Morningside gardens Complex

Good value for area because apartments haven't been renovated in 40 years, are tiny, building hallways , elevators, etc. are probably in states of disrepair...

I looked there 4 years ago and put a bid on a lovely apartment. The prices have gone up 30% since then. They were doing repairs on all the terraces, fixed the heating system/chimney, and worked on the facade. I looked at the 2 bedrooms with a terrace. The terrace could be screened or windowed in to make it useful as extra space. The 2 bedrooms were reasonably priced because they only have 1 bathroom while more modern apartments have 2.

At that time I was told a significant drawback by someone whose relatives lived there for many years. There were many elderly or long term residents who had stopped paying maintenance. They just figured that the back maintenance would be deducted from the sales price when they eventually left the complex. They had to raise the maintenance to cover the short fall. Then there was the discussion of what to do about non payment of maintenance. Some of the elderly were on fixed incomes and could not afford to pay the maintenance after living there for many years. Then there were legal fees to consider along with whether the courts would be loathe to make the elderly sell their apartments....

We found a very large 1 bedroom fixer upper on the UES for about the same price as the 2 bedroom with a terrace.

Actually, look at any floor plan and it's obvious room sizes are generous for the money and layouts good. Owners have been renovating their units. Elevators, hallways meticulously maintained. Cash flow/reserves are 100% solid. Only tradeoff is the immediate area, but already with arrival of first building of Columbia U's northern push that's already turning around.

Notwithstanding the arrearages, the complex's financials are in terrific shape - in 2016, co-op's revenues exceeded expenses by nearly $2.5MM (excluding transfer fees). I just closed a deal there last week and another client of mine bought there in 2016. Your money goes a lot further here than it does anywhere else below 125th Street, and people really love living there. Columbia's Manhattanville campus will be a game changer for the neighborhood and the large luxury projects from Savanna and L&M across Broadway will no doubt raise values around them.

Dan Gotlieb
Digs Realty Group
www.digsrealtynyc.com

Bought a 1 br there years ago which we we're able to flip before closing. Board seemed fairly cooperative.

We bought here two years ago and moved in with our family. The community is terrific and friendly. We wake to birdsong and walk out into a green garden every morning. Great gym. Inexpensive (relatively) indoor parking. HUGE wood and ceramic workshops, ping pong, pool table, playground, many trees, flowers, open lawns. Have found many places to eat/shop/love in the neighborhood. The buildings are modest - they were a 1950s build for middle-class families to own. Rooms are nice sizes with large windows. Bathrooms are small but fine. Every window is open view, which is something that means a lot to me. Staff is really attentive and great. If you need a doorman and ten-foot ceilings (yeah, I like them, too), you probably won't like it. If you love green, great amenities, and a sense a community, you will.

Can one add a half bath or bathroom? It would mean converting a closet. Any experience with this?

I haven't seen any in the years that I have worked in this area. That's not to say it doesn't exist or isn't possible, but I wouldn't count on it. The F line apartments have 2 full baths (and are 3 beds) - which might address your issue- but if you are looking at a 2 bed, then it's not in any of the units I have ever come across.

I think the other factor in pricing is the school district; District 3 ends on 122d, everything over that is District 5. There are options, but not as many as in District 3, which is just a stones throw away.