building at 7 West 92nd Street

This building first sold through a broker which was through my listing. At that time, I sold with an HDFC Expert associate so that I could learn the skinny on HDFC (Housing Development Fund Corporations). When you say some odd setups, you are looking at a 1902 built building of brick and steel support columns, most of which are horizontal in the overhead ceilings of the divisions of the rooms, and vertically where the original sliding pocket doors were. If you love prewar and do not mind renovating to suit your needs (unless the apartment you are looking at is not such a low price, in which case, it has been renovated already) you will still need to fit into the straight and narrow divisions of income restriction -- yes, you can make too much money and still not be wealthy! Overall, this location, three doors away from Central Park West on 92nd Street, could be exactly what you will never find anywhere else in the city. Since the building converted from a rental building into a Tenant's Interim Lease in 1999 and subsequently became an H.D.F.C. Coop in 2002, any of the rentals in the building are as a result of the shareholders being not found. In that situation, the apartment belongs to the building's coop, and in an HDFC Coop, only those apartments can be rented at market prices. This is not a candidate for investors to rent out. The taxes are very low due to a forgiveness from the federal government in real estate property taxes, that goes for as long as the building continues as an HDFC Coop. When it becomes a free-market coop and it opts out of the HDFC status, it will relinquish its low monthly rent and pay higher taxes -- which may amount to a monthly two to three times the current monthly rate.

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Amy Rea, licensed associate real estate broker
Halstead Property, LLC
212-317-7882

(("low monthly rent" = "low monthly rate"))

Based on our data, it looks like a pretty good place. Though two things do jump out:
- There seem to have been a lot of complaints about the heat not working last winter
- There also appears to be some open housing court litigation.

Both of those issues are probably worth investigating further, but everything else seems to be in order.

Max Galka
Revaluate