This building situated at 15 ft. above sea level is in a FEMA high risk flood zone area (http://www.propertyshark.com/mason/ny/New-York-City/Maps/FEMA-Flood-Zone). The HOA has very inadequate flood insurance leaving the building is essentially uninsured against flood. Unfortunately my mortgage company (one of the preferred lenders) only learned this during the actual closing and refused to... [more]
This building situated at 15 ft. above sea level is in a FEMA high risk flood zone area (http://www.propertyshark.com/mason/ny/New-York-City/Maps/FEMA-Flood-Zone). The HOA has very inadequate flood insurance leaving the building is essentially uninsured against flood. Unfortunately my mortgage company (one of the preferred lenders) only learned this during the actual closing and refused to disperse funds. A no additional cost solution was presented to seller (who presumably has significant influence over the HOA) but the seller refused to communicate thus killing the deal and then raised the price by $88,000. I am told current mortgages in the building may be in violation of FNMA lending standards though I am no expert. If you are interested in a condo here be sure to check with your mortgage company about the above and include in purchase agreement. All this was a sad story for my family after working 6 months on closing this deal. One of those months was waiting for the seller to extend the offering at the last minute) on the deal
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Response by pleasantstead
about 11 years ago
Posts: 79
Member since: Nov 2014
> All this was a sad story for my family after working 6 months on closing this deal.
But be glad you didn't.
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Response by NWT
about 11 years ago
Posts: 6643
Member since: Sep 2008
Check the condo map on ACRIS. It shows the ground floor at 11' above water (as that's defined by the city) and the cellar 1' above. The electrical room is in the cellar. The heat/hot-water mechanicals are in separate closets next to their units.
"Lexington Hill Condo" is a funny name. When you stand in front and look up and down Lexington, you're obviously near the bottom of a trench.
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Response by front_porch
about 11 years ago
Posts: 5318
Member since: Mar 2008
I want to know the name of the mortgage lender that tells you that you're cleared to close and then doesn't fund.
ali r.
{downtown broker}
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Response by Tomwgodfrey
about 11 years ago
Posts: 13
Member since: Mar 2013
First Meridian Mortgage Brooklyn branch
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Response by Tomwgodfrey
about 11 years ago
Posts: 13
Member since: Mar 2013
I have formally asked FMM for compensation for my closing losses (about $6600) but have heard nothing back.
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Response by Tomwgodfrey
about 11 years ago
Posts: 13
Member since: Mar 2013
Another thing about the building is that the heat is all electric. There are heat pumps in each room and I calculated electricty during cold months would be in excess of $200/mon for someone working and not at home during the day. They could go a loit higher if you are cold blooded or stay home and indeed are estimated in the offering significantly higher.
The website underestimates maintenance fees and taxes which are increasing every year as the abatement disappars. Be sure to check this. Now they are about $2400/year (not as stated at $1392) at but will eventually will return to the unababted $12k/year plius any city increases (2BR). Maintenance is over $450/mo now (not $389 as stated) for a 2BR.
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Response by Tomwgodfrey
about 11 years ago
Posts: 13
Member since: Mar 2013
And lastly the F -line units (and I expect all others) sq footage is listed at 1120 sf but this includes a lot of common area (foyer and hall). The apartment itself is more like 900 sf. Is this the norm in NYC to state it like this? It's like 18% of total area. But don't take my word for it, I esitmated it by measuing the offering drawings.
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Response by beefhole
almost 9 years ago
Posts: 9
Member since: Jun 2009
The comment regarding the electric heating system is all too true. I've lived in the building, and our ConEd bills have spiked above $700 a month, even though both my wife and I work and are out of the unit most of the day. On average in the winter it's around the $300-400 a month, which is a huge additional cost to factor into your numbers. Also, the building is located right above a Fried Chicken place located on the back side of the building, and the smells actually permeate into the units constantly. Opening your windows is not an option once the thermometer goes above 50 degrees, which means you never get to freshen up the air.
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Response by NStar
over 6 years ago
Posts: 0
Member since: Dec 2018
Beefhole, which floor are you on? I wonder if this affects all floors. Also, is the electricity bill still bad? Did you need to get flood insurance?
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Response by Anton
over 6 years ago
Posts: 507
Member since: May 2019
This building is OK, there are a couple of other buildings around having lower levels.
And now all of you regret not buying 4 years ago.
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Response by Tomwgodfrey
about 6 years ago
Posts: 13
Member since: Mar 2013
No, I don't regret as I watch the prices plummet. 7F which I tried to buy has still not sold in 5 years.
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Response by Tomwgodfrey
about 6 years ago
Posts: 13
Member since: Mar 2013
Am also certain HOA fees and taxes on the StreetEasy listing are wrong. They were even wrong when I tried to buy. There is an abatement (probably granted for building in such a bad location) that runs out.
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Response by Tomwgodfrey
about 6 years ago
Posts: 13
Member since: Mar 2013
Am also certain HOA fees and taxes on the StreetEasy listing are wrong. They were even wrong when I tried to buy. There is an abatement (probably granted for building in such a bad location) that runs out.
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Response by 300_mercer
about 6 years ago
Posts: 10577
Member since: Feb 2007
Just curious where the flood water will come from? Pretty far from the river. Also many banks seems to be lending.
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Response by 300_mercer
about 6 years ago
Posts: 10577
Member since: Feb 2007
Also many very expensive parts of Tribeca / West Village next to river and in a similar rated flood zone. So, I would think flood is less of an issue than electrical heat etc.
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Response by 30yrs_RE_20_in_REO
about 6 years ago
Posts: 9880
Member since: Mar 2009
Bougie rap songs we'll never hear:
"Buyer's Remorse" by The Lexington Hill Gang.
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Response by Tomwgodfrey
about 6 years ago
Posts: 13
Member since: Mar 2013
Look at the FEMA flood map and you will see.
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Response by Tomwgodfrey
about 6 years ago
Posts: 13
Member since: Mar 2013
Anyway, glad I eventually bought in UWS. 85 ft above sea level, safer and near parks.
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Response by 300_mercer
about 6 years ago
Posts: 10577
Member since: Feb 2007
If you can afford UWS, great. One of the best areas for green space and amenities.
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Response by Anton
about 6 years ago
Posts: 507
Member since: May 2019
UWS is much better than UES I agree, not as many jerks and racists at least
> All this was a sad story for my family after working 6 months on closing this deal.
But be glad you didn't.
Check the condo map on ACRIS. It shows the ground floor at 11' above water (as that's defined by the city) and the cellar 1' above. The electrical room is in the cellar. The heat/hot-water mechanicals are in separate closets next to their units.
"Lexington Hill Condo" is a funny name. When you stand in front and look up and down Lexington, you're obviously near the bottom of a trench.
I want to know the name of the mortgage lender that tells you that you're cleared to close and then doesn't fund.
ali r.
{downtown broker}
First Meridian Mortgage Brooklyn branch
I have formally asked FMM for compensation for my closing losses (about $6600) but have heard nothing back.
Another thing about the building is that the heat is all electric. There are heat pumps in each room and I calculated electricty during cold months would be in excess of $200/mon for someone working and not at home during the day. They could go a loit higher if you are cold blooded or stay home and indeed are estimated in the offering significantly higher.
The website underestimates maintenance fees and taxes which are increasing every year as the abatement disappars. Be sure to check this. Now they are about $2400/year (not as stated at $1392) at but will eventually will return to the unababted $12k/year plius any city increases (2BR). Maintenance is over $450/mo now (not $389 as stated) for a 2BR.
And lastly the F -line units (and I expect all others) sq footage is listed at 1120 sf but this includes a lot of common area (foyer and hall). The apartment itself is more like 900 sf. Is this the norm in NYC to state it like this? It's like 18% of total area. But don't take my word for it, I esitmated it by measuing the offering drawings.
The comment regarding the electric heating system is all too true. I've lived in the building, and our ConEd bills have spiked above $700 a month, even though both my wife and I work and are out of the unit most of the day. On average in the winter it's around the $300-400 a month, which is a huge additional cost to factor into your numbers. Also, the building is located right above a Fried Chicken place located on the back side of the building, and the smells actually permeate into the units constantly. Opening your windows is not an option once the thermometer goes above 50 degrees, which means you never get to freshen up the air.
Beefhole, which floor are you on? I wonder if this affects all floors. Also, is the electricity bill still bad? Did you need to get flood insurance?
This building is OK, there are a couple of other buildings around having lower levels.
And now all of you regret not buying 4 years ago.
No, I don't regret as I watch the prices plummet. 7F which I tried to buy has still not sold in 5 years.
Am also certain HOA fees and taxes on the StreetEasy listing are wrong. They were even wrong when I tried to buy. There is an abatement (probably granted for building in such a bad location) that runs out.
Am also certain HOA fees and taxes on the StreetEasy listing are wrong. They were even wrong when I tried to buy. There is an abatement (probably granted for building in such a bad location) that runs out.
Just curious where the flood water will come from? Pretty far from the river. Also many banks seems to be lending.
Also many very expensive parts of Tribeca / West Village next to river and in a similar rated flood zone. So, I would think flood is less of an issue than electrical heat etc.
Bougie rap songs we'll never hear:
"Buyer's Remorse" by The Lexington Hill Gang.
Look at the FEMA flood map and you will see.
Anyway, glad I eventually bought in UWS. 85 ft above sea level, safer and near parks.
If you can afford UWS, great. One of the best areas for green space and amenities.
UWS is much better than UES I agree, not as many jerks and racists at least