Bleecker Court - 77 bleecker

this property feels like a dormitory from start to finish. the brick inside is horrible. they should tear the thing down, except they can't because it just got landmark status.

more importantly, the building has a ridiculous number of units that are not owner-occupied. many many many nyc lenders will not even lend for purchasers at this building due to the number of units that are not owner-occupied.

even worse, the building no longer allows sublets or rentals, which will only hurt values even more.

finally, the building has a $20m balance on its underlying mortgage, so whatever unit you think you are buying, add about $80,0000 to that price. maintenance is going to skyyyyyrocket when the mortgage needs to be refinanced in a couple of years. also, the building is going to convert from no. 6 fuel, which will also add approx. $200 to a 1 bedroom's monthly maintenance charges -- stay away.

result - stayyyyyyyyyyyyyyy awayyyyyyyyy. you can find much better apartments in much better buildings. no reason to live in a dorm with a bunch of nyu students. even 250 mercer is much much much better!

There are many many inaccuracies with CoopNews1's statements about 77 Bleecker. If you are interested in the building for your primary residence, I recommend that you come to open houses, say hello to the doormen and neighbors and see for yourself. Yes - the lobby may leave something to be desired for some folks (I am personally ok with it) - but much of the rest in what is written by CoopNews 1 is just plain wrong.

CoopNews1 - I would be interested in knowing where your information came from - as I would like to make sure we dispel any old facts or myths floating around about the building.

Thanks,
g77

PS: yes - I have lived at 77 B for almost 15 years (in several different apartments and family 'modes' - only owning one at a time, obviously) and seen it change A LOT over those years -- and I think mostly for the better!

I just moved to 77 Bleecker, and I personally think it's great. In terms of location, I think it's great, and I have only good things to say about the staff. I too would love to know where CoopNews1 got his/her information from.

"the building is going to convert from no. 6 fuel"

You don't say convert TO what......

All buildings will have to convert from no. 6 fuel, it just depends on when and how. They can convert from #6 to #4 in the short-term (using current boiler upgrade), or they may decide to completely overhaul their boilers now to burn #2 or natural gas. This final step will be required by 2030 of all buildings anyway. You can pay now, or you can pay later.

This does not apply solely to Bleecker Court.

23 months ago someone said ""the building has a $20m balance on its underlying mortgage, so whatever unit you think you are buying, add about $80,0000 to that price. maintenance is going to skyyyyyrocket when the mortgage needs to be refinanced in a couple of years. also""

Residents of 77 B - HAS maintenance risen? Do you expect it to?

The building has lost $900,000 during the last 2 years. No more reserves ($100,000).
Any plan for 2013 to make the financials better? what about the maintenance ?

Based on some of the negative comments, I was nearly scared off from purchasing in this building. Thank goodness I did my due diligence! I just received all financials for this building, and I am relieved to report that it is in decent shape. The current mortgage is about 1/2 of the ridiculous number that CoopNews1 quoted and reserves are currently around $600,000 and going up. The building just had its first assessment since 1991 (to replace HVAC system)--meaning other major improvements like three new roofs and a new elevator all came out of the regular reserves. As for it being like a "dorm," there are only about 30 subletters in the building out of 240 apartments--and those subletters must be approved by the board. Furthermore, in more than three years, the board minutes only discussed two noise complaints (both of which the board addressed). That hardly seems like dorm living! Compared to other places I've looked at in The Village, this seems like a solid building with lovely amenities, an attentive board and nice neighbors.

It is now 2021 and there are a grand total of 2 subletters in the building, and very few parent-owned apartments. But the new board is not averse to either -- it welcomes a young and diverse community -- and is currently revising several of its former, restrictive policies. Covid means that the building's finances have taken a hit (specifically from commercial spaces that were abandoned); but as we head into spring, 77 Bleecker, like the rest of NYC, is reviving.

is the 3% capital contribution from the buyer something new in the building? to deal with the building's finances being hit?

A required capital contribution means the coop is trying to slow future maintenance increases. This is a building that lacks the usual “luxury” amenities - there is no roof deck or gym or storage or a garage, but maintenance is comparable to coops that have those. Not sure what the mortgage is right now, but unless the building starts allowing unlimited subletting, living here is expensive - compared to coops in the neighborhood - and will always be expensive.

I would also note that many coops experienced a sudden spike in operating expenses over the pandemic and while those expenses might flatline in the next few years, maintenance normally doesn’t.

3 percent flip tax!! The worst I had heard before is 2 percent.

Is it just me, or would this baiting make you less interested in the listing?

https://streeteasy.com/building/bleecker-court/ph21

Maintenance Abatement Offer – Sellers are offering $1,500/mo for 12 months towards monthly maintenance. Actual monthly maintenance is $5,268.

The brokers do it do get more eyeballs and it is a clear signal of the maintenance is too expensive so that the broker had to hide it in the headline listing number. Maintenance is ridiculously high at almost $4 per square ft after factoring in 50 percent of exterior space. However, one say, that without this crazy maintenance and 3 percent flip tax, sticker price would be 25 percent higher if not more.