What will it sell for - 5th Ave

It seems a tough sell as a majority of people who want this look and configuration will look downtown. Of course, one could reconfigure and fully renovate as last reno was 37 year back. The ceiling heights seems closer to 8 feet but hard to tell.

Seems like a lot for a 1BR, especially with that maintenance. Maybe as a pied a terre.

Looks like ceiling heights were dropped a bit as part of the Bennett renovation. You can have 3A in the original floorplan for 900k less (and nearly $1k/mo less maint). 12A went for 3m last year. The comparison of the 7A before and after floorplans is also fascinating. Given the maintenance, 3% flip tax, and the 50% max financing it may take a while to find the right price/buyer. Will be interesting to watch how the 3A/7A sales compare, as you're basically buying the specific layout.

7A: $3.9m 3A: $2.5m

3% flip tax!! Nuts. When will the stuffy coops wake up? I do not think people will mind the 50% down but with that typically will come a difficult board.

Or you could get something like PH85A in Fifteen Hudson Yards with 1K more sf for $7/month less.

Oops, never mind.

Question should be "when will this sell?"

"7A: $3.9m 3A: $2.5m"

I'm not sure there will be that big a spread. Unless they find someone who is a huge fan of Ward Bennett I think the condition is equal or perhaps 3A is actually better in terms of needing to spend less money on the renovation. So the only real difference is floor/view.

View of Central Park if it clears the tree line is probably 30-40% premium. 7A can indeed be used as a 2 bedroom as it is - there is a bathroom and separate bedroom what is called eat in kitchen. For the right buyer needing only occasional guest bedroom, it is pretty good as it is.

Btw, one could just update kitchen and potentially baths in 3A without anything else.

"3% flip tax!! Nuts. When will the stuffy coops wake up?"

Well, yes, and the price should appropriately reflect that.

Without reviving the big debate about whether there should be a flip tax or not, what do people think about the likelihood that condos beyond a certain age may implement something similar, as their operating costs increase due to the need to replace aging systems (elevators, plumbing, etc.) , and they feel that continued common charge increases aren't viable? Or are they legally unable to do so?

I believe legal hurdles are significant. They can call it “move in” or “move out” fee or “capital contribution” but these are typically small numbers amount to 1-2 month of common charges. Bigger numbers will be vigorously fought by unit owners and a typical condo board probably does not want to fight that.

https://www.habitatmag.com/Publication-Content/Habitat-s-Purchasing-Primer-News-for-New-Buyers/Can-a-Condo-Charge-a-Flip-Tax

1049 5th Has 1%
300, could owners vote for it? Instead of increasing their cc? I can't imagine the board doing this without getting majority support from owners.

I don't think I would want to own one of the first condos with a flip tax. Imagine the pushback from buyers? The only reason I think there isn't more push back from buyers on coops is because it is reasonably ubiquitous. But then I am against flip tax in general.

itesfai, 2% actually. Do not know how they got away with it unless it is a part of condo offering plan.

sorry 2% you are correct, it was a tough experience for me there. and no amenities :(

So can condo boards charge assessments?

Assessments are very common and allowed but in proportion to common interest.

Interesting background. Thanks for the link. Agree that condos w/ the tax have a hurdle to clear, at least until it becomes more common (whatever they call it).