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Maintenance
Started by Dickens
almost 5 years ago
Posts: 104
Member since: Mar 2014
Discussion about 65 Nassau Street in Financial District
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Could be taxes, could be they decided they need a larger reserve.
Small old buildings are often high maintenance.
FiDi taxes are high. Small boutiques have more overhead per shareholder. Terra cotta doesn't maintain itself. Nearby co-ops of similar construction (Liberty Tower, Beaver Tower) are similar or worse.
Wasn't it Liberty Tower where a number of owners walked away from their units when the assessment to maintain the terra cotta was going to be more than the value of their apartment (mid-1980s?). I believe they ended up buying and installing a roof-based crane system which could be used for maintenance.
Oh yeah, true, I missed the terra cotta facade, that must explain most of it. Liberty Tower maintenance is outrageous, although the views from the upper floors are gorgeous and those apartments get a ton of light (which could be both a positive and a negative, depending).