Problem?

It needs full reno. Also you will have limited privacy on the ground floor. If you can use it as it is, go for it.

Thank you. What about floods? Was it very affected during Sandy?

I am sure it was but there is no discount for Sandy like once a 100 year event. Otherwise, waterfront buildings would not be selling like they are.

I do not know whether it is facing highway, but if it is, the noise will be an issue as the noise protection is not the same as new buildings. In summary, no steal but a good buy for some one who can live there with just clean-up - get new ikea kitchen cabinets, appliance and possibly get super to retile the bath. Full reno to me does not make sense for this type of property.

I lived a block from this project and spoke to a broker about a unit for sale about 6 months ago. It's a former Mitchell-Lama that bought out of the program years ago. There is an income requirement and a big flip tax. Not to mention a proposal to sell to a developer who would tear everything down.

Google "West Village Houses".

Watch out for new maintenance once the taxes go up. Does not look like it is being demolished.

http://thevillager.com/2018/03/09/demo-plan-crumbles-as-w-v-houses-go-market-rate/

The maintenance is going to have to go up about $500/month per unit. That's about a 2/3 increase. My guess is that in the next few years you are going to see a lot over turnover, just like you saw in the Grand St coops after they went private.

I think this might be the only building to go from Mitchell Lama to HDFC (because it was a Mitchell Lama rental not a coop).