Weekly Roundup: Beresford auction, Brooklyn’s Manhattanization, latest market stats, celeb moves, same old loan limits, staging errors

Question facing downtown is whether hurricane stigma short-term phenomenon

Value of views depends on what you see and from what height

Mitchell-Lama program originally aimed to help ‘blighted’ neighborhoods

It is possible to double-check suspicious prices in city’s property records

Foreclosure auction scheduled for Beresford co-op listed for $7.35 million

Residential buildings largely account for 17 percent growth of stalled construction

Price data show ‘Manhattanization’ of condos in hot Brooklyn neighborhoods

Banks hesitant to offer financing for co-ops in buildings with only five or 10 units

Stuyvesant Town tenants reach $68 million settlement with controlling company

Pop queen’s Central Park West duplex is listed for $23.5 million

Actor in search of buyer for Chelsea penthouse Continue reading

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Purchase a 1BR Manhattan apartment for $1,995!

An advertisement by the city’s Department of Housing Preservation and Development (HPD) announces a new lottery for one-bedroom co-ops in lower Manhattan for $1,995.

You read that right, under $2,000, and a department spokesperson confirmed the amount in an e-mail.

Income limits range between $46,500 and $59,800 for one to three occupants.  Carrying charges are $388 a month or 30 percent of gross income, whichever is higher.

The 500 winners of the lottery will be placed on a waiting list provided they pay a $100 application fee. Continue reading

2-BR Mitchell-Lama co-ops on UWS to be sold

The city’s Department of Housing Preservation and Development (HPD) is once again advertising a lottery for New York State residents to be placed on a waiting list for a two-bedroom apartment on Manhattan’s Upper West Side.

The co-op’s purchase price is only $26,376 with carrying charges of $357 to $688, depending on the number of dependents. Continue reading

Out and About: Mitchell-Lamas are spacious, cold

Now called Central Park Towers, the former Park West Village complex of more than 1,600 apartments began life as Mitchell-Lama housing on the Upper West Side.

Created in 1955, the Mitchell-Lama program provides affordable rental and cooperative housing to moderate- and middle-income families, as the city’s Department of Housing Preservation and Development notes.

There are 97 such rental and limited-equity cooperative developments in New York City, with more than 44,600 units. Not included are those that have been converted into condos, and they have a range of pluses and minuses.

Mitchell-Lama buildings are not to everyone taste–for example, mine–but they tend to offer excellent value as a tradeoff to their overwhelming size and what I see as their other liabilities.

Each of the four looming behemoths in the Central Park Towers complex contains Continue reading

Can you imagine a 2-BR Brooklyn co-op for $19,000?

The city has just announced the lottery to be placed on waiting lists for one-and two-bedroom Mitchell-Lama co-ops in the FortGreene/Clinton Hill part of Brooklyn.

One-bedroom units run $13,599-$16,757 and two-bedroom apartments, $18,985.  Monthly carrying charges are no more than $620 for the small units and $722 for the bigger ones.

As is the practice of the Department of Housing Preservation and Development, however, there is no clue either in the ad or on the department’s Web site just which buildings will be available.  And unfortunately, I do not know the neighborhood well enough to guess.

If you qualify for Mitchell-Lama income limits and Continue reading

Here’s your chance to buy a cheap 2-BR UWS co-op

A Mitchell-Lama building somewhere in Manhattan.

“Chance” is the operative word in the headline.

That’s because the city’s has announced the establishment of a new lottery for the purchase of Mitchell-Lama co-ops in Manhattan for a virtual song.

According to an ad in the Times, “waiting lists are being opened” for Upper West Side apartments ranging in size from studio to two-bedroom.  As is the practice of the Department of Housing Preservation and Development, however, there is no clue either in the ad or on the department’s Web site just which buildings will be available.

If you Continue reading

City selling 3BR Brooklyn Heights co-ops up to $61,000

You'll probably have better luck than the holder of this ticket, which lost. (Flickr photo by Jeffrey Beall)

If you qualify for Mitchell-Lama income limits and win the waiting list lottery, you and your immediate family of five persons could live in an unspecified area of Brooklyn Heights in a three-bedroom co-op that will cost you approximately $52,000 to $61,000.

With two dependents or more, the income limits range between $40,235 and $151,750. And, no, I haven’t any idea how the requirements work or which buildings are available through the newly opened waiting lists. Continue reading