Parc Vendome -- General Info

There is no better place in the world to live.

This is the ultimate building in which to spend the rest of your years in this life.

Ask Ali.

Hi!

I bought there in 2003 (jumbo studio, which there are a lot of in the building) lived there by myself for a year, then with hubby for five. Our unit is now rented out.

There are really four buildings in the complex and the 57th Street side (340,350) used to have a little more prestige than the 56th Street side (333,353) I think. Whether that has changed with the rise of the Sheffield, I'm not sure.

What else? Like many prewars it's a little dark. Lily Tomlin used to call it "the Parc Vendoom."

There are some slight problems with the building's sheer size (600 units) -- but I've been pretty happy there, both as a resident and an investor, and I'd be happy to show you units and spend hours telling you the long history of the health club lawsuit.

ali r
DG Neary Realty

Everyone who is anyone has at one time or another lived at the Parc Vendome.

Only the most fabulous people have graced its dwellings.

Unless you've lived at the Parc Vendome, you're not a real New Yorker.

front_porch . .

what studio l/o's do you like/ most interesting?

thanks,

lmw

A friend just moved there last year. It's ok, in that musty smell sort of way. I think dowager is a perfect description.
The positives: pre-war details, courtyard, stately feel
the negatives: huge, feels impersonal (might be a positive for some), smells like an old English hotel

I like the fact it's pre-war and my unit was facing the courtyard - used to live there a while ago. Friendly staff, and almost too much staff though so you'll be spending quite a bit tipping them at the end of the year.

It's not the structure that smells like an old English hotel, itz the ppl that smells like old enlgish furniture.

Sorry, W.67thstreet, but what does "ppl" stand for in your comment above?

I have lived in the Parc Vendome for many years and own my apartment there. I wouldn't live anywhere else.

The location is marvelous, you are right near all subway lines, the neighborhood is great (you are in midtown but feel like you are part of a neighborhood which is not the case if you are east of 8th Avenue in midtown), the building is really well maintained, and the apartments and closet space is so much larger than you would find in most post war buildings. I disagree with the poster that the building feels impersonal (on the contrary), there are 576 units that are divided amongst 4 buildings so it doesn't feel like a huge highrise like the Sheffield next door (where I lived as a renter back in the 1980's). Waiting for the elevator at 5 or 6 p.m. on weekdays at the Sheffield felt like waiting for a train at rush hour!

It is true at Xmas time you will be digging deep in your wallet though as the building staff is very large but I think they are well worth the tip.

To LMW, I know most of the studio lay-outs and think the 600 ft. studios that have alcoves are the best as they are the most versatile. You can put a dining table in the alcove if you like, or you can put up a wall and put a bed (double or queen) in the alcove and can still fit a dresser in making it like a junior 1 bedroom.

Also, I can tell all readers that all of the apartments have very thick walls (I found that out when I renovated many years ago), and have never had sound complaints from my neighbors, no have I heard them in all the time I have lived there.

I love coming home to this building every evening, and I can only give it an excellent recommendation.

If anyone has any questions about the building , I will do my best to answer them.

Many thanks,

Damier212

Ppl = people

"It is true at Xmas time you will be digging deep in your wallet though as the building staff is very large but I think they are well worth the tip."

Only if you choose to allow your pockets to be picked by the building staff.

lol, maly and W67th ...

LMW, I bought a studio on the 56th Street side facing South because I was broke at the time, and those units were the cheapest ("worst house on the best block" theory). That has worked out decently as an investment -- my current tenant is covering most of the carrying costs, and the unit generates a nice little tax loss.

If I had my druthers, though, I think I'd face the courtyard.

ali r.
DG Neary Realty

Hi. I live in the building and am interested in possibly moving within the complex as I am on a low floor and my landlord keeps raising the rent despite the soft rental market. I do not want to pay a broker's fee but would like a renovated studio for August 1. Any ideas? Thanks.

I think my tenant is happy but I will check. What are you paying now?

ali r.
DG Neary Realty

As I do some research, I am noticing some of the 1,165 square foot 1-bedroom units in the Parc Vendome sell for around $850 - $900 per sq. ft. That seems well below the $1100 - $1300 per sq. ft I am seeing in many other buildings. Does anyone know why the units in the Parc Vendome are selling at what appears to be cheap prices. I noticed the cc+tax are pretty high at $2K a month but that doesn't appear to explain all the difference.

Froboy, I think the condition of the hallways might explain some of that difference--a hallway renovation was "just around the corner" when I bought 7 years ago, and it's w-a-a-y overdue now. It will mean inconvenience, and probably an additional assessment, and I think those factors are priced in.

ali r.
DG Neary Realty

Maintainance seems generally high and that seems to be priced in as well.

I own a couple of units, one that I used to live in, both are now rented. I comprehensively researched the expenses in the building to understand why common charges have gone up 10% per year relentlessly. It isn't all because of the large union employee payroll although that doesn't help. There seem to be numerous other expense increases that the mgmt office can't adequately explain. A few examples:
1. "water and sewer" has gone up 18% per year for 5 years, so it is now twice what it was in 2007
2. Fuel costs - the building still uses oil predominantly in a dual fuel boiler when gas would be a fraction of the cost
3. Electricity costs - even given the fact that we are all paying for each other's power usage (since there is no individual metering) this has still gone up at a time when wholesale costs have come way down.
There is also a large "contingency" line item in each year's budget that goes to a large and increasing surplus reserve.
Letter to the board outlining these examples was (politely) brushed off. Nobody seems to realize that 10% increase in common charges lowers the capital value of apartments significantly in a market where buyers are more aware of total cost of ownership than ever before.

(To Front-Porch or who may have an answer), apparently the additional assessment is now a reality ($104), do you know what are they for (hallway and/or sth else?)and how long it will last? thanks

How come maintenance is so high when there is no gym and why have the prices (sales and rental) not increase over the years?

Also, can someone tell me what the health club lawsuit is all about? Does it have to do with the fact that there is no gym in the apt?

The Health club lawsuit is long and complicated, much of it covered by various gag orders, etc. As I understand it, there is a defunct pool/gym space on the SW corner of the property. Over the years various developers have tried to buy it, develop it, run out of money and then stopped paying taxes and maintenance on it. It has at various times been planned to be a new gym, high end condo apartment with its own pool, kids play center (?), etc.
There was a leak from Ballsley park into the space at some point which caused significant damage, the developer who's plan didn't work out is suing the condo. The condo's "insurer" has denied coverage.
Aside from the legal liability, the condo has to pick up the loss of the condo maintenance fees, not sure who is paying the taxes on it.
Given all the various legal machinations, I doubt that there is very clear title, so it is probably going to be a black hole for some time. One of the problems of condos compared to coops.

To answer your other question, the maintenance is high because:
electricity is communal and included in maintenance (so everyone uses a lot)
water bills from the city have doubled in the last 5 years
the building uses oil heat even though it could switch to gas which is currently cheaper
with 4 fully staffed entrances there are a lot of employees (on full union benefits)
there is a lot of deferred maintenance and waterproofing that took years to complete
there hasn't been a change to the management company for a long time
the building runs a substantial surplus and has accumulated significant cash reserves

The Health club lawsuit is long and complicated, much of it covered by various gag orders, etc. As I understand it, there is a defunct pool/gym space on the SW corner of the property. Over the years various developers have tried to buy it, develop it, run out of money and then stopped paying taxes and maintenance on it. It has at various times been planned to be a new gym, high end condo apartment with its own pool, kids play center (?), etc.
There was a leak from Ballsley park into the space at some point which caused significant damage, the developer who's plan didn't work out is suing the condo. The condo's "insurer" has denied coverage.
Aside from the legal liability, the condo has to pick up the loss of the condo maintenance fees, not sure who is paying the taxes on it.
Given all the various legal machinations, I doubt that there is very clear title, so it is probably going to be a black hole for some time. One of the problems of condos compared to coops.

To answer your other question, the maintenance is high because:
electricity is communal and included in maintenance (so everyone uses a lot)
water bills from the city have doubled in the last 5 years
the building uses oil heat even though it could switch to gas which is currently cheaper
with 4 fully staffed entrances there are a lot of employees (on full union benefits)
there is a lot of deferred maintenance and waterproofing that took years to complete
there hasn't been a change to the management company for a long time
the building runs a substantial surplus and has accumulated significant cash reserves

The Health club lawsuit is long and complicated, much of it covered by various gag orders, etc. As I understand it, there is a defunct pool/gym space on the SW corner of the property. Over the years various developers have tried to buy it, develop it, run out of money and then stopped paying taxes and maintenance on it. It has at various times been planned to be a new gym, high end condo apartment with its own pool, kids play center (?), etc.
There was a leak from Ballsley park into the space at some point which caused significant damage, the developer who's plan didn't work out is suing the condo. The condo's "insurer" has denied coverage.
Aside from the legal liability, the condo has to pick up the loss of the condo maintenance fees, not sure who is paying the taxes on it.
Given all the various legal machinations, I doubt that there is very clear title, so it is probably going to be a black hole for some time. One of the problems of condos compared to coops.

To answer your other question, the maintenance is high because:
electricity is communal and included in maintenance (so everyone uses a lot)
water bills from the city have doubled in the last 5 years
the building uses oil heat even though it could switch to gas which is currently cheaper
with 4 fully staffed entrances there are a lot of employees (on full union benefits)
there is a lot of deferred maintenance and waterproofing that took years to complete
there hasn't been a change to the management company for a long time
the building runs a substantial surplus and has accumulated significant cash reserves

I'd add that "long and complicated" also includes three add'l parties to the Health Club do-si-do that berridge didn't mention, but that's a pretty good sketch of the situation. Thanks b.

ali r.
DG Neary Realty

^^Update: meeting tonight to discuss the long-awaited hallway renovation.

ali r.

I am currently looking at a 1Br on the floor above the common recreation rooms and wonder if anyone here has any experience with this. I've been assured that they are hardly used (and the gardens as well) which I find hard to believe since they are such a unique selling point. the PV has a loyal following here, but as someone new who drifted over from the Lincoln Center area, I am reading these posts with confused messages. In my visits to look at apartments, I've come across people who all look like students, and I worry this has become a fordham dorm extention like the tudor city apartments. one obvious question- if there is so much love for the place, why move out? makes me nervous.

I have lived at the Parc Vendome for several years. Here's some comments if you're looking to move in:
CONS:
-Doormen: Like many places in NYC, they really do vary. At 333, I can tell you that some are outright lazy (ignore deliveries when they do come), whereas some are on the ball.
-Office: Brenda who heads up the Parc Vendome Office has been here for quite some time. She stonewalls quite a bit and is the reason for lack of change in this building. You'll notice a lack of professionalism when dealing with her, which sadly sets a poor tone on how certain things are decisions are carried out.
-Laundry: They need to put more laundry machines in. Given the number of units, most of which don't have w/d, there is a long wait at weekends.
-Renovations: I'm told renovations on the hallway (which you will note from previous comments was being discussed almost 2 years ago!) are supposed to happen in April/May 2013.
PROS:
-Location: Can't beat it - you have the best of Hells Kitchen, Columbus Circle, being the near park, & Midtown.
-Pre-War style: this means big closets, more space, some working fireplaces in the building, and lots of character.

Hi, I'm looking to buy in the pv but am an out of towner and saw that there might be issues ongoing with the litigation and costs to owners down the track. Like most litigation you can't be sure of an outcome until decisions are made, but what is the general feeling of the residents - Do they think they will be having to dig deep into their pockets to cover any liabilities?

Hello there,

I went to an Open House today at the Parc Vendome, and am also curious about this litigation issue.

So if any current Parc Vendome owners can shed light on this litigation issue, I'd really appreciate it...
Please answer these questions:
1)Is the lawsuit to settling?

2)Is there a specific formula you can use to see what your share of the liability is? I would imagine it's based on square footage of the apartment or something like that ? So let's say the Parc Vendome loses and the suit is for $20 million. And your share is .4 percent. That would add 80,000 to the cost of the apartment? Has the condo board been very candid about what's going on to the current residents?

3)Also, this is kind of trivial. But I went to the roof deck just to check it out. The sign said: "no food allowed." Whaaat? It also said, "Only drinks in plastic bottles are allowed" something like that... Double Whaaat?.... So basically no picnics & you can't bring up a bottle of wine to share with your friends. I'm not a drunkard by any means but seeing these 2 rules was disappointing. My questions... ARe these pretty standard rules for roof decks in Manhattan buildings—or is the PV being unusually strict? Does the existence of these rules speak to the fact that the building has a lot of young people in their 20s who used to party a lot on the roofs. I guess if I were in my 20s in Manhattan and my building had a roof...oh never mind. :-)

OK, thanks a lot for your help, Streeteasy peers.

Khoi

The suit between the condo and the owners of the former health-club space is in arbitration.

Separately, the condo is suing its insurers about coverage of its legal fees in defending the health-club suit.

The largest few apartments are only about 0.5 percent of the common interest. Check the current deed of the unit you're looking at to see its PCI.

I have no idea what the total liability to be divvied up among the owners might end up being. Unfortunately, it's too late to go back and sue the original builder for the lousy waterproofing of the western wall.

hi, I'm an agent and an owner at the Vendome.

1) the suit is more complicated than I'd care to go into on a public board (because among other things, it is active, and also there are multiple parties involved, so it's not quite as easy as A vs B) but yes,

2) to guess liability of an individ unit you multiply your PCI by the total hit. the question is what the hit, if any, would be, and whether that's priced in already. 2b) I personally think our board is outstanding.

3) no food in the garden and on the roof deck is to prevent a rodent problem. Building in my experience has been mouse- and rat-free, and we'd like to keep it that way.

ali r.

and NWT, the western wall isn't the builder's fault.

[insert religiously incorrect joke here]

Hi,
You guys are awesome. Thanks for the prompt response, NWT and Ali G. (THat sounds like a rap.) NWT, I think you were the one who answered my question about "The Link," also very promptly. I think I should buy you all a drink--but we will not consume on the roof deck of the PV.

By the way, at the OH today: the seller's agent did say that there's a chance that the building will not have to pay the FULL amount—which seems reasonable to me, since the process is in arbitration, a fact that's confirmed by Ali R—and because of all of these unknowns, the share of that apartment's "hit" hasn't yet been priced into the list price.

Thanks again.

Khoi

hi, anyone know the latest with the lawsuit?

Can anyone else in the building hear clear footstep noise from upstairs and everything the upstair neighbor is doing, like telephone ring, footsteps rushing to pick up telephone, talking on the phone, talking to other people, tv sound, footsteps with slippers on, and everything else you would expect from a daily life? I am not sure if this is just my apartment or the same for the whole building.

What floor do you live on?
How old are you?

What happened with this guy: http://streeteasy.com/talk/discussion/24391-broker-referralhow-does-this-work

Does it matter how old I am?

Yes, why not just answer the question since you are otherwise posting anonymously?

From the nature of the post regarding all aspects of normal living in an apartment, I would imagine he/she is an old fossil who will be spending his/her entire life in the apartment complaining because other people have lives!!!

Why don't you answer the question directly to my original question first? How old are you?

How is this hostility working out for you?

there is a fb group for members of the parc vendome community: https://www.facebook.com/groups/488077708050869/