One Carnegie Hill

address?

woops..see the address.. bldg is a complete mess--landlease from the mosque..some rental, some fro sale, and many sad attempts at secondary sales...a brown elephant (like poo)

it's a related building, so service should be good. but as ubottom points out, not a single resale in this large building since lehman, despite many attempts. don't do it (maybe a foreclosure, but that would be what it should take).

just fill'in in all the missing pieces

we looked into buying but you are NOT buying, the coop is leasing the land and the building from the mosque. in 99 years the lease expires. the double whammy is that the tax abatement will just increase re tax over the next 9 yrs. the triple whammy is that the rent comes up for reevaluation every 16 years to "market" price, therefore you achieve no benefit from buying, maintentance just goes up and up, it's already at extreme high end of normal.

I've been living there for over a year-what would you like to know?

@ aboutready: There have been a few resales (this is obviously four months after your original post).

@ nycresident: What you are saying is true, but the way you are making your points is incorrect.

It is a condop, which is a co-op with condo rules. As per any co-op, no you are not buying real property, you are buying shares in a corporation.

The amount of taxes you pay increases as your tax abatement decreases over 10 years. This is no different than any new development condominium. The fact that the building HAS a tax abatement is an extremely positive thing.

The lease on the land comes up for reevaluation every X years (I'm not entirely sure when it comes up) as it is a land lease building. When this happens they can renegotiate or buy the land (they typically renegotiate). There are lots of land lease buildings in the city that have to deal with the same situation, they typically sell for less than a comparable non-landlease buildings because of this.

I have sold a lot of residences in the building (resales) and rented several as well. The recession has made it a little difficult to buy with a mortgage in the building due to the high number of investors and the hybrid (sales/rentals) structure. But I am confident in saying that there are few buildings, throughout the city, that have an amenities package as impressive as One Carnegie Hill.

The points you have made are valid, but much like any purchase, these should factor into what someone decides to pay for a unit.

(Matthew Russell - Brown Harris Stevens)

MRussell,

Thanks for your insight & honesty you work in RE?

What do you mean by this? "The fact that the building HAS a tax abatement is an extremely positive thing."

@ mutombonyc: Sorry about taking two weeks to get back to you. I didn't save this discussion so I didn't realize you replied.

Yes, I work in Real Estate and have done a lot of work in this building (I have a rental exclusive as we speak).

Simply put, a tax abatement is a discount on the monthly taxes that you need to pay. If your building currently has a tax abatement, then you are paying less in taxes then you should be.

To read more about it, check this article out: http://www.plannyc.org/taxonomy/term/53

MRussell, I see you sold a number of units in this buidling. Have you heard any downside from your buyers about living in this building and/or neighborhood? I heard from some current renters that the heater is bad and the developer seemed to cut corners, which makes me concerned about the quality of the building. Can you please comment on any negatives of this builidng? Much thanks!

positive for the seller.
The short term monthly costs allow the seller to increase the selling price b/c most buyers focus on the 'how much does it cost me to live there monthly'. As a buyer, evaluate the escalations and determine the final tax amounts at today's tax rates. Consider the value of the property 'as-if' there is no abatement. Abatements are all about the seller and sucker bait for the buyer...imho.
Nice building.

Buy with a land lease??? last time I saw a mouth like that it had a hook in it.

NYsky ?
check the prior sale of apt # 34D and look closely at the picture of the bedroom,
there is a space heater in the picture.
it definitely is a space heater because I saw the original listing and the larger picture.
I could not believe they did not move it out of the picture.

EDIT: sorry ...the correct apt # is 37-D ... with a 08/05/2009 listing date

MRussell,

Thnx.

Take a look at 28C. It's beautiful and the price is right!

I currently live in the building (renting from an owner on the condo floors). I've never had an issue with the heating or cooling units. They're by no means fancy units, but they work fine. Overall the build quality in the apartments is good, not the highest level in terms of materials/luxurious finishes, but the prices reflect those (and the prices reflect the land-lease as well, IMHO).

The rents seem a little high for this location--
are they offering any incentives?
Also can you comment on the noise level

I'm not renting from the management company (Related), so no idea about incentives, though I think I've heard people say they are offering 1 month free on a one year lease. No issue at all with noise, the Upper East Side is generally a quiet neighborhood, and the building is far away enough from the 2nd ave construction area. With windows closed on a high floor I rarely hear much noise.

thanks
did you pay in the $50 ish per sf range
did you use a broker- or what do you recommend is the best way to rent a unit from an owner
is there much of a difference between the condo and rental units?

yep, I think the pricing is around that level. condo units are on higher floors (23 and higher), have a separate elevator bank (one extra service elevator) and typically include access to the gym (which saves a family of two over $1000/year). I rented the apartment through a broker, but owner paid the fee.

thanks for the info

Does anyone know what are the Financials/budget in the building? Is there a sufficient surplus to keep the building running?

What do people think about the neighborhood?

awful---96th is an artery off the fdr--lots of busy, aggressive traffic

building a land lease from the mosque--resales have been awful--careful buying a place you might ever need to sell

Sales in this building still appear anemic as location and price don't seem to match...
Anyone with some details?

It is in fact in East Harlem, BTW. Anything above 96th is East Harlem, if its on the North side of 96th itself.

Congratulations Jason!