Does anyone know the financial condition?

This is more about whether the buyer's financial condition is strong enough rather than the coop's financial condition. Price is all in the previous recent sales.

Nothing off in the pricing that I'm seeing. If anything, given the size of the building and the units, I'd imagine the building financials are pretty solid (I do wonder if they have occasional big assessments).

(also imagine that those are not the original gas fixtures in the BR of 5L. Too bad it doesn't have central air -- otherwise my sort of place).

I regularly read/analyze the financials of co-ops and condos for my buyer clients; perhaps you should ask your broker to do this.

ali r.
{upstairs realty}

Not this building in particular, but the Boards of high cash buildings often assume that their shareholders are capable of shouldering large assessments when needed.

Plus what Ali said.

Well, this hasn’t been going too well:

https://streeteasy.com/closing/786524

https://streeteasy.com/building/1185-park-avenue-new_york/sale/1563535

Bought in estate condition for $19M in 2009, spent ~$3-5M (?), and now been trying to sell for 2 years, with current ask down to $15.5M. Props to the owners for taking it on the chin and cutting price trying to find market.

But that's sales/price. With 50% cash requirement they still have plenty of equity and very little chance of walking away/ default on maintenance. So it shouldn't affect building financials.

Of the 'big reasons' for a sale (D, D, & T), this may be by reason of a D. The owners are not likely to be deeply concerned about their cap rate.

@Aaron2 what does D, D & T stand for?

In the case of the owners of this unit it appears to be "Divorce". I assume "Death" is the other D. No idea about the T.
Owner (guess co-owner) of this unit appears to be a well-known HF manager, and unlikely to be sensitive to selling price.

I'm guessing D, D & T stand for "Death, Divorce and Transfer".

There's so much gray *yawn* in that apartment I at first thought the listing photos were taken in black and white.

Marriage, birth, death, divorce, transfer.

I was thinking death, divorce, taxes, as they're the most compelling, but 30 gives the additional major reasons.

Besides DD&T, what about MS? ie Mayoral Scandal. Doesn't that impact NYC RE?
https://streeteasy.com/talk/discussion/48287-will-mayoral-scandal-tank-real-estate-in-nyc

>> There's so much gray *yawn* in that apartment I at first thought the listing photos were taken in black and white.

Sometimes I think about creating a show called “Designers Gone Wild”. This place would make the cut.

Truth be told, I find all the design bling to be lipstick on a pig. The apt is *meh* architecturally for me. But can you imagine paying $4000 ppsf for that space in *estate* condition in 2009? The housing bubble was truly a special time.

The building is architecturally significant due to the court yard and many famous wealthy residents. However, the top floor was probably built as laundry or servant quarters and seems to have low ceilings. All the excessive gray with shine and modern style doesn't belong in that building but it seems seller's wife has a passion for design and she decided to spend own money rather than finding a client who would pay for her taste. Am I the only only one who noticed excessive number of recessed light fixtures on top of couch/TV area? Perhaps they wanted to perform surgery there.

Pix 16/31.

The Anne Riophe wrote about her family experience there:

"We, my father, my mother, my brother and I, our nurse, Greta, our cook, Emma, our maid, either Bernice or Ingrid, or Bridget, lived in apartment 8C at 1185 Park Avenue. Blanche Phillips Roth, daughter of the late Isaac Phillips, of the Phillips Van Heusen Shirt company, and her husband, Eugene Frederick Roth, had moved into the building, right after their honeymoon trip. The year was 1931."

https://archive.nytimes.com/www.nytimes.com/books/first/r/roiphe-park.html

CEO of a major bank and his next generation family has multiple apartments there.

CEO of a major bank and his next generation family has multiple apartments there.

Perhaps then prospective buyers can get a good mortgage rate through that bank? (probably not, based on browsing through banks named in ACRIS filings.) But it is interesting: I don't think I've ever seen so many 'Estate of..' references in the ACRIS 'Party 1' column. This does not seem to be a building of flippers. But lots of trusts: My building puts owners through all sorts of nonsense and expense (only some of which is justifiable) if they want their shares owned by a trust. Perhaps the board at 1185 is more enlightened (or the owners are just wealthier).