Does anyone have any information on this building? The building itself is great, the apartments are nice, prices seem reasonable BUT there are 12 places on the market out of 200 units and all mostly within the last month. This building is on 2nd avenue and they are going to start the 2nd avenue construction soon - right across the street. That and this building is in a lawsuit with the MTA over a... [more]
Does anyone have any information on this building? The building itself is great, the apartments are nice, prices seem reasonable BUT there are 12 places on the market out of 200 units and all mostly within the last month.
This building is on 2nd avenue and they are going to start the 2nd avenue construction soon - right across the street. That and this building is in a lawsuit with the MTA over a ventiliation building that will be constructed next to this building that could potentially force the Co-op to brick up approximately 32 windows of their apartments.
What does all of this mean? sure the 2nd avenue construction will be noisy and i can for the most part deal with it. but will this potentially larger than expected MTA building reduce the values of all apartments in the Co-op if only a handful are negatively effected by losing their windows?
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Response by johnval
almost 15 years ago
Posts: 10
Member since: Feb 2010
I am looking in the building myself and it seems people are turned off a bit by the construction going on. There is a gigantic crane parked right in front and the uncertainty of the loss of windows for certain lines is probably a concern for some. To my understanding, the financials are in line however any lawsuit can change that depending how long it drags on. The prices ARE reasonable and the building is super nice so to me, its worth the risk. Much less risk than a land lease building, etc....
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Response by NWT
almost 15 years ago
Posts: 6643
Member since: Sep 2008
The whole co-op -- all of the shareholders -- is paying the lawyers to fight for the lot-line windows of only a few of them. The 2010 financials should be out soon, so you can tell just how much it's costing.
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Response by namtran02
almost 15 years ago
Posts: 1
Member since: Nov 2009
The apartments do look nice, but the maintenance is so high, and from what i read, the building has no right to even have windows on that side of the building anyways. If it's a fight they can't win, and it's going to drag on and cost even more money, i'm afraid of what the main/cc will look in a year or two. Anyone know how much cash they have in reserves? at over $2 a sq ft in main/cc, it's already getting up there. the way i think about it, every 100k of apt price, is about $570 a month (using a 5.5% interest rate). so since the main/cc on some apt is about $1k higher than other comp apts, that 1k main is the same as 175k worth of apt. i.e your monthly payments for an apt that costs $1.4mm w/ $2400 main/cc is the same as a 1.225mm apt w/ a $3400 main/cc. So adjusting the price per/sq ft after taking into acct the higher main/cc and the risk that it's going higher makes the apts less of a bargain than at first glance. It'd be more comforting to hear they were dropping the lawsuit.
Best bet is to sell this building to MTA. Why would you want to live next to this nasty looking thing? And who knows about the noise level at this point. RUN!!!
I am looking in the building myself and it seems people are turned off a bit by the construction going on. There is a gigantic crane parked right in front and the uncertainty of the loss of windows for certain lines is probably a concern for some. To my understanding, the financials are in line however any lawsuit can change that depending how long it drags on. The prices ARE reasonable and the building is super nice so to me, its worth the risk. Much less risk than a land lease building, etc....
The whole co-op -- all of the shareholders -- is paying the lawyers to fight for the lot-line windows of only a few of them. The 2010 financials should be out soon, so you can tell just how much it's costing.
The apartments do look nice, but the maintenance is so high, and from what i read, the building has no right to even have windows on that side of the building anyways. If it's a fight they can't win, and it's going to drag on and cost even more money, i'm afraid of what the main/cc will look in a year or two. Anyone know how much cash they have in reserves? at over $2 a sq ft in main/cc, it's already getting up there. the way i think about it, every 100k of apt price, is about $570 a month (using a 5.5% interest rate). so since the main/cc on some apt is about $1k higher than other comp apts, that 1k main is the same as 175k worth of apt. i.e your monthly payments for an apt that costs $1.4mm w/ $2400 main/cc is the same as a 1.225mm apt w/ a $3400 main/cc. So adjusting the price per/sq ft after taking into acct the higher main/cc and the risk that it's going higher makes the apts less of a bargain than at first glance. It'd be more comforting to hear they were dropping the lawsuit.
you want to live next to this?
http://therealdeal.com/newyork/articles/second-avenue-subway-hit-with-lawsuit-from-co-op-that-says-ventilation-structures-not-okay
Best bet is to sell this building to MTA. Why would you want to live next to this nasty looking thing? And who knows about the noise level at this point. RUN!!!