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Old 04-20-2024, 06:23 AM
 
Location: Read the Marketing Handbook, and Income a Guide.
2,021 posts, read 1,636,581 times
Reputation: 480

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(To makeup for giving people the idea there was a new lottery recently I am posting this about an actual new lottery.)

Co-op purchase lottery. 90%, 110%, 130% AMI. Studio, 1-2-3 Bedrooms, some with 1.5 bathrooms.
Eligible Income: $74,046 - $227,630, Household Size: 1 - 7.
50% preference for Community Board Resident (Manhattan CB 10, aka CB 110), in Harlem

NME 3 Co-ops @ 207-209 W140th St & 305 W150th St.

Be prepared for lots of paperwork because a purchase lottery involves a mortgage, typically, and households have to demonstrate they have the minimum downpayment along with the other requirements typical of a rental lottery. The mortgage is an additional process. And, on the developer side there is more paperwork required to establish the cooperative as a legally established meaning more wait times after the building gets all of its completed construction approved and permitted.

https://housingconnect.nyc.gov/PublicWeb/details/4646

Click the “Sales” tab to the right of “Rentals”.

‘ Online Informational sessions will be held on: May 2nd 2024 at 6pm at https://nychpd.webex.com/nychpd/j.ph...037505000a1e13 June 6th 2024 at 6pm at https://nychpd.webex.com/nychpd/j.ph...11ef627635a836 Seminar attendance is not mandatory to purchase a Cooperative.’
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Old 04-20-2024, 10:40 AM
 
149 posts, read 81,920 times
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Interesting. Not many amenities. Wondering are these areas where people sit on the stoop all night, close to nycha, how easy to sell, can I bring my washer/dryer, coop management, realistic timeline. How many are truly available after insider deals.
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Old 04-20-2024, 11:55 AM
 
Location: Usa
884 posts, read 1,371,666 times
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Quote:
Originally Posted by WildAboutHarry View Post
Eligible Income: $74,046 - $227,630, Household Size: 1 - 7.
what's also interesting is that at the top of the page it says the eligible incomes start at $74,046 but the lowest income on the charts below is $82,026. Maybe someone forgot to update the listing?
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Old 04-20-2024, 12:29 PM
 
Location: Read the Marketing Handbook, and Income a Guide.
2,021 posts, read 1,636,581 times
Reputation: 480
Default Strivers Row, Historic District

Quote:
Originally Posted by Jennbrazil View Post
Interesting. Not many amenities. Wondering are these areas where people sit on the stoop all night, close to nycha, how easy to sell, can I bring my washer/dryer, coop management, realistic timeline. How many are truly available after insider deals.
Use google maps or similar to see for yourself the two locations. See for yourself what is close.
Units will be easy to resell if price is low enough. The new construction might have hook ups for w/d. As a co-op share owner you can advocate that hookups be installed if they were not with original construction, and the co-op will pay which is to say shareholders will pay. The developer certainly understands the desire for hookups. There is no co-op management because these co-ops don’t exist yet.

For the W140th St location which will be new construction, the two blocks directly south are highly desirable. For more than fifty years there is a historic district there, it is informal known as Strivers Row. The 140 block is also nice looking. It appears as if the property line will abut the historic district.
https://www.nyc.gov/assets/lpc/downl...t_Nicholas.pdf
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Old 04-20-2024, 12:42 PM
 
Location: Read the Marketing Handbook, and Income a Guide.
2,021 posts, read 1,636,581 times
Reputation: 480
Default Dorrance Brooks Square Historic District

Quote:
Originally Posted by WildAboutHarry View Post
Use google maps or similar to see for yourself the two locations. See for yourself what is close.
Units will be easy to resell if price is low enough. The new construction might have hook ups for w/d. As a co-op share owner you can advocate that hookups be installed if they were not with original construction, and the co-op will pay which is to say shareholders will pay. The developer certainly understands the desire for hookups. There is no co-op management because these co-ops don’t exist yet.

For the W140th St location which will be new construction, the two blocks directly south are highly desirable. For more than fifty years there is a historic district there, it is informal known as Strivers Row. The 140 block is also nice looking. It appears as if the property line will abut the historic district.
https://www.nyc.gov/assets/lpc/downl...t_Nicholas.pdf
Dorrance Brooks Square Historic District outlined in red is one block west and includes the south side of W140 St. An additional portion of this district is below the St Nicholas Historic District referenced above. It is shown onlined in blue at the following link.
https://www.nyc.gov/assets/lpc/downl..._Square_HD.pdf
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Old Yesterday, 07:57 PM
 
24 posts, read 14,888 times
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I'm curious about the "monthly carrying fee", especially given the few amenities and the fact that heat, hot water, and electricity are not included in the fee. Does anyone else think they skew on the higher end? I know it's not an HDFC building, but they seem especially steep given overall cost/amenities.

Last edited by Sneakersoverheels; Yesterday at 08:01 PM.. Reason: spelling
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Old Yesterday, 08:22 PM
 
Location: Read the Marketing Handbook, and Income a Guide.
2,021 posts, read 1,636,581 times
Reputation: 480
Quote:
Originally Posted by Sneakersoverheels View Post
I'm curious about the "monthly carrying fee", especially given the few amenities and the fact that heat, hot water, and electricity are not included in the fee. Does anyone else think they skew on the higher end? I know it's not an HDFC building, but they seem especially steep given overall cost/amenities.
Sometimes they factor in the mortgage payment. Sometimes they don’t. Attend one of the information sessions and ask that question.

Are carrying fees high for a new co-op?
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Old Yesterday, 08:36 PM
 
24 posts, read 14,888 times
Reputation: 16
Yes--planning to attend for sure and if anyone's interested, can report back. The posting notes that the fee is in addition to monthly mortgage, which, given interest rates and the low 10% down payment, on a standard 30 year at 7%, would be around $1500. The carrying fee for that unit is listed at $1843. Plus whatever heat, etc, costs. So in all, $3343/month, plus heat/hot water. I don't think that aligns with the income brackets for 110% AMI. It's an even worse sitch for 90% AMI. I must be reading incorrectly, or the post must be off. In any case, thanks for replying. I don't know much about carrying fees for new builds. But friends in market rate coops in Harlem aren't paying nearly that...with more amenities and higher mortgages (and incomes!).
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Old Today, 08:47 AM
 
13 posts, read 14,125 times
Reputation: 12
Yeah I am extremely confused by this one. At $120k income for single person a $388K purchase price PLUS $2500 carrying cost seems insane? At a 10% down payment that's in the $2500 range for mortage/taxes as well. Something has to be off here..
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Old Today, 10:23 AM
 
Location: Read the Marketing Handbook, and Income a Guide.
2,021 posts, read 1,636,581 times
Reputation: 480
Quote:
Originally Posted by Romeo14 View Post
Yeah I am extremely confused by this one. At $120k income for single person a $388K purchase price PLUS $2500 carrying cost seems insane? At a 10% down payment that's in the $2500 range for mortage/taxes as well. Something has to be off here..
I think you mean $25K.

I have seen this type lottery before. It’s not market rate so confusion can be expected. Attend info session and enter lottery if you want to learn more. You can assume the worst but if you don’t enter the lottery you can’t get it. These type tend to work for a narrow population but don’t assume it won’t work for you because your math and their math and the mortgage co math might not all agree.
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