building at 230 East 50th Street
Started by gracefoster_1223901
over 10 years ago
Posts: 1
Member since: Jun 2012
Discussion about 230 East 50th Street in Turtle Bay
It's a full-service building, with costs being carried by only 44 units.
The underlying mortgage is $66,000 per average unit, a bit higher than you'd want to see for mostly one- and two-bedroom apartments. They re-fi'd in June, presumably at a lower rate than they were paying from 2005-2015. If they're smart they'll not reduce the maintenance, and stash away the interest savings so they can pay down some of the mortgage in 2025, when rates will probably be much higher.
Underlying mortgage per unit should be $40,000-$50,000 in Manhattan - - - $66,000 is on the high side
Is there a way to tell the degree to which the maintenance has increased the past few years?