Sale at 435 E 57th Street #12C

No.

what would you say about this building's benefits?

It's biggest benefit is the fact that it is right off Sutton Place, a great neighborhood.

If the unit has northern views, they are likely going to be blocked by a new gigantic tower being built on 58th Street directly behind 435 East 57th Street: http://therealdeal.com/blog/2015/04/08/new-luxury-skyscraper-planned-for-sutton-place/

Dan Gotlieb
Digs Realty Group
www.digsrealtynyc.com

This unit looks attractive and well-priced; indeed, it does appear "priced to sell" as stated in the listing. I saw on another thread that OP asked whether the building was financially sound, and while I have no knowledge of this building's financials, the fact that it is a 50%-down-minimum coop is a good sign. Given the number of users that have saved the listing, I will be curious to see how quickly it sells. I bought a similar unit in a different building in the neighborhood a little over a year ago, but were I still in the market, I would put this unit high on the list, imminent new construction on 58th street notwithstanding.

>I bought a similar unit in a different building in the neighborhood a little over a year ago,

Are you sure that was you?

@FC - As is often the case, I am confused by your question. http://streeteasy.com/talk/discussion/24153-how-much-and-how-to-find

@QR_owner - Judging from your posting about this listing, and your post about listings at 439 E51st, it looks like you are looking for pretty much what we were looking for in the Sutton/Beekman area. If you read the link above, you will see that we found what we were looking for, but had to do extensive renovations. With renovations, we ended up spending $985. I haven't examined any of the current listings in the 2bed/1bath (2/1.5 even better and really hard to find!) in Sutton/Beekman area, but had I been able to find a renovated pre-war unit for anything close to $985 in the neighborhood, I would have pounced on it. No idea if any of current listings are renovated or renovated to your taste, but good luck; I hope you find what you are looking for. Unless you know someone who lives in any building you are looking at, you probably aren't going to be able to learn anything substantive about financials without making an offer and getting into the due diligence phase.

NYC novice -- so helpful! thank you!

NYC Novice- read your thread. & am back to say it's all just so confusing and difficult to navigate. I guess if you're patient, you can win. My husband and I are split on 12C. While the building is lovely and the apt is spacious, I'm concerned that the new tower going up is going to entirely enclose views -- which are already partially enclosed. That plus the need for gut renovation on the bathroom, light reno on the kitchen, and need to install through-wall HVAC units, it ends up being less of a 'deal' than it seems. We would be curious on anyone's thoughts re: the tower going up. It just seems awfully likely that the construction will take a long time and be very unpleasant to live through.

QR_owner - We looked for a LONG time, Now that the process is behind us, I could not be happier, but it is quite a process. You may already know the below, but to the extent you are looking for information on the 2/1 prewar Sutton/Beekman segment, I think the most important things to know are the following: (1) Financial requirements for many of the prewars in the area are 50% down requirement with high post closing liquid reserves; (2) Between coop board review process and renovation process, it would not be unusual to have a year between accepted offer and move-in date; (3) For gut renovation, I would budget $200 per square foot. Again, good luck. Streeteasy posters were a great help to me at each stage of the process (renting, buying and renovating), so I hope others will chime in re your question on the tower and any other questions you have.

We're fine w/ the 50% down and liquid requirements. The 1 year bit seems crazy though. Does that mean the maintenance clock is ticking for us during that year? It can't, right? With selling our current place it becomes difficult to fathom logistics...

Maintenance starts ticking as soon as you close, so key is figuring out how long renovation will take because that is length of time you will be paying for unit that you cannot live in. I had done a lot of research prior to renovating our small place and steeled myself in advance for the 9 months it took me to do a reno in prewar coop that would have taken me 30 days in a single family home in another city.

P.S. re figuring out how much time any renovation will take: There are so many variables involved here that I am not sure there is any good way to figure this out. My renovation experience was a relatively smooth one, and it took a long time for understandable reasons, one of which was my own inability to devote as much management time to it as one would in an ideal world. When I asked friends how long I should expect reno to take, I included all the specifics of my situation that I could think of and everyone set my expectations accordingly. Also, if you are willing to live in apartment while some renovations are taking place, that makes logistics more manageable.