building at 225 East 57th Street

Yes, I've dealt with them recently. This bldg has one of the most liberal boards in the area, where boards tend to be uptight in general. They allow pied-a-terres and (unofficially, perhaps?) immediate subletting.

The only catch is that they ask for a huge % down (25%-30%), which explains the relatively low prices, according to my realtor. The seller ended up backing out of the deal when we bought, so I never moved in, though... Hope this helps.

thank you NYC212 for the info. What do you define as pied-a-terres? I have heard different explinations. AS far as subletting- how difficult is it to get a subtenant to pass board approval?

Does anyone know how long it takes after the board gets your package to schedule a meeting to meet the perspective buyer?

Hi I have the same question. Does anyone know how long it takes after the board gets your package to schedule a meeting to meet the perspective buyer?

that question is more dependent on the submission timeline of the package and the speed of management companies turnaround/review.

The board president should probably keep his yap shut:

"[...]the Midtown East co-op where Dennis Paget is the president of the board, and where the `no umbrellas and boots in the hallways' rule is also in place. `I tell the staff people to confiscate them,' Mr. Paget said."

http://www.nytimes.com/2013/05/26/realestate/quirky-building-rules-because-the-board-says-so.html?smid=pl-share

Board prez here (but not Mr Paget)... The placement of boots, umbrellas, doormats, bicycles, etc is the common hallways and fire stairs is not only against board rules but moreover against the NYC fire code. It is the same reason that these items are not permitted in rental buildings of well managed buildings. If management is aware of these issues and does not remedy, it creates potential liability to the building if someone were to be injured. This is NOT a co-op issue! This is an issue for all multiple dwellings with shared common areas.

I (somewhat) recently moved into 225 East 57th Street.

I like the fact that the hallways are clean and clear, and doorways are not surrounded/cluttered with personal ephemera. It's common space, not an extension of your unit. I've lived in other co-op/condos in the past where it felt like an bootcamp obstacle course just to navigate the hallways.

Now I hope my building board and Wallack Management will look kindly upon the renovation plans I'll be submitting soon (*fingers crossed*)...

Matsonjones: in another thread, someone mentioned that the building has had large maintenance increases the last couple years. Is this true? And can you please explain why the maintenance has been increasing? In general, is the building financially sound, with big reserve fund? Thank you very much for any insight.

CoyWolf