Lincoln Terrace - 165 West 66th Street

We looked at one of the sponsor sales here earlier this year. Nice, seemingly well-run building, decent amenities. Was led to believe that the sponsor was not planning on selling other units like the one we were looking at - clearly they changed their mind as they've been listing them as fast as they can sell them. Seems like things are selling now though so can't blame them. The sponsor renovations were certainly usable, but seemed sloppy, cheap, and already dated. (cheap parquet floor tiles says it all...) There was a large renovation of the exterior recently - supposedly the did not involve any assessments. 2% buyer flip tax was a bit of a stumbling block for us - though it sounds like the building finances are in good shape as a result. One resident broker seems to control the building. Seems to trade at a decent premium to Lincoln Towers.

Thanks - I hear you on the parquet floors. Same comment with respect to the closet doors.... Many of the apartments look like they are sales by owners, not the sponsor, so I am trying to figure out if there is some overall issue with the building that is causing the spike in sales over the last twelve months or so.

Trying another posting on this building to see if anyone out there has any thoughts as to why the increase in apts available for sals??? Thanks in advance....

I believe the increase in sponser apartments being sold is because many of these belonged to rent stabilized tennants who had been there since the building went co-op in the 80s (many since the building first went up in the 60s). They're getting old and dying or moving to nursing homes. The sponsor doesn't know when these apartments will become available but unloads them once they do.