Lincoln Towers

I've looked at the studios and the prices have come down...the studios are larger than most i've looked but the bldgs. look like government housing...

They are some of the largest studios in Manhattan, Most of their size were converted to 1 bedrooms a long time ago.
150? Is that the building that is pretty close to Amsterdam?
If so, it is not too far to walk.
I used to think, yeck..about the look of the buildings for the outside. But then I began selling in the complex and realized how well cared for they were and how big the apartments were and how financially healthy they were. I would certainly consider it. Size wise, on the Westside, you won't do any better. Or for that matter, as well.
Good luck.

Julia..Welcome back. There's a whole thread dedicated to you...people are concerned and want to know how you are doing. SE at its best, not the usual bickering and name calling.

thank you all for your comments. Second question: what should be the cost of a studio? They start at 319,000 and go up.

Lincoln Towers is actually a pretty affordbale building since the apts are quite large and the inside is relaly nice, unlike the outside. So I would definitely consider buying there.

22J is overpriced, forget that one.
12J is also

7J and 20J are both fairly priced for the current market.
319K to 349K...if you could get one of them for 310K to 330K you would be doing quite well.
7J has a sweeter more honorable broker...beware of the other one.

Good luck and keep us posted on your progress.
You will not go wrong with either of these.

a broker breaking ethics rules by not disclosing their identity telling people to beware of dishonorable brokers. I'm sorry, but did I miss someting?

These are very helpful. I have been looking in all the buildings. There is one for 309 at 185 West End. I think prices are tumbling pretty quickly. I appreciate the advice.

Alpine292
Not an active broker...I gave it up about a year ago.
But I still and will always like the business.
Problem is that it got too crowded with know nothings.
Couldn't deal with the baby brokers, the bully brokers and the sleazy underhanded
SOBs any more.
Since this site is basically anonymous, I wouldn't mind
seeing the bad brokers called to task for their misdeeds.
In my view, that's the "ethical" way to deal with them, since the industry
does not police itself.

6 months ago studio apts. were over $400k now I just checked and the asking price is $319k.

Some critics refer to Lincoln Towers as Stalin Towers both for its architecture and the iron first with which its Co-op Board controls all aspects of your life once you move-in.

If you only have $349K to spend, try this low key Upper West Side co-op building in a brownstone that is closer to Central Park: http://www.118west81.blogspot.com

David? Friend of David?

Each LT building is a separate co-op with its own board, so would doubt they're that much alike.

I have been mystified by LT for the last few years. I have a friend, a widow who sold her house in the burbs and moved into it a few years ago, and has a very nice large apartment. But..my hip, cool NY friends (the type who make me go to hip overpriced restaurants with weird food) literally laugh at the place and, when shopping for apartments, never, ever even set foot in the place. But I just don't think it is that bad.

And I have another point of view, which is very un-NYC: just about every building in NYC,if you look at it in terms of true ambient aesthetics and noise and what's in the hood is a dump compared to many, many hoods and cities in the USA. My point is not to be critical of NYC, but to say that LT ain't that bad, and the other stuff, ain't that great.

From a "market" perspective, my impression is that LT , despite its location, is a little fringe, and I get bargains will abound there if you wait. I will be looking at it.

wait..wait..wait...350k , right now .. still buys only say 500sf at the very most...but in a few months it will buy 600..maybe more..and 600 or 650 sf is way better than 500

We've owned a studio as a pied a terre for the last 5 years and have been happy weith the decision. Paid 335K backthen. We go to the opera frequently and were attracted to the complex by the landscaped courtyard and off the street feel. Also pet friendly, there are pet reserved areas on the grounds. No getting splshed by passing cars.

I see some 2 bedroom apartments have one bathroom while others have two. I think the square footage is the same so I was wondering how much more per sq ft the difference in having an additional bathroom would add to the value of an apt in Lincoln Towers.

I've looked at LT in the past. Yes, the apartments are spacious. My concern is the land-lease status and resulting ever-increasing monthlies.

rlmnyc -- What ever gave you the idea that LT is a land lease?

Speaking of the monthlies, does anyone know if the underlying building mortgages are amortizing or I/O? According to the website, five of the buildings' mortgages mature in 2012.

http://www.lincolntowers.com/info/building_info/205.php

seg: the mtge docs that are on public record (ACRIS) should tell you.

E.g., 205 is paying about $16K per month to principal, so partially amortizing.

They did the same thing with their 1993-2002 mortgage. But then in 2002 they borrowed back the amount they'd paid off, to pay for improvements or something, so 1993 and 2002 mortgages are both for $17,400,000.

Not huge amounts for that big a building.

West34--the land lease issue has been mentioned on this board a number of times before. Care to refute?

Every mention of LT land lease I have seen here has invariably been followed by a post saying that there is no land lease. would you like the links?

nyc10023
about 22 months ago
ignore this person
report abuse It's not a land-lease.

alpine292
about 18 months ago
ignore this person
report abuse no, Lincoln Towers is not land lease.

10023, NWT: Thanks. I was wondering if the mortgage maturity might cause a material decrease in maintenance for 2012-13 onwards, or else offset maintenance increases in other areas. But since the mortgage on 205 has been barely amortizing, so it looks like any impact of this would be small. ($16k/month = only about 1% per year if my math is right).

In at least one of the LT buildings, the utilities are included in the monthlies.

W34: I would appreciate any docs that show LT to be a land-lease. Thanks.

I'm quoting YOU and Alpie that it's NOT a land lease. rlmnyc seems to think it is. I give up.

?CSN and by "utilities" I think they mean gas and electric, not cable and internet. Since all building include gas, shouldn't the marketers of coops at LT just say it includes electric, not "utilities"?

http://www.nytimes.com/1984/12/02/realestate/lincoln-towers-up-for-sale-called-likely-conversion.html

The deed granting the residential condominium (yes, 140WEA is a condop!) X% interest in the common elements

http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=FT_1750000195575

Condo declaration

http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=FT_1290000189229

The Sponsor own(ed) the land & building in fee simple absolute

I see no mention of a land lease.

rlm: why do you think it's a land lease?

"condop!" LOL a condop is basically just a cooperative with condo rules. the owners don't own real property, but they may have more latitude to decide for themselves what they do with their leasehold interest in their apartment.

PMG: LT is not that kind of condop. NWT went over this in another post.

I must've misread earlier posts about the land-lease issue. Wasn't trying to be challenging. Just thought it was the case.

do you need to go through a board for approval..the monthlies are very high, studios $800, 900, and higher.

Julia: yes. The board is not that easy, from what I've heard.

Best kept secret in NYC. I don't think any other apartment in Manhattan has 10 acres of private landscaped gardens and private playgrounds.

I wonder if Julia ever found her little piece of Manhattan?