The Excelsior

building is great prices going up. land lease expires 50 years from now. who cares greatinvestment maint is within line of every other building with amazing amenities

A couple of the key points that people like Amber are unaware of, or won't face up to:

A. Banks won't lend when there's less than 30 years left on the land lease. That makes 2034 the absolute drop-dead where any resale is concerned, not 2064. The pool of potential buyers is the all-cash crowd.

B. As 2034 approaches, due diligence will take into account the near total lack of saleability -- those who pay cash but also understand that they could have a frozen asset for their money. I'd say a reasonable person's cutoff for that would be about 15 years ahead of 2034. So it's nearly worthless beginning in 2019.

https://streeteasy.com/building/the-excelsior/9h

12G is a contender for 'that's rather hideous'.

stache: As my friend would say, it's SO hideous that it's actually fabulous!!!! It takes guts to design a space that way and even more to show it to the world. The space itself is actually great, so I assume that low, low price and high, high maintenance are because of the land-lease situation?

Yes. The threads on this building are interesting if you're looking for entertainment. Similar to Carnegie House.

This one is up there too, and not sure what ruler got this to 3,000 sq ft. But the prices in this building are getting close to the point of abandoning ship (including one sale for $800k that seller agrees to cover $150k of maintenance), and they appear to be competing with one another to the bottom. One could not possibly justify the cost of renovating any of these places, which would cost 1.5x or more of the purchase price.

https://streeteasy.com/building/the-excelsior/32a

nycsport thanks for playing! Gotta love that dirty dog stair -

Wow $3.2M (listing, never sold) to $499K is quite a price chop.

I wish I could unsee the photos in that link. I am now quite unsettled.

Interesting. I always appreciate a well lived in apartment, even if some of them make me want to sterilize myself afterwards (not this one, it's just aggressively occupied). The listing says "Sale may be subject to term & conditions of an offering plan", but isn't that true in any co-op? Other than the land lease, is there something unique here? I'm also curious: Is it possible that long-term owners bought at such low prices that virtually any sale price will represent a gain, and they're at an age where the selling price is of more interest to an heir than the occupant?

12G looks like a coherent, functional design. Not at all one I'd choose for myself, but I can at least applaud the execution if not the taste.

32A is an unfair comparison as it hasn't been staged...clearly still being lived in, just shooing the owners out of frame for the photo.

$10K/month "permanent rental" might not even be crazy if we could see the floor plan. What's up with all these listings using a potato to photograph a scan of a fax of a carbon copy of a long-dead architect?

https://streeteasy.com/building/the-excelsior/rental/3397297
"This apartment is also available for sale at $850,000."

but it is now only $750K.

also...$12,000 in (asking) rent vs $11,915 in MAINTENANCE hahahaahah
https://streeteasy.com/building/the-excelsior/sale/1435996

what a mess

RB>> What's up with all these listings using a potato to photograph a scan of a fax of a carbon copy of a long-dead architect?

Hilarious

alanhart>> So it's nearly worthless beginning in 2019.

Unsurprisingly, the ghost of alanhart presciently nailed it from 7 years ago. I miss Alan, I’ll have a screwdriver in his honor tomorrow night.

https://streeteasy.com/building/the-excelsior/11c