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speaking of the life of a building

Started by Rinette
7 months ago
Posts: 536
Member since: Dec 2016
Discussion about
720 West End
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Response by Rinette
7 months ago
Posts: 536
Member since: Dec 2016

"to keep that old building, we would have to put in $40 million in renovations. It is a 90-year-old building, and we were having problems constantly.”"

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Response by Rinette
7 months ago
Posts: 536
Member since: Dec 2016
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Response by Krolik
7 months ago
Posts: 1213
Member since: Oct 2020

Beautiful. I like the layouts, although I would have preferred even more/larger closets. Some of the prices don't look insane.

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Response by multicityresident
7 months ago
Posts: 2248
Member since: Jan 2009

Bringing in 417 Park Avenue from the other thread: In another thread @George talks about how it made sense to sell 417 Park Avenue because it was one of the great old beauties with excellent bones, but it looks like they razed it and an office tower is going up in its place? https://newyorkyimby.com/2022/03/demolition-concludes-at-417-park-avenue-in-midtown-east-manhattan.html
But then when I search SE buildings, there is still a page for it that makes it seem as if the residential coop is still alive and well.
Which is it? I am guessing the news story is correct and that it is SE that is a step behind, meaning there is no longer a beautiful old Bing and Bing residential coop at 417 Park Avenue?

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Response by multicityresident
7 months ago
Posts: 2248
Member since: Jan 2009

Here is the SE link for 417 Park Avenue. I like how it advises that no listings are currently available but that the reader should "check back soon."
https://streeteasy.com/building/22891#tab_building_detail=3

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Response by multicityresident
7 months ago
Posts: 2248
Member since: Jan 2009

My reading comprehension skills have slipped; I went back and found @George's post re 417 Park and have now internalized his analysis of why that building sold and was razed in spite of its being one of the old Emery Roth/Bing and Bing beauties.

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Response by stache
7 months ago
Posts: 1179
Member since: Jun 2017

It made financial sense for the occupants to sell. Wish that could happen in my building.

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Response by 30yrs_RE_20_in_REO
7 months ago
Posts: 9768
Member since: Mar 2009

It probably does in more buildings than you would think

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Response by Rinette
7 months ago
Posts: 536
Member since: Dec 2016

what is the shareholder requirement for a co-op to sell the building?

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Response by 30yrs_RE_20_in_REO
7 months ago
Posts: 9768
Member since: Mar 2009

You need to look at the individual Offering Plan and Proprietary Lease.

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Response by Aaron2
7 months ago
Posts: 1610
Member since: Mar 2012

I think the number of residential buildings this would be viable for is fairly small, unless there are significant zoning changes that open up neighborhoods to much taller buildings (and a way to take local CBs and Landmarks out of the discussion). While lots on avenues generally permit taller buildings and have already been built up, the mid-block lots where much of the potential value (i.e., unbuilt stories) are typically zoned for significantly lower density. 417 was in a particularly desirable location for an office building (less so for a residence), and occupied nearly 1/2 the blockfront on Park, so relatively few people to buy out given the buildable floor area. The building that is going up is on an assembled parcel which covers the entire block on Park (405 (big lot w/ existing office building), 407 (tiny lot, significantly underutilized FAR by Stefano Ricci) and 417's lot. 405 may have been near it's FAR when built (built with various setbacks), and I think was part of midtown rezoning to permit a much larger building, thus significant economic viability to pulling it all down and starting over (though assumptions were made pre-Covid WFH configurations, so who knows now?). What small-building boards should be doing is lobbying for zoning changes, then arranging the sale of their unused air rights to adjacent lots.

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Response by 30yrs_RE_20_in_REO
7 months ago
Posts: 9768
Member since: Mar 2009

Aaron2,
If you limit "this" to the building being razed and an office building erected in it's place then perhaps. But that's not the only possibility.

If anyone is willing to do some homework:
What do you think the total would be today to purchase all the individual units in 19-21-23 West 9th Street (If they were all on the market).

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Response by Aaron2
7 months ago
Posts: 1610
Member since: Mar 2012

@30: Agreed. My 'this' was focused on the residential -> commercial full redevelopment. As implied at the end, another 'this' could be the sale of unused rights for boutique co-ops that want to retain their homes yet maximize value. As you note, there are more options (e.g., 828 5th Ave, which I believe is (finally) in the process of being turned back into a palatial private residence).

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Response by Rinette
7 months ago
Posts: 536
Member since: Dec 2016

What is the alternate use case for 19-21-23 West 9th Street?

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Response by 30yrs_RE_20_in_REO
7 months ago
Posts: 9768
Member since: Mar 2009

Mansion

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Response by Rinette
7 months ago
Posts: 536
Member since: Dec 2016

I think CBS should do a show where someone offers to buy 19, 21, 23, but all shareholders have to agree, and then cameras in each of the apartments recording what they say about each other.

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Response by Rinette
4 months ago
Posts: 536
Member since: Dec 2016

That would be a great show Rinette.

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Response by 30yrs_RE_20_in_REO
4 months ago
Posts: 9768
Member since: Mar 2009

It would be great for the GP to witness the depths of sliminess of the shareholders in that Coop

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Response by Rinette
about 1 month ago
Posts: 536
Member since: Dec 2016

no sales yet

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Response by 30yrs_RE_20_in_REO
about 1 month ago
Posts: 9768
Member since: Mar 2009

How do people feel about the stated square footage?

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Response by Rinette
30 days ago
Posts: 536
Member since: Dec 2016

ooh, good question

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