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Old 05-12-2012, 04:03 PM
 
3,047 posts, read 2,735,868 times
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I love Tudor City, and you're right that a lot of people don't know about it. The only drawback is that damn hill - must be hard after a long day at work.
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Old 05-20-2012, 07:17 PM
 
Location: NY NY
84 posts, read 67,331 times
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Quote:
Originally Posted by Kefir King View Post
Oh My GOD:

The new owners quickly set about converting Tudor City into co-op apartments, as was happening across the city. Conversions were completed with little problem but when the real estate market and economy slowed in 1989-1994, some co-op prices dropped significantly, as owners and investors were concerned that the co-ops themselves would become insolvent.

In April 2008, New York Magazine recalled the 1989 slump:



"... at Tudor City, owner Time Equities couldn't cover the complex's underlying mortgage and taxes (not to mention utility bills and staff costs), and ended up giving it away, unit by occupied unit, in a jaw-dropping fire sale: In 1992, if the new owner were willing to assume the accrued debts, a Tudor City one-bedroom could be had for $3,500



I rember the fire-sale auctions very well, but most were in the outer boroughs...not Tudor City that one slipped by me.
Part of the gimmick was that some of the lower priced co-ops came with a stabilized tenant who was as immoveable as Rodin's THE THINKER.
The developers having the fire sales often tried to hide this fact.

It was an EXCITING time...1989 to about 1992. Best time for a real estate bargain in my lifetime.
Un-renovated Studios were $25-30,000 at the bottom. If TE sold some at ridiculously low prices, that had to have been in bulk and the back maintenance had to have been considerable. No single units were ever on the open market at that kind of price.
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