30,000-ish for a bathroom your size, it means the nicer finishes and more upscale finished product. But it can also be done on a strict budget for a very basic end product for perhaps $15,000. Primer's estimates are reliable--particularly for the mid to high end work he specializes in.
I agree with Edwinyc.
You have my respect for being on the board of a nursing home/rehab center.
The walk-in tubs are very important, so I hope that you will have input into that aspect of the bathroom renovations.
If I may ask:
are you involved/on the board of the nursing home; through your church activities?
Either way, it's very charitable of you (and your fellow church congregation members), to take the time and effort .
Not agnostic, antagonistic. And he is right.
47 heating complaints, 35 vermin complaints, 2 City-initiated court cases, leaks, a broken elevator, and a problem with mold. Does not sound someone I want as my landlord.
I can't believe they are an agnostic landlord. This is worse than Michelle not bowing.
66 Saint Nicholas is owned and managed by Newcastle Realty Services, an incompetent and antagonistic Upper Manhattan landlord. These guys own several buildings, of which this is one, that they consistently mismanage and fail to deliver services like gas, heat and hot water during the winter.
Yelp users complain specifically about this building having a shitty, unpleasant property manager and lost security deposits for no justifiable reason.
Don't deal with these slimebalms. There are cheaper, nicer, larger studios elsewhere uptown.
At http://www.nyc.gov/html/dob/downloads/pdf/fuel_code.pdf the city says the range must be installed per the manufacturer's specs. Those always say a minimum of 6" from the wall. Somewhere else in the code, the city specifies different clearances depending on combustibility of the wall.
But, as jelj13 says, up against the wall means half the burners aren't usable.
Do you mean a side of the stove? You wouldn't want the side to be flush against a wall because you need some swing room for your pot handles.
I was told NYC code specifies a gas range/stove must be a certain distance from an interior wall -- it cannot be up against the wall. Does anyone know if this is true or where I can find out?
Anyone know anything about this building? 2 active sales there now. Very small 2 bedrooms.
Living adjacent to the off ramp for the bridge would be a bigger noise concern for me. Based on the brokers photos the windows look pretty heavy duty though. Given the relative lack of high-rise buildings nearby, the views from many of the upper floor units look pretty great.
living above a starbucks and bath bed seems very noisy and congested...just sayin
Hi - how can I search for sales in contract and/or sold on your mobile site (which I automatically get redirected to when using my smartphone?) So far, no matter what I tried, it didn't seem to work.
Very odd. I have been doing this for 15 years and never have had to give more then my company's license. One person does need a home improvement sales license but that is not required by management companies. We are usually required to supply the home improvement license, epa certificate for lead paint, liability insurance, workers comp insurance and the licenses from the plumber and electrician. That's is. It is also rare that the management company refuses to talk to the contractor. I would suggest your in laws call them and ask what exactly they are looking for
My contractor for my kitchen reno was president of the company. They took one license from the Dept. of Consumer Affairs in the company's name and another in the contractor's name labeled "Renovator - Initial", really lead base handling certification. Perhaps she means the lead based certification. The package from the managing agent was very clear about the required licenses.
By the way, the license is under a corp. and he is the only employee of the corp.
After my inlaws submitted their reno agreement to the mgmt co, the lady in charge said their needs to be TWO general contractor licenses, one from the company and one from the contractor.
Based on the NYC consumer affairs site, it states either the person or entity needs to be licensed. We are talking about just redoing the kitchen, not moving gas pipes and electric wires.
The contractor was confused and the lady refused to talk to the contractor. Any one here knows what she is talking about?
I think it will takes 2 weeks for architect to prepare the plan if the design is pretty much determined. Then the plan goes to your board for review, this part really depends on your board and your building architect/engineer. Once your board signs the paperwork for filing, you can go ahead to file to DOB. This sounds like a minor job, I believe most architects will agree to file as professional certification, in that case, the DOB application will be approved right away and the permit can be pulled as soon as the same day you file. However, some boards don't allow professional certification. If your building is landmark building, you will need to wait for another 2 weeks for landmark preservation commission approval.
This article may be of interest on this topic...
I think it's important to add in who and how knowledgeable your architect/expediter is when talking timelines to pull permits and close out/sign off jobs. Every person/company involved in the renovation needs to be vetted and trusted to minimize the overall time-frame.
Depends on the building dept. If you can find an architect to self certify it would be a whole lot faster.
Curiosity and Karhu are both right. You should always submit a scope of work to your building and see what they want you to do
Thanks, Uptown Joe and Karhu. Never having done renos before, we are grateful for the sound advice.
Generally speaking, how long do permits add to a project? We understand the coop/condo board have their own timelines, but ballpark, how long can the city take?
4% sounds high especially given your fico and ltv. You should be getting rates closer to what REMom posted above. Try Wells
We're currently locked in to a 30 year at 4% (non conforming as 900k / 1.65m valuation), anyone know if you can get a better coop rate than this? (fico in the low 800's).
I as a mortgage broker have saved my clients tons of money that a lender can't do.
REMom: they locked in your rate. That said Wells Fargo settled with the Dept. of Justice for ncharges that it discriminated against blacks and Hispanics. They settled a claim with Maryland AG over deceptive marketing practices relating to adjustable rates.
REMom, Can I ask where you got 3.625% on a 30 year, low loan to value refinance, I have been getting rates of 3.875% - Thanks
That's right, five-f-ing-billion. http://nypost.com/2015/01/28/disabled-tenant-sues-landlord-for-5b-over-violations/
Landlords have a legal responsibility to fix the gas when it breaks, and this one is not complying. What's not to get?
Riccardo, I understand exactly why you don't get the likes of lrschwhatever, but listen, he or she is whatever he or she is, but the information about this building is generally more important to the public.
Don't project whatever weird problems you have with accepting responsibility you have that are a result of all your previous girlfriends leaving you because they thought you were an "irresponsible, immature little boy" onto me, guy! Why should I not inform fellow renters of the trap that I fell into? Go back to the shithole studio in Murray Hill you pay $3k/mo for.
Then why the hell did you accept the apartment and move in? I don't understand the likes of you -- people who blurt out all kinds of trash about a building when in fact they had the choice -- and option -- to not move in at all. I know real estate and obtaining the dream apartment in Manhattan are difficult, but you have the choice to not move in at all. Stop bitching and accept responsibility for your stupidity.
This building has had NO GAS since July of 2014. Management is non-responsive and unwilling to address the problem to any extent past blaming it on Con Ed. When I moved in the apartment was delivered to me in terrible condition -- damage to the walls that must have been caused by the previous tenants and not repaired, old wall and window hardware from previous tenants that had not been removed.
The building is owned by Newcastle Realty Services. http://www.newcastlenyc.com/ Check out their reviews on Yelp -- the other buildings they manage are just as poorly managed.
your 'o' key got stuck, and your epidermis is showing.
Thanks @anr9 for asking this question. I've been wondering about Central Harlem. As for the trolls, I feel so bad that you have nothing better to do than be lame or internet forums. I would looooooove to see you try and act like this in person.
Having Sunday brunch is not safe in central Harlem.
Happy happy MLK Day to you people up in Harlem.
Yes, it's safe, it's very safe, it's so safe you wouldn't believe it.
No. It's not safe, it's... very dangerous, be careful.
Oh, don't worry. I'm not going into that cavity. That nerve's already dying. A live, freshly-cut nerve is infinitely more sensitive. So I'll just drill into a healthy tooth until I reach the pulp. That is unless, of course, you can tell me that it's safe.
So in 2008 we did this in Brooklyn heights, if you look here or brownstoner you'll find some of my previous posts however the short version is this.......
In 2008 we banked with Chase but they wouldn't allow combination financing..... so to purchase and combine 2 units we took out a mortgage with Citi providing funding for both purchasing both (80%) and we paid cash to do the combination renovations, there was also a "escrow" and a time limit to complete the combination I don't remember how long but I think a year.
In 2012 we combined another apartment (downstairs rear).....the irony was this time Citi wasn't doing combination loans but Chase was.......so we moved our banking back to them........ (though have since refinanced with Wells Fargo).
As far as the coop was concerned the 2008 renovation no probs, the 2012 combination....some were against it but approved in the end.
Do it is my advice as its a great way to generate capital value.
AVM - thanks! The value of existing renovations would remain intact. Would basically just re-work floorplan of 2nd unit.
1. Some banks (e.g., Chase) will come in and do an appraisal of both units as if they are combined. The new loan will be secured by the shares of both units. It will fund at the closing of your purchase of the 2nd unit, and a portion of the proceeds will pay off your existing mortgage. Also the bank will holdback some of the cash proceeds into escrow. The escrowed amount should be fairly modest -- minimum $10k but probably not much more. Months later, whenever the 2 units are legally combined, the escrowed monies will be released and paid to you. This is how it worked a few years ago anyway...of course things may have changed.
2. I would not expect additional leniency from the coop. You should look to the total maintenance for both units P&I on the new larger mortgage, and use this total in the income ratio.
3. In addition to what Alan said...
On the first unit, will the value of the renovations you're already made remain intact? Or are you essentially starting from scratch on both, and hence relinquishing the value of the $200k that you already put in? That's not necessarily a deal breaker, but it does make it tougher for the numbers to work if you're starting over again as a gut reno. Another consideration: can you buy any of the building's hallway space to enlarge the entryway or improve the flow? Often when apartments are combined, hallway space becomes available.
Hi Alanhart, thanks for the follow up. Here's a few more details:
1) UES, 70s and 3rd - I believe there's a market. Combined, it'd be a 5 br/4 ba (flex to 6 br, but would make an office) with large kitchen/dining room/living room.
2) Floorplan is not awkward, actually quite useful even with the 2 entrance options.
3) Maintenance would be ~$6800
1. Does your local market support $4 million 4 BR apartments?
2. Will the resultant floorplan be a gracious and lovable home, or an awkward collection of compromises and bad flow?
3. Will the combined maintenance make it difficult to sell, versus a purpose-built large apartment?
4. These4. These are considerations that the board, and maybe even the bank/appraiser, will ponder. Not just you.
Me too. Maybe it's their being done on the cheap, with the proportions all wrong, or there being no dimensions noted, or something. Maybe a CGI walk-through would be better, but still wouldn't be as good as a plan and photos for visualizing the space.
Maybe it's some kind of brainlock, but I can't read them. Whenever I see a listing with a 3-D plan, I go back and look up the old 2-D plan instead.
Aaron..how can the -3D be inaccurate?
feelhong...i agree about the benefits of ceiling height visibility
Given how inaccurate so many of the regular floorplans are, I can just imagine the mess that 3D plans will be, not to mention the potential to be highly misleading. I'd rather see accurate and more detailed floorplans, and documentation of ceiling heights.
what does CSN stand for?
alanhart, you sure make it sound easy. So do you replace the gas pipes every 5 years, or ten years or ...
Or you can proactively stay on top of repairs and capital replacements before there's a leak. Do you think 100-year-old Silk Stocking District buildings shut down cooking gas, heat and hot water for 3-5 months?
Plus there are those mobile boilers that (I assume) can run off fuel tanks.
I own a couple of buildings that have had this issue. The nat gas pipes are over 70 years old in the majority of NYC buildings. They all go through a repiping at some point. When gas is smelled by the tenants, Con Ed comes and puts a red tag on the building. Landlords must then do a pressure test on the pipes to see if they are sound (these pressure tests almost always fail).
The issue is the entire process takes months even if the landlord is 100% on top of things. Finding a contractor who is skilled (and available) and then signing a contact takes time (it's not like every landlord has a guy with these skills sitting around on retainer), getting the permits from DOB, actually doing to work and getting access to all of the units, having Con Ed come and inspect (takes way longer than it should and is out of the landlord's control), sign offs from DOB (again takes longer than it should and is completely out of the landlords control), gaining access again and again from each tenant for the multiple inspections/sign offs etc etc. One tenant doesn't give access and Con Ed or DOB won't come back for a few weeks to reinspect etc etc.
Unfortunately it just takes a long time to do this work. I've seen it done in 3 months but 5 months is probably more common.
Landlords are all parasites.
>They both sold and moved into the suburb.
Which is that? Is it in C0lumbia C0unty?
Where are you from?
I've known 2 families in the past with similar situation. The result. They both sold and moved into the suburb. Controlling the kids action is a full time job. Most parents simply don't have the time or patience. Babysitters? Fuggedaboutit!
>Also, people have a right to host a birthday party anytime after 10 am and 8 pm
On the birth day (or test tube day as appropriate), not every day.
All of your points are well taken, colleagues. Will drag my a.. to the management company's office tomorrow morning. Cheers. :-)
My managing agent wouldn't insert documents after copies of the package had been submitted. They required 12 copies, so I could understand their point of view. ( Both the seller's and my broker reviewed the package and contacted the managing agent with questions before they made the copies. ) The managing agent also had extra work to do by prescreening the package for mandated criteria from the Board, mainly financial checks. So the application fee was substantial.
From my POV, it's your job. The fact that the management company is located in an inconvenient place is annoying, but not actually relevant here.
You really don't have a choice. Just hope your buyers pass the board. Remember, the board hired that management company, which tells you a lot about the board.
To play devil's advocate for just a second, bear in mind that if the board package isn't perfect the underling at the management company could be blamed for "messing up" the board package by inserting documents incorrectly, or "losing" documents, even though it was not her fault. She maybe has had that happen to her and does not want to go through that again.
If this is all that's gone wrong so far, and it's only two hours driving? I'd say you are doing pretty well. And I'm jealous.
A person at the management company has been reviewing my buyer's Board paperwork, and requested three additional items. My buyer has submitted the items to her via email immediately. She, in turn, asked me, the broker, to drop off the said items at her office and to "insert" them into the Board package. Just to clarify, it takes me over one hour to drive to the mgmt. company, plus an hour to return, and the lady I am dealing with knows it. Her argument is that inserting additional paperwork into Bd packages is "not a part of her job description." Coincidentally, the fees that the said management company charges to process Bd paperwork are above average. I have closed quite a few co-ops, and have never heard of such obnoxious requests on mgmt. companies' behalf. Thoughts?
Every member of the Board can get a copy of your package, so I'm not sure it's feasible to get them all back anyway. When I was on the Board, I used to shred the packages I received periodically. Most people don't want to store this stuff; too much paper.
When purchasing a condo we were required to submit a board package, which is normal.
We were told that once they are done, they will either shred it or give it back to you.
After the purchase was complete, I had reached out to the management and asked that they return my board package so that I can shred it or keep it. The response I got was not what I was expecting. They are keeping my board package on file for future reference. I told them that I do not agree to them keeping it, and was told that I would be getting it back. There is a lot of personal information on there and I dont want that info sitting in some office, and :future reference part" kind of bothers me as well.
Can the management company keep my records? Can I ask for an independent audit report to see how secure my application is? I know I am being paranoid, but still....