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abnormally high maintenance but great location

Started by oymog
over 15 years ago
Posts: 27
Member since: Apr 2010
Discussion about
There is this one building I'm very interested in, but have big concerns. The maintenance is extremely high for the very basic amenities they offer (no doorman, no gym, etc.), 1/10 of the units are for sale - I've studied practically every building in this neighborhood that is similar to this, and other comps have much more amenities for similar maintenance cost. Can this kind of building save itself from debt, or whatever that's keeping the maintenance higher than normal, and if so, HOW AND WHY? Once again, the location is stellar - it's the only thing that makes me not give up on this building...
Response by matsonjones
over 15 years ago
Posts: 1183
Member since: Feb 2007

Unless you give us specific details to examine, we can't substantively comment. Cough up the link for the listing.

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Response by alanhart
over 15 years ago
Posts: 12397
Member since: Feb 2007

landlease?

Anyway, if 10%of the units are up for sale, you'll hardly be divulging a secret by posting the address here so that others can analyze for you.

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Response by gaongaon
over 15 years ago
Posts: 282
Member since: Feb 2009

I've been looking at listings for a particular east side coop. (giving up on UWS listings?)? only one of several brokers has written into the listing that the apt is in a land lease building. Are brokers legally mandated to reveal this? Should I have to email each broker on any listing that seems to be too attractive?

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Response by Socialist
over 15 years ago
Posts: 2261
Member since: Feb 2010

Sounds like the building is land lease. If it is, getting a mortage could be veru difficult depending on how many years is left on the lease. It is not uncommon for lots of apts. in a singe land lease building to hit the market at once if the klease is nearing expiration.

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