Sale at 343 East 74th Street #PH3D

It's a relic of the previous boom. The Greek Archdiocese had Carlyle erect the building, and made it a condo with two units, Church (25%) and Residential (75%).

The Archdiocese owns both units, but leased the Residential one to the co-op for 100 years, 1987-2086.

The co-op paid for its unit by mortgaging its leasehold for $6,000,000. The co-op has since then increased the mortgage debt to $8,500,000.

So, you've got a co-op of only 149 apartments in 139,000 square feet, carrying a huge mortgage for its size. Hence the high maintenance. I'd love to see the financials.

Short Sale?
I'll price it out for you....$2.13
I can't wait to meet the buyer. Last time I saw a mouth like that it had a hook in it.
It's so sad, it hurts my heart.
Ouch.

That realtor is one of the most annoying people I've ever met.

I never quite understood why the prices here were low. I guess it now makes sense. If I understand this correctly, this is all the worst of a land lease building and more. Not only do you have to renegotiate the lease on the land, but you have to renegotiate the lease on the real property improvements themselves. A bit of a risky proposition to say the least. I know that the lease runs for a bit of time, but this will only depreciate apt prices more as time goes on. Good luck to the owners here.