building at 205 East 78th Street
Started by poundridger
about 17 years ago
Posts: 37
Member since: Oct 2008
Discussion about 205 East 78th Street in Lenox Hill
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I looked at a classic six there (still on the market at $1.495 I think) and was told by the broker that maintenance includes electric, utilities, etc. It still doesn't justify the sky high monthlies. FYI, the building does not own the retail space on Third Avenue, so they don't have a stream of revenue there. I assume there must be a large mortgage. It's a pretty large building, so it's shocking that the maintenance is so high.
Besides the maintenance issue, the apartments facing north are due for major obstruction of views. The five-story buildings on 79th and 3rd are going to be torn down shortly so that a high-rise rental can be built. It's certainly possible that construction will be delayed in our the current lending freeze, but nonetheless the rear apartments will eventually have a lot of their light and views cut off.
As of 2/27/09 the demo of the 79th and 3rd Ave buildings is almost complete. Anyone looking at the apts in 205 would readily see the impact it has.
they just listed 3A as a two bedroom! someone needs to have a talking to this broker. you need to be able to FIT A BED in to call it a bedroom. That little office/nursery is the size of a closet.
How do you discount high monthlies re: puchase price . . .
thoughts on building?
It converted to condop in 1986. The co-op unit inherited a huge mortgage from the sponsor. The mortgage is now at $9.7M, which is pretty high for ~200 apartments in that kind of building.
If you go see something there, the broker's setup should have the co-op's total number of shares. From that and the apartment's shares, you can calculate how much of that mortgage would be yours.
anything new on this bld?
anything new here
Hello-
In case you're unfamiliar, Co-Ops combine property taxes and monthly building expenses in your monthly maintenance, which is tax deductible when you file for your taxes. In this building, the maintenance is 49% tax deductible.
Does this help? Feel free to email me if you want me to go into more depth- akarpf@elliman.com
Best Regards,
Ashley