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The board in this build was described to me as "crazy," in a number of ways. You also will need to have at least 150% of the purchase price in cash: You can finance no more than 50%, and you must have the purchase price in post-purchase liquidity.
One of the listing agents showing an apartment right now (in July 2015) seems reluctant to share this information. Which is bizarre, and only wastes everyone's time. (Including mine!)
I heard that at Cannon Point South, they will permit washer/dryers in the bathrooms. Is that also true at Cannon Point North?
Does anyone know if this developer is the same as 260 Park Ave South? If so, they are bad news.
I was wondering if anyone could recommend a good lawyer familiar with land lease transactions on the buy side for a 1BR co-op in Manhattan. I know that this can be a potentially hazardous situation, and there are many things to be weighed. That's why I was hoping to find an attorney who knows the ins and outs of a specific land lease, and can work out with me how potentially viable this purchase might be. Any recommendations (or advice) appreciated.
I'm a little confused. If you are not using a buyer broker, then the listing agent is representing you. They should give you some correct advice on what to to put in the letter. If it's by owner then yes, you are representing yourself and your attorney may be able to help you in putting together a package. In that case I would state your interest in the apartment, express your offer, downpayment and how much financing. In bullet points include any contingencies or positives about your offer, (giving up a mortgage contingency, waiving an appraisal) etc... On top of that include the name of your mortgage broker, your attorney and proof of your assets (with account numbers blacked) and the pre approval letter.
You can also add a little summary about yourself, connection to the building or neighborhood. It can help.
I am representing myself in buying of a multi family home. Is there a standard form a broker use? I know I will be include a pre-approval letter from the bank. Also this property looks to have multiple offers. What are ways to make my offer stronger?
@NWT Thanks much!
@fieldschester Some of us would like to know this information before we use a lawyer. Such as when we are trying to determine an apartment's value before even starting the bidding process. Caveat Emptor!
>If applicable, this info should be included in every unit's description. Thanks much!
That's why you have a lawyer. Because marketers have a different obligation and standards - although high marks to these two. In New York City real estate, as they say, E pluribus Unum, Veritas, Pro Bono, or whatever in Latin.
1. we've upped our budget. Are now open to 1.15 or even 1.2. We sort of internalized the tough feedback here (which was sort of uniquely SE cliche but also overlapped unmistakeably with that of our parents and friends re: stretching to buy a longer term place and we can make that work.
2. We fell for http://streeteasy.com/building/360-east-72-street-new_york/b606 in a big way only to find out it had been scooped by an all cash buyer before we could even get a bid mobilized. We were a little surprised they weren't going to urge us to bid up higher, but all good. The lobby had a sort of retirement home quality (not an ageist, but 4 wheelchairs always in the lobby water feature and woodland murals random oil portraits = full on sort of hilarious eccentric weirdness. On some level I think they're self aware because the brokers (whom we found out are in fact a semi stealth married couple!!) repeated 3x that it was going to be updated in upcoming assessments. So that $1300 holy grail maintenance may be jumping up at least 100$ / month indefinitely.... Also the mega building plans to add a gym for its 400 units. Smart, but likely to be highly trafficked and therefore a costly waterfall of assessments plus possible access fee? Oh well. Also, SE helped us unearth that the 'recent reno' was actually back in 2005, so there was some odd time / price increases happening. Over it. Also, my husband was really troubled by the 'baby balcony' -- that is that the would be 2nd bedroom had doors on every wall and that the only way to access the balcony was via the baby's room. Inevitable jokes about a baby w/ a wicked nightlife rappelling off the 6th floor.
3. We made it to about 11 open houses. Some interesting stuff but nothing really that felt plausible. I can share thoughts here if anyone is interested.
stick w/ 1BR's next to a studio , excellent way to purchase at fair value and expand at a low $/sf
I agree with Bburg, as they always say in real estate: Timing, Timing, Timing.
"I bought post crash in 2008 and probably still won't make much money..." You're not looking post-crash now. With a short or shortish-term time frame timing is everything and is often just a matter of luck. Bad or good.
i assume you're mocking me @fieldschester but given that I was just out of college when I bought, so building credit wasn't insignificant. I'm still not sure how much my current place will go for, but I got it 12% below ask so the bar is pretty low. i'll at least break even if not make some profit. units of the same size in the building to be hovering around 500-600k so I should do fine.
Yes, I guess my situation is personal to the extent that I hate bullies. As I explained in the thread at issue, there is no adequate remedy at law for damages caused by a bullying landlord. I seriously doubt that HWNCNBM reads Streeteasy Discussions, but if he does, that is okay; I never say anything on here that I would not say directly to somebody in person. I knew when I posted that there was a real chance that he would threaten to sue and might even actually sue, but sometimes you have to take a stand. Had there just been one irregularity, I would have let it go, but there were too many to ignore.
What kind of person would post under multiple names? It's simply inconceivable.
Correction nwt. She strokes nwt.
The novice could have and should have forgotten it long ago. Instead it is evident that this is personal for her. She strokes net who should know better.
Shame that they have a 2 year wait to sublet; this screams rent for a few years then renovate. It is odd that the tax is about $175 more per month than the apartment one floor above that is only 20sf smaller
Bburg lays on the pity.
They used the floor plan for 6E, which had been already renovated when it sold for $1.1m a couple of years ago. Interestingly, they bought it in what seems to have been close to estate condition for $999k in 2006. I hope they enjoyed it in the intervening years because it seems as though they didn't do well at all recouping renovation costs, let alone transaction fees.
Generous floor plan for a 1 bedroom, amazing the space you got 50 years ago. Agree with NWT, the current plan seems to be as a 1 bedroom. Needs lots of work, new kitchen, bath and a half, new floors, paint and reconfigured to a 2 bedroom. Will probably also need electrical and lighting. Good building and neighborhood between the upper eastside and midtown. If you are up to the work you could end up with a nice apartment, maintenance seems a little on the high side considering the special assessment. Good luck.
That's a "suggested" plan. Going by the pictures, there's the original dining ell.
Try the one at E. 116 to E. 117 th St. and the East River. It's actually the parking lot for Costco, Target, Marshall's, etc. They charge $175 per month, tax included, for residents of NYC. The garage is open 24 hours, but you can only park on some floor to allow room for customers at the stores.
the ones i know of a) the one someone mentioned by Baruch. b) the automated one in Chinatown area c) pier40 @ houston and west-side highway d) battery garage by battery tunnel.
Some garages offer "Park & Lock" with reserved spot.
Does that mean you don't leave your car keys with the garage, so the valets can never move it .. or have a party in your car.
My old garage under Lincoln Towers was $500 seven years ago. Plus Xmas for hordes of attendants.
If this is like the others, they get you in with a low rate, then jack it up every year because it's such a hassle to transfer your tax-exempt certificate from one garage to another.
The automated sounds great. No having to call ahead for the guy to dig your car out from all the layers.
Great location. Building fine. Landlord was terrible. There is a big rodent problem and he did nothing to fix it. I caught at least 5 mice in my apartment. Also rent increase was a joke.
any thoughts on the board approval process here?
Wow what a great apartment. I would pay $5MM for it (if I had it which of course I don't) but I would definitely expand the master bedroom as proposed. I wonder if they would allow a jacuzzi on the terrace? That would be heaven. Given the building amenities, maintenance is reasonable. Parking is ridiculous (if I have $5MM, I am having a car!) And in a few years, or more likely more than a few, the brokerbabble "are close to transportation" will actually be true. (Hmmm....if I had a $5MM apartment would I care about the train?)
Please feel free to contact me - I have some insight here.
mgenkin, looks like the apt is already sold, and not just being shown for backup. Any time you find an apt in the city with 3000 sf interior space plus 3000 sf of outdoor space, it places that apt in a class of its own. So, given this buildings extremely low maintenance (one must bear in mind that maintenance and price are inversely related) and the rare o/d space, i did not expect this apt to last very long. This is a well-established coop with parking in the building that is literally have the price of some of the other garages in the neighborhood. It is very easy to put together a list of all the pros of this building that drive prices up.
10 of last 12 contracts closed , must be some good applicants
It's not sour grapes to wonder why a fully qualified buyer couldn't pass the board. Remember in the fable, the grapes were out of reach. This was within reach but denied.
@ Happy Owner: Sour Grapes? Or Buyer's Remorse because it's starting to dawn on you that you acquired a highly illiquid asset? It all depends on which side of the equation you're on, doesn't it.
Maybe the board thought you thought you were doing the building a favor by wanting to live there. Or maybe they just thought you were bad news, or a whiner, or something. You'll never know. Easy to say, but you just have to let it go and move on.
By nature of the fact that there are ~200 units, someone must be living there. I am not asking to live in a condo. I am simply to live in a building with some, or any, liquidity in case life changes. How else can there by 10 apartments available in the hottest market in NYC, and every real estate attorney is shocked. This is not 740 park avenue. these are ~1mm apartments with 800 feet
Hehehe, but actually I think you're right. New apartments are pouring into this area, it seems every day another neglected building gets the construction fencing and the demo truck....some of these must surely be condos/townhouses.
The market peaked last Friday.
Only do renovations that make sense for you while you live there.
I know I am lucky to have such problems, but I would appreciate any thoughts on this: We own a duplex condo unit in a 2006/7 Brooklyn building. The master bath lacks a tub, making our convertible 3 bedroom not great for families; the only tub is down a formidable stairway. The Caesarstone kitchen counters were chipped up quite a bit by the previous owners, whose other damage has been repaired by us already. The unit has appreciated about $200,000 in the year we have owned it, and we've put $40,000 into improvements/repairs to date.
I was thinking of spending another $50,000-$60,000 on renovation to ensure quick easy sale in 2-3 years, but I'm beginning to wonder if the market is softening so much, that we have no hope of ever getting that back. I would enjoy the improvements during that time, but I like money in the bank too. Plan has been to gut renovate the master bath, add tub, with modest-nice (Koehler) finishes and replace counters with soapstone, redo backsplash and maybe kitchen appliances. Thanks in advance!
Maybe I haven't really assimilated the realities of the current New York City real estate market (being happily ensconced in the apartment I hope to live in the rest of my life) but there is nothing abut this place that says $5MM. Its perfectly fine, i like the layout and the kitchen and bathroom finishings look to be high, but not ultra high end. It look a very nice apartment for $2 MM, maybe $2.5. But unless I missing something huge (like there is private pool for thi apartment in the back, no way is it worth $5MM.
>The cave effect in the tiny LR/DR is because the window and terrace door are so small. The ceiling is about 10', but the concrete to support the setback above makes the window and door not only narrow but short.
Yup, I.M. Pei.
I'm all for wasting space (got 2 hallways and a foyer in my place), but those hallways just don't do it for me. Here's a better PH for about the same price:
Aaron2, right about the vertical PTACs. '90s-looking. Newer high-end condos increase floor-to-floor height so they can put the air handlers above kitchen/baths/core, and not have those hotel-looking clunkers dominating every room.
The developer had tried to unload it before as #16B. There're three floors of so-called penthouses above it, so why not called another one a PH, too?
Right, in New York the true luxury is wasted space, and for five million you should get some.
Behind that long blank wall between the mini-terraces is the double-height dining area of 15B.
The cave effect in the tiny LR/DR is because the window and terrace door are so small. The ceiling is about 10', but the concrete to support the setback above makes the window and door not only narrow but short.
The place needs paint or staging or something clever done to it.
Yes, I am about to list soon but may wait till fall. Are there any good apps to use for FSBO or does everyone post directly here and other places like postlets and deal with buyers over the phone/email.
>What part of the city are you listing in.
@CrossMyPlace > I'm doing a FSBO now. I ran my own business as a broker for six years in Harlem, so I have the structure in place. What stats were you looking for? What part of the city are you listing in. #BuddySystem. JW
Basically epj622's message is if you are within 3% of losing money on a sale vs. your purchase price, this is a great experience.
I wanted to do FSBO last year to sell my apartment, as avoiding the broker fee was the only way I wouldn't lose money on the sale. I wound up using Real Direct - you pay about $400 per month and they list your apartment on all of the major sites. We offered 2.5% commission to buyer brokers which I have to say was worth it. We received a number of offers, some with brokers and some without, but ultimately decided on a full price offer from someone with a broker - it was helpful to us to have someone on their end helping them fill out the board package. Was overall a great experience and we still saved a ton of money.
Good luck to a potential buyer passing the Board. Hard to believe that such a no-talent skank could afford such luxury. She probably bought when things were cheap. Like Madonna -- talentless but exceptional business women!!
who knew Demi Moore had the most incredible apartment in NYC?!
Is 75 Wall sold out? Does the Financial District on the east side have demand for another building? http://ny.curbed.com/tags/101-wall-street http://streeteasy.com/building/101-wall-street-new_york
They should rename this building The C0lumbia C0unty because of the squeaks and leaks.
hi, there, any more updates? Transit, have your problems been fixed.
I have been living here since Hurricane Sandy, so I can't attest to things before that. However, a new property manager has taken over - apparently right before the story - and things actually are really smooth. I've lived in several other luxury buildings in the city and have high expectations and I honestly have no complaints. I've used the roof multiple times without problems - even had my own party up there one night. The people who work here couldn't be nicer and even though I own, maintenance is always willing to help out with the occasional thing that needs fixing. I was nervous to buy given all the reviews, but we really looked into things and so far (fingers crossed) we are really happy with our decision.
Since I've bought last fall, I think there have been about 20 closings and the feedback I hear is that things are looking up. Maybe this summer will tell, but the Elliman team seems to be doing a good job.
So I just thought I'd post since there seems to be so much negativity - the last 6 months has been great!
Does any one know of an apartment in the building going to be auctioned in July.
BTW , you can pay CC online- ask management for details- they will provide you with instructions
Muromec - 100% agree with you. So far there is an email contact that I have been using for whatever questions/concerns I wanted to pass to management. Website would be excellent. An online payment option for the maintenance should be on the website as well. Give me your email pls.
You mean BuildingLink. There're probably some competitors, too.
Check kalaharicondo dot com
It has to be a separate website. Nothing to do with the original website
about 5 years ago
Member since: Jan 2009
ignore this person
i think i'm gonna buy a rolls royce because i'm fed up with driving a bmw!
newbie here, but going through the board process.... I think your bigger worry is getting financing from a bank for your mortgage. The board is much easier to deal with. The banks are brutal these days. signed, a fellow finance employee.
and since we are already on the topic - any good recommendations for a recruiter or websites for finance related job search? have a list, but always welcome more.
wish me luck...
"Ohhhhhh! spicy.... how hot?" Very.
"1st off, you ain't missing any "price" increases in the next 4 years... that's a w67thstreet guarantee. " not sure i agree but don't want to start this war again, have enough threads about that around here.
"2ndly, do rent/buy analysis." agree in general, but there is more to that than just numbers
"3rdly, the last time I checked, my wife wanted nothing to do w/ babies, until her best frenemy had one... than it was off to the bed w/ me (I felt so used)"
1) It's a good thing I don't have such friends then. 2) I feel sorry for your pain. must have been difficult.
"4thly, me thinkz financial sector is just a more serious version of the musical chairs (I went into it the recession of 91' (no fun) - so who knows where anyone lands this go around and 4thly, Mercedes has lost its ways..... "
then I'll let my husband know. maybe we'll go with lexus then. don't want to overpay, (right columbia?)
no rush, just again, don't want to miss the "buyer's market"
yep...mercedes is just an overpriced lexus.