Sale at 2025 Broadway #26GH

Maintenance is not negotiable, it is set by the board annually - pays for upkeep of building and taxes and any mortgage the building might have. 2025 has a 30m mortgage, so the maintenance is really high.

That's really going to impact their ability to sell-- assuming that you put the minimum 20% down, the maintenance cost is about 66% of the mortgage payment. Who on earth is going to find that acceptable?

if someone can afford $875 they can afford $2600 for maintenance. The bldg. could have just put in new windows, elevators, etc. Maybe the maintenance won't go up for the next five years.

The maintenance will keep going up annually - they have no choice, they won't be able to refinance at the current low rate and like I've said before, the mortgage is NOT being paid off. Elevators & windows & new hallway were done 2001-2004. The market will decide what the right price is - maybe it's 500k for a 2bedroom with 2600 maintenance.

Isn't this a join? Why hasn't anybody mentioned that that is the reason the maintenance is so high, because it includes the maintenance of the two underlying units, 26G and 26H. No? Why not unjoin them and sell them separately, it would provide housing for more people and it would make more economic sense. I think joins are a bad idea and mean that you're duplicating your costs.

Some delusional condo boards feel that borrowing money rather than paying through assessments is a good way to save money. High maintenance costs reflect irresponsible financial management. Once the maintenance costs reach free market rent, the value of the condo is $0

In this case, the sponsors took out a large mtge when they converted. Agree that once maintenance reaches rent, value approaches 0.

I think those two apartments could be unjoined fairly easily. From a renovation point of view, that laundry room has to be converted back into a working kitchen and the wall with the French doors has to be closed up to be a real wall again. Now, I don't know all of the paperwork that has to be filed with the city, especially since this is a condo, but this is just a thought.

Even if the apts were unjoined, the maintenance costs/sqft foot is huge. The studio has maintenance of approx. $1100, the 1-bed $1500. What do you think either would sell for these days? Studio 180k, 1-bedroom, 450k? The question is - is it worth putting back the kitchen in the studio to get 180+450=630? or do you think that the sellers could get more than 630k for it, as it is now? My bet is that the sellers need to lower to 650k to see action.

This is a condo, right, wouldn't the prices be higher than what you quoted? I suppose it is a tough road either way. I don't have a good answer, this was only a suggestion.

nyc10023... Yo... '407PAS any luck with sale?

Me thinkz there was a time when large apartments in nyc were sliced and diced... my my I'm getting forgetful... the 90's no, 80's no,.... oh yes 70's.... let's go bellbottoms and brady bunch!

This apartment needs to be about $250K lower than comps with reasonable maintenance. The building taking on a huge mortgage lowers the value of each unit by the distributed value of the mortgage.

The last time apts were sliced and diced on the UWS were in the 30s and right after the war. The apt needs to be priced to reflect the most recent comps (i.e. 900/sqft) and subtract 200k+ to reflect the 30million mortgage. That leaves you around 700k.

The price is low because the maintence is high...end of story.
Same apartment with a $1500cc I would price at $1,050,000.00 and take 9.6K
It comes down to a monthly nut. What's the number on the check I write every month?
In this case common charges plus...
Buyer think in terms of what they can confidently come up with every month...come hell or high water.

This looks like a 1000 ft apt (I'm being generous). The maintenance is $1500/mo too high. A 250K mortgage is about $1500/mo. nyc10023 is close to his estimate.

I don't think you can buy a cardboard box on the Upper West Side for 180k, so the studio is worth more than that.
If it was joined, why can't it be unjoined?

What god has joined let no man put asunder.
As for all the rest, cut up at will.

Studios were trading for just a little over 120k in '04 in this building.

Is there a single studio for sale on the Upper West Side, around this area, in 2009, for $180k? If so, I might buy it.

Why is it that this apartment was noted as Sold in June, and there's still no official sale price noted?? 4 months is very long not to have an actual recorded sale price.