building at 415 East 85th Street

if confirmed, the building must be cash starved and wants to advertise it or is run by grumpy old people who have no clue how far values drop as a result. Do you know how long this has been the case?

so it's effectively a 35% down building

assume if in escrow bldg can't use. may need to worry more about how many apts in arrears than cash starved?

The building and its board do not require all buyers to put money into escrow. As a general rule of thumb, most coop boards likes to see a minimum of one to two year's mortgage and maintenance liquid after closing. If a prospective buyer cannot meet this post-closing requirement, a board may still approve an application if the prospective buyer agrees to put money into escrow. That money in escrow can only be used to pay maintenance should the new shareholder not pay their maintenance on a timely basis. Essentially, it assures the board that the new shareholder will be able to pay their maintenance. Funds placed in escrow are typically returned to the shareholder in two years, with interest.

Feel free to contact me (lee@thebestapartments.com) if you have any questions about this building or coop requirements in general. - Lee

This is not true...I'm a broker who has sold apartments in this building - none of the buyer's in the transactions I handled needed to provide extra money in escrow. However, if there is a scenario where the prospective buyer was leveraged too high the board may feel more comfortable with added money in escrow as a precaution against potential default of maintenance payments.

We made an offer recently on an apartment in this building. Despite the fact that we are well qualified financially, he kept asking for more and more information. Don't even think he presented our offer to the seller. We gave up. Nice apartment, good price but tying up money in an escrow account when we have the assets and a high credit rating is unacceptable. Is this practice the norm??

Does anyone know why the prices on all apartments(listed or sold) in this building are lower than comparables?

Does anyone know why all the apartments in this building are selling/sold below comparable apartments nearby?

I wonder the same. Looks like many people there are trying to sell, fast. There must be something going on

94 Units in the building

3 are "in contract."

5 are "active" with an average market time of 102.4 days. The listings are as follows 156, 43, 168, 124 and 21 days and counting.

I wouldn't say people are unloading their apartments "fast."

Please note I don't own in the building and I am not considering buying in the building, I am also not a broker.

The prices of all listed and/or sold apartments in the building are substantially lower than comparable apartments in comparable buildings in the same area. I find this very curious. I'm looking for anyone who can shed some light on what might be going on in this building.

I am curious in this case, but also to learn if there is a common issue that all buildings face or might face e.g. local law 11, conversion to #2 oil, etc

FYI: You may be interested in the discussion about StreetEasy Building Experts, which is a separate thread within this building's discussions.

I owned in this building for almost 10 years, and served on the board. I am the true building expert. If you are interested in this or any other unit in this building, contact me before contacting the listing broker.