building at 20 West 72nd Street

The maint. does include utilities and it used to be a hotel which for whatever reason seems to make for high maint. Large staff? Union?

Looked at a one bedroom, 1 1/2 bath unit about two years ago. Very nice, but the maintenance was $1453. It sold for $675k. It included all utilities (including electric) basic cable and basic phone, but no exercise room, no roof deck, I no storage except at an extra charge.. It sold for $675k but the maintenance was $1453. The lobby needed work. The doormen were "per diem" - simply sat at the desk. The common areas appeared tired. I believe there was a restaurant occupying much of the ground floor - so that should have offset some of the cost. Sorry I could not answer your question, but the maintenance was and still is quite high.

We were told the maintenance is large because of a large underlying mortgage with a balloon payment. The fees also include utilities (heat, electric, basic cable, basic phone) because it used to be a hotel so the units are not metered separately.

We looked at a great apt in this building years ago and declined because the building has massive debt.

I live in the building - part of the reason maintenance is so high is that the mortgage is self-amortizing (typically buildings have large balloon payments), so a big party of it goes towards principal on the building's debt. Definitely a negative but could be a good thing if you stayed in the building until it amortizes completely (I think in 2020 or 2030). I don't like the utilities being included because there is no individual incentive to keep electricity costs down.

A question about the basic cable that is included in the maintenance: Can you still upgrade to, say, DVR, and pay the extra directly to the cable company?

So, it’s 2020 and the maintenance is still high relative to the value the building offers on the face of it. Any comments from current residents on the desirability of living here would be very welcome.

It's kind of surprising to me that there are only 2 units for sale. Have people simply given up trying?

Maybe they don't want to be sucker punched?

Now 2022 - does anyone know if the debt on this building has amortized completely?

Hi there, I'm looking at an apartment for sale in the building and would like to hear from any residents if there are any red flags or issues within the building to be aware of? I'm also worried about the potential for roaches/bugs within the building with the restaurant located on the ground floor. Has this been an issue for anyone? Thanks for any guidance you can share!