Co-op disaster: Land lease goes to 29 years.

What building are you talking about?

Alan:

Please explain the relevance of your post to the topic. I think that my ant-tennas
missed something.

Probably 101 E 23rd

The coop should have renegotiated the lease, instead it decided to buy the land from the seller.
That cost was way too high, the maintenance tripled, this lady bought a studio there two years ago for 350k, now there are three studios in the building listed for sale for 130k. Not even sure what its actually worth.

It's http://streeteasy.com/nyc/building/301-east-63-street-manhattan

now thats a disaster

Why?

$5,000 a month maint for a jr 4, that's why. Funny thing is the owners don't want to drop the prices even after the big increase in maint.

There's nothing new here. It was plain for the past several years this was a wreck careening toward a cliff. There were no hidden risks in this building. Anyone purchasing knew or should have known exactly what they were getting into. Absurd risk calculus. Sad day when one faces the consequences of poor decisions, but not a tragedy--tragedies are bad things one cannot plan for, nor reasonably anticipate.

Honestly, I wonder if these would go if priced at $0. You can get rentals cheaper than the maintenance.

things are getting desperate over there. the guy renting out the 6K 3 bedroom will throw in his family, too. dark days, these are

wishhouse ... good to see you here! Have you been absent, or just lurking?

we had our bank try to ask us to pass an extension to the co-op agreement for our refinance because ours only had 22 years left, told them to stop stuffing around and hurry up as this agreement could be recinded at any time by a full vote..... we got the re-financing without additional paperwork

Hey Alan- I've been mostly absent- took a break from looking when it became clear to me that real buying opportunities weren't showing up anytime soon (compared to renting). Have started looking again in (gasp) Brooklyn. Haven't seen much there either, but have been catching up on the boards as well; I'm so happy that my favorite people are still here, although some donned in gray. Are there any plans for another get together? (Sorry to hijack the post!)