The Colonnade

Started by karishkatan

over 9 years ago

Posts: 3

Member since: Sep 2009

Discussion about The Colonnade at 347 West 57th Street in Hell's Kitchen

Great building , Building was built as Condo in 1983 . It was then the edge of Hell's kitchen. The Time Warner -Columbus circle construction turned it location as one of the best in NYC, being also on the very edge of the Diamond of the City-Central Park. maximum of 6 apartments per floor make the building a very intimate, quiet building.

Response by Lisafun

almost 9 years ago

Posts: 1

Member since: Aug 2012

Do you have a sense of why the taxes and common charges seem quite high?

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Response by karishkatan

almost 5 years ago

Posts: 3

Member since: Sep 2009

As calculated on March 2021. the Colonnade common charges are $1.15/square foot.
The common charges are inclusive of a 10% "cushion" which have accumulated to allow the Colonnade not to have any assessments since that "cushion" has been added. The financials of the building are excellent.
The real estate taxes in 2020 are approximately $1.75/ square foot
Neither common Charges nor Real Estate taxes are "Quite High" but rather typical for the area.
However- prices of apartments in this excellent building seem to be below comparables in Columbus Circle and "Billionaire Row" area. The condominium is run extremely well.

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Response by 30yrs_RE_20_in_REO

almost 5 years ago

Posts: 9877

Member since: Mar 2009

Common charges are not calculated based on $/SF but rather $/percentage of Common Interest.

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The Colonnade

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