61 w 62 st ("harmony")

Not a land lease. The co-op has a $17,000,000 mortgage, big for ~270 apartments, so that mortgage-per-share affects the prices. Servicing the mortgage makes the maintenance run high (but not crazy high) so that depresses prices a bit too.

nyc10023 knows the whole story.

Yes, what NWT said. Saddled with 17m mtge from original co-op conversion, but they are paying down principal and co-op owns the Rosa Mexicana space + NYSC space + dry clean/nail salon space so sig. commercial income.

when it was converted to co-op? who are the tenants, mostly ex-renters?

1986. See http://www.nytimes.com/1990/07/01/realestate/failure-in-denver-hits-manhattan-co-op.html

and http://www.nytimes.com/1990/08/25/nyregion/us-bank-regulators-challenged-by-the-co-op-market-in-new-york.html

There are very few owners left from the conversion era. It was converted in the early 80s, but it almost failed - see articles. The board president salvaged the deal, negotiated a reduction in principal and the co-op got the commercial space. The last is unusual for a co-op of this era and means that it will always be in better financial shape than other co-ops of the era (Blvd, Nevada, 221W82).

Probably even more so since the 80/20 restrictions on commercial income in a residential coop were lifted.

Yes. For many years, the 80/20 restriction meant that the co-op couldn't take full advantage of its rental income. The co-op sold the 3rd floor (which would have made a wonderful gym or playroom) to Columbia before the 80/20 rule was abolished.

Quite a few of the owners from the conversion walked on their apt. A "vulture" fund swept in and bought a huge chunk of the units at fire-sale prices, then resold starting '96 (this is also in NYT). A large number of people bought in at this time (some investors as not subject to limited-sublet rules). You can get a sense of the prices and mtce through the years by looking on ACRIS.

We bought our place there from an investor who'd purchased in '97, so no board approval needed. That was attractive and we also found the $/sqft much lower than 44W62, 62W62, 30W61, 30W60, 161W61, 20W64. The price/sqft on the unit we bought was close to Lincoln Tower prices, which as noted previously are kind of the "bottom line" for that area.

I have a couple of friends in the building and have always thought about buying too. The higher maintenance has turned me away, but it sounds like there is nothing super wrong with the building.

New elevator & lobby '03. Hallways either redone prior to '03 or after.

Don't like the design of the lobby - walk right in through sliding doors, which means that the lobby is always cold in winter. Laundry is open 24/7. I've seen W/Ds in apts. Many combinations, despite onerous mtce. No rooftop space (penthouse which changed hands '98/'99).

Zoned for P.S. 191, which derives the greater part of its population from the Amsterdam Houses.

I've often wondered if the giant, red, EMPIRE HOTEL, sign bothered any of the owners on the northeastern side of the building?

Yes, it did. I knew the people who were most affected by the sign.