Sale at 301 East 63rd Street #10JK

The assessment is the apartment's share of paying off the $51,000,000 mortgage the co-op took out to buy its land. Don't know why it's not just explicitly included in the maintenance.

The mortgage is on a 30-year amortization schedule. See http://streeteasy.com/nyc/talk/discussion/6691-whats-the-story-with-301-east-63rd-street

the assessment is forever and then some.
This apartment is almost with no value...maybe $1.

My quick-and-dirty estimation would value this apt at maybe $150K.

If the $3238.46 really is all underlying-mortgage payment, then that's $550,000 you're undertaking.

Then you'd have to discount some because the the co-op's paying 4.875%, adjustable every ten years, while you could borrow at less than 4%.

So $700K total seems close enough for what's really a small two-bedroom.

So what happens to places like this if you get rid of the tax deduction for mortgages?

So the monthly net is 6,000/month even without a mortgage? Can't you rent a full 2 bedroom in a quieter area for less?

If it were 1,400 SF of well laid out and thoughtfully renovated space, the $6k monthlies would have not been as "fatal." This unit, however, is just so unfortunate because the layout is beyond awkward and the reno seems cheap. And, to make matters even worse, it is in one of those nondescript mid-century Midtown East coops with absolutely no amenities or prestige to justify the monthlies... Besides, I think 1,400 SF might be a bit of an exaggeration, based on how the unit looks in the pictures and the floorplan.

If my elderly aunt were to give it to me for free, I might actually decline... As hofo suggests, I think a comparable unit can be rented for far, FAR less than $6k/mo (which doesn't even include the mortgage!), and I can't think of many scenarios whereby purchasing this unit would make sense. Sure, the monthlies would be partially tax deductible, but the payback won't be significant enough to justify the ownership, in my opinion.

Things might (only MIGHT) have been different, though, if it were in a more desirable area... I hope the seller will find a viable buyer...