building at 242 East 25th Street

I too would love to get s.ome info about this building

tmaster:
Any word on the quality of the construction issue you raised on this building? I tried to look/ask around but haven't found anything...
thanks

i was told this building is on a landlease for 99 years. Not sure about the quality of construction.

Sold units in this building none of the clients have ever complained about the bldg construction.

Any objective reason for prices to almost double since last year?

ousider, i have the same question. I have noticed that many of these units for sale have unobjective prices that have almost double since last year. Any reason for this? These price increase has turned me away from this building, especially knowing that there is a ground lease.

My wife and I visited this building in November 2013. The location is good (short walk to fairway and the kips bay movie theater. 2nd Ave. SBS Bus picks up nearby) and the exterior looks like it's holding up well. The hallways needed updating as there were scuff marks on the walls and the carpeting was frayed at the edges, worn out in sections, and it was discolored.

The apartment we looked was overpriced because it still needed some cosmetic work, e.g. paint, plaster repair. and the bathrooms needed to be re-done. I think the owners had bought it and immediately sublet it. The renters may have been a little rough on the place

It's a good deal if you can grab the apartment for under list (obviously), but be aware of the land-lease and the fact that you will be putting in $50-75k in renovating it.

I would be wary any building with a landlease, given the current pricing environment

The maintenance seems is very high I think and the land lease is being renegotiated in about 7 years - can someone please shed some light both of these issues? Thanks

You should be really crazy to buy a condo in this building. I was interested in buying 242 East 25th Street #9C, but I am glad that I did a little research: it is not just land lease issue that could raise you HOA fee up to the sky anytime. It is also illegally converted studio into 1 bedroom. There is no information about that change in the DOB right now and as soon as DOB will find out, you will have to pay $30,000 penalty, make a project with an architect for +/- $50,000, a lot of paperwork and legalize all these. So much headache. Good luck!

Both the StreetEasy description and Broker's listings are calling this building a "Condop" which is untrue. It is a Land Lease building and can not be a Condop.