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finances for this building

Started by rottyguy
over 7 years ago
Posts: 1
Member since: Jun 2018
Discussion about 344-346 East 58th Street in Sutton Place
anyone know why it's 1500/mo for essentially no amenities?
Response by crescent22
over 7 years ago
Posts: 953
Member since: Apr 2008

The three basic determinants of maintenance have nothing to do with amenities: a) property taxes; b) staffing which is more per unit in smaller buildings; c) revenue (or lack thereof in this case).

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Response by ximon
over 7 years ago
Posts: 1196
Member since: Aug 2012

Seller offering to subsidize monthlies is a sign. No doorman and no elevator so I am thinking there is a big underlying mortgage payment. Best to check it out if interested in buying. And thoroughly review financial statements and offering plan amendments for extraordinary items.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9877
Member since: Mar 2009

crescent22 left out debt service.

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