building at 45 Sutton Place South

I don't know about the board but there was talk a few years ago that those buildings that sit above the FDR Drive (45 & 25, I think they are) needed major work on the support columns holding them over the drive & out of the river & the city & state were saying that the responsibility for repair lay with the building. I'd need to know what happened with that scenario before I proceeded. Good luck & let us know what you find.

I own a 2 BR apt. at 45 SPS and am getting ready to put it on the market.

There is an ongoing dispute with the city re the responsibility for the repairs above the FDR Drive. The uncertainty over this issue has slightly reduced the value of apartments in the building.

I think you need 2x the amount of the value of the apt in liquid assets after the 50% down payment in most SP buildings.

yjbo. thanks for honesty about dispute.

I was told that the worst case scenario is a managable but not trivial number, like 50k per apartment.

25 & 45 Sutton place South owe approximately $40mm to the city of New York. The amount is for structural repair work that was done a few years ago by the City for the portion of their foundation that cantilevers over FDR. The parties have been in a protracted litigation regarding who should pay for the remedial costs. Assume the remedial costs will be allocated equally based on total number of units in both buildings which is 528. Based on this methodology the share of each unit is approximately $67,000.

YJBO,
I am looking for a two bedroom at 45SPS.
If your apartment is still available, I'd be interested to speak with you about it.
Please let me know and we will figure out a way to meet.
MSHP

mshpmshp,

i'm sorry, but we have sold our apt at 45 SPS....if it would be helpful to you, I would be happy to share with you the pertinent info (price, condition of apt., etc.).

YJBO,

I appreciate your offer. Please let me know (dijam00@gmail.com)how I can get in touch with you.
MSHP

Some of the previous is significantly incorrect. The buildings are in litigation with the city, however the work was not structural. It was essentially repairs to spalling concrete, none of which was structural. In fact, all the necessary work required only patching and repair as there was no foundation work. The city abused it's authority and spent tax payer money to replace concrete (as opposed to repair). Unfortunately, the city went even further and paid a single disinterested contractor nearly $40MM for work that should have cost several hundred thousand dollars. The case will likely be settled for tens of millions less than the city spent...of your taxes! Good to know that the city is so ready to throw in excess of $25MM of your tax dollars away.