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Old 12-24-2016, 10:33 PM
 
5,676 posts, read 5,151,203 times
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Quote:
Originally Posted by jc718 View Post
Thank you for noting this. That is a deal breaker for me. I thought each building had a laundry room.
Why don't you call and ask if they have laundry in the building?
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Old 12-25-2016, 06:09 AM
 
Location: Somewhere that cost too much
366 posts, read 176,268 times
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Quote:
Originally Posted by pierrepont7731 View Post
Not from what I've seen, but there are a number of laundromats around. The other thing I find interesting is how hilly some parts are, though there a number of supermarkets around (I counted at least three during the times I've been there), but I have no idea how they are in terms of quality. Depending on where you are located, if you don't have a car, that can be a pain walking with groceries and the like. The layout of complex IMO is poor and requires you to walk long distances or cut through other buildings too which I don't care for, which may be a concern for you late at night. The main two strips are Metropolitan Avenue and Unionport Rd. My friends are located in the northern part of the complex, which is furthest from the subway and quite a walk if you are taking public transport, all uphill I may add, so I would keep that in mind if you still consider any of the buildings. I will say that there is a sense of community there and they have regular events at the Oval, which serves as the main center of the complex. I get the impression that people have lived there for years and some are friendly and will speak and so on. As others have noted, it is mainly a working class area, but you need street smarts for sure. I have generally not been there too late at night, so I cannot say how it is then.

If and when they do more upgrades, I suppose then prices will rise, but until then....
Thank you so much for this info. I will definitely ask if there are plans to have on site laundry or to allow tenants to have laundry units in the apartments. With being how hilly you said it is pierrepon7731 I can see doing laundry in bad weather annoying.
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Old 12-25-2016, 07:34 AM
 
Location: New York, NY
7,548 posts, read 2,685,297 times
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Quote:
Originally Posted by jc718 View Post
Thank you so much for this info. I will definitely ask if there are plans to have on site laundry or to allow tenants to have laundry units in the apartments. With being how hilly you said it is pierrepon7731 I can see doing laundry in bad weather annoying.
That would depend on which building you got into (the hill factor), but there are several laundromats. Supposedly they are owned by the same company and not that great. The other thing to look at is which building you're considering. Some buildings are better than others and the ones closer to the main drags supposedly suffer significantly from loud noise. Same thing when they have events by the Oval.
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Old 12-25-2016, 09:37 AM
 
Location: Somewhere that cost too much
366 posts, read 176,268 times
Reputation: 206
Quote:
Originally Posted by livingsinglenyc View Post
Why don't you call and ask if they have laundry in the building?
They don't. I asked.
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Old 12-25-2016, 09:44 AM
 
Location: Somewhere that cost too much
366 posts, read 176,268 times
Reputation: 206
Quote:
Originally Posted by pierrepont7731 View Post
That would depend on which building you got into (the hill factor), but there are several laundromats. Supposedly they are owned by the same company and not that great. The other thing to look at is which building you're considering. Some buildings are better than others and the ones closer to the main drags supposedly suffer significantly from loud noise. Same thing when they have events by the Oval.
I'm used to noise. If they have plans to include laundry I will give them serious thought but until then I will place them as a Plan B.

Thanks again
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Old 01-05-2018, 09:39 AM
 
1,144 posts, read 390,968 times
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Quote:
Originally Posted by jc718 View Post
Thanks, I know that if depends if I like it and it's my decision because I'm the one that will be living there. Going on a Saturday morning during Winter would be different than a Saturday morning in the Spring or Summer. Same can be said for a weekday.

Was your friend content living there or were they willing to break the lease to get out?

Honestly I think the fact that rents are still remaining inexpensive is a red flag for me along with the reviews I;m reading online. I might take a train ride before my appointment scope things out.



Thanks again
Although I have started a separate Parkchester-oriented thread (with subject line "Priced out of Manhattan"), I'll briefly revive this one too, because of the frequently asked question: why are the condos in Parkchester so cheap (and rents as well, although rents have gone up a lot for renovated rental units) relative to the rest of NYC? The most frequent reply tends to be that there are a lot of condos on the market in Parkchester at all times, ie, the high inventory keeps the property prices cheap. Other concerns are safety (considering that the condo complex is in the Bronx) and lack of amenities (incl lack of internal amenities, such as washers/dryers, which are allowed for condo owners who reside in their own units, but not for renters).

Here is an alternative explanation. In 1998, the present Parkchester management bought 6,382 condos, 5 parking garages, and 88 stores in Parkchester (including the Macy's) for only $4 million. This shockingly low purchase price reflected the fact that the condo complex was on the skids in the 1980s and 1990s due to total neglect and mismanagement by the previous owner (the real estate investor Harry Helmsley, or by 1998 maybe his estate - not sure whether he was dead already, but at any rate, either him or his estate was extremely eager to get rid of Parkchester at any price, considering their completely failed venture of converting Parkchester into a luxury condo complex). The present management at that time (in 1998) obtained a $178 million loan, and proceeded with rehabilitating the buildings/units in Parkchester over the subsequent 20 years. If you divide $182 million (ie, the purchase + rehabilitation price) by the number of properties bought, that ends up being an average of about $20,000 per unit. Even if you double this (to account for inflation and the interest on the loan - which is repaid through rent from the condo renters, and HOA fees from private condo owners, anyway), it is still only an average of about $40,000 per unit. Even the cheapest units in Parkchester are being sold for 2.5 to 3 times that (and even the cheapest rental units rented directly by Parkchester management will return $40k in rent in less than 2 years). Obviously, Parkchester management can afford to rent or sell the units very cheaply (for NYC) and still realize a huge profit. Seems to me that this might be the most likely reason for low property prices in Parkchester.
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Old 01-07-2018, 03:28 PM
 
Location: Somewhere that cost too much
366 posts, read 176,268 times
Reputation: 206
Quote:
Originally Posted by elnrgby View Post
Although I have started a separate Parkchester-oriented thread (with subject line "Priced out of Manhattan"), I'll briefly revive this one too, because of the frequently asked question: why are the condos in Parkchester so cheap (and rents as well, although rents have gone up a lot for renovated rental units) relative to the rest of NYC? The most frequent reply tends to be that there are a lot of condos on the market in Parkchester at all times, ie, the high inventory keeps the property prices cheap. Other concerns are safety (considering that the condo complex is in the Bronx) and lack of amenities (incl lack of internal amenities, such as washers/dryers, which are allowed for condo owners who reside in their own units, but not for renters).

Here is an alternative explanation. In 1998, the present Parkchester management bought 6,382 condos, 5 parking garages, and 88 stores in Parkchester (including the Macy's) for only $4 million. This shockingly low purchase price reflected the fact that the condo complex was on the skids in the 1980s and 1990s due to total neglect and mismanagement by the previous owner (the real estate investor Harry Helmsley, or by 1998 maybe his estate - not sure whether he was dead already, but at any rate, either him or his estate was extremely eager to get rid of Parkchester at any price, considering their completely failed venture of converting Parkchester into a luxury condo complex). The present management at that time (in 1998) obtained a $178 million loan, and proceeded with rehabilitating the buildings/units in Parkchester over the subsequent 20 years. If you divide $182 million (ie, the purchase + rehabilitation price) by the number of properties bought, that ends up being an average of about $20,000 per unit. Even if you double this (to account for inflation and the interest on the loan - which is repaid through rent from the condo renters, and HOA fees from private condo owners, anyway), it is still only an average of about $40,000 per unit. Even the cheapest units in Parkchester are being sold for 2.5 to 3 times that (and even the cheapest rental units rented directly by Parkchester management will return $40k in rent in less than 2 years). Obviously, Parkchester management can afford to rent or sell the units very cheaply (for NYC) and still realize a huge profit. Seems to me that this might be the most likely reason for low property prices in Parkchester.
The only way I would live in Parkchester is to buy. The neighborhood is on my list and probably on the top of the list because of affordability.
BF and don't want to move again unless we are moving to a place we buy.
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Old 01-07-2018, 03:30 PM
 
Location: New York, NY
7,548 posts, read 2,685,297 times
Reputation: 2819
Quote:
Originally Posted by jc718 View Post
The only way I would live in Parkchester is to buy. The neighborhood is on my list and probably on the top of the list because of affordability.
BF and don't want to move again unless we are moving to a place we buy.
You can do better... Much better...
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Old 01-07-2018, 03:31 PM
 
11,493 posts, read 5,547,302 times
Reputation: 5949
Quote:
Originally Posted by elnrgby View Post
Although I have started a separate Parkchester-oriented thread (with subject line "Priced out of Manhattan"), I'll briefly revive this one too, because of the frequently asked question: why are the condos in Parkchester so cheap (and rents as well, although rents have gone up a lot for renovated rental units) relative to the rest of NYC? The most frequent reply tends to be that there are a lot of condos on the market in Parkchester at all times, ie, the high inventory keeps the property prices cheap. Other concerns are safety (considering that the condo complex is in the Bronx) and lack of amenities (incl lack of internal amenities, such as washers/dryers, which are allowed for condo owners who reside in their own units, but not for renters).

Here is an alternative explanation. In 1998, the present Parkchester management bought 6,382 condos, 5 parking garages, and 88 stores in Parkchester (including the Macy's) for only $4 million. This shockingly low purchase price reflected the fact that the condo complex was on the skids in the 1980s and 1990s due to total neglect and mismanagement by the previous owner (the real estate investor Harry Helmsley, or by 1998 maybe his estate - not sure whether he was dead already, but at any rate, either him or his estate was extremely eager to get rid of Parkchester at any price, considering their completely failed venture of converting Parkchester into a luxury condo complex). The present management at that time (in 1998) obtained a $178 million loan, and proceeded with rehabilitating the buildings/units in Parkchester over the subsequent 20 years. If you divide $182 million (ie, the purchase + rehabilitation price) by the number of properties bought, that ends up being an average of about $20,000 per unit. Even if you double this (to account for inflation and the interest on the loan - which is repaid through rent from the condo renters, and HOA fees from private condo owners, anyway), it is still only an average of about $40,000 per unit. Even the cheapest units in Parkchester are being sold for 2.5 to 3 times that (and even the cheapest rental units rented directly by Parkchester management will return $40k in rent in less than 2 years). Obviously, Parkchester management can afford to rent or sell the units very cheaply (for NYC) and still realize a huge profit. Seems to me that this might be the most likely reason for low property prices in Parkchester.
I really hope it stays cheap for a few more years, I would be so happy to be able to buy my own place.
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Old 01-07-2018, 03:35 PM
 
Location: In the heights
20,110 posts, read 21,722,272 times
Reputation: 10211
Quote:
Originally Posted by l1995 View Post
I really hope it stays cheap for a few more years, I would be so happy to be able to buy my own place.
Hell yea! Are you saving up so far? Have you looked into some of the home buyer's assistance programs? You might already be good to go.
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