Brooklyn Point

And after they buy the LAND as the sole fee owner, they end up owning the the other 2 units also?

After buying the land for $1 the unit owners can decide to either remain a co-op or convert to condo. It is true there will be legal costs to convert to condo, so unsure what owners will decide to do in 22 more years. Perhaps the building will just remain a co-op. In any case, it was and is a great deal and the building is 80% sold.

Ha @30 "More disinformation and obfuscation." Always was and always will be a dope.

I hope one day you, too, will be able to live in one of the buildings you spend so much of your time trying to needlessly denigrate.

Do you live in NJ?

The building isn't a Coop.

And readers should understand that Bklndent is a self interested party who personally benefits from the spread of this disinformation.

I own a unit here so I think that I and the rest of the 400 units that have been sold, and their real estate attorneys, understand that we have shares in a corporation and that we are indeed a co-op. Thanks for the legal advice. Send another message when you go to law school, pass the BAR and can offer better legal advice than what we all paid for. Thanks!!! =)

The BUILDING is a 3 unit condominium. But go ahead and keep up the disinformation campaign. It's quite entertaining.

I'm sure the legal advice you got was just as good as anyone who ever purchased at 100 West 57th Street (or 101 West 23rd Street for that matter).

Psst - 30 lives in Manhattan. Neener neener -

30 has also bought 100X more units than Bklndent.

So, Bklndent, how much did you rent your unit for?

Having to explain a condop to someone reminds me of that Seinfeld episode when Elaine got a 929 area code and nobody wanted to date her.

And how's ownership working out for buyers? Let's take a quick look at the 2 resale units listed:

* 15F, 2br, apparently closed for $1,923,401 on 6/9/22, currently on the market for 1,908,000, and seller offering to cover a year of maintenance. On the market for > 100 days.

* 37G, studio, apparently closed for $990,263, on 1/5/21, currently on the market for $990,000, after being taken off the market in Aug 2023 after being nobody bit following a drop to $988,000 in April 2023. Nobody biting at the current ask either after nearly 100 days on the market.

Maybe the owners rented the units out and made buckets full of money on the rental income in the intervening period. Or maybe not.

It's certainly a problem, purchasing condos in New York City with all the transaction costs that go along with that, and not holding for a minimum of at least 10 years. At least until recently, the building was covering all closing costs including Mansion tax and they're paying brokers a 5% commission, which equals a pretty substantial rebate.

Keith Burkhardt
TBG

>> And how's ownership working out for buyers? Let's take a quick look at the 2 resale units listed…

That kinda seems like how the rest of the market is behaving these days. I’m not sure those facts makes this building special, although it could be for other reasons perhaps.

@nada: Yes -- I don't think this building is a particular standout from the current market, either positive or negative. There are certainly some hair raising examples in other condos and coops. And, my quick lookup didn't consider how the owners might have had offsetting profits from rental income. I mostly just liked noting that the two current listings are a strong counter to the dominant 'real estate always go up' mentality. (I'll save my rant on people treating r.e. as an equity product rather than it's own asset class with a reasonable place in a total portfolio for another day.)

Aaron2,
Just wait until they purchase the land! (Insert largest possible sarcasm emoji here)

What's the latest? Has anyone ascertained what happens in 2045? I have seen a few resale priced below original purchase price.

2045 will be here and gone before you know it.

Me too!

What a great investment!

Anyone know exactly how many out of 458 have been sold in 6 years?

Too lazy to count it out… but please tell us!

I’ll go with 252?!?!??