building at 45 Tudor City Place

what a horror to the poor people trying to sell an apartment.

this building is horrid! we were in contract for a 1 bedroom here and turned down last year. no one knew why! it made no sense, our financials were/are more than perfect. this board is corrupt. Robert Kaye told us NOTHING. Other tudor city brokers told us 1 beds here need to go around 500k or they dont approve them. This is a serious issue that should be brought to more people's attention, as price fixing in this market is really harmful to sellers. It worked out so much better in the end as there is no way i would ever want to own in a building I cant sell in. What will happen next will be that this building becomes 90% rental, since they dont let anyone sell, and then with 90% rental, you wont be able to get financing in the building!

Ah....the greatness of NYC coops.

{checking door for NYCMatt to enter any time now :) }

My broker friends tell me the market is dead. Does the price fixing Mr. Kaye know that? The shareholders should sue him. I'll buy down the street where there are renovated apartments for less with more reasonable boards and managing agents!

Says the wikipedia:

when the real estate market and economy slowed in 1989-1994, some co-op prices dropped significantly, as owners and investors were concerned that the co-ops themselves would become insolvent. In April 2008, New York Magazine recalled the 1989 slump:
“ ...at Tudor City, owner Time Equities couldn't cover the complex's underlying mortgage and taxes (not to mention utility bills and staff costs), and ended up giving it away, unit by occupied unit, in a jaw-dropping fire sale: In 1992, if the new owner were willing to assume the accrued debts, a Tudor City one-bedroom could be had for $3,500.

I have good friends who live in the building and they love it because they can rent out their apartment at will. They won't because they live there but they like that flexibility. On the other hand, they tell me the management is corrupt, they suspect the managing agent is taking kick backs from a small broker in the neighborhood to keep the prices high and reject anyone who is not listed with him. I'm not surprised by the above remarks hearing what I do from my friends!!!

So when is someone going to show this line of discussion to the people being discussed???? Maybe to the Feds? City government? NY Corporation law?

Are the other Tudor City buildings run the same way? We were thinking about buying in Tudor City, but after reading this thread, maybe we'll look elsewhere.

From what I hear from my broker friends, I think only 45 Tudor City Place is run this way. Has anyone thought of telling the Attorney General about this? Sounds like prime investigation material.

So, what is the latest on this building? Have the ugly people been voted out yet?

Late last week I heard that this management of this building is still a mess. I would definitely steer clear. Too many other options. I'm pretty sure that 5 Tudor City Place is pretty well run.

nope- the board here is still crazy- they turn down low prices-- driving this into a rental building.. feel bad for anyone who got duped when they bought. comps here are screwed up.

I live in the building and the board and the managing agent are not corrupt. The building is VERY well run. The reserve fund is huge and the financials of the building are better than any of the other Tudor bldgs. They are all open for public access and I've viewed them all. In addition, the maintenance is the lowest for 45TCP than any of the other Tudor Bldgs.

In regards to not letting people sell that's a farce.

Another owner here.

My apartment is my most expensive asset so I want it protected. I%u2019m tied in with all the other owners because we live in a co-op. That being said, I wouldn%u2019t want anyone else running this building.

Recently I decided to rent out my apartment. The rental process was extremely easy. My very first prospective tenants got approved and accepted. No problems.

When I purchased my place years ago I had extensive work done. Also approved quickly. No problems.

But all of these things needed to be approved by the board. If you don%u2019t like this, then do not buy or rent in a co-op. Which means you will have less to choose from as 75% of NYC buildings are co-ops.

It%u2019s not an exclusive co-op board but they do focus on finances. If you%u2019re a bankruptcy risk then you will not be able to buy. That%u2019s actually a good thing. But I can understand that it is upsetting to those people that are rejected.

The board keeps a very high reserve and is very conservative about finances while still keeping the building neat, clean and running well. I would not even look at another building in Tudor City.

Interesting comments .
Buyers who were rejected complain about the building , though they were happy to apply to the building in the first place . Then they throw libelous grenades at members of the Board and the building .
Sour Grapes + Morally Corrupt

A few years ago, I almost bought into the building at 320 east 42nd Street (Woodstock Tower). It was an incredibly beautiful unit (needed a lot of work), on a corner with huge original casement windows. However, the common areas were HIDEOUS -- peeling paint which was originally painted years ago), wires hanging from the ceiling, scratched doors which didn't fit right (you could see light coming from inside the units). Worst were the extremely high maintenance fees (almost 1,500 for this particular unit). The real estate agent who was purportedly an expert who dealt only with Tudor City told me everything was in the works to be fixed, including new carpet, paint, etc. in the common areas. Last July, I went back and the situation was even worse than 3 years ago. The fact that the dues were so high and the state of the common areas so bad told me that this was NOT a building to buy into. Interesting also, with this building, was the fact that pied a terres (sp?) were and are not allowed. Very strange indeed.

Riccardo - Ironically, Woodstock has (re)introduced a unrestricted sublet policy about 2 months ago, while 45 Tudor City has changed the other way because the number of investors has reached a saturation point. It's already been reflected in the sales pace: Woodstock, double the size of #45, now has more listings in contract & less inventory than #45.
Admin - If you look at the price history, all the buildings in Tudor City have barely appreciated in value since the financial crisis (10% over 5 years?). If the rejected buyers bought in other areas of Manhattan, Brooklyn or Long Island City, where the price has doubled, I doubt they are having any sourness in the mouth now. How to better interpret a blessing in disguise? :)

Tudor City’s most notable features is its proximity to the United Nations headquarters, which is located directly across the street.