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Sale at 301 East 63rd Street #9A

Started by HappyBigApple
almost 11 years ago
Posts: 40
Member since: Aug 2009
Discussion about 301 East 63rd Street #9A
Can anybody explain what does it mean, "The land lease no longer exists"? What is the trick with this unit?? too cheap to be true...
Response by hotproperty
almost 11 years ago
Posts: 277
Member since: Nov 2008

Did you miss the studio's $1900 a month maintanence?

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Response by NWT
almost 11 years ago
Posts: 6643
Member since: Sep 2008

The co-op bought its land in 2010, for $45,000,000, so now they're carrying a $50,000,000 mortgage. Figure what share of that belongs to 9A, and add it to the purchase price.

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Response by NWT
almost 11 years ago
Posts: 6643
Member since: Sep 2008

Re: the partment's share of the underlying mortgage, it's made explicit for co-ops in DC. There, e.g. a listing would be for, say, $400,000, and then the ad would specify "$59,313.66 share of underlying mortgage will be deducted from sale price", so if you paid full list you'd cough up $340,686.34.

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