High Assessments at 174 East 74th Street

It was only announced as on the market 2 months ago and it is a huge space, so don't blame the realty company. This is on the board- Kate's Paperie closed all but this store 3 years ago, so knowing their business, it's not like having a black hole in revenues was a sudden concept.

As for your comment about 'relying' on retail space- what do you want them to do? Not use it? It's a tremendous resource that keeps maintenance low. They just need to (if they have that choice) select a more stable retailer like a bank or a gourmet grocery store- a drugstore wont work given DR across the street.

As for the assessment, bidders are hopefully smart enough to force the Seller to pay for a year of it in the contract- this is an interesting one as the assessment does not have a stated end date.

Still high assessment - anyone have any color on the current status of the retail space?

any updates regarding the ongoing high assessment?

The assessment seems less significant when you roll it into the maintenance. In other words, taken together, the monthlies and the maintenance are in line with the neighborhood. If and when the building is once again to get income from the Third Avenue storefronts, it will be a boon for the owners.