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considering that nyc is 85% co-op and the supply of condos is so much smaller i would have expected a bigger difference.......
Very interesting,mathjak. I never would have thought that the ratio was so heavily tilted toward coops.
I have a feeling that it might be just the opposite in The Bronx,but maybe that's mostly because Parkchester alone is something like 10,000 condo units.
But come to think of it,then there is coop city which is bigger than Parkchester!
well except for luxury and low income im not aware of any rental buildings put up in the city in almost 40 years,,, that left mostly older buildings which in order to escape the wrath of rent stabilization had to convert to co-op in the 80's as a way to have a light at the end of the tunnel .... that created a load of co-ops in proportion to anything else
Well,it looks like a lot of rental buildings went up in the last couple of years ... though unintentionally!
There is a pile of condo buildings in Williamsburg that have essentially turned into rentals because nobody is buying them,even after some hefty price reductions.And now they are saying that they can't even rent a lot of them... not at astronomical prices anyway.
the irony is that while rents are dropping and a glut of apartments seem to be taking hold, those rent stabilized rents keep climbing.... ha ha poetic justice i guess
maybe that is part of the "stabilization" process. The higher rents come down and the lower rents go up.If the process continued for a while,things would come more into balance.But something tells me there will be a lot of squawking about this issue when it come time to set the rates!
question,mathjak. When all of these prewar buildings were converted to coops in the 80's did any of the then landlords,who became the sponsors,know that they might still be sitting on unsold apartments 20 or 25 years later?
Just curious because I own in one of those buildings and there are still some unsold units ... I think 8 or 10 out of 140. The original sponsor(landlord) still owns those apartments and I don't think they are suffering because at this point even the stabilized and controlled rents are way more than the maintenances that they are responsible for but what a long process! Is the long wait offset by the fact that when they do sell one of those apts now they get more than they might ever have imagined?
our building converted in the 80's and we did have an inclination we would still have to wait for the non buying tenants to move, die or eventually take a buy out..... but at least it ended rent stabilization and that was the goal... we started buying out the leases of our 9 remaining tenants 5 years ago at the central park south building..... so far only 2 remain and 2 apartments are in sales contract and should be going to closing in march
Last edited by mathjak107; 02-13-2009 at 09:17 AM..
coops in ny are mostly located in the pre war buildings. today to get a coop is almost impossible since you need to get approved by the board and the bank isn't willing to give you a loan if you do not have at least 20% down and the building is in a perfect financial standing.
Back in 95 when we bought our coop, 20% down was required by the coop. Some coops require 50% down (very high end).
Some coops require 100% cash, too. NO mortgages permitted. And coops, to address a prior poster, are NOT mostly pre-wars. There are lots and lots of post-war co-ops. Most of the pre-wars are coops, but most of the coops are not pre-wars.
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