building at 420 East 72nd Street
Started by haruspex
over 13 years ago
Posts: 2
Member since: Apr 2010
Discussion about 420 East 72nd Street in Lenox Hill
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The co-op has an underlying mortgage of $11,000,000, or $58,000 per average apartment. I don't know what apartments like those have been selling for in that neighborhood, or where their maintenances are, but you can figure that in.
What's worrying is, of that $11M, $2M was added in 1998, another $2M in 2002, and $3.6M last year. That could be good news, if everything that could possibly break has been replaced recently, or bad, if the building runs deficits and borrows its way out of them, or borrows to build amenities instead of saving up for them.