Posts Tagged ‘Financial District’
Weekly Roundup: Renters, new market stats, dropping loan rates, foreclosure purchase risks, credit misconceptions, kitchen trends, and moreMarch 1, 2013
It’s just about the next best thing in Manhattan to having a chauffeured limousine always at your disposal. That would be living in a doorman building.
Door personnel and concierges obviously do like to get paid for their work, and that means you’ll fork over plenty in common charges or maintenance fees to live in a doorman building. In fact, the cost of all labor normally is the biggest budgetary item in such a building.
But the conveniences are manifold; I’m sure that I don’t have to enumerate them for you.
I got to wondering what percentage of buildings (more…)
The city’s estate auction of five Manhattan condos and a co-op produced winning bids totaling $1.355 million.
However, three of the units went unsold at the event, which took place in the Surrogate Court’s building (left) starting at 11:30 a.m.
Following are the results, which I obtained (while supposedly on vacation) by telephone from Patricia Brown in the office of Public Administrator Ethel J. Griffin of New York County:
- 570 Grand St., #H1305, co-op, 1,350 square feet, three bedrooms, one and a half baths with monthly maintenance of $1,009. Minimum bid: $540,000, reduced by $40,000. Winning bid: $540,000.
- 116 Pinehurst Ave., #F53, co-op, 1,094 square feet, two bedrooms, maintenance of $1,138.36 and assessment of $142.74 monthly. Minimum bid: $620,000, a $60,000 reduction. Did not sell for second time and will be assigned to a broker.
- 204-206 W. 10th St., Apt. 3, co-op, 345 square feet, one bedroom, $634 maintenance per month. Minimum: $325,000. Did not sell and will go on the block one more time at a date to be set.
- 270 W. 17th St., Apt. 3H, condo, 552 square feet, three rooms, monthly common charges of $550 and annual taxes of $6,300. Minimum: $475,000. Winning bid: $555,000.
- 550 Grand St., Apt. G12E, co-op, 780 square feet, three bedrooms, one and a half baths, $719 monthly maintenance. Minimum: $260,000. Winning bid: $260,000.
- 3 Hanover Sq., Apt. 9B, co-op, 562 square feet, $774 maintenance. Minimum: $310,000. Did not sell and will be auctioned again.
The sales of the co-ops are subject to approval by their boards of directors. If they reject the purchaser, deposits are returned and there is no penalty.
As for the turnout, Ms. Brown said there was an “adequate” number of bidders.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022
Bidders will have the opportunity on July 29 to win an apartment at the city’s estate auction of five co-ops and a condo ranging from the Financial District all the way up to Washington Heights.
Manhattan Public Administrator Ethel J. Griffin will seek to dispose of the properties, which can be inspected July 13, 15, 19 and 22 from 10 a.m. to 2 p.m. each day.
Two of the properties failed to sell at the last auction, and had the amount of their minimum bids cut, so this is your second chance. (Should they go unsold this time, the apartment will be turned over to a real estate broker to market.) They are: (more…)
You already know that the IRS is drooling over the impending income tax deadline. You’re not alone.
This is the time of year when homebuyers are digging through that shoebox with all their receipts, hoping for a refund, dreading the possibility of draining their savings and . . . postponing their search for a new place to live.
Although the weather may be fine and open houses scheduled in seasonally elevated numbers, taxes and their impact in “normal” times tend to sap the resources, energy and motivation of buyers. (Of course, this is hardly a normal year.) The nascent vigor of the housing market follows.
It’s just as well: (more…)
The lead article in today’s New York Times brings us some startling news: Some desperate buyers are having trouble selling their homes.
One case in point, Adam Rogers and his wife Gillian, whose place in Brooklyn remains on the market. They bought the Clinton Hill unit in January of 2006 for $599,000. Reports the newspaper:
“At first the the Rogerses asked $679,000, the price at which their neighbor had sold his apartment.
“They since cut the price several times and switched agents. . . The apartment is listed at $599,000; they will lose about $60,000 in transaction costs if it sells at that price.”
Next case: Elizabeth Demaray and her husband Hugo Bastidas, who paid $620,000 for their condo in East Harlem in February of 2007. This very spring, they put the apartment on the market for $715,000 “about what comparable units in the building. . . had sold for.”
Then there are Jon Vernon-Browne and Adriana Herrera, who purchased a condo in
Manhattan’s Financial District for $1 million in February 2007. They listed it in May for $1.1 million and rejected a low-ball offer.
Another unhappy seller that the Times interviewed is Danielle Dugan, who bought her fifth-floor walk-up in2006 and has been trying to sell the Brooklyn Heights co-op for $357,000 since then. Having received one offer, which was unacceptable, she dropped the price of the apartment to $340,000.
Well, duh! (more…)