Seward Park Coops

Did you see their website, sphc.net. There is some info there but there's nothing like hearing from someone who actually lived there, of course.

I have checked the web site, but they do not have the by-laws and other useful info. I know I checked the Hillman Coop (sister coop) site and they had their by-laws which included a high flip fee. With the way prices have skyrocketed and with the flip fees I am sure they have, their must be a lot of cash sitting in their reserve and judging from the fact that the board president just resigned in Seward (info obtained from the website) and the looks of the remaining board members (I know looks can be deceiving but I used to live in a coop and found that those in charge of such money must be sophisticated) I am hesitant to invest in such a place.....But they do have some units with good bones (views, eat in kitchen..)

I have a couple of friends who live in the Seward Park complex (the building closest to the F train stop) so I'm quite familiar with the units.

Not a big fan. They were built as pretty basic housing for the working class and it shows--low ceilings, small windows, very institutional common areas like hallways, etc.

It was great when you could purchase 2 bedroom for well below 300K (only a few years ago)--now they're approaching 750K+!

Not worth it. And as others have alluded to, there have been some financial difficulties (and accusations of improprieties) with all the buildings.

I know that in doing research on a unit in the Hillman coop a year or so ago, I unearthed a racial discrimination lawsuit against the Board of one of those coops for refusing to sell to an asian couple at the last minute and instead selling to a relative of a board member (who is the son of the guy at LOHO realty) which conveniently has like a kabal on the listings at these places. In the suit, it was shown that the kid they were diverting the apt to, at the time, had a negative net worth. They had to settle with the couple. As I recall it was a 1 BR in like 1999 that went for like 30-40K (today probably 450K+). Either way, I have trepidation that the folks running those buildings are either inept or corrupt or a little of both. The place was designed by the same guy who designed Stuytown so yes, very utilitarian but cannot argue that the surrounding area is coming up quickly. And not sure that they still run "Sabbath" elevators (i.e. at least one elevator in every bldg stops on EVERY floor on Saturdays b/c observant jews cannot press the buttons. To me, as respectful as I am to other folks' beliefs, this would probably bother me.

I am actually looking at the one closest to the F Train which I believe is the D building? Think its only a 3-4 block walk to the J/M/Z/F/V trains?

#5,

I was referring to the East Broadway station (the building I wrote about has an East Broadway address), so perhaps we're talking about different buildings. I'm thinking that you're referring to the one closer to Grand, which would put you closer to the Essex/Delancey station. Not that it really matters as they're pretty much twin buildings.

Take this with a grain of salt, but my friend was on the co-op board at Seward a few years back and mentioned that quite a few of board members (the ones who wielded any power, anyway) were, in his words, "incompetent buffoons". He's not optimistic about the co-op's leadership and future financial picture.

It's a tough situation, to be sure. The co-op desperately needs to raise capital, but the board can't raise the common charges as there are large contingent of owners who are on a fixed income (like social security) and/or owners who simply don't make enough to cover additional fees (the vast majority of owners bought in when the units were heavily regulated and sold for a song). Instead, they've opted to institute a hefty flip tax--which, not surprisingly, is unattractive to potential buyers and, from what I understand, isn't enough to cover the rising expenses.

I know that my friend would like to leave, but he can't work out the numbers. Even though the value of his place has tripled in the short time he's owned it (he bought in right before they decided to go free market), it's doubtful that he can find another 1100 sf 2 bedroom in Manhattan for ~$700K (which is what he'd probably get for his unit). In other words, he's stuck.

I suspect that many other owners feel the same way. They might be unhappy with the financial situation/leadership/management, but can't really afford to sell unless they were willing to go to a smaller place, move to an outer borough, or leave the city altogether.

True, the area is coming up, but then again, so is most every other part of the NYC. Hell, even East New York is cleaning up! As I wrote before, I don't think Seward Park is worth the current asking prices. $700K will buy you a luxury 2 bedroom one train stop away (and 5 minutes) in Brooklyn, maybe even a nice 2 bedroom in primo Brooklyn Heights. That makes more sense to me than buying a rundown, institutional co-op for the same amount, but your calculus may be different.

Good luck.

#6--Thanks so much. VERY UNfortunately for me, Brooklyn is not an option (Hint: Ball and chain). Your synopisis I think is dead on. As I recall, the Hillman one had a graduated flip tax scale which was as high as 25% which, I am AMAZED no one has ever challenged in court as excessive. Probably not worth it but judging from the amount of units they consistently have on the market, there must be a large slush fund from recent flip fees. As I said before, the President of Seward quit last week (no clue why).

Think I confused the East Broadway F/V stop with the Essex F/V stop. Yes, the Grand Street and East Broadway buildings are almost identical I believe.

Just to clarify--the the V train does not run to East Broadway or Essex.

#7,

I completely understand the need for compromise. Much as I'd like to move downtown, dear wife would prefer to stay at our current UWS location. She's much prettier than I am, so we live uptown--even though I feel the area's a little geriatric for us (I'm in my early 30's).

Just out of curiosity, is there a particular reason you need to stay on the LES? As much as I love Manhattan, I vastly prefer Brooklyn Heights/Cobble Hill/Boerum Hill to the LES, and as I wrote above, it's literally 5 minutes from the LES anyway.

#9-- BK not an option as better half a reverse commuter and cannot subject her to BQE hell. We also thus need the vehicle. LES only place in manhattan I know of with a reasonably price parking lot close by. I also hate the UWS for reasons you've elaborated upon.