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if expenses soar like taxes did in long island and westchester from a currency debasing ,where two years taxes on the house ,now cost more then the house i owned in the 1970s , you will do better in a stabilized apartment and owning gold
The Goldfather
" Leave the apartment,take the gold "
with a co-op you never own your apartment..you own shares in a corporation and as a perk get a long term lease to an apartment .
some co-ops don’t even own the land but rent it from someone else.
here in bay terrace a bunch of co-ops could no longer be sold because banks stopped lending on them .
the buildings sat on land rented from CORD MEYER which hit the 50 year mark on a 99 year lease .
there were no provisions for what happens at the end of the lease .
so the building shareholders had to wheel and deal on the land ..now their maintenance has sky rocketed after working multi million dollar deals for the land.
also many coopshave building mortgages ..if in a down turn like 2008 your neighbors stop paying maintenance and the building can not make its mortgage payments , the fact you are paying your mortgage and maintenance means nothing and the buildings bank can foreclose and take your apartment
What about those Mitchell lama housing lottery winners whose buildings got privatized and they made out like bandits?
All NYC Gov't buildings should turn off A/C this summer to help combat climate change. Starting with City Hall, and Gracie Mansion. Then and only then will they prove to me they are serious about climate change.
What about those Mitchell lama housing lottery winners whose buildings got privatized and they made out like bandits?
what about my own tenants that i paid 100k each to , so they would sell us back their leases and we could sell the rent stabilized co-ops in 200 central park south .
they hit the lottery ..7 out of 9 tenants took the deal …
we offered the two who didn’t take the offer a deal to buy the apartments half price , no money down and we would hold financing for up to 7 years .
they declined hoping for a better deal .
they could have had 500- 600k equity built in day one at half price as they were 7 figure apartments.
we’ll, we never sweetened the deal , we sold it for less to an investor group rather then give them a better deal and so far the deals off the table with the new owners .
they blew the opportunity of a life time.
under the new laws it is extremely difficult to take a mitchell lamma building private
The new law requires that 80% of residents — up from 67% — must choose to opt out of the program. It also requires Mitchell-Lama co-op boards to hold six shareholder meetings a year, and if a vote to opt out fails, it places a five-year moratorium on a new vote.
this is a mechanism to prevent all buyouts because the requirements are so high.
This law makes it very difficult — not impossible, but very difficult to opt out. Now, 20.1% of the shareholders know they can block the whole process. This law empowers the minority to control the majority — even a big majority.
Last edited by mathjak107; 05-23-2023 at 02:44 AM..
what about my own tenants that i paid 100k each to , so they would sell us back their leases and we could sell the rent stabilized co-ops in 200 central park south .
they hit the lottery ..7 out of 9 tenants took the deal …
we offered the two who didn’t take the offer a deal to buy the apartments half price , no money down and we would hold financing for up to 7 years .
they declined hoping for a better deal .
they could have had 500- 600k equity built in day one at half price as they were 7 figure apartments.
we’ll, we never sweetened the deal , we sold it for less to an investor group rather then give them a better deal and so far the deals off the table with the new owners .
they blew the opportunity of a life time.
under the new laws it is extremely difficult to take a mitchell lamma building private
The new law requires that 80% of residents — up from 67% — must choose to opt out of the program. It also requires Mitchell-Lama co-op boards to hold six shareholder meetings a year, and if a vote to opt out fails, it places a five-year moratorium on a new vote.
this is a mechanism to prevent all buyouts because the requirements are so high.
This law makes it very difficult — not impossible, but very difficult to opt out. Now, 20.1% of the shareholders know they can block the whole process. This law empowers the minority to control the majority — even a big majority.
We’re the two tenants that didn’t take the half price deal literally mental retarded? I would guess that living under NYCs welfare state had rotted their brains so much that they couldn’t comprehend what was going on. They expected “free” or “heavily discounted “ and 50% wasn’t enough.
We’re the two tenants that didn’t take the half price deal literally mental retarded? I would guess that living under NYCs welfare state had rotted their brains so much that they couldn’t comprehend what was going on. They expected “free” or “heavily discounted “ and 50% wasn’t enough.
my feeling is they wanted the going rate for a inhabited stabilized co-op apartment which is about 35 cents on the dollar or less when rents are break even
oh well they missed a golden opportunity as the investor group has no interest in flipping to them
You can’t afford a few hundred dollar assessment per year?
Yes, I can afford an assessment, but many others cannot apparently. The board and management are complaining about a large number of tenants in rent-arrears since Covid, and many empty apartments (Management is incompetent in filling them.) So, as Mathjak pointed out, It does not matter if I can pay an assessment, but can the CO-OP pay the fine. If it cannot, then I am up s***'s creek without a paddle. I could lose my shares, and thus my apartment.
I certainly cannot afford to pay the whole $half-million fine each year. (If I could I would be living on Park Avenue in a Classic-6 not in a 1 bedroom on Third Ave.)
Last edited by Kefir King; 05-23-2023 at 06:49 AM..
Yes, I can afford an assessment, but many others cannot apparently. The board and management are complaining about a large number of tenants in rent-arrears since Covid, and many empty apartments (Management is incompetent in filling them.) So, as Mathjak pointed out, It does not matter if I can pay an assessment, but can the CO-OP pay the fine. If it cannot, then I am up s***'s creek without a paddle. I could lose my shares, and thus my apartment.
I certainly cannot afford to pay the whole $half-million fine each year. (If I could I would be living on Park Avenue in a Classic-6 not in a 1 bedroom on Third Ave.)
You’ll find a way. Maybe they’ll hike your maintenance by $500/year to compensate.
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