Hi, Can someone please give feedback on this building: 1)Are there are lot of NYU students in this building? Or is there a good mix of people in their 20s, 30s, and 40s+? 2)In another thread, a poster has said that a)the bldg has too many renters and that b)this might make it hard to get financing from a bank. Please confirm. I'm already pre-approved for a mortgage from Wells F, but just curious... [more]
Hi,
Can someone please give feedback on this building:
1)Are there are lot of NYU students in this building? Or is there a good mix of people in their 20s, 30s, and 40s+?
2)In another thread, a poster has said that a)the bldg has too many renters and that b)this might make it hard to get financing from a bank. Please confirm. I'm already pre-approved for a mortgage from Wells F, but just curious what part b) might mean.
4)Most important, other posters have warned that a)the building has no underlying reserves and that b)there's a big (?) underlying mortgage. Are these facts true?
5)In general, should I stay away from any coop that has no reserves?
I know that this is a lot, but please help if you can.
If you don't have that much time, please just answer questions 4 and 5.
Any current owners or anyone who might have gone all the way to due diligence recently--and then backed out because you saw the building's financials.
Thank you for your time.
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Response by 2013nyc
over 11 years ago
Posts: 67
Member since: Feb 2013
I'm curious to know more about that building as well. I was told by a broker that the building does not allow parents to buy for children or pied-à-terres. Some of the apartments are great but the building is a veritable maze.
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Response by pencap75
over 11 years ago
Posts: 59
Member since: Feb 2011
My brother lives in that building, and my parents bought the studio for him. However, that was in the 1990's so I'm sure they changed the rules.
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Response by crescent22
over 11 years ago
Posts: 953
Member since: Apr 2008
Do your own work- get on ACRIS (or use streeteasy's interface) and see what the mortgage is and who owns random apartments.
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Response by crescent22
over 11 years ago
Posts: 953
Member since: Apr 2008
Hmmm, that's a fairly big one and due fairly soon. NWT, what's a 504 note and why does it appear to be on a retail element?
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Response by NWT
over 11 years ago
Posts: 6643
Member since: Sep 2008
I didn't notice a 504 note, and don't know more than google does, i.e. something to do with a Small Business Administration program. Maybe the sponsor, the long-lease retail tenant, was finagling something.
Speaking of the sponsor, this is a classic 1984 co-op. Sponsor could've made it a condo, but going co-op let him take out lots of cash, saddling the co-op with a $10,000,000+ mortgage. That let the buyers pay less up-front, of course, which was good for marketing, but in the succeeding 30 years they've increased the mortgage to $15,000,000 rather than pay anything off.
Watch when this one comes due, in 2015 or 2016 (I forgot already.) I'd bet they'll jack it up again.
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Response by judithn111
almost 5 years ago
Posts: 3
Member since: Nov 2011
FYI, there is a new board in the building as of 2021, and it is now open to the idea of parent guarantors and co-buyers (on a case by case basis.)
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I'm curious to know more about that building as well. I was told by a broker that the building does not allow parents to buy for children or pied-à-terres. Some of the apartments are great but the building is a veritable maze.
My brother lives in that building, and my parents bought the studio for him. However, that was in the 1990's so I'm sure they changed the rules.
Do your own work- get on ACRIS (or use streeteasy's interface) and see what the mortgage is and who owns random apartments.
Hmmm, that's a fairly big one and due fairly soon. NWT, what's a 504 note and why does it appear to be on a retail element?
I didn't notice a 504 note, and don't know more than google does, i.e. something to do with a Small Business Administration program. Maybe the sponsor, the long-lease retail tenant, was finagling something.
Speaking of the sponsor, this is a classic 1984 co-op. Sponsor could've made it a condo, but going co-op let him take out lots of cash, saddling the co-op with a $10,000,000+ mortgage. That let the buyers pay less up-front, of course, which was good for marketing, but in the succeeding 30 years they've increased the mortgage to $15,000,000 rather than pay anything off.
Watch when this one comes due, in 2015 or 2016 (I forgot already.) I'd bet they'll jack it up again.
FYI, there is a new board in the building as of 2021, and it is now open to the idea of parent guarantors and co-buyers (on a case by case basis.)