building at 129 East 82nd Street

The usual story: only 33 apartments carrying the staff of a full-service building.

Also, it's a cond-op, with the profits from the retail space on Lexington going to the sponsor. who pays only 8% of the cost of running the building. (Probably less than that, as the doormen would be excluded from the tally.)

How much staff can there be for such a small building? NWT, can you explain more about the retail space on lexington? why doesnt that rent go to the building too help defray costs? also, any realistic word on construction across street? developer says opening fall 2016 but that seems very optimistic?

There'd be just as many doormen as for a 100- or 200-unit building. They could maybe get away with one porter/handyman rather than two, so six guys instead of seven or eight.

The condo is two units. One is owned by the co-op and contains all 33 apartments. It's 92% of the building. The other unit is the retail space. It's 8%. The retail-unit owner just pays 8% (or less) of the building's expenses. That's much less than the income from the space. If the co-op owned the space, the co-op would get all the rent. On the plus side, the shares have always sold for less than they would for an equivalent building with retail income and lower maintenance.

Very helpful NWT.... any sense of what will keep the monthlies from just going up and up and up there? Any thoughts on the connstruction across the street?

Interesting 3-mo only sales contract the first time around!

Almost every building's maintenance or CCs just goes up and up. This one's shouldn't increase any faster than others. If you're interested, tell the broker you want to see the financials before rather than after going to contract.

Would love to hear some thoughts from current owners... the high monthlies combined with the cond-op situation on the first floor plus the roof deck having beein sold (??) suggests something is funky with the management in this building... is that unfair? I'd love to be enlightened....

did 10C ever sell? it's now listed as off market?