200 Central Park South

We missed out on this apt http://streeteasy.com/nyc/sale/441675-coop-200-central-park-south-central-park-south-new-york a complete steal.
Wife and I like the building. Maintenance is very low for the non-park view apts. I think its a great location and there is parking available at a reasonable price.

Lot of old people in this building who prefer it quiet. Layouts are very spacious. Every time I visited this building (last time was a few years back) wondered if unionized elevator man is needed.

It's an interesting building. Losing the elevator guys might be considered a reduction of service to the remaining tenants, or maybe the owners just like having them.

Daniel Spitzer, Eliot's father, owns most of the Unsold Shares. It being a high-rent building, he was netting about $50,000 per month in 2005. I.e., the stabilized rents were that much higher than their maintenance.

Since it went co-op in 1982, several of the non-buying tenants have vacated each year, so in 2006 it was down to 89 apartments out of 309.

The holder of unsold shares for 5M, the one harlembuyer wanted, was a limited partner in the sponsor and when the partnership split up ended up with the shares for two apartments. The owner died in 2008 and the tenant vacated in 2009.

The co-op was running small cash losses in the mid-2000s, funding them from cash reserve rather than increasing maintenance.

The offering plan and amendments, with financials through 2005, are at www.offeringplanet.com.

Correction to second paragraph: make that "rents" rather than "stabilized rents". Spitzer doesn't necessarily sell an apartment when its 1982 tenant vacates, so some will have gone out of stabilized status. As with his Corinthian condo, he seems to like keeping some as rentals for a while, selling when the market seems right, or something.

Does anyone know whether this building has pest problems?

@NWT: A lot of your facts aren't correct.
Daniel is Elliot's BROTHER not his father. Bernard is his father. And he was never making $50,000 per month from his residential rentals. That's a total fallacy as a lot of his apts are still RS and running at a LOSS. And the bldg went coop in 1984 not 1982 and a LOT of the original tenants bought at that time so there were never 305 (there aren't 309 units in the bldg) RS tenants. And the limited partner who used to won 5M owned more then 2 apartments and still does own apts in the bldg in trust but, besides that, you're spot on.

it's a well kept building. original finishes are old, so look for a renovated unit or expect to be doing some work. maintenance is reasonable. you'll join the NYAC for a gym, etc. (right next door).

"you'll join the NYAC for a gym"

Its included? Because its members only. That is neat if they get automatic membership.

>"you'll join the NYAC for a gym"
>Its included? Because its members only. That is neat if they get automatic membership.

As you know, they don't take everyone.

it's not included, however it's not as difficult to join as most ny "clubs". you are both right, and i did speak out of turn earlier. i should have said "most residents seem to join the nyac as it's convenient."

e76 if you had answered that way you wouldnt have given jason the opportunity to sarcastically ask you whether membership was inluded.

Equinox is also at Time Warner if you are looking for a gym and the bldg is looking into putting in a gym.

I saw a unit there with a magnificent view this weekend, and I am seriously thinking about making an offer. So, I looked at the sales history. Oddly, the prices in this bldg. appear to be creeping up steadily without a visible 'Lehman dip' at all. Many of the comparable units appear to be selling well above the 2006-2007 pricing (I am aware of the park view vs. non-park view price differentials).

Does anyone know why this bldg. is so resilient? Is it the proximity to Columbus Circle, which appears to be gaining popularity among the buyers/renters, or are there other reasons I am not seeing? Maybe those new developments/conversions in the immediate area with hefty price tags (like the Sheffield) are driving up the prices in this bldg.? Any info would be much appreciated.

I don't know about prices in the building per se, but I think the area is considered the #1 spot by foreigners / non-NYers. While most everyone would agree that CPS park views are better than CPW or 5th Ave, non-NYers probably think the CPS neighborhood trumps the others, an opinion I doubt most NYers would share. So perhaps to the extent that one believes foreigners have been doing a lot of buying, this market would perhaps be a higher beneficiary than others?

FWIW, I personally have not seen particular strength in sales prices on CPS in general. Also, I think the rents in the neighborhood can be very cheap relative to purchasing.