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Used to live there, but it's been some time. Good "middle-of-the-road" building. Obviously not a swank or fancy building, but well run. The super at the time was on top of things - don't know if he's still there. To be honest, I think maint is about average. The apts are a good size, and even though the bldg is "post war," it was built in the 50's before the construction of apt buildings got cheesy and cheap. I think there were only about 100 units, so perhaps the maint might seem a bit higher to some, but the size of the apts I think makes up for that - I had what I thought was an avg 1 bedroom, but it had a 250 sq ft living room and a separate dining area that could easily have been an office/baby's room. Can't afford to get back in, but I would.
How is the Board? Maintenance seems high.
Interested in 2 bedroom, one bath. email me at firstname.lastname@example.org
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I don't know. These people told me they had constant leaks in their 2 bathrooms and the kitchen for years because the plumbing inside the walls was shot. They had a fuse box and had to be careful about a/c's. There was a façade and roof problem along with windows that needed to be replaced. They did fix up the lobby during the conversion.
What sort of assessments are ongoing? @jelj13
I knew some people who rented there for many, many years and took a buyout offer from the sponsor quite a while after the conversion. They said that the building had lovely, huge apartments, many with great views, but the landlord had not maintained the building properly for many years. They did not want to buy an apartment during the conversion because they felt there were too many capital improvements needed that the new owners would have to pay for. I assume that explains the high maintenance and assessments still going on quite a while after the conversion.
Does anyone know what the board is like? Co-Purchase allowed?
The strategies are price 20 percent above hoping to get 10 above because of the anchoring effect (but run the risk of no bids because I overpriced);10 below hoping to get 10 above due to multiple bids and emotions involved, with the risk having the wrong crowd/low bids, or at market knowing I will likely get market. Not sure which one is the best in practice, that's why asked for advice
Let me understand: your strategy may be to price 20% above market, but otherwise you are thinking of pricing 20% below ask in hopes of getting ask at market?
Field - yes and no - watch what 19 W 9th will sell for. I will be willing to bet $1.6M+ Dozens of people at the open house, multiple bids, non-contingent/cash only, etc. I dont know what the final winning bid was, but whoever made it likely paid close to 20 percent above ask. In any other market you would be right, but in NYC pricing inefficiencies get exposed and explored immediately.
Ottawa - the property thats better than other would definitely be worth more, but the degree of the premium is what I am after. Maybe 10 percent is what comparables have sold at recently, but with low inventory I have the best house in the price range - so should I price it at 20 above, and hope to sell at 15?
>A little surprising IMO, I thought game theory on auctions would favor a low listing/multiple bids strategy, but so far it does not seem to be the best one.
No my friend. If you price a $1MM apartment at $800k, you will attract people who are looking for $800k apartments. They may be able to go up, maybe to $900 if they stretch. The $1mm people won't be among your initial audience.
Hmmm, well if you had a much better property than others, wouldn't it be worth more? The only units I've seen sitting in this market are one's that are pretty average that tried to price like they were cream of the crop. If you have a beautiful place you'll be fine.
If you're hiring an agent though hold your tongue when you interview them, lest they simply affirm your beliefs to get your listing.
The building is across from a would be garbage dump which will bring traffic and perhaps stink. I would stay away from the building. But of course with a miracle the dump gets cancelled its a lottery
We looked at the 1 bedrooms with a full dining area and 1.5 bathrooms about 1.5 years ago. By the time our contract went through on the apartment we were selling, all these apartments were sold. They've bumped up the prices on comparable apartments by around 75 - 100 K this year. Maybe that's part of the problem.
Units here stay on the market for MONTHS longer than any other listing in the City. Why? What's wrong here, aside from the dump next door?
Is the 30% down a hard and fast rule? Might that be the reason for slow sales?
Sexism is never pretty.
Aboutready, your epidermis is showing. I thought ladies in Williamsburg were supposed to be more modest.
Epidemiology will show you, eventually, but the info may come too late.
Who remembers the nonsense comments from a few years ago from stevejhx and the other obnoxious renters who wouldn't stop insulting those of us who favored buying. Long Island City has just continued to develop and is amazing, with prices up at high levels. I guess history has shown who had the right call.
Yes, we get it.
No need to rub people's noses in it.
"File this one under really, really gross: the Ansonia, according to a lawsuit, has a roach problem. And, not just any old roach problem, but a world-class, "biblical-type explosion of roaches" issue. The epicenter is the 14th floor, which where Angelina Jolie has owned since 1997 and where Brangelina and children were said to be living until they went to the Waldorf. In any case, details about the bug problem are in a lawsuit filed yesterday and they include an outside hallway "constantly covered with cockroaches," roaches crawling on people when they sleep, roaches in coffee makers, etc. So many roaches that the people suing say their apartment is "completely unfit to live in." Which by New York standards would have to be a boatload of roaches.
· Historic Ansonia 'Bugged' [NYP]
· Ansonia Is Plagued by Cockroachs, Lawsuit Says [NYT]"
Found this for your guys: mind you, it's from 2007. So maybe the roaches have migrated to Florida.
I recall a NYT story about roaches in an Ansonia apartment a few years ago, but I vaguely recall that it was a crazy shut-in hoarder in one apartment that was causing roach infestation in a neighboring apartment. It wasn't building-wide, was it? If I weren't so lazy I'd look it up. Surely there is somone else on here with better recall who can set the record straight.
When I was looking to relocate from San Francisco, I looked at an apartment in the Ansonia the size of one of my closets here. It had a huge, beautiful bathroom, and the main room had obviously been a foyer. When leaving, I saw a roach in the kitchen that was beyond belief. I think you guys calls them water bugs, but I call them HIDEOUS. I'm terrified of bugs, but this one really took the cake. If anyone is afraid of bugs, and from the stories I've read even here in our papers about the Ansonia and the roach problem, BEWARE.
I lived there for 4 years. I've heard of roaches even though I never saw any, but I had two cats so maybe that's why...
I did well financially on the place I owned. The taxes and common charges are very low compared to other condos in the neighborhood.
Yes, there was scaffolding and other work done at various times. A couple of times there was an assessment, but nothing unreasonable.
I thought it was a great place to live. (I am in a house in Westchester now)
Hi, Any recent developments on the roaches?
hey I'm an architectural designer and a project manger for a GC that i have used for years in Manhattan, the company is out of brooklyn and they do fantastic interior work- i could show you some of their projects- and have fair prices. best thing is all of there trades are in house and have their own cabinetry shop. if your interested shoot me an email and we can meet - discuss. email@example.com
General conditions are costs associated to the project like accepting all deliveries, almost all are sidewalk delivery, temporary lighting, constant cleaning up of the site ,supervision, etc
Primer05 - Thanks for the reply. We haven't even begun to look at actual finishes or fixtures but I would say we generally fall in the mid-range area unless there is something we want to splurge on. For example, the bathroom I might splurge on a great sink, but I will always find great tiles/floor and wall for a value. There are so many reasonably priced out there, I don't want to spend my money there. Personal preference of course.
Floors - I want them to look good and be real wood, so that's a cost. I also want them to last, so subfloor is on target. Bathroom I think we could do for less since we won't be moving any plumbing (but of course, updating pipes/risers...).
The general condition # you quoted - what is that?
Without knowing what finishes you want it is difficult to price.
Flooring 25-35 k with subfloor
Skim coat and paint 15-30k
Electric: $10-15k ( new panel?)
General conditions, profit and overhead: 20k
Hi all -
Considering an apt that will need a full renovation, apt is 1100 sq ft. Would love to get a number in my head for what this will cost. And if you have thoughts on contractors, please advise. Hoping to do this for 100k or less (labor & fixtures).
1. New floors and baseboards
2. Skimcoat all walls and ceilings (living area ).
3. Bathroom reno
4. Custom closet in master
4. Let's assume we need new electric throughout, will add new light fixtures as well.
5. May knock down a wall between two small bedrooms to create large room for kids to share, but if it ends up breaking the bank, we can keep it separate.
5. Leaving kitchen as it is for now - will work with it while we can and get to it later.
Any advice appreciated. Thanks!
The spreadsheets listing all the city's co-ops, and the rental buildings they're compared to as one factor in determining taxes, are on the Department of Finance's site.
You could pick up the one for your borough, and find 19-unit co-ops whose other factors are the same as yours. Then look up those co-op's taxes to see whether they're more or less than yours.
Keep in mind, though, there's probably a money reason why co-ops never reduce the number of units in the DoF's records. Mine hasn't, and neither have lots of other buildings in my neighborhood that're full of combos. Maybe they're just lazy, or their tax certiorari lawyers never thought of it, or something, but I doubt it.
Background info on how coop taxes are determined are based detailed at:
I believe your coop would have to hire a law firm that specializes in appealing the building's real estate taxes. The valuation of the building is based upon comparable rental buildings. The number of apartments within a building is just one of many factors that go into the valuation....
I want to bump this. I think its technically possible. Does anyone know the percent that taxes could get reduced if a building applies for the reduction in units?
uhm if someone does this successfully I'd really like to see it.
we've combined 3 apartments in an 8 (originally) so that there are now only 6 apartments.......did it change the tax bill NOPE.
anyone actually done this and saved money before?
When you change the number of units, you change the rental buildings the city uses as comparables to your co-op. The city's site says: "We use a statistical model as a tool to find typical income and expenses for similar properties to yours (in terms of size, location, number of units and age). Then we apply a formula to the income data to get to your Market Value. The law requires that we value co-ops and condos as if they were a rental buildings, even though they are not income producing."
Problem is, reducing the number of units -- making the average unit larger in the calculations -- could work against you.
The co-op needs to hire a tax certiorari lawyer to decide whether it's worth pursuing. You'd pay a percentage of the taxes saved.
Got it, thank you for the responses. so just for my own knowledge, this doesn't apply, right?
"For an apartment to be stabilized it must:...
Have had a rent of less than $2,500, if one initially moved into the apartment since June 24, 2011."
The fact that its a new condo trumps this, I guess?
Condos are exempt from the Rent Stabilization Code except when they
are occupied by carry-over stabilized tenants who lived in the condo on
the date it was converted from a rental building
you will not
Is there a way to tell or figure out if a new construction will fall under rent stabilization rules? Looking to purchase a new condo in one of the outer boroughs (in a small building, looking at ones with 8-12 units), and am wondering, should I eventually own to rent, if the unit will be subject to RS. Anyway to tell before the new construction is finished or before I purchase?
Thank you for any help! :)
He needs some gimmick.
Dude, those jump-cuts are killing me.
Bid 'em up Charles.
My two cents:
Charles Todd Botensten
Licensed Real Estate Broker
Botensten Properties International
This situation seems really unfortunate. I wish everything in life were more straightforward. Maybe the government could regulate this, start by setting the prices and the standard apartment sizes that are allowed.
Falcon, it's not like there aren't properties that recently set on the market for 3-4-5 weeks and finally got an offer at the listed price. I think by "appropriately priced" you mean good value = underpriced - ?; and in this case you are right. NYC is an incredibly efficient market with very savvy buyers. Any great deal will be snapped up immediately, or a bidding war will ensue..
Buyers ready to pull the trigger on an appropriately priced property show up the first 20 minutes of the first OH. They bid within 1-3 days. If you didn't get one of them you probably priced wrong or the weather is abysmal.
@Squid......because although the broker wants a nice fast commission check.....its not going to be the best offer for the vendor.
When I sell a property I want the purchaser to gulp and go hmmm am I over paying here.....that's when you know the vendor got the highest offer.
Why not? Especially in this market...
Wow, 10 active sales, and 22 rental listings!!!! Dangerous unless you intend to die there.
Cash only building. Not because the Board requires all cash - they actually allow 75% financing - but because more than 60% of the apartments are investor properties and no major lender has this building on their approved list. A few people have gotten mortgages, but they appear to be special clients in special banks (i.e., a high ranking diplomat at the UN getting a loan from the UN credit union), but for the average person getting a loan will be difficult. Possible, but don't bank on it (sorry about the pun). Read your contract carefully, get a good lawyer, and make sure you have an escape clause in case you can't get financing.
Remember, even if you can get in, you may not be able to get out when the time comes to sell because your potential buyer will be in the same situation.
Nice looking building, very small apts (typical of Tudor City), and there appears to be some internal issues: building has been cited for people renting out apartments as hotel rooms, etc. In short, building has a lot of transient people.
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?
Within 1 month 6 apts went into the contracts.....
299 W 12th is a very nice building. No problems with the views, as NativeRestless has described.
I have relatives living there. No problems-- they are happy there.
Ricardo, not to worry about 299 W 12th. First of all its a whole avenue block away from where St Vincents used to be so there will be no impact its views. Secondly, the St Vincent's project didn't happen. The hospital was forced to close and super luxury condos are being developed on the hospital site. I agree that 299 is a really gorgeous building, I have never been inside but I grew up around the corner and it was definitely "aspirational".
I agree a2deuce, 175 should benefit from the new development, the new park, and the new lenox hill urgent care facility. time to get in is pobably now
One of my favorite buildings is 299 west 12th. Do you think this building will lose its magnificent views or desirability with the above-described hospital project? With that lovely little park across the street, none of the front facing units would, but how about the back? I remember seeing a beautiful alcove studio there, but it was on the back, and as gorgeous as the London Terrace development is, it looked like a huge prison from that vantage point.
It's owned by Con Ed, and isn't covered by the main building's landmark designation. You could safely assume that they'll eventually either develop it themselves or sell it off.
Anybody know what's going on with the parking lot across the street? Any developments in the works for that space?
How is the co-op board in this building? Does anyone know what they want to see in terms of assets/liquidity?
My client purchased two apts that we converted in the building and she loves it, as a contractor we get to know the people who run the buildings pretty well and they have been great. Very nice people
MY apt. 8C is on the market for $799,000. It is a new gut renovated junior four, convertible two bedroom with balcony.
Any other negatives you'd care to share about the building? How's the sale going on your unit?
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.
Anybody has any updates regarding this building?
$605 was a great number for that unit. Too bad we didn't know soon enough.
is this building on a land lease?
Why are there so many units for sale right now?
The finances are excellent and the maintenance, at about $1.75/per ft, is completely acceptable and within the city's median range. There is currently a $27.00 fuel surcharge in place over the winter months, but not assessments.
How are the finances of this building? The main/cc appear to be slightly on the higher side. Are there any assessments in place?
rockrock, NYC Fire Code section 307.5 has what you need. In short: grill needs to be 10 feet from anything combustible (including the building) and you need a garden hose or portable fire extinguisher nearby.
Hey I have a natural gas line to my penthouse terrace. Am I good to go with a gas grill? I want to be legal
And I had a small grill too, with a 2 lb tank, and still felt plenty dangerous when it caught fire
Im sure it means all propane tanks "up to" 20 pounds.
The difference is it's easier to sneak in a 2 pound tank, fits in your pocket practically.
they reference 20# propane tanks, but are the little camping ones also illegal?