building at 575 Park Avenue

Have you looked at the maintenance? Almost $3/foot

If you have a 1 bedroom at 700 sq ft and $1,900 in maintenance, the price is going to have to reflect it.

Agreed, but for the location it's almost a fair trade. Plus they build in a lot of services to the maint. (5x weekly maid service, etc). While there's definitely still a premium compared to other UES maint., I don't think it's that bad considering the cost of the unit.

And that's the point. If they were asking $150 psf more, it would seem that much more outrageous. You asked why the prices were "cheap" (I would so lower than comparables) and that answer is the much higher than usual maintenance. There is a price relationship to maintenance even if the services are vast.

Most people would rather not pay for 5x weekly maid service in their maintenance and pay it themselves if they want it.

This building will only appeal to a very small sub-segment of buyers.

I happen to think its not cheap. For the location, there are other apartments in the area priced more reasonably. And what you save in maintenance, you can get a housekeeper 5x a week if you want. And have a dog.

They don't own the land under the bldg -- they have a ground lease. If you think the maintenance is high -- wait 'til they renegotiate it again!

when is the land lease expiring?

Another thread says 2020

The ground leases run through 2046. That's per the 1969 amended leases filed with the city, and the 1968 offering plan for the co-op.

Rent was $230,000 per year for the first five years. Since then it's increased annually by the CPI.

what is the story on the tax abatement??

The landlease expires in 2046 not 2020. There is no tax abatement to my knowledge.

I live at beekman 575 park avenue. I recomend that you stay away. I live on the first floor, there is constant noises from the construction of the new restaurant, the building does nothing to help, has gone on this February 2014 over a year
no relief In sight. Help

Is subletting allowed? Is roommate allowed to live with the owner?

why are so many units up for sale and why are their prices dropping