The Channel Club 455 E 86th St

The monthly assessment covers the new lobby, pointing of the bricks, renovation of the 3rd floor and some miscellaneous maintenance.

what about the glass structure that they built? does that have anythignto do with it?

The assessment is for a major, major thing: apparently, all balconies of the building are faulty and will be ripped out and rebuilt. So this assessment might be just a beginning.

"The glass structure that they built": they didn't build it. The building got a rotten deal because the structure is a private house that shares the lobby with the main tower and is supposed to pay for its own water and gas but apparently the private house's owner somehow ripped the Channel Club off.

It's a pretty badly mismanaged building. I know someone who lives there.

I saw an apartment in this building a few months ago. Supposedly each apartment was assessed a very large assessment over a 15 year period. Part of the assessment was being used to create a new lobby on East 86th Street where a townhouse formerly stood (the old building entrance was on York). The balcony in the apartment that I saw was in pretty bad shape with several exposed gaps in the bricks.

Amazing how you become an expert because you know someone who lives there. Since I actually live here, here is the real story.

1. Assessment is to cover Local Law compliance, which includes terraces and brickwork. It was substantially more than necessary to avoid having to go back to the building in the future if a boiler or elevator failed. Accordingly, there is now a very large reserve fund.

2. The glass building will be occupied by the owner of one of the City's largest real estate firms. That unit bears its own expenses. The sale of the unit allowed to building to get both a lobby and storage area for well below market value - and prevent the prior structure from being used by the city for an outpatient clinic.

3. Balconies were in far better shape than the design professionals thought. They have been rebuilt to like new condition.

4. Far from being poorly run, the construction project will be completed in days below budget - thanks to the use of professionals who are tenant/owners who supervised the project without compensation.

So the following statements above are absolutely false:

1. Balconies will be ripped out - they were not ripped out.
2. This assessment is just the beginning - nope.
3. Building got a rotten deal on the new lobby - it purchase was below market.
4. Building only got a new lobby - it also got a service entrance, storage floor and new staff facilities.

It's a pretty shabby building with a lot of waste, regardless of what StreetWize says. The assessment IS just the beginning, and " the owner of one of the City's largest real estate firms" royally screwed up the building on water/plumbing deal and on some other issues, too. In general, is being a somewhat disadvantaged neighbor of " the owner of one of the City's largest real estate firms" a good thing?
The building is in really bad financial state. StreetWize, it's not a guess but information, believe you me. You may be the one trying to sell the unit for $2M, and good luck to you but find that price wildly extravagant.
Plus, there's a rumor about some sort of a legal trouble for the pool that I don't know the details yet.

The building's entrance has been in a state of repairs for years. We go over there once a year for party and the scaffolding is always present. I recall the building was an SRO that they were able to convert into this lobby addition. I believe the owners were told at one time this addition would be a big windfall. I don't think they think that anymore.

The scaffolding is down. The monthlies don't appaer that bad. Salut, do you have any update on your assertions of poor financials, legal troubles etc...

The building has run an operating cash flow deficit going back to at least 2009 (due to ongoing repair costs), which still continue to this day as far as I know (even though alot of work has been completed). They used bank loans to finance the gap, getting a fairly poor interest rate. They also have failed to maintain sufficient cash reserves, which makes mortgage lenders a bit wary here. The issues with the associated private structure remains murky even to residents.

On the other hand, this building trades at a discount to peers, so these issues appear somewhat factored in. The worst may or may not be behind them. Buying in this place depends on your risk level.

What is the condition of the building now? Can anyone opine on why there are so many units for sale especially C units?