Gramercy Stark PH4d

Taxes should be lower if used as a primary residence and you take advantage of the star of Abatement. However I believe you can't take advantage of the star abatement until the 421a expires. 30?

Billable Assessed Value $347,676
421a -64,535.00
Taxable Value $283,141 x 12.4730%
Tax Before Abatements and STAR $35,316.20
Annual property tax $35,316.20

Full taxes are $43,365.63/12 = $3614/mo

Keith
TBG

Keith, you mean the Coop and Condo Abatement which is around 17.5% of taxes, the STAR rebate only comes out to a few hundred dollars for the year.
I forgot about this option but for certain the city would only allow 1 abatement program at a time.

That $3852 tax amount is probably the new bill amount. ($3614 the exiting year bill)
Ads never typo an amount over the real amount, always less than. :)

Anyway less 17.5%, thats $3178 a month taxes.
$1982 cc + $3178tax = $5160

At a very generous footprint (with outdoor) of 1700 sq ft, thats $3 a foot tax and maint.

Taxes with the star abatement are currently $35016/12=2918

I believe this is the way to read that. Christian, who works with me usually does these calculations so I'm a little rusty and also trying to figure out how to play Pokemon go with my daughter! So don't shoot me if I've miscalculated this.

Keith

@Keith Isn't the STAR Abatement means-tested? I don't see how someone who can afford this apartment passes the income test for STAR.

I don't believe it is thoth

https://www1.nyc.gov/site/finance/benefits/landlords-coop-condo.page

Actually I believe you're correct thoth, but that applies to the New York City Co-Op / condo abatement. The star program is a smaller discount.

Star program which is a much smaller credit has a household income limit of 500K. So ignore my post above! Now I'm going to go to bed...

https://cooperator.com/article/new-york-city-co-op-and-condo-tax-distribution/full

Ok so its not Star or the Coop Condo abatement (17.5%), there is still one leg left on the 421A
If I recall, the 10 year 421s lose 20% every 2 years.
years 10/9 100% abated, years 8/7 80% abated, etc.
Its in the final 2 years so unabated will be 20% higher.

Also Keith's assessment #s are for 2019/20, The 20/21 is out for next spike July 2020.

Interesting twist, googling the owner yields he is likely eligible for the senior STAR rebate which is substantial, however give his occupational status, prob above the income threshold of $500k.

$3.2m and I have to see the kitchen from the LR? No thanks, even if they are trophy appliances.

it comes with a "hut tub"

seriously, why do people pay these brokers?

If I were going to spend that kind of money on an apartment with outdoor space I'd want a full park or river view...

Oh and WTF is an 'electronic fireplace'? Probably from the same store that sold them the 'hut tub'...

this is more my jam https://streeteasy.com/sale/1393100

Senior star abatement for coops kicks in with adjusted income below 58k to the best of my knowledge.

Bram , views are stellar from this apt.
Full view of east river, and you can see for miles to the east.
With many defects this apartment may have, views aren't one.

I was hot for the John Franco (in Spiderman) apartment building for a while.
I couldnt stomach the maintenance and being by 1st ave.
PH9
https://streeteasy.com/sale/463306

PH7 offers pics of terrace life in this building
https://streeteasy.com/rental/1421481

But new developments going up just south of the UN will crush these views.
And more stringent local law facade work in the coming years are really going to hurt the pocketbook.

>truth - the only PH in that building that has a good layout , eg a good terrace on the main living floor, is PH1. And that has views in other directions.
Re: first avenue developments - probably will not happen for years if 685 First is any forecast

I dont know, I find the triple height ceilings and windows quite majestic.

I see it was recently for sale again and for not much more than 10 years ago.
https://streeteasy.com/sale/1390638

Again they dont show pics of the terrace which I find a little suspect.

As far as layouts, part of the problem is the "majesty" has a price.
Young people dont want to live in Tudor City and older people dont want to climb those stairs lol.

Does anybody know if the Tudor City PH apartments were carved out of original larger apartments, or were they originally more or less their current sizes?

Aaron2 don't forget how tiny the units are in the rest of the building. Kind of ironic how the "crazy high" maintenance in the TC units compares to post abatement cc+ret in new buildings.

Does anyone know if the entirety of Tudor City is one ground lease, or is each building a separate lease.

aaron sound like they were always as they are now
http://www.tudorcityconfidential.com/2017/03/building-spotlight-windsor-tower-no-5.html

I thought only 2 Tudor City PL was land lease?

>30 - only 2 Tudor City Place is land lease. The other buildings are not

>>>I was hot for the John Franco (in Spiderman) apartment building for a while.
I couldnt stomach the maintenance and being by 1st ave.<<

Yep, Truth, those are some amazing apartments for sure.

Basically, almost all apartments in those Tudor City buildings , which are high above First Avenue, do not have any windows facing East because First Avenue was the site of slaughterhouses.

The Penthouses are an exception.

These are truly the elephants on top of the buildings.

Oh hadnt realized it was only 2 tudor city.
I always assumed land lease as maintenance in TC buildings were always substantially above average.

Tudor City looks and sounds lovely. A bit too far away from the walk-to-the-office parameter that we need, but I am going to have to check it out one day. I wonder who lived in the penthouses back in the day when the compound was built? It does seem strange to have these giants among a myriad of otherwise efficiently sized apartments.

>MCR - Tudor City, perched on a bluff above First Avenue, with its own small park, is sort of a somewhat less elegant or less expensive version of Beekman Place.

Thanks for the info on the PHs. When I was looking, I considered TC, but wanted a bit more space, and, having come from a place with window units, wanted unobstructed windows (i.e., central air). I like the area, even with the lack of ready access to transportation a lot. Were I in the market for a pied-a-terre, I would reconsider TC. (Maybe next year, depending on how this WFH things goes...)