building at 35 East 85th Street

My feeling is if they are pied a terre friendly, then they aren't too strict or full of themselves. What are your concerns?

i like the building, but i was told by a broker that it was a tough building to get approved

My family has lived there for over 30 years - before it went co-op. I grew up there. Great, great family building. Large, sunny apartments. Terrific location. PS6 district. Apts have always sold quickly. Historically, the board was reasonable but not sure how it is now. In the last couple of years the building has spent a ton of money sprucing up the place - the lobby is now stunning. My guess is they want to attract more and more affluent people and based on what I see in the elevator, they have. Good luck!

I have lived here for six years. Not only is it a wonderful building with warm, down-to-earth neighbors, but the board is quite reasonable. It is truly a special place. I cannot give this building higher accolades.

As a broker, I had a buyer approved by board earlier this year with no issues. I prepared a high-quality package and building's requirements seemed reasonable (for a decent coop).

Would they let someone buy and use the apt. as a therapist's office? I know for a fact that there are shrinks who practice on the higher floors, but I don't know if they would allow it now.

warm, down to earth neighbors? What kind of coop is this?

Does the building allow rentals for longer than 2years?

Seems the building may have overheated, with the properties asking over market and some properties sitting for years. What's going on with this building?

I think there is a sizable portion of the Park Ave or West UES coop market which is suffering from the location not being as big a plus as it used to be, the building in particular not being anything extraordinary, and the coop having some negative (like high cash requirements or in this case 3% flip tax paid by purchaser). With all the high end condos coming on the market in the last decade or so I think they have stolen the wind from buildings such as this one's sails.

Do you think this building will ever regain momentum? The maintenance has risen sharply over the past few years, and does not offer any amenities - no gym, no common space.

The maintenance indicates there are big issues within management.

Anton - what sort of issues do you think exist within management to cause the maintenance to rise so sharply (approximately 20% in 2 years)?

If I may add to the discussion, property taxes are going through the roof. We're seeing this in my building. We had to go up 5% maintenance this year.

nicesmile, there could be lots of ways the board/management could overspend shareholders' money

stache - when will property taxes level off

Not with the budget ballooning and the only easy source of increasing revenue is by raising Real Estate taxes.
https://www.crainsnewyork.com/politics/comptroller-takes-10-swipes-de-blasio-administration

nicesmile, first step will be getting rid of DeBlob.

Nice smile,

You can ignore some of the ignorant posts above who just blame management. In most cases, the reason for large maintenance increase for coops in recent years is increase in taxes. You can check that at DOF website for any coop building.

https://a836-pts-access.nyc.gov/care/search/commonsearch.aspx?mode=address

17-18 taxes for this building were 2.518mm going to 2.870mm in 19-20 (14%).
Then there are union salary increases and higher health care costs.
Followed by large but required "capital improvements" such as facade work which tend to be in form of assessments.

https://a836-mspuvw-dofptsz.nyc.gov/PTSCM/StatementSearch?bbl=1014970021&stmtDate=20170602&stmtType=SOA

https://a836-edms.nyc.gov/dctm-rest/repositories/dofedmspts/StatementSearch?bbl=1014970021&stmtDate=20190605&stmtType=SOA

how can NY'ers pay for an increase of 14% in RE taxes in 2 years?? seems unrealistic, and will push pricing of homes down drastically if this pace continues, as people can only afford X per month

Depends on the building. For some places, it is only 3-4 percent per year and now that Manhattan does not have as have much room to increase as per funky tax methodology used by the city, it is Brooklyn’s turn.

Back in the 1970s property owners walked away from what they owned rather than pay property taxes.

We are already seeing this happen with condo parking spots in certain areas. In a lot of cases the common charges and taxes on these spots is significantly more than the spots rent for.

Another issue is all these buildings with 421a exemptions: it's bad enough that they will be going from close to zero to big numbers which is going to be a big shock to most owners, but a lot of them have in their minds that "full taxes" will be the number projected in the Offering Plan, but by that time it could be double that number.

https://therealdeal.com/2019/06/04/with-421a-ending-more-condo-owners-are-selling-their-apartments/

https://streeteasy.com/blog/nyc-tax-abatements-expiring/

The march of property taxes isn't just on DeBlasio; it's on Cuomo too. Gov't wants to spend money, and it wants to constrain taxation of incomes, then that overflows to taxation of property. I agree with 300 that Brooklyn, which has heretofore been somewhat protected, is going to start feeling it too.

Certainly some one had to pay for homeless shelter on 57th street and hotels for homeless.

Ali,

What about controlling or reducing non-education and non law and order spending so that the city does not need to increase taxes?

NB The new rent regulations which just passed are going to curtail the increase of Real Estate taxes in a number of areas in Brooklyn.

I would think BK will go up as new luxury rentals relative to previous lower priced rentals are higher in number ( I do not have any precise data) which will increase the average $ rent per sq ft, a critical input to condo and coop tax calculations.

30yrs_RE_20_in_REO, how does the new rent regulations impact the increase of RE taxes in Bk? Is this only curtailing co-op and condo taxes, or on single family houses as well?

"NB The new rent regulations which just passed are going to curtail the increase of Real Estate taxes in a number of areas in Brooklyn."

Because the prior change in rent regulations was what led to huge increases in Coop and Condo taxes. Since Coops and Condos must be taxed as if they are comparable rental buildings, anything which increases the taxable value of rental buildings also increases the taxable value of Coop/Condo buildings and anything which decreases them does likewise.

300,
They have to be comparable rental properties, so new construction taxes will still go up, but prewar buildings, postwar buildings, 1970s buildings, tenements, etc. not so much.

That makes sense. Thank you.