litigation between 45 sutton place south and city of ny

Go to http://iapps.courts.state.ny.us/webcivil/FCASSearch?param=I and search for index 120652/2003.

It's been going on for years and will go for years more. 25 SPS is in the same boat. The initial repair expense was a lousy $400K or so, but the co-ops are more worried about ongoing costs. God only knows what the legal fees will come to.

thank you much for the info. i liked the sutton area, but should i stay away from those two : 25 sps and 45 sps?

Beats me. They might have other advantages that outweigh the uncertainty. Values of the apartments look as if they've taken a hit. The question is whether too much or not enough.

Myself, I'd avoid the strange and unusual -- and building on platforms over the FDR counts as that -- but other people and the market in general may not be as flinchy.

Thinking more about this, I looked at 2BR/2BA 4/4.5-room co-ops for sale on Sutton, Beekman, and the 400 blocks of the side streets. As you'd guess, mostly post-war and mostly large (1350-1400 sf.) There're 52 of these for sale. Then I ranked them by asking price and again by maintenance.

The six at 25 and 45 SPS fall in the middle-to-very-high range on asking price. On maintenance they run very-low-to-middle.

If closings have been happening in the range of usual listing discounts, then buyers don't seem particularly put off by the litigation. Don't know that maintenance indicates much, as we don't know about assessments.

good analysis ! thanks!