Michael Dell has entered the Arena

you got a Dell

Trevor, Any color on recent valuations performed by the coops or others? I remember your post from before.

The listing for 19K, a small-ish 1BR, sold in August 2023 for $125k, says "The current offer from the land owner if accepted by the coop would require each shareholder to pay a significant assessment – about $650,000 for 19K’s share of the assessment."

So, is $775k a reasonable price to pay for this type of unit in this neighborhood, less some discount for the level of uncertainty about its future state?

For 575 sq ft un-renovated but ok condition, and no view going by the pictures, seems a little high to me.

While Local law cycles 8 and 9 are not filed with DOBnow as far as I can see, permit documents show an estimate for facade work at $1.5mm. Thats not a terrible amount for a building with 300+ units. But thats not likely a final bill.

They also keep filing a new temporary C of O every three months. It may something to do with the parking garage which they also filed permits for to install EV charging stations.

I dont see why do all these things if there isnt a 'long haul' in sight, but anything not buttoned down in this city is a gamble. And lately, buttoned down is no guarantee of anything anymore.

I think the long haul for the land owner is to renew the lease, or if they want out of the property entirely, cancel the lease and do a condo conversion. I don't think the building is a tear down - that neighborhood may be a bit overbuilt for tall tower luxury units, and that intersection isn't stellar, but units at a slightly lower price point than nearby new towers might be just the ticket.