161 west 75

I'm specifically looking at apartment 3F. The apartment is in good condition and seems like a fair price; I'm surprised it's not in contract yet. Besides from it being on a low floor, do you see any other issues with the apartment, building or block?

http://s--e.net/nyc/sale/395202-coop-161-west-75th-street-upper-west-side-new-york

Looks like a decent deal to me - should close for around $900.

The sales history for this building is very strange. west81st, any thoughts? are those sponsor units? theuwsider, due diligence.

For pricing check out the market movement with comps thread, uws edition. the uppers seem to be in the middle of a major price correction at the moment. catching a falling knife seems an appropriate phrase right now.

Apartment looks lovely, though.

Thanks for the input. I do believe there are a bunch of sponsor apartments in the building. 3C was for sale by the sponsor and went into contract very quickly. They did a decent job renovating but it was a bit small for my liking, plus the views are looking at brick walls and noisy streets (it went into contract for 835k) - http://s--e.net/nyc/sale/376092-coop-161-west-75th-street-upper-west-side-new-york. I'm actually familiar with the sponsor - it's the same one I bought my one bedroom from.

I've noticed 35 people saved 3F on SE. Do you think people are holding out for the price to drop?

saw it, nice, not $949k nice. can't give you a deep dive on the bldg.

While not a perfect comp, 3B, which sold for $1.05m last spring/summer seems pretty close. If you price in a 25% decline, that would bring you to $787.5K for 3F. Add in a little for the half bath and you've got maybe $825-$850k?

Of course, 25% may be either aggressive or conservative as an estimate of the decline, depending on your viewpoint.

This is a difficult one. to anyone who has been looking up here but not paying attention to recent closing prices it seems like a decent deal. (btw, I haven't seen it personally, but those are bright pictures well done and things seem very nice). but if you delve further into this market, you have to wonder. i'm becoming slightly more positive about buying now (still don't think it's at all good idea from a purely economic sense but..), but this one doesn't do it for me right now.

theuwsider, it's a lovely block and and being on the low floor is not a problem. The traffic is almost non- existant, it's one of the most beautiful blocks on UWS. I'm not a huge fan of Candela's but this apt looks great. The maintenance is reasonable, too.

agreed with aboutready. It seems great if you were looking around before the crash, but haven't paid attention to recent closings.

As for the building, no inside info, though I've been inside a few times. Seems like a perfectly adequate, but relatively low-budget, UWS building (e.g., some hallways/common areas could use updating, if I recall correctly, the doorman is more of a security guard than a doorman)

It's a condop. In block 1147, lot 1001 is the Professional Unit, 1002 is the Commercial, and 1003 the Residential. The co-op owns 1003. The sponsor still owns 1001 and 1002, plus however many shares of 1003.

nwt, landlease condop, or just condop? good info, though, once again.

Just plain condop. The condo owns the land. It's from 1992, when IIRC sweetheart leases for the retail were no longer a good idea, so going condop let the sponsor keep the commercial revenue. Funny how I've walked by there hundreds of times yet never investigated.

The low floor doesn't bother me, it actually looks out to the back so there is no street noise.

nwt, if this is a condop, but the co-op owns 1003, do buyers still have to go through the board?

Yes, through the co-op board. Only difference is that the co-op corporation owns a huge condo unit instead of owning the land. That unit is ~96% of the condo, so not much difference, really.

What is the sublet situation in condops? A broker told me that they generally speaking they ahve condo rules....

"landlease condop": No such animal - NWT is using the legal definition of Condop, not the bullshit "broker definition" of Condop (i.e. broker definition of condop = Coop with condo rules; legal definition = a condominium where the residential condo unit is in turn made into a residential cooperative)

Ah OK, never knew anyone used condop to mean "coop with condo rules". Some of the questions here make more sense now.

this was a very late Coop - 1991. I'd examine the percentage of units till held by the Sponsor. Could have financing issues.

14B closed 4/28/2006 for $1,150,000.00 and then again 9/9/2008 for $1,235,000.00
10F closed 7/18/2005 for $1,320,000.00

yes 30yrs. these terms can be so confusing for those lacking experience. one of the best things someone (columbia county) ever suggested to me was that I start a thread reflecting my interests therein. i don't know how well it is working, but i have been getting some positive feedback,and some interaction as well. (and it keeps me contained, relatively!!)

I can't speak for everyone here, but I'd love it if you could start a thread similar (although probably much superior!!) to my "importanat economic links." not saying that you'd need the links, but you clearly have an abundance of info to share. maybe you could do a topic monthly, or solicit ideas? i may be overreaching here, but it seems as though you have a ton to offer, and the willingness to do so.

Saw a $5M mortgage and other odds and ends while scrolling through. That seems like a lot for 130 units, but I think my perspective is warped on what's a big mortgage for a co-op.

No one has mentioned this yet, so perhaps it's just me, but doesn't this building have to get a value reduction for being cheek-by-jowl with Manhattan's busiest funeral parlor?

Could this $5M mortgage be including the other buildings connected to this one? I remember the doorman telling me that 2 other buildings are attached, one being 174 w 76 (which 10J is on the market for 1.075).

Nah, it's around the corner. I seem to be there all the time, so might even pay more.

Two buildings, 174 W 76 and 161 W 75. Connected at the back and always bought/sold/run as one building. The 130-odd units are spread between the two.

5m bet. 130+ units is not egregious. It would be if they were all 1bedrooms, but there are a fair number of 4.5, 5, and 6 room apts.

Good, now I feel even better about my building's little mortgage.

The entrance is "around the corner" from Riverside Memorial but the buildings are adjacent. Anyone having a west-facing apartment is going to be looking down at hearses every day (except Saturdays).

wouldn't the hearses usually not show up until after one is away for work? I don't think 3F is west facing, btw.

remarkably, people don't necessarily keep breathing until morning so as not to inconvenience co-op owners. Since the time between death and burial is important in Judaism, bodies will arrive at the Riverside at pretyy much all hours. And double on Sundays since you don't get buried on Saturday.

What's the size of 3F?

yes, ddanyc, but I would think you'd only really have hearses around and waiting when they're conducting funerals and, time of death notwithstanding, funerals tend not to finish up in the early AM before most people have left for work.

"I can't speak for everyone here, but I'd love it if you could start a thread similar (although probably much superior!!) to my "importanat economic links." not saying that you'd need the links, but you clearly have an abundance of info to share. maybe you could do a topic monthly, or solicit ideas? i may be overreaching here, but it seems as though you have a ton to offer, and the willingness to do so."

When I was running JI Sopher's downntown sales office, my Tuesday Sales meeting was mandatory and always started with a quiz. At first, the agents HATED it. After a few months, I had agents from other offices attending my weekly meetings. But the questions were all over the place (and I produced agents who actually knew what they were talking about; something I was VERY serious about because I can not stand ignorance in alleged "professionals"). My problem is I don't know what people here would want to here me get up on a soap box and opine about. but if you start threads asking general questions about issues, i will do my best to explain the issues involved.