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Rates can't go much lower. Lock it in.
Lock with a provision to float down at no cost if the rate drops more than 25 bps.
I'd lock. If rates go down enough you can pay to re-lock at the lower rate (in my case Wells let me relock 25bps lower at effectively no cost).
float seems more fun
You seem to hold the cards here- you've got buyer's deposit and a reasonable interpretation that consent has not been given within 30 business days post-a Scheduled Closing Date. If you really want to, send a notice of cancellation. What is the buyer going to do? Sue you when he already doesn't want to give 12 mo maintenance? Don't think so.
The real question is why do you want to cancel and spend another 3-6 months looking for a buyer when you could try and smooth it over with the Board first and why doesn't your first lawyer want to cancel?
BTW getting more opinions from *litigation* real estate attorneys, not transactional real estate attorneys, would probably help you a lot. I was offered a top-down review of my odd and complex situation by such an atty for $2500, another charged $500 an hour. Money that would have been well spent if things hadn't shifted enough to give us a better plan.
I wanted to cancel a co-op sale contract recently. I got a list of real estate litigation lawyers via SE, and went down the line calling them to get their reaction to my situation.
The bottom line is, the seller can't cancel a contract, especially not after the board has approved the buyers. Every atty I spoke with, and I got a couple of rather big ones on the phone, agreed with this.
I'm guessing, but perhaps the buyers are waiting for a board rejection so they don't have to give up any deposit in the form of damages to you. If so, if your atty offers to give them a 100% refund that might solve your problem.
Isn't there a clause in your contract about extensions past the date of closing in the contract? Mine indicated that the seller had to approve any extensions past 30 days. You're way over that now.
My understanding is that a year of maintenance is not "unconditional approval." When I bought my apartment, I made sure that I had the right to cancel if the board put any restrictions around the approval. I am not sure, however, if the seller also had the same right. Your lawyer should be answering this question.
The buyer's behavior seems odd to me. The only two paths -- that I know of -- is to agree to the maintenance escrow or back out. What is he/she hoping for?
Riccardo - Ironically, Woodstock has (re)introduced a unrestricted sublet policy about 2 months ago, while 45 Tudor City has changed the other way because the number of investors has reached a saturation point. It's already been reflected in the sales pace: Woodstock, double the size of #45, now has more listings in contract & less inventory than #45.
Admin - If you look at the price history, all the buildings in Tudor City have barely appreciated in value since the financial crisis (10% over 5 years?). If the rejected buyers bought in other areas of Manhattan, Brooklyn or Long Island City, where the price has doubled, I doubt they are having any sourness in the mouth now. How to better interpret a blessing in disguise? :)
A few years ago, I almost bought into the building at 320 east 42nd Street (Woodstock Tower). It was an incredibly beautiful unit (needed a lot of work), on a corner with huge original casement windows. However, the common areas were HIDEOUS -- peeling paint which was originally painted years ago), wires hanging from the ceiling, scratched doors which didn't fit right (you could see light coming from inside the units). Worst were the extremely high maintenance fees (almost 1,500 for this particular unit). The real estate agent who was purportedly an expert who dealt only with Tudor City told me everything was in the works to be fixed, including new carpet, paint, etc. in the common areas. Last July, I went back and the situation was even worse than 3 years ago. The fact that the dues were so high and the state of the common areas so bad told me that this was NOT a building to buy into. Interesting also, with this building, was the fact that pied a terres (sp?) were and are not allowed. Very strange indeed.
Interesting comments .
Buyers who were rejected complain about the building , though they were happy to apply to the building in the first place . Then they throw libelous grenades at members of the Board and the building .
Sour Grapes Morally Corrupt
Another owner here.
My apartment is my most expensive asset so I want it protected. I%u2019m tied in with all the other owners because we live in a co-op. That being said, I wouldn%u2019t want anyone else running this building.
Recently I decided to rent out my apartment. The rental process was extremely easy. My very first prospective tenants got approved and accepted. No problems.
When I purchased my place years ago I had extensive work done. Also approved quickly. No problems.
But all of these things needed to be approved by the board. If you don%u2019t like this, then do not buy or rent in a co-op. Which means you will have less to choose from as 75% of NYC buildings are co-ops.
It%u2019s not an exclusive co-op board but they do focus on finances. If you%u2019re a bankruptcy risk then you will not be able to buy. That%u2019s actually a good thing. But I can understand that it is upsetting to those people that are rejected.
The board keeps a very high reserve and is very conservative about finances while still keeping the building neat, clean and running well. I would not even look at another building in Tudor City.
I live in the building and the board and the managing agent are not corrupt. The building is VERY well run. The reserve fund is huge and the financials of the building are better than any of the other Tudor bldgs. They are all open for public access and I've viewed them all. In addition, the maintenance is the lowest for 45TCP than any of the other Tudor Bldgs.
In regards to not letting people sell that's a farce.
As the buyers in the other tread attested, the building is poorly managed. The Board and Managing agent (the infamous Robert Kaye) are irresponsive and inefficient. They can't publicly announce the change in policy, because there are sooo many investors already. Officially, about 30% are being subleased. In addition, at least 20-30% are being used by "friends" or "relatives", who are short or long-term renters circumventing the rules. Their only strategy now is to shoot down applicants under presumption of guilt.
These old guys at the "elderly & haggard" (to borrow from the Pope) coops are totally out of touch with what the new generation needs and wants. That's one of the reasons why the price difference between condos & coops keeps increasing.
45 Tudor Place, welcome to the club! More are joining everyday and rejecting non-NY investors, AirBnBers, etc.
This building used to market itself as investor-friendly, even a "Condop". Not anymore! The new Board is very hostile to investors now, even though they have not officially changed the policy yet. Recently, there have been several cases of buyers being forced to back out or flatly turned down, because the Board merely suspects they would sublet after the purchase. Even good faith buyers for pied-a-terre have been rejected. They have taken the sublet package out of the purchase application, even refuse to confirm there is an established sublet policy. The drastic change will inevitably decrease the value of the property, as #45 used to be priced a bit higher than similar buildings in Tudor City thanks to its - now defunct - flexible sublet policy. Given that these apts, most of which are 300 sf studios, are inherently transient in nature, and the maintenance has reached about $3 (!) per sq foot, the buyers pool will be greatly reduced with the Board's new practice. It seems that some owners already start looking for an exit. A glut of new listings suddently came to the market in the last couple of weeks, contradictively right before the slowest season in real estate. Buyers beware.
Is the reason that they keep dropping the price for this apartment because it will lose all of it's Western views once 220 Central Park South is complete? It seems that way from the orientation of the major wall of windows. And to put up with that noise and debris for 2 more years? Couldn't pay me enough!
There does indeed appear to be a rat problem. It also looks like there may be repair work needed on the facade, which can be expensive. On the plus site it does look to have low utility costs.
You can see this information by searching for the building on Revaluate
That about says it. The gist, from reading all the depositions, seems to me to be that the co-op thought the sponsor would settle pretty quick and give them something. That didn't happen. Two years later, the sponsor is fighting tooth and nail, and the co-op's legal-fee billings are almost $600,000. This in a co-op with hardly any reserve fund to begin with.
It's too many thousands of pages to get through it all, but go to eCourts, then do a party search for Frost Equities for some good reading.
No cell phones in the common areas is a funny one.
The co-op has no case, right, NWT? This seems like a basic, "we don't like that the sponsor has 30% of the stock through we know what the consequences are" situation.
The litigation between the sponsor and the co-op continues. Here's a "Joint Statement of Material Undisputed Facts" by the parties: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=i/daSHop8RKlzXa6ABQ3JQ==&system=prod
Interesting price history on some of the apartments for sale.
lets talk about hfscommm1.
you were rejected by a goldfish?
until I joined the fraternity I did.
Outsiders can not park in this building so your question is limited to commercial parking lots. Try Pier 40.
Does anyone else know of any other self park buildings in the area?
Real Estate agents have erroneously telling prospective buyers and renters about garage spaces. The garage is very small and there is a long waiting list. No outsiders are allowed to rent and shareholders have absolute priority over subletters.
No one can access the storage area easily and few people know about it
And the storage area is for luggage.
Actually you are wrong. It is now $300 and tenants get priority.
The garage rental is over 400.00 and it is not for tenants only. There is also no storage area, you may wish to correct these comments.
For vacation houses". Different than a weekend house. The Hamptons is better for a year round house and holiday long weekend location. Unless the owner likes lakes rather than ocean beaches and is willing to take metro north to upstate. The Long Island railroad is more reliable and the hamptons express buses provide an alternative to driving, especially in bad weather
are you close with bill Jackman?
I don't have data, but as much looking as I've done in both places I can tell you that upstate doesn't compare to the Hamptons in terms of price appreciation. Ask Bill Ackman: hes been trying to sell his estate in Chatham for about five years now.
Well this is a message board aboutready, so Fieldschester and greensdale can certainly reply, as can anyone else. That's the way message boards work. Good to be with you on the Streeteasy message board Aboutready.
Why don't you ask Fieldschester? Or greensdale? They seem interested in that market.
>I am opposed to anyone receiving public assistance except in unusual situations where someone is truly in need.
What about people who pay no taxes on their income from municipal bonds?
I am opposed to anyone receiving public assistance except in unusual situations where someone is truly in need. That includes rent stabilization, special tax deductions targeted towards specific groups, 421a, and on and on.
Also, public assistance should be clearly funded, so the taxpayers/voters know how much it costs. The rent stabilization program is funded through a hidden tax (tax breaks for owners of stabilized buildings resulting in higher taxes for everyone else). Someone would be hard pressed to define the exact cost of rent stabilization to the taxpayer.
Or take that $88,000,000 apartment at 15 CPW. They save $68,000 per year in RE taxes via a 421a abatement, intended to incent development in slummy neighborhoods.
Lots of public assistance isn't based on need. The tax code is full of them. E.g., my living in the RE I own throws off about $42,000 per year in tax-free income.
Is it OK by you that there are no income limits if the rent is below $2500/month? How can it be a public assistance program if it is not based on need?
Also, I will add that for some reason they photoshopped a bunch of furniture into the pictures.
Carlyle Ebanks is listed as an owner of this home. See article on him below.
Not sure if there is a connection, but a lot of names pop up on ACRIS for this property. Not clear who actually owns this place.
oldgreyhair: You are ultra-fab, or as we say here, FABOOOOOOO..................
Actually more usually like: "when can I see it?". "Oh, I guess tonight, but I need to change my plans". "How much do you want?" "$x". "Oh that's too much because, you see, I am just a wheel spinner and a looky loo who really hasn't been properly qualified and doesn't have a pot to piss in anyway." LOL!!
"why yes I do have a studio I'd like to sell" "good when can I come see it?" "how about tonight?" "excellent see u tonight"...tonight:"I'd like to make you an offer and here it is" "hmm here is my counter""hmmm I accept".....seller"ok please have your attorney contact my attorney and see you at the close"
$60,000 in commissions saved. That's alot of money.
nice schiroky....that's the way to do it. btw, i love Turtle Bay neighborhood
does any owner want to sell their studio or one bedroom apt to a buyer directly?
Landlord sued one tenant: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=aWY_PLUS_LranEwyNIrkJZwGydg==&system=prod
The tenant's answer: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=qCcaMiX6_PLUS_8Ksa9c6UnCE2g==&system=prod
Litigious landlord. Beware
Here's another one that's been sitting awhile: http://streeteasy.com/sale/1129471-coop-555-park-avenue-lenox-hill-new-york
Not really a maisonette, as it has no separate street entrance, but one of its back doors is just a few steps from the building's service entrance.
No idea what that kind of thing goes for.
I was off on the 778 history. It was first offered in 2008 at $24.5 million.
As bfgross said, limited product and limited market, so if you're looking for one it's a guess.
NWT: Where would you price them? 1001 and 830 are sitting empty right now, so someone's losing a lot of maintenance. 941 is currently occupied by a doctor's office, but I don't know if they own or rent. Isn't it preferable for the building to have residential units over doctor's offices?
Buckley's place is amazing, but is another caliber of apartment and building. Maybe that's what 1001 Park is using as his comp? I haven't really been able to find a good comp for these either renovated or unrenovated.
Look at the Buckley's old place at 778. The bargain of the building, but didn't sell until they'd chopped it by almost a third:
03/23/2010 Listed by Brown Harris Stevens $12,000,000
09/17/2010 Price decreased by 17% ↓ $10,000,000
12/14/2010 Sale recorded $8,750,000
The maisonettes at 135 E 79th are bigger than most of the other units, but sold for less than smaller units there.
Each of the three for sale has its own drawbacks. E.g., 830 is half in the cellar, where you'd be looking up at the sidewalk through grates. They're sitting because priced too high. No telling what they'll eventually go for. The co-ops might give up and go back to renting them to doctors.
great building and still uner priced !
all 7 in a contract.... within one month .... it means all 7 units were underpriced
Yes , it is!
2 br 2 ba was priced 630-700k in 2008 , and now its 950k-1.19 mln in Harlem!
But isn't this in Harlem?
SO. If you live in this development, can you chime in on things like safety (our biggest concern), where you go to dinner, and community?
Alan. Community isn't about the housing stock, it's about people. I live in a gorgeous building now, where people barely make eye contact.
I need a bit more social connection than that.
PS -- It's not a community -- it's just a massive suburban tract-condo development.
It's still a mess of polyvinyl chloride, with horrible front lawns (mandated by HOA), creepy little windows, et cetera. They were smart enough to berm up the ground before building, so it didn't get Sandy-slammed (and even kept electrical power 100%, I think). But of course the Peninsula and transportation were still a mess, with impact on that middle-American looking tract.
All that said, the beach is spectacular at that particular stretch.
Another phase is being built a bit to the east of the existing subdivision, now that Boardwalk Empire is gone.
Any updates on this community?
Generic and cookie cutter at best. Who cares???
Apparently, this is no longer available as it's been rented.
Regrettably, I can not agree with NYCMatt on his comments about neighbors and electric fences.
I cannot for the life of me figure out why anybody would want to talk to his neighbors. Or, worse, have his neighbors talk to him.
Electrified fences make good neighbors.
We recently moved to Park Slope, great neighborhood and community.
front_porch is right. The friendliest building have a lot of shared amenities. OR when neighbors are rallying around a common cause and holding building wide meetings.
I lived on the West Side for 30 years and found it more difficult to meet neighbors as time went by and my children entered high school/college. Also, neighbors moved when they had empty nests.
I moved to the East Side to be closer to my friends from my church. I just started a social group at church for people over 40 (although most are over 50). We've had 2 events and the group is taking off dramatically because so many people feel disconnected from their neighbors, especially if they've moved from the suburbs. A number of other religious groups are seeing the need for social groups for older people not quite ready for geriatric groups.
Have you tried engaging in activities specifically related to the West Side, such as the Community Board and parks? You can become members of certain committees of the Community Board by attending a particular number of meetings in a row.
IME the friendliest buildings are ones with a lot of shared amenities (so that neighbors have a chance to mingle). As far as neighborhoods, I think there's almost an inverse relationship between a strong community sense and convenience -- so the 'hoods that strike me as warmest don't strike me as central. You might want to look at Sutton Place, Sunnyside Gardens, the UES over by First Avenue (where I have a 2-BR, but it's under your price range) and Hudson Heights.
Riccardo ... how did you guess??
Abe Beam 4' 11.5"
Who was the mayor when they first allowed only 8 feet?
I thought LT had 8 feet ceiling, used to live there. But less than 8 feet no way.
Matt: Somehow I see you in a luxurious pre-war coop with 10' ceilings. Right?????