372 Fifth Ave

Started by sangm61
over 13 years ago
Posts: 13
Member since: Feb 2007
Discussion about
does anyone know what the deal is with 372 fifth ave? seems like a decent building. most, if not all the units have a lofted sleeping area.. maintenance seems a little high, but not totally out of line. board sounds liberal. but, there's a pretty high number of units available which is a little disconcerting.
Response by anonymous
over 13 years ago
Posts: 1071
Member since: Feb 2007

been there to see 2 units.... one of them was a nice penthouse with an awesome terrace, but the maintenance was way too high at $2500/mth for a $690k unit... lobby was nice but the hallways in each floor was dark and not nice at all... definitely a concern how there are so many units on sale in the building...

Ignored comment. Unhide
Response by anonymous
over 13 years ago
Posts: 59
Member since: Apr 2007

I looked at a 3 bedroom penthouse duplex a couple of years ago that was listed for $899,000 with a backyard sized terrace (sounds like a great deal), but I found the building to be extremely depressing and the location pretty much sucks... I know it's midtown but they could have at least cleaned the lobby and hallways, it was like walking into a crypt. Also the maint was really high, and the place needed a LOT of work. Needless to say, I didn't buy it and I'm kicking myself now!!!

Ignored comment. Unhide
Response by nba
over 13 years ago
Posts: 89
Member since: Oct 2006

I looked at a few one beds w/ the loft and they advertise as if the ceiling hight can be increased. Don't beleive them! Brinf in an engineer and do test holes otherwise you will overpay.

Ignored comment. Unhide
Response by anonymous
over 13 years ago
Posts: 5
Member since: Jan 2007

if at all possible, check the buildings financials

Ignored comment. Unhide
Response by anonymous
over 13 years ago
Posts: 13
Member since: Feb 2007

OP here.. i imagine its pretty difficult to bring in a guy who'll drill holes in your ceiling if there isnt a signed contract.. any insights on how to deal with this?

Ignored comment. Unhide
Response by anonymous
over 13 years ago
Posts: 1905
Member since: Apr 2007

I imagine that someone over there would know, so make it an issue. Perhaps the super or a member of the board would have that info. Perhaps another tenant has done that exploration. You don't want to buy under false pretenses. Who is making this claim? Have them prove it.

Ignored comment. Unhide
Response by anonymous
over 13 years ago
Posts: 3
Member since: Feb 2007

I've been looking at this apt building pretty closely over the last few months and have been there twice to look at different apts each time (1 brs). The building up to the first 6 floors is pre-war-- then I think they extended up to the 9th floor sometime post-war and then I think added the final two floors was finally tacked on sometime in the 80s. The maintenances are kind of out of control-- but the weird thing is-- the maintenance/sq foot is not evenly distributed across the building. Generally, the price/sq foot goes up with floors, but in this building there doesn't seem to be a pattern that I could identify-- though the top floor (usually the highest) was really, super high at I think about $2.25/sq. foot which is ridiculous since the best floors in the building are actually the second and third floors (it used to be the main floors of the department store so very high ceilings).

Looking at the decor of most of the apartments, they all looked like apts from the 70s or early 80s. From the realtors I gathered that the owners used these apts as pied-a-terres (for the 1brs). My suspicion is that there must have been some redistribution of maintenance charges at some point, compelling most of the owners to let go. In addition, some of the apts were rental owned by the board that were being released (with their exorbitant maintenance costs).

Ultimately, I opted not to buy into the building. At the very least because of the bizarre distribution of maintenance fees which I felt were a little haphazard (anywhere from $1 to $2.25/square foot) and the fact that the board released these rental apts right at the same time that all these other apts became available. A little suspicious. Would definitely advise anyone looking to buy to review not only building financial and several months worth of meeting minutes.

Ignored comment. Unhide
Response by anonymous
over 13 years ago
Posts: 13
Member since: Feb 2007

noted. thanks for all the advice!

Ignored comment. Unhide

Add Your Comment