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building at 230 East 50th Street

Started by gracefoster_1223901
over 10 years ago
Posts: 1
Member since: Jun 2012
Can anyone tell me about this building? The maintenance seems high. Is there anything going on?
Response by NWT
over 10 years ago
Posts: 6643
Member since: Sep 2008

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.

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Response by JJ2
over 10 years ago
Posts: 114
Member since: May 2014

Underlying mortgage per unit should be $40,000-$50,000 in Manhattan - - - $66,000 is on the high side

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Response by apjones01
almost 10 years ago
Posts: 0
Member since: Aug 2015

Is there a way to tell the degree to which the maintenance has increased the past few years?

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