Sale at 300 West 18th Street #PH

any idea why thoses CC are so high?

Well 'cause it got creamed on the percentage of common share interest (26.5%).
All the other units are around 15%, where the only seeming difference is the 700 sq ft outdoor space. THat's quite a premium.
And the second floor has 334 sq ft of outdoor and is still at 15%.
The commercial unit is at 28% but 2679 sq ft.

Those high ceilings are quite costly.

thanks a lot. and theres no amenities at all...

truth - also the double height space was probably factored into the percentage allocation, along with the outdoor space.

Agreed, still the pre lehman market judging by the closing prices dictated the PH was worth @ 25% more than the other floors.
When that tax abatement is up, yowzzah.

Taxes can't possibly be that high for a 1600sqft apartment. Where did you guys come up with the 3k once abatement expires number?

However, I do agree, cc is ridiculous.

there are so many of these abatement time-bombs ticking away
and with the city nearly bankrupt, there will be no relief in the far future
it's incredible people have been blind to this
buy now!!!

"Taxes can't possibly be that high for a 1600sqft apartment. Where did you guys come up with the 3k once abatement expires number?"

Well often enough, taxes match the cc numbers.
And seven years from now.... its likely property taxes in NYC to go substancially higher.

If you want to know what they would be exactly today, you can look up the building on propertyshark and find out the unabated tax total for the building.
As this unit owns 26.5% of the common share interest, that means it owns 26.5% of the tax liability.

Exact unabated taxes for this puppy is $43,583 or $3631 per month.

That might be why they want to sell. Someone got the increased tax bill and realized the clock was ticking.

During the new construction boom, virtually no buyers truly took the expiration of abatements into account when considering the value of the apartments. It is a time bomb. It is one reason I cannot believe so many people purchased new construction. With a 10 year abatement, you gotta dump the place within 3-5 years TOPS of purchase or see the potential buyers begin upon resale melt away. Short-sighted. Naive. And just as the abatement is ending or being phased out, those shiny new finishes begin to reveal chips, scratches, aging, dated style, etc. So to cut the soaring monthlies, many new condos will have no choice but to cut the absurd, silly amenities that also initially attracted them to the new condo--things like the 3-level Moroccan-themed roof lounge. Then they will be left with an aging "new construction" unit with finishes needing some renovation in a building with fewer amenities and higher monthly charges. Not a recipe for successful resale. I never got what people were thinking. It was like mass delusion since the turn of the century on these new condo buildings. It will be very interesting to see what happens as condo buyers all over the city in the next few years start to see these abatements evaporate to reveal the truly absurd monthly fees the buyers bought into.

Kyle: excellent analysis of tax abated units.
Re: this unit, asking price is delusional.

KW, I'll trade my 30 foot lobby pit of fire, and swim up rooftop tiki bar, for your 3 level Moroccan hookah lounge. But I can't help but wonder if any market segment is poised to benefit from expiring abatements, or if sellers will be swift to discount in 200k chunks. In the end will the lure of a classic disintegrating condo be enough to overcome buyer reluctance to undergo enhanced screening at the hands of the coop board?