building at 206 East 124th Street

We interested in possibly purchasing in this building. Could you please elaborate on some of the unresolved issues? Thanks.

I live in this building and there are no "major issues." Like all new developments in the city, there are some small items to be addressed, but this is happening as we speak. The sponsor sucks, I admit, but the condo board is on top of this big time. This is not one of the nightmare condos that you read about in the paper.

This is a nice pre-war building with well-designed apartments, wonderful residents, and is over 70% sold. Plus the board is planning some really nice upgrades for the common areas.

I AM NOT A BROKER. I LIVE IN THIS BUILDING SO I KNOW WHAT I'M TALKING ABOUT.

Sorry to disagree with you Harlemfanatic, but I would consider heating and water pressure major issues, especially for a prospective buyer. Mmarquez110, I too am interested in buying in this building, but I backed off when I saw the explosion stains from the pipes on several unoccupied units. Plus right now it's not even possible to buy in this building because the sponsor, according to the broker, failed to filed the proper paperwork. This does not instill a lot of confidence. I'm sure the board and the residents are great, but this conversion seems to have been put up hurry and now major issues are cropping up. I'm not saying do not buy in this building, just be aware that expensive repairs will occur in the near future which should be factored into your bidding price. After all why is this place so much less expensive than other properties in the area, and still have so many unsold units?

Photoflow, I am correcting you. There is no disagreement because you are clearly being fed bad information. I live in the building so I should know. I don't know who told you this stuff, but you need to get your information from someone more credible. When you live here for a few months, then you can correct me.

First of all, THERE HAS BEEN NO "EXPLOSION" IN THE BUILDING. That is so preposterous. Those stains are a direct result of faulty steam vents being installed on the end of the baseboard radiators. Because those units are vacant and the construction workers locked them sometimes, it took a while before somebody noticed it and shut off the radiators. A simple replacement of the steam vents (which cost about $5 at your local hardware store) and a check of the radiator pitch is all that is required to eliminate that condition. The small piece of stained drywall can be patched and repainted in 15 minutes. Clearly they would take care of that before closing. I had the same issue in my unit, but because I live there I caught it and had the workers fix the problem. This is such a small issue.

Major water pressure issues??? Another false statement. The water pressure in the building is fine. I've been showering there for months so I should know. There is one or two owners that would like more pressure, but you'll find that in ANY building you check out. At one of the condo meetings the board said if enough people want to, they will have the pressure boosted. Take it from me...I've lived in 4 buildings since I moved in NYC and there are ALWAYS people not satisfied with the water pressure.

Yes, the sponsor did not file an amendment to the offering plan as required by law. I agree that it does not instill much confidence. Last week I heard that an amendment either was filed/or will be filed shortly (can't remember), so that should be taken care of soon. As I said in my initial post, the sponsor is a joke...no question. But keep things in perspective...you only have to deal with him through closing. It's not like you have to live with the guy.

Again, you're getting really bad information. There are no major issues cropping up. If it's such a disaster, how was the sponsor able to sell 70% of the building? You think the 11 of us that closed are all suckers? I am completely satisfied with my purchase in this condo. Now I've got news for you. If you expect everything to be in 100% perfect condition when you buy real estate, you'll never find anything to suit your liking. Small punch-list items like the steam vents are easy fixes and are not major issues to worry about.

Look, whether or not you buy in the building is your business, but please don't come on here spreading false rumors. That's not cool. I would offer you my contact info to discuss more in detail, but the folks on the condo board would kill me for discussing our private affairs on this web site. And since I gotta live with them...this forum is the best I can do.

Harlemfanatic, I looked at this building and liked the units but found the neighborhood to be too busy for my taste. (I looked at a one-bedroom unit on the top floor.) What is your impression of the neighborhood? Do you hear a lot of noise? Also, it seemed at the time that the area immediately around the building was improving. Do you feel that it continues to do so? Thanks for any input you may have.

You're right that the immediate area is improving a lot. I'm sure you see the new developments at both the 2nd and 3rd Avenue ends of the block, and one in the middle of the block next to the community garden. Better retail will follow soon, especially once the economy turns the corner (some think that has started, I'll let you decide).

The block does get a little busy with traffic at rush hour, but it's fairly orderly (not a lot of car horns blowing, etc.). Outside of rush hour, it's pretty quiet actually. Now just a block north, 125th Street is obviously a major thoroughfare. But the good thing about our building is that you're a block away from it, so you won't hear anything while you're in your apartment, and you can still walk there in seconds to catch the train or one of the 4 crosstown bus lines.

Also not sure if you know, but there is a massive mixed-use development planned for 125th & 3rd that would include both housing and significant retail space. The city council has already blessed it. Again the economy is holding it up, but Bloomberg is pushing hard for this. Like him or not, he usually gets his way on things like this. http://www.nytimes.com/2008/10/08/nyregion/08develop.html

Thanks for all the info!

dont want to rain on your parade but that corner (124/3rd) and the block by the precinct (124 btwn 2nd and 3rd--(cops park as they wish on sidewalks, anywhere) are truly awful in terms of traffic parking walking--crnr of 124 and 2nd, despite the proximity of precinct is drug congregating area for projects to the east and tenements all around--the turn from 3rd ave to onto 124 and over the triboro is simply awful--

Ubottom, no worries brother, I respect your opinion. But I have a question: what are you comparing this to, the Upper East Side? It's well known that there are projects on 2nd Avenue. That's why housing in East Harlem is cheaper than anywhere else in Manhattan (except for maybe Inwood, and that's so far out you really aren't in Manhattan anymore).

That doesn't mean the area isn't safe because it is very safe. I've been living in the neighborhood for years and have never had a problem. I walk anywhere I want to at any time of day or night in East Harlem and nobody bothers me. The people that have a problem with the area are always those tha live in fear and let it dominate their lives.

When the new building going up at 124th/2nd opens up, the police will clear out the loiterers on that corner like they always do when a new building goes up in this area. And by the way, there really isn't much drug activity on that corner. Most of those people are just hanging out. Having lived in the area for as long as I have, I know where the really heavy drug areas are. For example, 119th betw 2nd and 3rd used to be really bad. But with the big condo/rental at 119th/3rd nearing completion, the cops have cleared out most of the activity there and continue to police it heavily.

That's why we said the area is IMPROVING. That's one of the ways to make money in real estate, by buying in an area that is in the early stages of redevelopment, not one where that redevelopment is already well underway, like in Central and West Harlem.

Also, police do not park up on the curb in front of this building as they do across the street and in front of the precinct. So it doesn't affect us.

sorry but improvement of a neighborhood wont move the triboro bridge--and they wont close 124th btwn 2nd and 3rd as a key access point to the triboro-and they wont move the precinct, which compounds the traffis problem in addition to effectively closing the sidewalks-the traffic will always be as it has always been on that block: awful--not my opinion this part, but fact---now as to the cops that currently park their car on the sidewalks up and down this block, check precincts downtown and you will find that cops park on the sidewalks downtown too, regardless of the quality of buildings on these other blocks---i think this affects everyone in your building as you walk up and down your block and find the cars of cops blocking your way on the sidewalks--most would find that annoying--i have lived, walked, driven and owned RE in this neighborhood for 40 years+, so i am very familiar--in fact i drove over the triboro yesterday via 124--cars all over the sidewalks--took 4 lights to get thru, which allowed plaenty of time to view the junkies on the corner--like i said dont want to rain on your parade, but as long as you are ptiching the block.....

I appreciate your opinion and experience in the *neighborhood*. However, I eat, sleep, bathe, and breathe on *this block* each and every day. So people can form their own opinions, but with all due respect, I think I know more about this block than you do.

You would understand my point about the police parking if you knew where this building is located. It's on the 3rd avenue side, right next to the corner building. The cops parking on the curb happens in front of their precinct, which is toward the 2nd avenue end, and it happens in front of one of the buildings on the opposite side of the street. It does not take place in front of this building, the two buildings to the east of this one, nor the corner building to the west. That is simply fact.

If I need to catch the subway, I'm walking toward 3rd avenue. If I need the Metro North station, I'm walking toward 3rd avenue. If I need the M35, M60, M100, M101, M103, or Bx15 buses, I'm walking toward 3rd avenue. If I need food or groceries, I'm walking toward 3rd avenue. If I need a bank, I'm walking toward 3rd avenue. Get my point now?

I have already acknowledged that traffic can get a little backed up during rush hour. However, outside of rush hour traffic is quite normal. I'm looking outside right now at 7:30 pm and there is literally 1 car waiting at the light. Again, simply fact.

For the record, I didn't post here to pitch my building or my block or the neighborhood. I posted to correct some factual inaccuracies about the condition of our building. In the process of doing so, I was asked a question about the area and I responded out of courtesy.

I only talk about things I know. Two things I know are my building and my block. On things I don't know, I defer to others. This is why I usually don't post on these blogs, message boards, etc. Everyone claims to be an expert on everything. There is so much bad information and and so many misguided opinions that the usefulness of the information is compromised.

One final thought...I think that will be my last post here. I don't like participating in these back and forths. Especially in this market, the commentary always seems to be unreasonably negative. Nothing personal to anyone, but I just really don't have the time/patience for this. Good luck to everyone.

I didn't realize this post was still going, but I wanted to clarify. Harlemfanatic, no need to be so defensive. I am truly glad that you have had a good experience in this building, that balances out the negative things that I have seen and heard.

Where did I get my information? I visited to the building several times an an interested buyer and also know some of the residents. Obviously, their experiences have not been as positive as yours. There are many things I like about the building namely the price, the low maintenance, and it's proximity to the train station, all good points. I was about to go into contract, but backed out when I learned about the problems in the building. A few months later the asking price dropped by over 100,000! And a hefty assessment was added. As a real estate newbie, I almost made a huge mistake and wouldn't want see that to happen to anyone else.

I think east harlem has a lot of potential, and at the new lowered prices, the units are now a bargain if the building is properly maintained and the sponsor gets his act together. IF that happens and big emphasis on if, I just might end up being your neighbor, so let's bury the hatchet.

The building has added an extra assessment to the maintenance , in some examples almost tripling the monthly expense from roughly $230 to $650 .
Units sit unsold and empty for months and months , the last sale January 2009
There has to be a huge auction of these remaining apartments to discover a price that is realistic in today's market . It may even be 40-50% lower than 2008-2009 according to auctions done in other parts of Harlem this year

There hasn't been a sale in this building in roughly 4 years

What is the problem here ?

Are there any outstanding legal issues that make this building unworthy of purchase ?

Wow , what a disaster

Hello,

I’m currently thinking about looking at buying an apartment in this building. Nothing has been posted for a long time. I would really appreciate any info or views based on your experience. Thank you.

Juelda3, did you get any updated financial from the seller?

People said there hasn't been a sale in this building in a few years, which is good sign because it means the building is stable.

The building got its final C/O 5 years ago. That's more than can be said for some Harlem buildings. I know one that is still rolling over its temporary C/O for the last 14 years! There are still several outstanding requirements, and basically no way to force the sponsor to correct them.

The fact that there have ben no sales is meaningless. The reason might be that nobody can sell.

Also it has no outstanding violations on BIS. You can check the 311 complaint database too.

Hopefully I’ll get approved to be ya new neighbor