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Does anyone know the current status of this building? The Isen site is not helpful and there doesn't seem to be any new information for several years, even though the neighborhood is thriving.
Plumbum is cheaper, and can be painted over, tricking a lot of people.
Umm ... isn't this up in Harlem?
I am sure there will be detractors saying that the property is Harlem. Keep in mind, if you had listened to them over the years not only would they have been proven wrong, but you would have missed out on some amazing opportunities.
I have been following the Harlem market for 15 years, as a potential buyer for the first few years, currently an owner, and most recently as an agent. I have been bullish on Harlem and I remain bullish. As downtown has gotten far more expensive and untouchable for many, people that would have only considered buying below 96th street just a few years ago are buying in this area. Whole Foods should be opening in the next month or two on 125th st. Add to that all the new great restaurants that have recently opened in the upper 120's and Lenox. With the 25 year tax abatement and features such as an energy co-generation plant- it will help keep your monthlies low. That said, obviously investment objectives vary- and may depend whether you are seeking a high cap rate/ ROI vs. appreciation and equity. High cap rates are not easy to come by in Manhattan, and I doubt this will be the exception, but I do think you would be able to get a nice level of appreciation on this property.
It is a new building with 25 years tax abatement just on sale recently..Looks good, is it a good location to invest?
I am mostly a Manhattan co-op broker, but a couple of years ago I put a client in a condo building in Downtown Brooklyn, and he's very happy there. Depending on your commute, need for services, etc., I would say Downtown Brooklyn. Just realize that the building boom is creating a lot of new stock that might be competition in the rental market, so even though a condo offers the advantages of being more rentable than a co-op, I wouldn't count on it being rentable at a great price.
I vote for Sutton Place, convenient to everything in midtown. If you tell me you work in Brooklyn or on Wall Street I might give you a different answer. Also you will generally get more space in an older co-op than in a new condo for the $1.5 mm.
and tax abatements eventually run out.
It's Brooklyn, not Manhattan. And downtown Brooklyn, so you can't even say it's an interesting, fun, charming part of Brooklyn.
fieldchester, would you care to elaborate? The new condo building at Downtown Brooklyn is very appealing, with 421 tax abatement.
before it sells?
Shares are assigned based on the price / value of the apartment in the initial offering. The more the price / value, the more shares.
The coop is an ugly basic brick post-war high rise surrounded by low-rise pre-war buildings. The view is towards the Bronx and Northern Manhattan -so perhaps its not as valuable as a city-facing view?
We aren't financing the purchase ( we got an inheritance) so we could conceivably buy the cheaper high floor and renovate I suppose but I had no idea that it might be hard to find a contractor to do a project under 100K (!).
Why is the maintenance so much more for high floor apartments?
Lower floor. Negotiate.
dubious, you need to think of the premium for high floor vs low floor after you have renovated the higher floor including the trouble to renovate and cost overruns. The premium is highly dependent on whether the surrounding buildings are low rise of high rise. If the building you are interested in surrounded by high-rise, the lower floor is unlikely to get too much light. In such cases, the premium for high floor with view may be 20-30% in Harlem (Manhattan will be even more). For low-rise townhouse neighborhood, the premium may not exist if the lower floor has higher ceilings.
Some of it depends on your cash position. You can finance the purchase price but may not be able to finance the renovation costs. So if you were planning on putting down $88,000 on the renovated unit, you may have to put down $83,000 on the unrenovated unit and another plus another $50,000 or $75,000 for the renovation. In addition you will have to live somewhere else and carry the unit during the process and odds are that you won't even be able to submit your renovation plan to the Coop for approval until after you have closed. If you can swing that, then I agree with the higher floor probably being the better investment.
But also you may have issues getting a good contractor to take a project under $100,000 these days.
Is there any update on this? Has anyone rented here recently? The apartment looks not bad.
This building is very lovely and has great pre-war layouts. Unfortunately it is owned and managed by a difficult, litigious, disturbed, curmudgeon. If you are a broker or tenant steer clear of this one.
DO NOT RENT HERE IT IS JUST NOT WORTH IT!!!
I wish I had known about a what a challenge the apartment I rented was in advance I would have gone elsewhere. Aside from the lack of adequate power throughout the building, the horrific maintenance, the boiler going out in the middle of Winter, the unabated lead/asbestos, the lack of caring by management, who wants to end up in legal proceeding on a constant basis because the landlord is a lawyer and sees going to court with his tenants as a fun activity . I wish I had spoken before I rented to any of the older rent regulated tenants each of whom has their own what it's been like to live here, horror story.
This could be a lovely building in a great location if money was invested in it by a real owner with pride of ownership but just look at the lobby from the tacky florescent light fixtures, to the beautiful but sadly uncleaned marble (except for a test patch in the front hall) that the owner is to cheap to have cleaned. Look at the beautiful tile floor entranceway patched in concrete, or the badly installed hardware that accompanies the slamming front door which has never been properly repaired and understand that however nice it may seem or whatever your broker says this one you should DEFINITELY NOT rent.
I would trust it to mean "in contract" since I don't see how it would help a developer to take inventory off the market ... if things are slow, they just tend to slow the release of units.
on that front, don't put too much stock into a phrase like "60% sold." It doesn't always mean what a normal human would take it to mean (that, assuming a hundred-unit building, sixty units have been sold). It can mean that 60% *of what's been released to market * has been sold ... so if the developer has a hundred units, and has released twenty of them to market, putting twelve of them in the hands of buyers would be "60% sold."
Link to"Past Sales" section:
Where a developer has marked a property "Under Contact" on StreetEasy what does it really mean? Can we trust that fact or can it be developer spin?
160 Leroy the Ian Schrager development in West Village has changed status on quite a few units in the last month to under contract after a very quiet 3 months. They claimed 2 weeks ago to be near 60% sold.
Under the "Past sales" section about 8 properties say listing status "No longer available". What can that mean?
Thanks for helping me understand :)
Einstein - you seem confused about the distinction between zoning and a C of O. Changing a C of O can be done as of right - it's not a discretionary approval. And generally a co-op will allow someone to commence the process as long as the buyer pays for the work involved (zoning analysis, inspections). The zoning analysis wouldn't really matter in this case - as I mentioned above, the zoning for 740 Park Avenue is already residential, and converting the medical unit to residential would not change the bulk. The only hurdle would be making sure the unit, once renovated, would comply with residential building code. This shouldn't be difficult, either - the unit has two means of egress, and presumably a buyer would pay a top architect to redesign the space so it meets code.
It's just not a very big deal to change the use, or change the C of O, in a situation like this. It might be expensive, but what else would you expect at 740 Park?
If the corporation wanted to sell this as a residential unti, they should change the C of O
All the ground floor "offices" on the upper east side are medical offices for medical use only. This is very easy to look up at the DOB. The offering plan is just that, an offering. One needs to look at the Certificate of Occupancy.
The idiotic listings that one sees all the time stating "the Board will allow a live/work situation or a professional use are nonsense. Cooperatives are governed by Federal, State and City law and so is the Board. It was in public interest to zone these spaces for medical use. Today most of them are too small to practice medicine with all the equipment required. The change needs to be legislated. Permitted use by a licensed professionals would be a start.
The monthly charges associated with these units are greater than residential units on the same floor since they are used for a commercial application, no matter how noble. It's very easy to differentiate an original medical space from a maisonette, not only at the DOB but by the 40' sitting rooms versus the many small rooms with sinks. This is not a grey area. An expeditor can resolve this very quickly.
The practicing of medicine has changed. Every building is plagued by this. And instead of saying the use can be changed, the Corporation should change the use legally prior to the listing the unit.
The Corporation can also repurpose the space for their own use. One always needs more space even at 740. Bikram yoga?
Thanks for the info. I'll look for the 2/3C floorplan.
The offering plan has 1C as a four-room two-bath simplex, with 2/3C a regular duplex. Gross's 740 Park book says 1C was intended as a doctor's office.
The maisonette triplexes were A, B, and D. I've never found floor plans for them. Apparently their first floors were turned into doctor's offices early on.
Back up over $9 a share this morning. Hopefully will continue to climb over the next few months.
A great deal of the prepared deli items used to come from Mitchel London. I don't shop at the deli counter much these days, but when I the last few times I passed by the conter didn't notice the Mitchel London signs. Could be an oversight, perhaps they switched sources. But if they didn't then the problem is external
I never understand why SE users post customer service issues on the discussion board. Can you not navigate a website? Scroll down. Click on 'help' tab. Go from there. Sheesh.
I am handling a new listing at 400 East 77th Street, NY NY 10075, apartment 6-A.
My profile is not correct and I don't know my password to change it. My name is showing as Lorri Gorman but I am married now and my name is Lorri Scott.
Also, I am an Associate Broker. And my cell number is 917 841 5942.
WIl you kindly change that information?
I agree with flarf. It may raise red flags if you seek to get approval in advance.
I would not pursue written consent from the board before you sign the contract. The board has no idea who you are. You'll get nowhere and perhaps even been seen as a problem tenant, regardless of your good-natured intentions.
A lot can change in 5-10 years. Deal with it then. As was mentioned upthread: "Once you are in a coop and living for a year or so, it is highly unlikely to be an issue the coop board will raise if you are otherwise in good standing."
One couple living with the husband (or wife)'s elderly parents. This does not sound like a very complicated or unreasonable situation. I tried searching but didn't find any complaints/lawsuits about this.
I wonder whether this is never done? or actually allowed? or falls into a grey area that the co-op board is very unlikely to complain about?
Do you know people who have this arrangement?
4. Any lease or rental agreement for residential premises entered into
by two or more tenants shall be construed to permit occupancy by
tenants, immediate family of tenants, occupants and dependent children
of occupants; provided that the total number of tenants and occupants,
excluding occupants' dependent children, does not exceed the number of
tenants specified in the current lease or rental agreement, and that at
least one tenant or a tenants' spouse occupies the premises as his
Not sure whether "immediate family" is considered as an "occupant" or not.
you are a really good child!
deflation all over the place
there was an article in january that said the dow would bounce between 10-11K this year. Like most things -- overshot at 12K -- pundits calling -- going to 15K -- below 10K in a month...
its not over.
@ Counciler, 1.7%?
try 5.7%, not bad for 1 month return:)
What is that odd new building across from White on White?
Is White on White still around? They had the best knock-offs.
http://whiteonwhite.com/product-category/mid-century-modern/ They are..
Via Amazon, same merchant:
There is a store called White on White that makes replicas, it is in the 20's on the Westside
Room and Board?
It's hard not to feel bad about the impact gentrification has on Dumbo-resident Infiniti owners.
Saw the car damage fieldchester referred to on tv last night. It was very bad. The neighbors interviewed said other cars have been moved onto the sidewalk also. I thought they were supposed to get a permit and put up cones to limit parking for construction.
Sedan, not an SUV. Even the NYP should know better.
Fine art at the factory a couple of years ago: http://www.nytimes.com/2014/07/12/arts/design/marvelous-sugar-baby-as-a-contribution-to-ephemeral-art.html
Hi George, I don't like soliciting on this board, but since you inquired, I may be able to assist you. I am an agent based in Manhattan. I would be happy to assist you in your search. I also know of an interesting project in Miami as well. Please feel free to email me off the board (where I can also forward you my phone number): Adam@anchornyc.com
I'm looking to invest in a condo under development. I'm still hesitating between NY and south FL. Anybody has a project to show me that could be interesting? Looking for a slick place on the high-end side.
"Jed and David Walentas, the father and son who run Two Trees, have been known to throw green at de Blasio.
In April 2015, Two Trees donated $100,000 to the mayor’s nonprofit Campaign for One New York. It then won high praise in a mayoral press release for creating affordable housing at the Domino site."
Gentrification gone wild: Luxury building forklifts SUV off street
By Melkorka Licea
April 30, 2016 | 10:11pm
Gentrification gone wild: Luxury building forklifts SUV off street
Here’s the shocking moment a construction crew hoisted a Williamsburg family’s SUV off the street to make room for work on a luxury building site.
Contractors for Two Trees Management used a forklift to uproot the 2004 Infiniti while working on the $2 billion redevelopment of the former Domino Sugar Refinery.
“You can’t just pick up somebody’s nice car and toss it wherever,” the family’s son, Henry Nahrwold, fumed to The Post.
The family, which has lived one block east of the historic Domino site for more than 30 years, found the SUV deposited on the curb Friday afternoon.
Henry’s father, Thomas Nahrwold, 61, had legally parked it in front of 27 South Third Street that morning.
“I thought my dad had parked it like that at first,” said Henry, 20. “But I thought it was pretty weird. Then I started to notice all the damages, and I freaked out. I was so pissed off.”
A local auto repairman estimated it would cost at least $2,600 to fix the damages, which included a disfigured bumper, smashed undercarriage and impaired steering alignment.
The family learned who was responsible only because a neighbor recorded the act on a cellphone.
“My dad was searching around trying to figure out what happened when someone came out of the building and said they had video of the forklifting,” recalled Henry, who works as a bartender in Brooklyn.
“It’s outrageous. They could have at least left a note saying, ‘Hey, we picked your car up because we didn’t know what the hell we were doing.’ ”
They had bought the car off Craigslist for $9,000 just four days earlier.
“It’s like a blatant f- -k you from them. I’m livid,” said mom Susan Pellegrino, 61, who has lived in the two-bedroom duplex on Wythe Avenue since 1985.
“They probably wanted to get one of their big rigs up the street and just moved it out of the way,” said Pellegrino, an actress.
The family said it was working with its insurance company to seek reimbursement for the damage.
Two Trees spokeswoman Nicole Kolinsky blamed Yonkers-based RNC Construction.
“We pride ourselves on being good neighbors and have reprimanded our subcontractor for this unacceptable behavior,” she said. “We have been assured that the subcontractor will fully pay for any damages.”
Modal Trigger“It’s like a blatant f- -k you from them,” Susan Pellegrino said of the construction crew.Photo: Helayne Seidman
More cars could be seen up on the curb at the site last week, but it was unclear whether they were parked or moved there.
Two Trees bought the site for $185 million in 2012 after the prior owner, the Community Preservation Corp., defaulted on loans.
In April 2014, the City Council green-lit Two Trees’ proposal to build a 3-million-square-foot housing village with parks, offices, shops and apartment towers reaching 600 feet.
Jed and David Walentas, the father and son who run Two Trees, have been known to throw green at de Blasio.
In April 2015, Two Trees donated $100,000 to the mayor’s nonprofit Campaign for One New York. It then won high praise in a mayoral press release for creating affordable housing at the Domino site.
follow the money
Anyone have success scheduling their first walk through?
It looks like we may be looking at a June closing. Haven't had any updates.
Hey bostonlover -- I haven't had a single update since going into contract. Happy to see a few neighbors on here!
I am also in contract waiting for closing. Has anybody heard that it's postponed to April or even later?
Sorry "afraid" was supposed to be " a friend" and "goof" was "good". That's what you get for typing on a black keyboard without proper lighting.
I had afraid who was called up for the lottery. However, she was told that her lease was only goof for 2 years. Then she had to put her name back in the lottery and win to get a new lease. She passed because that meant she would have to go through all the expense of moving again in 2 years.
So, my friend is number 4501 out of 15000 waitlisted for 5000 affordable housing apts in peter cooper village. My understanding is that probably only 300 apts per year will become available and that every 2 yrs you have to re-enter the lottery - so anyone with a number higher than lets say 600 is screwed?
I am not a broker but I do live in the building. Its great for me… I enjoy the style of this building and looked into units for years before buying so this is not a fake posting as mentioned before. There are plenty of buildings in NYC but not a ton of loft condos in Chelsea…. if you don't like this building there are other choices..
Red flags abound. I'm glad that the selling points here are that staff are willing to accept packages and that the building has dealt with it's hazardous fire issues.
Looks like true desperation on the part of a broker to sell a lemon.
Did I mention the gas piping they buried in the floor around 2000 to make gas fireplaces which they didn't file for?
BTW It is also totally not ADA compliant. They like to claim everything that is wrong is "grandfathered" but they have done 3 major renovations since 2000 (most of the work not filed). They also should have lost their grandfathering as a pre-existing use when the space went vacant for more than 3 years back from ?2002 to 2006?
@newyc: If you had read my prior posts you would have seen that I'm renting in the building, not an owner, but I like the building and the area so much so that I'm considering buying. I have a degree in architecture and also teach so yes, when I'm ready I will buy. What's your building address? I'll come pay your building an official DOB visit and flash you my badge.