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Sale at 16 Park Avenue #16A

Started by wershoven
over 13 years ago
Posts: 5
Member since: Nov 2010
Discussion about 16 Park Avenue #16A
Anyone here with any insight as to why this 2BR has a maintenance approaching $3K/mo.?
Response by truthskr10
over 13 years ago
Posts: 4088
Member since: Jul 2009

No, but my ex used to live here, I know it has one of those manual elevators the doorman takes you up in. I'm sure he costs a shiny penny.

The real question is, why would you buy this apartment with a $3K a month maintenance when you could rent it for $4500 a month?
http://streeteasy.com/nyc/rental/952248-coop-16-park-avenue-murray-hill-new-york

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Response by NWT
over 13 years ago
Posts: 6643
Member since: Sep 2008

The underlying mortgage of $3,300,000 comes to $52,000 per average apartment and about $81,000 for 16A. They just re-fi'd in June. The co-op started out with debt less than $1,700,000, and tends to add to it at every re-fi.

The offering plan with amendments through the early 2000s is at www.offeringplanet.com. There might be more clues there.

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Response by NWT
over 13 years ago
Posts: 6643
Member since: Sep 2008

A former poster bought there, so it's been discussed quite a bit. E.g., at the bottom of http://streeteasy.com/nyc/talk/discussion/21214-coop-mortgage

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