Shares of NY

Give us a few hints.

Uh...what are you talking about. The "status" of all coops on the UWS? There's nothing special about coops on the UWS as opposed to anywhere else in Manh. Can you be more specific? Particular buildings? Types of sales? Particular issue?

http://www.sharesofny.com

There were some threads about them a year or so ago.

sorry, status as in the Shares of NY co-ops (150 w 87, 55 and 65 west 95th). the prices seem very reasonable, $800 psf for what appears to be nice gut renos, (see 65 west 95th 3bed / 2bath for $1.2mm).

i had read something about these specific co-ops have a number of units set aside as rentals, rent-to-own, causing issues with ability to obtain financing.

apologies if i'm not being very clear - kind of new to the buying game. it just seems these prices are low for what you get and i'm having trouble figuring out what Shares of NY is all about and what issues there are if any.

Have you been in the buildings?

ali r.
DG Neary Realty

Got it. Had no idea this was a company/website. I thought you meant shares of NY coops generally--didn't see you meant "Shares of NY"."

Ali, what do you know? Your post suggests something you are aware of...

The location on 87th and Amsterdam overlooks a towering monument to low income housing architecture, so there's that going for it. Haven't been to the 95th location. I think the adage that you get what you pay for is well represented in the SONY offerings. That is to say, that if you don't mind the locations and standard level of finishes then they are probably a good option for buyers that have better things to do with their money. Can't speak to the ownership/occupancy issue, which could add a level of complexity to mortgage approval.

i made it to the two showings on 95th. kind of depressing, as there was no energy in the building. the layouts are spacious, and good bang for the buck, but there's something klunky about them, with narrow hallways and angles. i don't get it, as somehow when they recut the units, they just did a really poor job of laying out the rooms. and they don't really get great light, as the ones i saw were interior facing. the finishes are nice in some parts (kitchen, bathrooms) but tremendously mediocre in others (floors). i guess if you were looking for cheap ppsf, then this is worth considering, but i didn't find it to be all that inspiring.

i guess the issue, as described by the agent there, is that the units are ~30 - 40% sold. with another 30 - 40% on the market. the remainder are tied down by rent stabilized. so you can get financing from SONY, but if you're looking to sell, then you're out of luck w/o an all cash buyer. i met one couple moving back to Europe who gave me the overview on that. seems like a roach motel almost - you can get in, but can't get out. although, i guess for someone looking for a long-termhome, i suppose you wouldn't worry about it as long as you are confident that they can get enough units sold.

hope this helps anyone else looking here.

Ali, did you have anything to add? Seems like you had a view, that you were holding out on :)

I think spins "you get what you pay for" and your "interior facing" pretty much covers it -- real estate is always a tradeoff, and the SONY units are often a trade off of more space/less light.

ps. bigdude, if you're willing to look on 95th, considering crossing 96th street. We love it up here. (98th)

ali r.
DG Neary Realty

we're UWS 60s and 70s for a long time, but my son is going to school in the 90s this September, so its time to move... we love the 80s but not the prices. was dipping my toes into the 90s and these seemed interesting. i'm willing to move to the 90s, wifey is not so convinced she is ready to buy there as she's not sure how she'll adapt to it. it'll be a slow process as we're in a lease till november, but just keeping an eye out on the market.

thanks for the feedback - definitely have the mid - high 90s on my radar, just haven't seen anything that compelling yet.