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>doing some blow
Is he from Toronto?
Boxer, had not realized he had dug up posts from several years ago, so agree that it is over line. I just previously pictured him reading a thread, doing some blow and then spouting off without having any clear points.
I don't think huntersburg was annoying but I can understand how you might view him as grumpy.
I'm all for the entertaining characters who have something to say other than the broken record of boring self-promotional two-liners (unless this is Zillow using an alias to get their user metrics appear more compelling.)
Speaking of characters, why are all of the huntersbug's messages getting deleted? Id much rather have his grumpy/annoying presence around than this unimaginative charles dude's
No, it is great stuff. Characters should be welcome.
This building has transformed itself. The old management is gone. The lobby has been remodeled and the hallways are next. It's solid prewar so you can't hear your neighbors. The new superintendent is enthusiastic and personable and definitely lives in the building with his family. Some of the staff have worked here for forty years. They watch over the owners like family. These are condos, not coops. You own and are responsible for your own apartment. The good part is you're free to do whatever you want in your own apartment, rent it out, remodel it without having it approved by the board etc. on the flip side, you're responsible for repairs inside the unit. The renter who has been bad mouthing the building never understood that her landlord/owner was responsible for answering her many complaints and not the staff. The construction at Carnegie Hall is almost finished and the noisy excavation next door should be over by June. It's been obnoxious but they are almost thru the worst part of the construction. The prices are low mainly because the building has no parking, gym, bike room or rooftop terrace - just good size quiet apartments in a killer area.
I went to an open house here and saw an apt I really like. I was wondering if there has been any improvement in the management since 2012? Or if the construction at Carnegie Hall was completed and the noise issue resolved?
The owner of the apt is on the condo board, so I am hoping that I will not have a problem with management. The noise issue would be a deal-breaker though. I would appreciate any feedback. Thank you.
Carnegie Plaza is an old, charming building with an absolute ton of potential. The units are very large with beautifully vaulted ceilings and good layouts. Unfortunately, 162 W 56th St has a horrible management company and staff as well as a useless super (who does not actually live-in). The building has been poorly maintained for many years, which is unfortunate because of how wonderful it could be.
The other main issue is the constant construction close to the building. Its a double whammy, with construction across the street at Carnegie Hall as well as the adjacent lot at 160 W 56th St (a hotel is now going up). It begins at 8 am and continues thru the night as well as on weekends. The worst part is the noise every night between the hours of 1 am and 4 am from the 25 different garbage trucks that pick-up and compact the construction materials and trash from Carnegie Hall. The noise is so bad that it wakes my family almost every night.
Any idea why there were so many sales in this building, especially around 2011-12? Price per sq ft seems extremely low for a building in such prime area.
Actually in my experience, children can and will eat anything including window casings, even without pica. You have to be careful with that.
If I were pregnant, I would try to get lead testing done ASAP. If you are going to take the apartment whether or not there is lead, then you can make it clear that you do not want to delay closing (as they may think that you are getting testing done pre-closing in order to adjust the purchase price etc). If you are going to close anyway, you can just get it done the next day.
Then have a plan to encapsulate or remove the lead moldings. Obviously better to be away from the apartment then because the lead is really released into the air when the paint is disturbed.
I had lead paint tested and it took a few hours with preliminary results available on the spot. Good luck!
Children don't normally gnaw on heavy building components unless they are malnourished or neglected for long periods of time. The behavior is called pica and it is not routine or to be expected.
The lead isn't in the air unless there is sanding. Contractors I hired when I renovated a historic house wouldn't even try to sand old paint, what they do is remove the molding completely and install new molding of the same design. However, there are special sanding procedures for lead paint. Peeling paint is a bugaboo. In Rochester, NY, your house can lose its c of o if the inspector finds peeling paint of any kind, they assume it's leaded.
The way they encapsulate it is to paint over it.
Yeah, we're assuming that lead is likely as the building is quite old, but the building and the apartment are in very good shape and so we're hoping that the risk is low. Issue is just that I'm pregnant so we're a bit paranoid about future kids gnawing on window casings. I've looked around and encapsulation seems to be a good (cheaper) option though.
If the building is over 30 or so years old, you're going to find lead. Either accept that and don't gnaw on the window casings, or expect the seller to move onto the next buyer.
If post 1978 construction, lead paint is a non issue.
If pre 1978 construction, without gut renovations, you can assume lead paint is there.
If you don't drag your tongue along the molding too often, you should be OK.
Yes you have a right to lead testing and yes they will delay the closing for it if necessary, and no you won't lose the apartment to somebody else for this reason. But you could get testing done by Monday anyway.
Best of luck to the par a dox!
Hi, PhDxUK; I'm in a very similar situation to yours. I too will be finishing a PhD in the next year or so, and also am looking to move back to NYC with a wife and (hopefully) a child in tow. We too want to stay in NYC for many years and since she probably won't be able to work (her English is... less than ideal), our income will always be laughed at by Manhattan's elite.
Since renting in the city will probably be out of reach, one thing you might want to look into is buying an HDFC apartment. You haven't mentioned how much you've saved -- if you have decent savings you might be able to buy it outright. I must state in advance that I've never visited these buildings and know absolutely nothing about them beyond what's on the site, but NYC UHAB (Urban Homesteading Assistance Board) lists cheap apartments in dodgy "up-and-coming" neighborhoods that are ridiculously reasonable:
This one has an income limit (for 2 occupants) of $80k and a purchase price of $55k. Right up your alley, particularly if you don't yet have a kid who will be entering the school system. Other HDFCs have income limits in the $50s and 60s. You could even rent somewhere cheap and far from the city, scraping by, until you have the cash to buy one of these.
If your wife has declared US taxes, then she's in a better position than someone who makes more money but has no US tax record. I too have no US income or tax liability but, having maintained a full-time job the entire time, have filed every year, creating a solid chain of proven income. Whether you've *paid* taxes to the IRS doesn't seem to be important; a New Jersey bank I had preliminary talks with had no problem with my Form 1040 showing nothing but overseas income; all they cared about was the number on the 'gross income' line and that it matched up with the foreign equivalent to the W-2 that I also showed them. I was looking into a mortgage, though, and I'm not sure if a co-op board would make an issue of it.
HDFCs seem to require a *lot* of pre-purchase homework, but when it's that or never live in NYC, I think they can be worth it. There's plenty of info on this board about HDFCs and I'm sure other people can give you better info that I've got.
And sorry for not seeing your post sooner -- today's RE prices are so depressingly high that it's depressing to come to this site and see how much further out of reach everything is!
Thoughts, anyone? Cheers!
11 April 2014
My wife (US) and I (EU) are both doing PhDs in the UK and hope to move to NYC after graduating in mid-2015, bringing one child.
Presuming one of us will find a long-term position, we would like to buy an apartment in the city and stay for good. We are hoping for a 2 BR (ideally 3 BR) in N Manhattan / S Bronx, maximum budget $ 500,000.
Our initial household income would definitely be below $ 100,000 - i.e. well within the range of most income-restricted apartments in the area. However,
- Neither of us has much of a recent track record in the US (in terms of income, credit, tax), given that we haven't lived there for years. My wife has declared her taxes every year, of course, but has not paid any taxes as an overseas graduate student living off a small stipend.
- Our household income could rise over $ 100,000 in the future in case we both started working full-time.
There are some interesting income-restricted apartments in this price range (for now) - but would we actually have a chance to be considered? And if not, what are the chances of finding something within that budget on the open market? (from initial search = 0!)
Your thoughts appreciated - Thanks!
By the time I left the Rivergate (34th and 1st) 3 years ago, I was at $3800.
It was a proper 1 bedroom 1.5 bath and around 900 sq ft.
Aging building, but doormen, concierge services, etc.
Pro: I was on a very high floor with fantastic views.
Lower floors (like 3-10) were at least $500 cheaper.
Major con, Being on 1 st ave.
North tower will have some long term construction views. Im sure there is a bargain waiting for you there.
I've noticed even greater increases, getting to $4500 for anything decent.
Thought I'd post because of the discussion about scarce apartments for $1mm.
i found it amusing that the lady is listing her one-bedroom for almost 1M and she wants to get a 2bed 2 batch for the same price range.
At some point, it just becomes ridiculous to make sacrifices at that price. Screw Manhattan. In Brooklyn a million bucks enables one to live like a grown-up: http://streeteasy.com/sale/1066132-house-3043-avenue-r-marine-park-brooklyn
Right. Looking at the 95 2/2s now available under $1,000,000, it's easy to see why they're that cheap.
For about half, it's accounted for by the usual neighborhood/condition/exposure (ground floor, no light, etc.) issues.
Lots of the rest have high (e.g. more than $4,000) maintenance and/or are land-leases, so really are more than $1,000,000 and fall out of the mix.
The consumer profiled in the story seemed to have a big appetite: she wanted to jump three rungs up the ladder: (move from a one-bedroom to a two-, move from a one-bath to a two-, and move downtown) ... all for the same price.
It sounds like she was willing to give up sunlight, but as she found out, that doesn't get you three rungs, it gets you two.
1. current cot/buildable sq.ft. of Manhattan land sales has been $800/ft.
2. 31 years from now that number is likely to be a lot higher
3. therefore it is likely the landowner will reclaim the Coop in order
to sell the land or develop it, particularly since its location at the
intersection of two major avenues make the location desirable
You'd really be buying a 31-year annuity. You'd need to figure your current rent savings, then estimate how that'd change over the 31-year term. Then calculate the present value. The easy way to do that is just get a quote from an insurance company for an annuity with the same terms.
Before bothering with that, look at all the new high-rises up and down Sixth Avenue from 101, and try to imagine how in 2045 the co-op would be able to offer better terms to the landowner than a developer would.
At what point does it make sense to buy in this building? I just can't see it the land lease just kills this make sense at any point. Am I missing something here??
In 2008, a Holder of Unsold Shares bought the shares for nine apartments for $945,000. Since then, that HUS has sold three of them for about $1,200,000, as tenants vacated.
I don't know whether that HUS is the same as the one trying to unload these five.
If the sponsor defaults, then the co-op takes the shares.
In 2045, the tenants' new landlord will be the landowner. Then it'd be just another building the owner wants to raze and develop, with whatever usually happens with regulated tenants.
1. I have a lot of respect for your knowledge,, judgment and integrity
2. I am in a situation similar to boxer1
3. all of the local brokers i have spoken to have tried to get me to list
for way below market, either because they dont know their own
market that well, and too conservative in pricing, or are just lazy
4. some of them have also tried to manipulate me, e.g., with false comps
or incorrect information about recent sales and on-market properties
5. your point about banks and appraisers is well taken, but if a bank will
lend 80% LTV, as most do today, and the buyer puts down 30% or
more, its willingness to lend 80% of appraisal will often salvage the deal
6. one final point for boxer1: I have been going to open houses in my
target sub-market for the last month and found it extremey informative
and extremely helping to PLACP (pricing like a complete pig)
7. among other things I learned that best and finals the day after a first
open house are now common in my sub-market, a sure sign that cur-
rent sellers are leaving money on the table
8. I havent yet posted or elaborated upon the thought but because of
structural changes in the US and world economies and the transforma-
tion of NYC's most desired neighborhoods into playgrounds, prime
NYC real estate could - and might - rise 5 or 10 fold in price in a relative-
ly short timeframe, e.g., 10-20 years, even without hyperinflation
rb345 - perfect way to describe the gist of my inquiry!
Ali, I did not mean to insult the brokers of their expertise in any way (although I probably managed to, story of my life..) I was just pointing out the disparity between the effort (still useful) and the price of it. RE attorneys do as much of work, if not more, and get paid a fraction of the compensation.
Speaking of the banks' conservatism, you will be shocked how much the lenders are loosening up. Initially I was planning on going with a cash offer, even if it was lower, but if the buyer is well qualified I may not care. Two of my friends bought recently, and both had banks fight for their business. There is a recent article in NYT highlighting just that (may have been out this Saturday. I'll post a link if I find it.)
rb, if it's a short-squeeze submarket than obviously the choice of strategy is going to affect hiring a broker ... if the seller is trying to run the price up by managing a multi-bidder auction, he might want a pro to do that.
If he's just going to pick a price near the moon and stick with it, then DIY seems like a more reasonable route.
one big challenge to work around in either case will be looking for the cash buyer; banks are conservative, and even if buyer/sellers/agent/attys all think prices are jumping by double digits in a matter of days, there's a significant risk that lender's appraiser doesn't think so, and the property doesn't appraise out.
1. some of NYC's real estate sub-markets now resemble stocks
in the middle of a severe short squeeze
2. under those circumstances prices often spike by double
digits in a matter of days
3. the ultimate issues presented by boxer1's questions are whether
particular sub-markets are in such a short squeeze because of the
extreme disparity between buying desire and inventory, and if so,
how much to squeeze buyers in new price-premium pricing
well boxer, commissions are always negotiable -- but that said, I think there's a real split in philosophy between "full-service" sell-side brokers -- who will generally argue that you're paying for their marketing costs and their expertise - and "discount brokers" -- who generally (I do not have this business model, so I am painting it with a broad brush) save you money by having you do much of the work yourself (the work doesn't disappear, it's just that you do it).
My clients tend to want my pricing expertise and also make so much money that my labor is cheaper than their labor. But if you feel you can tackle the first obstacle and don't have worries about the second, sounds like you might be more inclined to go with the latter model.
There are certainly plenty of discount sell-side brokers who are out there to help you. GL!
1. I disagree with your comment about financial screening
2. numerous non-real estate NY-ers possess financial screening skills,
such as MBAs, CPAs, bankers, analysts, and those who don;t often
have a friend or relative who does
3. what a lot are more likely to lack are necessary marketing and
4. or patience for the behavior that often characterizes the buy-
5. even though I am an experienced FSBO-FRBO and unrepresented
buyer, I often find dealing with the BS and bad behavior which is
endemic in the real estate rental and sale process so infuriating
that I kill possible deals because they annoy me too much
The fact that your husband went through the trouble of getting a RE license, when one is completely unnecessary suggests that you do not know a lot about selling process. As Flute notes, it is a lot of work and best left to the few who really know what they are doing. Especially if you have a co-op, which is likely given your location.
Perhaps start a FSBO thread and ask for recent experiences in this market. I am seeing a lot of FSBO these days, so an interesting topic. I think Flute highlights the part that would be most difficult for someone without experience, which is screening on the financial side.
Your problem isn't pricing, the market will tell you the price, and you will get the maximum the market will bear. You don't have to worry in this market about that. If it's a good apartment you'll be barricading the doors.
Your problem is screening buyers. (However slight underpricing is much better than over pricing.) You don't want to invest time and money in a buyer who can't afford the apartment.
We just sold a co-op (now in contract) and bought a condo. We sold this Manhattan co-op with no brokers for full asking price, all cash. The owners had a listing agent for our new condo, so that brokerage got paid 6%---we provided the check as buyers (so much for the notion that the sellers pays the commission hahaha).
I was truly surprised that the broker-represented clients did not win out for our co-op sale, I was offering 3%, as you are. (Your husband went to some unnecessary trouble. You don't need a license to represent yourself, not even in court. I've done pro se there too). It's a lot of the clerical work of the board package, but I also thought we'd get the best price with a represented buyer.
But what I found is, buyers who were under qualified for our building were being brought by experienced agents! This was maddening and a big waste of my time, but true. In one case, most of the buyer's liquid assets were held in an LLC, and this *extremely* experienced agent didn't even bat an eyelash when I told her none of that money would count as liquid assets with a co-op board. She knew that; she was just playing games. Her client would never pass our board.
So I think, if you plan on buyer's brokers helping you, and you paying 3%, don't bet on it. Agents want exclusive listings at 6%. They don't want to mess with you.
I also think smart buyers are avoiding brokers, as they should. So the poor agents are left with what's at the bottom of the barrel.
If a co-op, google "REBNY financial statement" and make all your people with offers fill that form out.
(I did accept an equivalent net worth statement from one offer, but you get the idea.)
FSBO is a lot of work. If you're not up to it, you should just get an agent. If you are up to it, you will save a very very nice chunk of money.
Since 2008, i am an original owner... extremely nice building.. nice friendly professional neighbors , lots of kids , great maintenance....lots of amenities....It is safe and the neighborhood is changing..extremely convenient for commuters- 1,2,3,6,B trains and Manhattan buses 116th str and 5th ave.
BUT STILL- its not the same as UWS or UES .
Also you are getting fresh 25 ( not 10) year tax ab for Adeline and 19 years left for Kalahari. Low maintenance. So your expenses for 2 br 2 ba apt incuding RE tax -750 $/mo for Adeline and 850$/mo for Kalahari.Can you bit that for full svc building in Manhattan with gym , play room , garage , doorman/concierge, courtyard , rooftop deck etc ( both buildings), 5 blocks to central park and 15 min walk to Madison ave shops and Broadway/Columbia?
Muromec - you have a ton of posts on the adeline and kalahari - how long have you been living in Kalahari? Do you feel that the neighborhood has changed since you've been living there? Does it feel safe to walk around at night?
latest price increase can be seen only for units that are not in a contract yet ,
price was not updated for units already in the contract...
but sales are slowing... new pricing is somewhat expensive for the harlem
Looks like not all the latest price increases are on Street Easy yet.
Last I have is they're still planning to start the closings in October;however, they are at the mercy of DOB at the end of the day.
Neither the stock market nor RE will go down significantly. Those of us with cash in the bank will, as always, be left holding the bag.
Feelhong, do not forget insurance and routine repairs and periodic updates to maintain the same quality. That will be another $400-500 per month. 10 y holding period will get you to your original number.
^^10:09, no content^^
That equation sounds right to me.
rb345, welcome back. where are the bears?
To answer the original question, real estate up another 5-7 percent. SE condo index 2400+ for Dec 14. SPX 1775-1975 range this year. In short, risk assets will maintain a bid barring significant Russia or China issue.
They sold the retail to cover the land lease jump. what to sell next time?
They do not own the retail space. It is separate. One should review the landlease with an attorney. It is a mixed bag.
Hi mssn, just saw your post. You are incorrect about the landlease at 100 W. 57th. The coop owns the garage and have step ups in the lease to coincide with the ground rent escalations. The rent escalations are completely covered.
The building has a unique landlease and great financials.
An offering plan may also be at www.offeringplanet.com, but often missing recent amendments.
Only one milkshake ... but a very very big one.
Are your rates reasonable?
I would teach you but I have to charge ;)
Still renting and not worried about it. I took the $300k I could have put towards the downpayment and instead built a business that nets that every quarter. The rent will be paid for life in about a year or 2. Then I will continue cloning the business. "
THIS, I concede, was a brilliant move.
They're both out of my league.
Just going by the time they've sat unsold, they're both overpriced.
The upstairs one less so, as it did go into contract once, four months ago. They lost the rare buyer who wanted that LR and didn't care so much about the rest. Maybe last month's price cut will bring out a new buyer who'd passed it by before.
Wow - again, I am incredibly impressed by the level of detail you know about the building and these specific apartments. Would you consider purchasing either apartment? Do you think they are appropriately priced?
On to the big-first floor apartment. It's called 124C because the dressing room and bath, raised half a floor above the master bedroom, are actually on the fourth floor. The bedroom/bath/kitchen wing of 3C is tucked in underneath. It's the David Duchovny/Tea Leoni apartment. They bought it from the building's sponsors, who decamped to a smaller apartment when their kids had all gone off to school.
That's the problem with those buildings where a stack of two high-ceilinged living rooms is backed by a stack of three floors of the other rooms. For half of those apartments the LR is half a level down from the kitchen etc.
This one's plan isn't quite accurate. It shows a sort of dining balcony that isn't there. A picture of that side of the room is at http://media.bhsusa.com/pictures///1567736-4_l.jpg
The high floor triplex has a very strange layout. The kitchen is all by itself on the top floor, overlooking the "great room" - very very inconvenient for actual living.
Historically one of the roughest, most dangerous neighborhoods in the nation.
Can anyone provide any insight into this building/neighborhood?
It now looks like there is going to be a 14 story building where the parking lot is currently situated right across the street from 4 West 21st. It is supposed to have 239 apartments. That will block the view for the whole building except for possibly the 15th floor and will be really horrible to live in such close proximity with for the year or so it will take to build it.
About 6 months ago they were testing the soil in the parking lot to see if they can build on it. Nothing further has happened but I wouldn't be surpised if they built there relatively soon.
There are not. They actually just replaced a couple of car lifts.
Does anybody know if there are plans for the parking lot across the street?
6B and 11B seem reconciled to taking their losses, while the PH sellers are looking for someone who both willing to give them a profit and wants a 900-gallon fish tank: http://www.nytimes.com/slideshow/2010/08/18/garden/20100819-aquarium-slideshow.html
There's an open house for 6B this Sunday, at which the broker should have financials to hand out.
On the plus side, it's a good-looking building. Too many connections to low-end reality-TV, though: the 6B broker and the PH seller.
1. historically very well managed
2. but switched management in April to AKAM
3. the Coop has a large maintenance staff of 40 or more workers
4. including plumbing and electrical experts
5. plus 24-hr security
6. the Coop was bulit just after WW II and the apts are quiet
Any feedback / experience on this community?
this has already been the case in NYC for many years. The only difference is that now investors are funneling money into small buildings.
I just sold an investment property to a hedge fund. For proof of funds (cash deal), they provided me their bank statement showing $9,000,000 in that account.
Sounds like Dealboy is flaunting his dung-aries is public
You left out a letter, and misplaced another.
I am interested in buying in this buiding. Can anyone comment on how this may affect light/views?
In our building they built a new massive storage closet just to put all the packages. Incredible the number that arrives everyday. With the advent of amazon, doormen are now more important than ever as they add so much convenience.
" while the accepting of packages was convenient, my super handles all of that and more. "
Until he can't.
Unless it's a specific duty outlined in his job description, he will make accepting your packages a priority at his convenience.
I don't know what your super does that enables him to sit around and accept packages, but my super is ALWAYS on the move, and very rarely just happens to be in his apartment when USPS/UPS/FedEx rings his buzzer to accept other tenants' packages.
I recently just bought an apartment and was looking specifically for non doorman buildings. I've lived in doorman buildings before and, while the accepting of packages was convenient, my super handles all of that and more. I just found the whole doorman/tenant relationship to be very artificial and uncomfortable and prefer my privacy. Also, while some doormen are great, some are more of a hassle than they're worth imo. I'd rather have a good live in super.
It is no brainer that all else equal having a doorman is better. Problem is how much it costs. For a very large building, per apartment it could be reasonable. But for a small building it would be way too much. These days all new construction buildings that don't have doorman utilize Virtual Doorman or similar remote doorman services that let delivery people into the lobby and into a package room where they leave packages, drycleaning etc. They provide some safety as well as there are cameras all over the place. So if you have this all you need a doorman for would be safety.