Nevada Towers on UWS?

Fairly charmless, but well located building. My husband and I looked at a few apartments there last Spring. I think it really depends on whether the apartment you are interested in is renovated and the quality of the finishes. Although the apartments we saw were listed as "renovated," they were cheap renovations...crummy, hollow doors, etc.

Maintenance is high. Not sure why as we didn't pursue it beyond the first look-see.

Must say I think that the Nevada is one of the ugliest buildings there is.
One could argue most convenient or busiest/noisiest location possible on the upper west side!
I think almost all small apartments at what are (for the neighborhood) fairly modest prices fora full service building.

Is this a harbinger of things to come or is there a reason besides a high maint that there seems to be a firesale going on here with people trying to unload apts as quickly as possible?

30 million dollars of mortgage. The mortgage, which was taken out by sponsors of the building, is not being paid off at all, and will come up for renegotiation soon. Maintenance can only go up. Owners are not going to fork out 100k each on average to pay off the mortgage...

good reason.

nyc10023, I'm thinking about making an offer for an apartment in this building yet was wondering also why so many apartments are available. Are you sure about the $30M mortgage outstanding and do you know when it will come up for renegotiation?

sl, your lawyer should find this out with due diligence if they accept your offer, but the broker should also tell you before you offer if you ask them.

Not sure what size apt you are looking for, but 2166 Broadway (Opera House) is much more manageable on maintenance and has very reasonably priced two bedrooms on the market.

Thanks for the suggestions. I'm actually looking at 1 bedrooms and would appreciate any other suggestions you have for good buildings in the area with lower maintenance.

Sll - I'm pretty sure about the 30m number - ask the seller's agent. Stupid of them to lie because they have to show you offering plan anyway.

Another interesting situation. It's a cond-op, where the residential condo unit owns 91% of the building, with commercial unit(s) owning the rest. The residential condo unit is owned by the co-op. The co-op has a $19M interest-only mortgage coming due in September 2011. I didn't dig back far enough, or look at all the amendments, to see what other building financing is going on. It'd be easy for another $11M to be buried in there somewhere. In any case, $19M is a huge mortgage for ~250 mostly-one-bedroom apartments to carry.

Assuming that the mortgage has been factored into the prices paid for the apartments, you're still left with the question whether you want so much of your building's collective debt load in a couple of huge chunks, rather than spread among all the owners. That's a problem with a building that converted in a rising market, where the then-owner took a ton of money out and left the building holding the bag.

Also, but this is just me, a cond-op is too messy and opaque an ownership structure. In this case it was apparently done to split out the retail income in perpetuity.

There isn't much post-war in the neighborhood, but you might want to check out the Dorchester, 201 W 70th, the couple of buildings further west on 70th, and Lincoln Towers.

My apologies, you could be right, NWT. Maybe it was 19m instead of 29m. Still very high.

High and messy. With so many alternative buildings having straightforward financials, and in this market, why look for trouble? Just having to go through two sets of financial statements, instead of just one, would put me off, but then I've got a low annoyance threshold....

Oh, and no apologies. I wouldn't be at all surprised to see another $10M in mortgage tucked away somewhere.

It seems to be a lot cheaper than other buildings in the neighborhood. I know there are issues of high maintenance, but at some price it must be good buy. Anyone has more details on the underlying mortgage? I heard they've refinanced and maintenance will go down slightly in July. Also, given the issues, how much of a discount per square feet should this building be selling at? Any thoughts?

the cardinal rule of deflating RE... the ones that come on quickly are the ones that can't hold on....but paradoxically the ones that can hold on the longest are the prettiest.... just think about it...

Does anyone have any update/feedback on this building? Looking at a 1 BR and price is reasonable, maintenance still very high. I read through the posts, but all dates back to 2009. Thanks