Addison Hall - a lot of units for sale

Depends on what you think a "comparable" building is.

In this market, we're seeing a lot of turnover of small units in bigger buildings, and IMHO, it's basically three factors:

1) Sellers who own two properties and use their city units as pied-a-terres may be feeling distressed and want to cut back by dumping their second property;

2) Sellers who are primary residents and had felt priced out of trading up during the boom are taking advantage of the down market and low rates to do so (we are seeing a lot of this in certain buildings in the Village, where all the one-bedroom lines are turning over);

3) First-time buyer tax credit, which expires later this spring, is driving sales at low end of the market.

ali r
DG Neary Realty

does anybody know if this is a good neiborghood?

It's a decent area. Very close to the park, whole foods, time warner and subway. 57th is a busy street, though, so higher is better to avoid street noise.

Judging by the number of rentals, it could be primarily renter-occupied, which makes it hard to get a bank loan. You can start by asking a broker if it's an FHA approved building and what the percentage of renter occupied units is. There are probably a lot investor units.

We own on 56th and have for years. Very fun neighborhood to live in, with nice access to transport, Central Park, and Ninth Avenue restaurant strip. Noisy though.

ali r.
DG Neary Realty

Any update on this building? Is it investor friendly?

I looked at a very well-appointed studio there, but it was just too small (it was owned by a psychiatrist who commuted between NYC and New Haven but who wanted to move downtown to be closer to his new job -- would no longer be commuting from New Haven), and for me, although the sale prices were certainly reasonable, the mainenance wasn't that low. It seems like a very nice building, with an interesting clientele. I looked at several studios -- for a co-op it allows a lot of pied a terres, and people's circumstances change and they were selling. It did seem like a nice building, but I didn't really research it -- again, seemed like a lot of pied a terre ownership, more than renters, but again, I didn't look into the renter to owner ratio.It's a good area.

Should say that for Manhattan, perahps the maintenance wasn't that high (it was more than $800/month, though). I guess for Manhattan that's in the "normal" range. Again, seemed like a nice building, kind of reminiscent of Old New York (in the best sense of that phrase).

My mother and I share an apartment in the building which we use as Pied a Terre. We love the building. The staff (doorman/maintenance/etc.) are incredibly nice and responsive to people's needs, and the location is amazing. An easy walk from the bus, an easy walk to A/C/B/D/1 lines or the upper west side, a crosstown bus at the door (literally), and I never feel unsafe walking there no matter what time of night it is since the neighborhood is quite active even at night - but the street is quiet since the buildings nearby are all residential except for the Holiday Inn. The residents are a nice mix too. Because of the unit size it's mostly younger people and older adults with few families. Lots of artists and fascinating types. I always love meeting my neighbors, they're pretty unfailingly nice.

How to find out about owner/ rental ratio? Is there a landlease issue with this coop?

The co-op owns the land and building; no land-lease.

In my building, we have six apartments currently for sale, two others that were listed but never sold, and a few others being prepared for sale. With 106 units in my building, that is over 10%, a high percentage. All this started last year July, when it became clear because of corrupt board and management issues. When buying, do your due diligence. Request as many communications and reports on the building as possible, and search for any legal action. A good broker and lawyer working on your behalf will know what to look for.

Anyway know the sublet policy?

I have recently financed a unit in this building, and have it approved for great rates and cheap closing costs. Call or email me to find out more.

Michael Most
Senior Mortgage Consultant
917-841-8096
Email: michael.most@citi.com

The "MOST" Trusted Name in Home Loans !

Do you know if there are any issues with the coop board in this building?