building at 333 East 75th Street

The Sponsor Is Selling his block of 10 apartments and divesting. All are owned by Him.

Why is the seller interested in selling his shares?

The sky high maintenance may give you a clue?!

Since I already paid the lawyer to find this out, i'll let you all know anyway because I feel that charitable. This co-op hasn't paid the water bill in years and there will most likely be some sort of arrangement to pay the city back and it'll show in the maintenance. Lead paint is also an issue and there has been some lead paint found in individual units requiring abatement. Seems like a very busy building with a lot of studios.

the co-op refinanced their very crappy mortgage 2 years ago into a very favorable term and with the extra money they received from lower payments, gut renovated the interior. Does not sound like a building that didnt pay their water bill. (I used to live in the building, no longer) Is there some new legal case against them from the city (just curiousity)... The board president is very good, the board treasurer is not, which then again, makes the story a little more plausable.

I am not looking at this building, but if you do a simple look at the maintenance - You would start to think something is not quite right. These numbers are no where near average.

The maint is high because the building had financial issues many years ago (previous sponsor) and had an interest only mortgage so they still have a large principal on the building. The sponsor also owned a very large amount of the units and rented them out. This is all changig as the sponsor is selling off a large chunk of his units. Maint is still high but the building had no financial issues as well as a large rainy day fund when i lived there. I do not know about the water bill issue that I am curious about.

we went to see one unit in this building last week, and the broker was very evasive when i asked him about high maintenance. he basically claimed he had no idea.

I currently live in this building and have to say that there are absolutely no finacial issues. The building is in good financial shape. The reason there is a high maintance is that it is a small building therefore less apartments are contributing to the upkeep. Additionally, there is no way to rent space in the building to businesses which ultimately reduces maintance fees. I have lived in many buildings in NYC and this has been by far the best experience yet. As for the water bill, this is news to me and since we get reports about the finances every quarter and it has never shown a deficit, I think there is some confusion.

a 14 story building with 123 units is not exactly considered "small" in terms of justifying higher maintenance costs. The type of buildings that get stuck with high maintenance are typically walk-ups with 10 or so units...now that would qualify as small. It has to be more a financial story than a size story to explain the high rates.

LSS - No issues at the building? Has the board not been overthrown 3 times in the last 18 months? Was the lobby renovation, sorta completed 1 year late, then they had to fire the contractor after cost overruns and are trying to complete it themselves? Why did that contractor get the job? No problems in the bulding????? The high maintanence is due to a really high underlying mortgage. Go talk to Al and get some facts. Glad i am out.

CDRVF- I have no issues in the building. There are many people, with nothing better to do then hang around and cause drama. NO denying that maintance is high and that there were issues with the contractor and board..however, the lobby and hallways are completed and look rather nice so it't now a non issue. The board was hardly "overthrown" as you say, more like a well needed shake up. The board memebers had been the same for 7 years...time for a change. Building is still in good financial standing...It seems odd that you no longer live here yet still care so much about the "issues" of this building.

This building is a complete joke. There is so much more going on here then the New York Post article stated. The mantenance is so high and they just had another bump up for the 2010 year. The elevators are next to go and they just had a 400k assesment to fix a leak in the front walk. Not to mention the management company had to fire the building manager and replace him with the owners daughter since they ran this building into the ground.

Recently purchased an apartment in the building and am very happy living here. Great location in a great (extremely safe) neighborhood.

I had my attorney and his accountant go over the building's financials with a fine-tooth comb and everything checked out just fine. Because of various factors, the maintenance varies greatly for individual units -- yes, some seem a bit high, but nothing extreme in this day and age, and others actually seem average or even a bit low for a 24-hour doorman building. I looked at other buildings and some with slightly lower maintenances had only a part-time doorman or no doorman at all. I also found that other buildings with slightly lower maintenances were asking much more for the apartments (and many also had assessments, which to my mind amounts to a higher maintenance in disguise).

All in all, possibly in part due to the negative campaign against the building from two and three years back, I found the apartments in this building to be a great deal. I love living here and would recommend it to anyone.

Should I avoid this building when looking to buy? Found an Apartment I like here.

MtoG, what unit are you looking at?

I am curious as well--any updates as to the building's financial situation?

The financial situation is getting better and better. Also, great new superintendent and management company as of two years ago. There was no maintenance increase last year and this year a very very small one.

We now have an excellent, stable board that has gotten beautiful new elevators, and currently we are having the facade restored, FIOS installed, and will soon be switching over to gas heating, which will save money in the future.

Great time to buy in this building.