Quaker Ridge

I notice that sponsor apartments are rented without board approval. How many sponsor apartments are there? This building converted at least 30 years ago. Availability in sales is a bit less than 6%. Go figure.

It is a large building and these are mostly 1 br listings. Is 6% high for a large downtown coop?

there seems to be a lot of turnover in this bldg. anyone know why and what it's like to live there? those assessments seem out of control with everyone seller offering to pay them to unload their apartments.

anyone have knowledge/experience of the board?

"Out of control"? There's an assessment of about $160 on a typical one-bedroom. Overall maintenance+fuel-surcharge+assessment isn't bad.

Assessments are how condos and co-ops pay for special projects. A co-op can also borrow, as Quaker Ridge did late last year. If you're looking there, take the apartment's pro-rata share of the $8,500,000 underlying mortgage and add it on.

Make that "Assessments are one way condos and co-ops...". They can also increase maintenance years ahead of time to build up the reserve fund (but that takes discipline) and add to that with flip taxes.

Once everything's included, maintenance verges on $2 a sq ft, and while it's a full-service building, it seems a bit run-down in terms of common areas, etc. A bit high relative to services offered -- don't think there's a roof deck, no gym, etc. There are plenty of post-war co-ops that are significantly cheaper in terms of maintenance and are full-service.

The prices seem decent okay per square foot but it seems many of the listings are not selling/going into contract, and those that do seem to take a long time to do so. Is there something else going on? What makes people unconvinced about the bldg, since the location's fairly central and zoned for PS40.

Their debt load isn't horrible, at less than $30,000 per apartment, but the pattern isn't what you'd like to see.

They started at $5,000,000 upon conversion.
Then added $500,000 in 1995.
Another $1,000,000 in 2003.
Another $2,000,000 in 2010.

Meanwhile they were paying principal every month, so their cash-outs at each re-fi were more. That's more than just a boiler or new windows or whatever, so you'd want to go through the whole 20 years of financials to see what's up.

None of that matters much if the prices correspond, but I don't know whether they do.

thanks, NWT. Very helpful info.

Can anyone who's lived there or currently living there shed some light? Maybe I'm just too suspicious, but with so much turnover/resale in the last few years and so many listings that buyers seem to pass on...I can't help but wonder what it is that's not making people bite. Prices seem reasonable for the area.

I think the number of units for sale is demographic -- we saw the same thing two years ago at the St. Mark in the East Village, another 1960s white brick. "Starter" apartments tend to turn over a lot anyway, and with prices down and rates low, it's a good time for people in smaller apartments to try to climb one rung up the ladder. (Hubby and I personally did a trade-up in 2009).

However, two years ago, two things were different: there was some support for the new crop of buyers from the first-time buyer tax credit, and maintenances all over the city were lower. Now, the slack in the city budget is being made up partly through property taxes, and that has pushed up maintenance everywhere, and I think that raised cost is holding some potential buyers of starter apartments back.

As far as the lack of amenities: 1960s white bricks don't often have gyms, because the space where one would place them has been eaten by the garage. While that may not be the amenity you want in 2011, it is one the building offers.

ali r.
[downtown broker}

I used to live a few blocks away and looked at apartments there a few years ago. The prices are lower than similar buildings in the area. That may be because of slightly high maintanence, location on same block as police station (the way they park cars on that street and the noise is a downside. For instance, it would be nearly impossible to pull your own car up there to drop off graceries, etc.). Also, I heard that they have a problem with their central AC (hence the reason that many apartments also have window units). I noticed that the apartments I looked at in there had cheap windows, with many having bad seals causing the windows to fog. The building does not seem to be very proactive about fixing those.

"Covered in White Brick, and Showing Their Age"

http://www.nytimes.com/2011/10/04/nyregion/white-brick-buildings-begin-to-show-their-age.html?_r=1&ref=nyregion

dmasonmd - The chiller in the building was very old and needed to be replaced - that was one of the assessments that until recently was on the books. As of now, the chiller has been replaced and one of the hopes is that this will help drive down that monthly fuel surcharge.

Ali covered all the basics with regards to the large number of apartments on the market there (although 6% is not too extreme). As has been noted in this trend, they are mostly studios and 1BRs, so it does give a buyer yet another opportunity to knock down the sales price.

But there may be some sellers that are on the market with an eye to the future:

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=136607399

For those apartments facing Third Avenue, there may be a reduced view/light/future construction zone across their living room/bedroom in the not-too distance future.

I thought this thread was about one of the elementry schools in Scarsdale. Ha!

I would also say there may be a bit of a demographic mismatch - it feels like a very "old" building (in terms of both aesthetic and tenants) in a part of Gramercy where I'd expect first-time buyers would skew pretty young (lot of bars and restaurants on Third Avenue, near SVA, walking distance from Times Square II (i.e. union square)).

I am reading this thread and I see people want to hear from someone who lives in the building, so here I am. (I am not moving nor am I a broker so I have no vested interest in my posting).

Yes, the maintenance is a bit high compared to other buildings but I find it to be well worth it. I have no complaints about the porters, doorman or anything - it is always clean, maintenance comes to my apartment very quickly when need be and all the staff is courteous and respectful. There are no amenities (no gym or roof deck) but there is a garage, which is a plus. (there are bike racks in the garage).

The apartments are pretty big for Manhattan standards. The reason for high turnover mostly has to do with demographics and growing families. Most of the older-generation people moving out have first time buyers or homeowners on the younger side moving in.

I think the Quaker Ridge is a very well run building and I don't plan on moving any time soon... in fact, I plan to just upgrade to a bigger apartment when it's time for me to move. The location is perfect - across from Gramercy Park (no key, though.... but the price reflects that), many restaurants and bars and 7 minutes from Union Square, and - like I said - large apartments.

To comment on some of what others wrote:
-there is no problem with the AC...obviously a house AC is much better than a large apartment building, but it works fine and you can replace the one from the 50s).
-The police station is across the street so there is no parking, but I've never seen anyone get a ticket for parking there for a bit to run up groceries. I generally don't hear noise (only during Hurricane Sandy did I really hear sirens)
-I can't speak for everyone's windows, but mine are fine and from what I hear, they don't give a problem if you request to change your window.

Worst part about the building is the slow elevators but they are being replaced.

Why is there generally no appreciation in these units over the last 5-7 years?

Anybody know why there is not appreciation in these units when everything else in lower manhattan has pretty much gone through the roof in the last few years?

Yes I have the same Question,why hasn't this building appreciated like everything else in lower manhattan has?

I would also like to know why there has been ZERO appreciation on this building vs the rest of lower manhattan. Does anyone know?

The lack of gym doesn't phase me but I won't buy anywhere that doesn't have any outdoor space. There's a roof garden in my building now and it's spoiled me over the years.

Bump. Any thoughts on this building? Looks like it always has a number of apartments for sale and they never seem to be very expensive. They tout their good financials but it would be interesting to see if anyone has any opinions on that claim / the value of the apartments in the building.

I recentlylooked at an apartment there with a friend who is thinking about moving to Manhattan. It was a ground-floor one-bedroom, so slow elevators were not an issue, and it faced the interior courtyard, so Third-Avenue or 21st Street traffic would not be an issue, either. It had obviously been occupied for a long time by someone who did not renovations but was a very attractive space and could be configured differently, if desired. It is a period-piece Big White Building, but seemed well maintained. It had relatively low maintenance for a nice space Manhattan, even with a fuel assessment. You can pick up on the tone of a building from the bulletin boards; these were full of reasonable information, not threats or arguments! And the receptionist was friendly. I was favorably impressed. I understand they have had a lot of offers and it is probably off the market by now, but I found myself thinking about what I would put where.