201 West 21st Street #11K
Co-op in Chelsea
7 Hubert Street
5 beds•5.5 baths
Condo in Tribeca
Listed by Nest Seekers International
Millennium Tower Residencesаt 30 West Street
Condo in Battery Park City
10 sales•9 rentals
Both 45 east 22nd St or 212 5th Ave don't have any rentals available right now. We are looking for a 2 bed/2bath downtown with doorman and concierge and "white glove" services. The closest buildings we have found to this are Chelsea Stratus (don't love location), Grand Madison and Morton Square (too far west).Any other suggestions of "white glove" buildings downtown? Thanks.
Did you look at 45 east 22nd St or 212 5th Ave?
It seems very hard to find "white glove" building downtown. Still looking....
> I hate when people say brokers are "free" because I think we're very expensive (and worth it), but at this point the rental market is pretty soft, so landlords are largely paying the tenant broker's commission.
Definitely sounds like it's worth it.
Ali is good opening trunks and stuff like that.
Are you familiar with Related Rental's Westiminster and Sierra? I want a building where it is standard to do the upgraded services. I don't want to have to wait and search for someone.
thanks for the shout-out 300. I don't think Downtown people are averse to a high level of service. I remember when Michael Bolla first opened Chelsea Mansion, I brought a couple of actors to look at it and he offered to provide a concierge who would run to Organic Avenue and restock their fridge's juices once a day.
Also, if you do not want to do the work to find such apartment, call Ali.
uptowngirl, What I am suggesting is that you may not find a building like that downtown as many downtown would consider it too stuffy, but you can make separate arrangements for extra service. This will give you flexibility in your choice of rentals. I have had dry-cleaning put in my closet for extra tip. Check one of the related buildings downtown. They tend to very full service and staff is eager to do extra. For example Caledonia.
I live in a 2 BR in a full-service condo. I'm trying to figure out what is fair for year end tips. There are several full time doormen, I was going to give them $100 each, $50 each for part-time doorman, and $100 to super. Should full time porters also get $100 each or would they get less than doormen? I do get a fair amount of packages delivered but other than that am a pretty low-maintenance resident. Do these amounts seem good?
Another data point: I'm taking a listing in the West 80s, full-service building with roof deck, and the maintenance is ~ $1.50 a sf.
I am guessing, it includes some buildings without doorman as well. Expect them to go up as the city keeps on raising taxes every year by 5% or higher.
See below. >$2/sqft per month with door man.
It varies building to building and depends on what part of the neighborhood you're in. Taxes are higher in the West 70s than in the West 90s, and accordingly, maintenance tends to be higher. Some co-ops also own the retail space in their buildings along major thoroughfares (I wish mine did) and earn significant income from the commercial leases - this tends to lower maintenance costs considerably. Lastly, some buildings rely on an annual operating assessment to meet expenses while keeping the allocated maintenance costs low, whereas some buildings collect all they need to through maintenance costs.
For a short answer to your question – generally speaking, you will see a range of maintenance costs between $1.50 - $2.50/sf.
Digs Realty Group
I've been looking for what a coop shareholder's maintenance fee per square foot on the UWS is in Q4 2016. A little help?
I think aboutready now works at a different soup kitchen, so nothing to worry about.
Did the homeless shelter open? If so, where?
What were we talking about? Oh yeah, Chelsea Stratus vs. the homeless shelter.
I saw Chelsea Stratus today, and quickly ran away. Not because of the supposed homeless shelter (seriously, the Chelsea Stratus is on the corner of 6th Avenue & 24th Street --- who's going to notice a homeless shelter?), but because the place looked like a sterile hotel which might as well have been in Los Angeles, with giggly 20-somethings cooing over the doorman. There's way more wrong with that than having an undiscernable homeless shelter nearby.
Indeed, a homeless shelter on the street might actually add some much-needed edge and character.
Well, jco, I love co-ops and boards, so forgive me while I geek out on this.
But first, realize that I can't see the complete shape of this thing. There could be a lot of different scenarios: Maybe there were two sets of brokers who saw financials where you were a poor board candidate, and neither side flagged it. Maybe you were a decent board candidate and then you had a financial reversal. Maybe you omitted a material financial fact.
Also realize that any advice you get from strangers on the Internet is worth pretty much what you pay for it. Here's where I throw in the disclosure that I'm not an attorney, and that nothing I say should be taken as legal advice.
However, in general, the way forward from this kind of situation depends on where the break happened.
If, for example, you were in a certain financial situation and something materially changed (let me use the example that you were employed when you made your offer, but then lost your job between contract signing and closing) you probably shouldn't close. You do have a responsibility, outlined in your lending documents, to notify your lender of major changes in circumstances. To "forget" to do so would be to commit mortgage fraud. Make that notification, and the lender will probably pull the loan.
If, when you made your purchase offer, you submitted a true and complete REBNY financial form, and then after contract signing you had a liquidity event (let me use the example here that you owned an investment property, which you disclosed on the form, and then suddenly your tenant needed an emergency $20,000 repair) then arguably seller had the information to realize that you were a marginal board candidate, and he/she rolled the dice as much as you did, and you both lost.
If, when you made the offer, your REBNY was, let's say, "inaccurate," that's IMHO much closer to Bad Faith. You have a duty to, for lack of better language, not misrepresent, either positively or by omission of pertinent facts.
If you're in a situation where 10% of the purchase price is at risk, and the board has offered you a way to close, then you probably bull your way through.
In a situation like this, your side probably asks seller to take a small haircut on price, since a small haircut would be better than paying lawyers to tussle over the contract deposit and then having to re-sell the property into a declining market. Both brokers would pitch in a little of their commissions -- to Riddhi's point, discounting is not exclusive to discount brokers, so if you needed a slight commission cut from the brokers to close the deal, you could propose that. Commissions are always negotiable, and the brokers would probably prefer getting paid something to not getting paid at all.
And you would indeed be stuck eating catfood for a year, but that's probably better than losing your deposit.
Consider that, from pretty much everyone's POV, this "lose-lose" hypothetical would be the lesser of two evils.
But, like I said above, I'm just spitballing here, since I'm neither your broker nor your attorney and I don't know your full circumstances.
You should definitely consult you attorney vs an internet forum for this. But from general experience it would be very rare for a seller to take your contract deposit, especially since you legitimately got rejected. Taking someone's 10% deposit is a huge deal and obviously leads to lawsuits. I'd be very surprised if the seller and listing broker wants a lawsuit. It just doesn't happen in practice, especially for the professionals as it's quite bad for business.
With that said, your broker if you had one should have prepared you a bit more for the purchase application and interview (http://www.hauseit.com/nyc-coop-board-package-purchase-application/). You should have also signed up for a broker commission rebate since your finances are so tight. 1% of the purchase price at close would have helped you. Good luck!
ali r. thanks for the comments. I wish I did have a good team but I feel so unprotected by my lawyer and broker. I told them I'm not going to have enough financials and you can see that in the documents. The board said that they honestly don't want me to "eat catfood" for a year because I'm not going to have money left and that this is a lose-lose situation. I didn't want to say I agree, because I need them to reject me (which they did). The contract is very clear about what happens in a rejection, I get my money back. The question is if someone can argue that I should have known that the co op requirements are going to include that. I asked these questions, but my lawyer and broker didn'd prepare me well for the interview.
Now I 'm sad I didn't write my longer reply, which included the line, "If they do want you to put money in escrow, find out who on the board is the point person for that, so your attorney can negotiate it, and you don't have to negotiate it in the heat of the moment."
However, let's assume that the outcome would have been roughly the same anyway. You now have options -- the power to close or not to close -- which is good.
But there are still details that are missing here ... what was the liquidity problem? Do you need to sell a property? Restricted stock? Is there a divorce involved?
Also, how much is the contract deposit? And how much does the board want to see in escrow? For how long?
Without knowing more, my general advice would be to just borrow the escrow (either from your family, off your credit cards, or through peer-to-peer lending), have your attorney negotiate to make the escrow as short as possible, and to work your way through the expensive short-term debt as fast as you can. Presumably you have some discretionary income, or you wouldn't have gotten even a conditional approval.
But I'm curious what your team (who should direct you, as they're closest to the situation) advises. Tell us more!
Expose themselves legally I meant... sheesh. Long night.
Agree with rent or buy. Also, even in large sf combos, the kitchen often remains the small galley of one of them
I tend to find combined apartments are "frankestein" - a bit disjointed - not a great flow -
Dean's suggestion is very reasonable if you have the time for major renovations. I purposely looked for an estate sale priced to reflect the need for a gut reno, and now I have exactly what I want after spending far less than the current market value. Several other residents have done combinations with adjacent one BRs as well.
Ever considered buying multiple apartments and doing a combination?
We bought two 1br's in 2008 at 135 Henry St and combined into a 1br + study. In 2012 we then purchased another apartment one story down and turned it into a massive master bedroom+bth+closet with an internal stairway.
Love where we lived now and wouldn't change a thing. Basically if you are waiting around for perfect.....you might be waiting a while.
Odds are that in the Spring any increase in inventory will come with a corresponding increase in buyers.
The finishes in that building are top-notch. I believe buyer got a very good price. The building is hurting due to being full-service for small number of units. Full-time doorman for 5-6 units just becomes too expensive. I believe the same is the issue with 37 East 12th, 17 East 12th and 12 East 13th.
Nice building , original asks were unattainable. I think current trades are within reason all things considered. Leo over paid unfortunately, he should have called me (;
I like that. Glad we were able to do a nice distressed deal together during the negativity of the summer.
The entire market is very, very active again. We did better when things were slowing! Much more competition for attractive listings and calls for best and highest are back for those properties. Not one peep from our clients regarding rising rates.
The Burkhardt Group
This building sucks! Few things you need to know: tons of mice & roaches; no sunlight at every unit; unfriendly and stubborn building staff; pain-in-the-ass super; ridiculously high application fee. There are tons of good buildings in the neighborhood. Go somewhere else. You have been warned.
Agree. No one wants to deal with rent control tenants. They should probably list the price vacant (assuming it is possible to vacate) rather than hiding in the listing description.
Owner is also a broker. However, he chose to list the property through someone else. He seems to be a passive seller playing the field, so to speak, with regard to his building. I would stay away.
There are enough red flags in the listing text to hint that it may be on the market for a while. "Building will be delivered vacant for 10M." when the listed asking price is 8.7m (and dropping) is a big one. How many tenants will need to be bought out? Wouldn't touch it with a barge pole.
Still on the market!! Any guesses what will clear it? It is 8000 sq ft including garden level.
love the boom box in the living room
As a real estate broker, the answer you would expect from myself would be a resounding yes – a buyer should always use a broker. It’s in my best interest to respond in such a manner. However, in my opinion as both a broker and a buyer, the answer is - it depends. It depends on two things – your knowledge of real estate and the broker’s knowledge and experience in real estate. I’ve worked in this industry for multiple years and I wish the barriers to entry into this profession were stronger. There are quite a few unethical, ill informed, and novice brokers in the field. I should know as I come across some of them on a daily basis. At the same time, I’ve met brokers who are worth their weight in gold. It goes beyond preparing a board package. Most savvy buyers can put that together by simply following the instructions. The value of a broker is beyond finding a property. It’s vetting building financials, understanding seller psychology, negotiating intelligently (not always about the price but rather the terms), market knowledge, building resale performance, listing broker’s tendencies, introduction to the right attorney, title company, and transparency of closing costs such as flip taxes, transfer taxes, and mortgage recording fees. I do not offer rebates. I offer advice and strategy that provides the buyer with leverage in the transaction.
At RealDirect, our point of view has always been that different buyers and sellers have different needs, and the "one size fits all" approach to brokerage doesn't make sense. This thread was started with the assertion that FSBOs don't make sense, but our Owner Managed service is a highly effective way for sellers to get the cost savings of a FSBO with the expertise and distribution of a broker if they are willing to do some additional work and have the ability to get it done. On the buy side, some experienced buyers may prefer to go it on their own because they do not want a buyer's agent incentivized by a commission to influence their deal. However, with proper vetting, buyers should be able to find high quality, ethical brokers who will provide a tremendous amount of value to the client - especially when we provide a rebate on top of the expertise we (as well as others on this thread) bring to the table. Of course the big misconception is that a buyer will get a better deal if they go direct (without an agent). Unfortunately, there is no way to know if this is true. In certain cases, a buyer will have an advantage i.e. if the seller has a different agreement with the buyer if the client is direct, it's possible that they would have an advantage going direct. Furthermore, if the listing broker is unethical, they may sit on an offer from a broker represented buyer until their direct deal gets done - or they may simply advise the seller to take one deal over. However, in the vast majority of deals, having a buyer's broker does not put you at a disadvantage and in fact has many benefits (without even taking into consideration the rebate). And these benefits heavily outweigh going it alone.
My personal opinion is you should hire a broker. He has access to a huge number of listings. And that could increase your chances of finding condo that meets your exact requirements.
Besides, there are bidding wars, that you wouldn’t probably handle as good as the broker does.
You can work this dual agent, who will represent you and the seller. Then the price you pay could be smaller. But, I advise you to work this your own broker. You need to work with someone you can trust and whose total loyalty is to you.
A buyer should ALWAYS use a broker. Why? Because you're paying for representation whether you choose to have it or not. The 6% broker fee is built into the sales price. You are paying for it so why not take advantage?
Furthermore, you are at no disadvantage to using a buyer agent per comments above on the strict enforcement of co-broking by REBNY.
Lastly, you might as well get a buyer agent rebate and get 1% off your purchase price in a check or closing gift card at close. You're probably doing a lot of the work searching online, so why not get some of the commission back?
Agree with comments here. You're at no disadvantage to use a buyer's agent in NYC. REBNY rules are strict. Listing agents can't mess around and not co-broke.
It looks like about 10% of the units are for sale. I understand that this is a land lease which is tragic. It seems like a bunch of units have just come on the market. Does this have anything to do with the lease having less than 30 years left and issues with obtaining a mortgage?
NWT the initial period was 20 years, thereafter every 10 years. This particular building the initial 20 year period is expiring in about 7 years. I did some rough calculations at about $500-600 a buildable foot and it looks like the maintenance will be going up about 90% over current levels which are about 25-40% higher than comparable non land lease apartments . You mentioned a potential compromise, maybe but that's not what happened in the 101 w 23 st case. I'm not big on government regulation but on co-op land leases I now agree with a previous commenter, they should be outlawed. Most consumers are not sophisticated to understand what's really going on.
When reset time comes, lawyers for the co-op and the landowner get competing appraisals, and work out a compromise. If the reset was within the last couple of years, with frothy land values, the co-op will suffer for the ten years, and hope it'll be lower the next go-round.
The land-owner doesn't want to sell. That's why they did the lease to begin with, rather than sell outright to the developer.
Also, does not see the land owner should sell as they are getting 6% cap rate which in this day is impossible to find in manhattan. I understand 6% would have been fine in higher interest rate era but in 2-3% rate era, this is very taxing for land-lease apartment owners. Thanks as always for the education.
NWT, I hear the land values in manhattan at $700-1000 per buildable sq ft. There are naturally exceptions on the upside. Taking the lower value of $700 per sq ft, for a 1200 sq ft 2 bedroom translates into $840K. 6% of that is $50k or ~4k per month. Is that what the owner of an apartment in a landlease building is paying per year? Seems very high.
Yes, but 20 years is an unusually long reset period. Ten years is most frequent, but with those the rent is 6% of the value. With 7%, the co-op is paying more in the early years but less in the later years.
Yep. I spoke to half a dozen contractors recommended by my super as people who had done good work in the building. Of all the contractors I've spoken to, those that were recommended by the super were at best average, and in a few cases well below average.
Whether that's because the super recommends people that pay the best kickbacks, or is just not very good at identifying the best people (i.e., the people that can put together a comprehensive bid and understand the plans and priorities), I can't be sure - but frankly I wouldn't recommend asking your super, or if you do, make sure you're also getting referrals from other sources to compare them with.
Primer is spot on. You need to talk to the owner as well.
Asking the super is a good idea but ... go see the work the contractor did and talk to the owners of the apartment. I get a ton of calls from people asking for my help after they hired the contractor the super recommended. Sometimes it is in the best interest of the super (not always, but sometimes)
I got a great contractor by talking to the neighboring super. That way you have direct reference as well.
Gramercy, If this is all you need (5x7 is a small bath), talk to your super and he will let you know who recently did reno in your building or currently doing a reno. Just talk to the contractor doing it.
Now that the contentious UWS public school rezoning process has concluded, any opinions on which schools are desirable in terms of academics, overcrowding, facilities?
Another example. None of them will prevent the bass sound for which other posters have suggestions.
This company offers many options. Most of them would involve dropping the ceiling a few inches. I would call them and ask for advice. There is also soundproof drywall which can be installed on top of your existing ceiling.
I like using a SleepMate white noise machine, which works very well. That said, you should not have to suffer from noise emanations from another apartment. Certainly do find out whether the neighbor is in compliance with house rules involving carpeting (typically buildings require 80% of floor space be covered, not including kitchens and bathrooms). But as Aaron mentions above, it could be that your neighbor has a sound system that backs directly to the floor or wall. If this is the case, sound-proofing your ceiling won't likely help. Perhaps have a friendly chat with your neighbor--some strategic padding behind or below the speakers might work.
If your upstairs neighbor is running their TV sound through their stereo system, this may be an issue of sound transmission: the solution may be as simple as putting a bit of carpet padding underneath the speakers so they aren't in direct contact with the floor, or making sure the speakers aren't pushed tightly up against the wall. Does your building hard a requirement that a certain percentage of the floor be carpeted? Are your neighbors in compliance?
Try using a 24" fan next to your bed so you can hear the white noise of the fan. That has worked for me blocking my down stair neighbor's TV sound.
CC, That is your 2bed under 2mm in new development. Realize it is lived in but still new.
So did this apartment get an accepted offer? Why the fire sale?
Beware of the club "Angel" in this building. Extremely loud on the weekend!!!