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The Landmark Coop board
Started by SuttonResident
over 8 years ago
Posts: 1
Member since: Jan 2009
Discussion about The Landmark at 300 East 59th Street in Sutton Place
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Sorry to hear that. What is apx ratio of property price / your annual income?
My monthly gross income was almost four times the monthly mortgage including maintenance & Taxes
I've found the qualifications a lot of Sutton Pl boards look for simply aren't in line with the current market. These buildings sell for around $1000/ft2, yet expect buyers looking at that price point to have the purchase price left over in post closing liquidity after a 50% down payment. My personal take is that you have an aging population of longtime shareholders looking to cut down on turnover and avoid the change of pace a younger population would bring to the neighborhood. Those looking to buy at $1000/ft2 but with over $1m COA are likely empty nesters. Most young professionals who already have seven figures in liquidity aren't looking to buy at only $1000/ft2. The cumbersome application process depresses values in the neighborhood, but these shareholders don't plan on moving out of their apartments unless it's in a pine box.
Inman, I do not think that the board is thinking that logically. It is likely full of old people who would not change the rules based on market conditions. Young people do not have as much time to be on the board. Then they wonder why the prices are not high enough.
I agree that in some of these buildings the requirements are costing the shareholders value. These aren't Fifth Avenue buidling with 9 room apartments. sometimes what happens is that you get buildings with some big apartments and some small apartments and everyone on the Board lives in the big apartments, so they want to treat it like a "premier building. This was the case with 60 Gramercy Park North for many years (they have 2 lines of 5 room apartments facing the park, and then a whole lot of "regular" 1 br's and 2 br's in the back).
We've also seen buildings relax a bit, Like steward House (70 East 10th t) which went from 100% cash requirement to 50% to 40%.
Did they reject before or after an interview?
What about your post closing liquidity?