building at 118 East 60th Street

Co-ops are for long-term living in, not for renting out. For that you should get a condo.

There are co-ops with liberal sublet policies, though, so keep digging.

Agreed on this. Most co-op Boards want to keep the building "owner occupied" to the extent possible and if this one has a 3 year rental policy, it's very reasonable. Three years gives you plenty of time to sell in a bad market or to leave New York to be posted elsewhere by your company and return. And the Board always has the right to modify the policy in case of hardship, don't you think?

is this a land lease?

No.

After seeing some discussions on this building/street I was curious about it and went by it the other night. Street itself is not very pretty, especially on the north side, but the building exterior looks very nice. It's funny that after having seen people making negative comments about 60th street, I realized that one of the highest priced buildings in the city, 515 Park, is right around the corner.

Comments about 60th Street between Park and Lexington Avenue are silly. Perfectly nice NY block. Big advantages include huge access to taxis all the time at the corner of Lexington Avenue and the best subway station in NY less than 100 yards away.

60th Street between Lexington and Third Avenue is ugly but it has absolutely nothing to do with Park/Lex.

Ugh

East 60th between Lex and Park is okay, but definitely in the madhouse of Bloomingdales. Tons of automobile and pedestrian traffic on Lexington, not prime residential by any standard. Most would prefer a few blocks North and East or a few blocks South and East. Having said that, very convenient to transportation and shopping.

@ RealEstateNY

Agreed with your sentiment , and of course if that were the case the apartments would be more expensive.

Completely agreed.

I just re-read this and need to point out that this block is not a quiet tree lined residential street in the 70's between Park and Lexington Avenue. It's 60th Street and during the day, there is the joy of foot traffic from the subway 100 yards away to Park Avenue......generally attractive people. At night, after they have left for the day, the street is quiet.

The larger units are competitively priced and at a significant discount to the upper east side proper. I think most families would discount the location due the distance to parks, bustle of foot traffic and bridge traffic and pack of "neighborhood" feel.

Agree with Oxymoronic, and add that families may discount it further because the larger 2BR units are on the south side of the building, and somewhat hemmed in by taller office buildings on 3 sides, with significantly limited views from the BRs. 2 BRs on the north side are limited, and exist either through combinations (higher maintenance), or the C line above the 23rd floor (in short supply, and significantly more expensive). Building does not have 'family' facilities like a playroom, stroller storage, etc., and washers/dryers in units are uncommon, as kitchens are miniscule.

Significant foot traffic on the street during the day, quiets down at night pretty much like the rest of the UES, but vehicle traffic off the bridge is still a factor.

Floorplans here: http://nyre.cul.columbia.edu/projects/view/16621 (B, C, D, E face north; A, F, G, H face south).

"H" apartments on highest floors actually have great views to the West from both bedrooms and kitchen. From the dining area a great view to the southeast. Very bright. Very airy. At night, beautiful views of the tops of the lit skyscrapers. You can almost imagine what this building was like when it was built as a "tower in the park".

Hello fellow sharehlders,

My apt. (8C) is going on the market. It is the large junior four with the dining L.
It has been gut renovated and is in triple mint condition.
If you or anyone you know is interested, please email me.

Hi,
My name is Wendy Jodel and I just closed on many apartments in your building and have a list of people that want the specifics on the apartment.. I know it a Jr 4.. could you please send me the details. Or provide me a number where I can reach you. Ask Joseph about me.
Thanks,
Wendy Jodel

I have someone for it.. Please contact me, or how do I get in touch with you, know the building very well..

To the owner of #8C.
I may be interested in your unit. When it will it be available? Can we see it?

when will 8C be available?

I am interested in the apartment. Please email me the details

I am interested in the apartment . Please send details

To Lorisuer
If u are interested in my apt., please email me at smwwts@aol.com.

Any other negatives you'd care to share about the building? How's the sale going on your unit?

MY apt. 8C is on the market for $799,000. It is a new gut renovated junior four, convertible two bedroom with balcony.

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

How is the co-op board in this building? Does anyone know what they want to see in terms of assets/liquidity?

The co-op board rejects 75% of applicants, requires liquidity equal to purchase price, and is generally hyper conservative. Be careful.

The board is incredibly strict and the rejection rate is similar to that of an ivy league university. Get ready to be disappointing if you are under 40 years old, if your liquidity does not exceed the full purchase price, if you are taking a mortgage, or if your hair is not perfectly coiffed. Take a look at most of the units for sale today such as 16E. This one has entered into contract 4 times in the past year, and it never sold. Broker won't say, but seems to be rejections each time

>The board is incredibly strict and the rejection rate is similar to that of an ivy league university.

Ugh, half of the people in my Ivy League school were only there because of football, the Kennedy or Bush name, other legacy admissions, really rich foreign parents, or who didn't know how shitty the neighborhood actually was. So I feel your pain.

Is the board less strict now?

The Board has never been "strict"

The complaints are from sellers who can't get their price and buyers who get turned down.

These stem from unrealistic expectations and a lack of research and understanding of NYC co-ops.

8 years ago I posted the following and it's true to this day. One more time, we have been asked by several people if we liked the building contractor we used and our answer has been yes. We have been happy to introduce folks with work to do to him and the outcome has always been positive.........not always the case with such "fix ups". Therefore, several years later, we are happy to make the introduction if you would like. These people have done a lot of work in the building over many years and, therefore, know what can be done and what cannot....in all senses of that thought.

The owners of the firm have broken up their partnership but Edi Plaka, he who has always been there for us and comes immediately when we have something to fix, started his own firm some minths ago, is just great. His e-address is htechny@aol.com. His cell phone number is 646-348-0237.