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Old 06-19-2010, 04:48 AM
 
66 posts, read 239,799 times
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I agree with other posters here; in general, the buildings directly on the Concourse will be safer than ones on the narrow side streets. One can get an idea of the safety of a particular building by observing the traffic going in and out of it, esp in the evenings (but any time of day; drug dealing is a 24/7 business.) Most of the buildings (if not all) are registered with the NYPD's "Operation Clean Halls" (you can see the sign in the front of the bldgs) which means that theoretically all trespassers are subject to arrest.

I'd say that just about anything on the Concourse will be a good value. There is a realtor who does a trolley every month or so along the Concourse showing coops running from the south to North concourse and nearby areas. As far as coops, you can get a great deal, but since these buildings usually don't have doormen, you may have to check into the management and financials of the bldg before you buy; caveat emptor--an unstable bldg going coop may be problematic in future.
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Old 06-19-2010, 10:37 AM
 
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What do you mean that is could be problematic? We do not have co-op's in my are so I am not sure what to really look for.
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Old 06-19-2010, 11:30 AM
 
Location: Washington, DC & New York
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The problems can come into play with financial management of the building, and condition when converted. Some lenders are reluctant to give mortgages, which can limit the sale price/ability to get a contract, should you decide to sell; or, it can limit the investment potential of the property and can even cause negative equity. Another problem is in the maintenance fee, which, in a building that has issues, can rise dramatically, either through special assessment, or general fee increases, to cover higher carrying costs of maintenance, and mortgage on the building, itself.

Here's a good primer on co-ops, entitled The New York Co-Op Bible, by Sylvia Shapiro. I have recommended the book to people in the past, but some had trouble finding it. I did a search and it's available on Google books.

The New York co-op bible: everything ... - Google Books
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Old 06-21-2010, 12:05 PM
 
Location: Bronx, NY
386 posts, read 857,747 times
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Quote:
Originally Posted by Gnarles2 View Post
What do you mean that is could be problematic? We do not have co-op's in my are so I am not sure what to really look for.
He means that since it is a group of tenants who theoretically own the co-op jointly, if they mismanage the finances, misuse the funds, or are not on the ball, the whole building suffers.
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Old 06-24-2010, 01:32 PM
 
Location: Bronx NY
43 posts, read 75,583 times
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I have never in all my life heard of troubles with any of the Co-ops on the Concourse. There have been troubles with co-op boards in even the best areas of New York and Florida. I think the best thing to do is get to know people who own in the area. My family has a rent stabilized unit so we never had to bother buying. I have a good friend named Sam who lives on the concourse and moved back to the Concourse after his family left in the 1960's. We have always been ambassadors of our borough and he was for many years president of the board at 800 Grand Concourse. Speak to people who live and visit in these buildings rather than those who do not. Converse with the newcomers and people on the streets who dress and look like the neighbors you would like to live close to. Travel on the Bronx Culture Trolley every first Wednesday of the month and visit the local apartments and lofts of people who will welcome you into their homes. Mingle with the new gentry and see for yourselves...
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