181 East 73rd

The underlying mortgage isn't all that big, and the co-op has 100' of retail on Third Ave., plus the garage.

When it went co-op in 1985, the sponsor gave itself a 99-year lease on the garage and retail. The lease didn't sufficiently cover increases in taxes, etc. The co-op terminated the lease of the garage, under the terms of the Cooperative and Condominium Abuse Act of 1980, and fought the sponsor for seven years over those terms, attorney's fees, etc. The co-op mostly won. The financials will tell you how much the rents help at keeping maintenance down.

No idea what pricing should be, but there're lots of late-1950s comps in the neighborhood.

interesting....thx

Wtushy!

NWT, helpful, thanks.

Related question: Views on the layout, condition and pricing of 9A:
http://streeteasy.com/nyc/sale/575679-coop-181-east-73rd-street-upper-east-side-new-york

It's a combo of a two-bedroom A and one-bedroom B. Original plan is at http://www.columbia.edu/cgi-bin/dlo?obj=ldpd_YR_0426_MH_002_004&size=large. The north-facing windows were blocked off when the big building next door went up. As you said, $2700 maintenance is great for the size, especially for a combo.

Odd they didn't buy some hallway, so the master BR could open off the front hall.

7AB and 12AB went for $1.6M and $1.7M in 2004, but can't tell condition.

This one has a good safe reno, nothing quirky or taste-specific. I like the slab marble counters and backsplashes. Better go for pretty than convenient in an open kitchen.

I don't like the short windows (though easier to put furniture in front of them) and the co-op cheaped out when it replaced them with bronze color both inside and out instead of white inside.

There's much to be said for a nice clean postwar without paint glopped everywhere, and no work to be done.

Is the whole greater than the sum of it's parts?

If we view sales of the A line and B line and just comp we end up with a much lower number.
1.6/1.7M??? Now you would have to find them together and you would have a reno which cost $$.
Would the reno be 500K...no chance...not for this reno. It's an interesting question and it complicates the comp. This is a really interesting property to discuss.

falco, this is why I value this board. I knew it was a combination, but did not think to ask of which lines and then go to the sum of parts valuation. Great suggestion, thanks.

12B is a recent sale, looks to be in comparable condition, slightly higher floor.

What are you using for A-line comps? 3A doesn't have any pics (so must have been crappy condition) and much lower floor. Other A's are before Lehman.

Thanks again.

Yeah, these are hard to comp. Tons of them, except when you want to find one, but here's an EF combo (two-bedroom and studio) next door, same kind of building, same east-west exposure, even lower maintenance: http://streeteasy.com/nyc/sale/326826-coop-174-east-74th-st-upper-east-side-new-york

Closed for $1,600,000 in March 2009, so must've gone to contract in the pits.

http://www.columbia.edu/cgi-bin/dlo?obj=ldpd_YR_0441_MH_008_004&size=large

What are you using for A-line comps

This an AB combo right?

There are more A's to comp from than just 3A which I believe is different???

NWT, great comp, thanks. Similar layout, similar building, similar condition from pics. I think 9A at 181 East 73rd is slightly larger, and I like the layout slightly more, but not by much on either point. So accounting for that, plus some credit for a stronger market now than early 2009 (maybe), would you say $1.8-2MM for this one?

falco, 3A does look the same to me, what am I missing? What other A's did you see close post-Lehman? I went through the list and did not see any.

At least there aren't lots of them to go look at: http://streeteasy.com/nyc/sales/upper-east-side-manhattan/status:open%7Ctype:P1%7Cmaintenance%3C=3000%7Cbeds:3%7Cbaths%3E=3

Slightly different mix if you specify Lenox Hill instead of UES.

I like the one down 73rd at 785 Park, too. Second floor facing south on treed side street might be better than ninth floor facing Third. Same walk to the train.