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Started By
Message
Manhattan condo. For sale for $595,000. Monthly HOA dues $6,975.
Posted on 7/7/24 at 1:20 pm
Posted on 7/7/24 at 1:20 pm
New York is built different. Makes no sense.
29
Posted on 7/7/24 at 1:21 pm to hikingfan
Got to be a typo
Posted on 7/7/24 at 1:21 pm to hikingfan
They had another one floating around X.com yesterday with a $14K monthly HOA
ETA: Found it
ETA: Found it
This post was edited on 7/7/24 at 1:22 pm
Posted on 7/7/24 at 1:22 pm to hikingfan
A 2/2 in Manhattan for $595k? That’s 100% a typo.
If not, I’m buying it and selling it for a 500% profit.
If not, I’m buying it and selling it for a 500% profit.
Posted on 7/7/24 at 1:24 pm to hikingfan
quote:
Monthly HOA dues $6,975
This post was edited on 7/7/24 at 1:24 pm
Posted on 7/7/24 at 1:24 pm to hikingfan
No way in hell an apartment on park ave is 595k. It’s missing a zero
Posted on 7/7/24 at 1:24 pm to hikingfan
Sometimes the dues will be high like for a period of time that because the HOA has to pay for some big bill- they may have had to buy out a couple of apartments, or bought all or part of the building, etc. In that case you won't have huge dues like that forever. The condo would probably be offered for more than $595k if the dues weren't so high.
Posted on 7/7/24 at 1:27 pm to StringedInstruments
quote:
A 2/2 in Manhattan for $595k? That’s 100% a typo.
You are paying for the privilege of renting the apartment. Hence, the $7000 a month in "HOA fees."
Posted on 7/7/24 at 1:27 pm to hikingfan
HOA fees are definitely discounted from the asking price.
Posted on 7/7/24 at 1:28 pm to hikingfan
Where's the fricking bed?
Posted on 7/7/24 at 1:30 pm to RandySavage
quote:
Got to be a typo
Not a typo. The HOA dues are to maintain the building (don't need another Miami like building collapse), doorman, security, etc. Not a bad deal for nice Midtown property actually.
Posted on 7/7/24 at 1:30 pm to hikingfan
Sounds right. I explored purchasing a 2 bedroom up there and the HOA was through the roof. Property taxes and insurance I guess.
Posted on 7/7/24 at 1:31 pm to hikingfan
This is in the Beekman. The building is basically run like a hotel. Valet, concierge, housekeeping, gym, etc etc. That’s why the HOA is so high.
Posted on 7/7/24 at 1:32 pm to hikingfan
75,000 yearly for HOA
That seems like a barrier to entry for minorities
That seems like a barrier to entry for minorities
Posted on 7/7/24 at 1:35 pm to stout
This is in the Sherry Netherland Hotel and it’s actually 3 units. You could put all 3 into the hotel rental pool and offset some of the monthlies. It’s basically $4k/month/unit fees there. Depending on what you’re looking to use the place for it can work.
Posted on 7/7/24 at 1:35 pm to hikingfan
Could be a "special situation". There was a famous one on 57th where I think the building was just on a leasehold that was expiring in like 3 years - and the projected re-signing rate was going to mean an assessment of like $3M/unit.
Posted on 7/7/24 at 1:36 pm to stout
Madness 
Posted on 7/7/24 at 1:36 pm to Lawyered
quote:
That seems like a barrier to entry for minorities
You'd be surprised.
Posted on 7/7/24 at 1:37 pm to hikingfan
I thought both the asking price (low) and HOA fee (high) were bizarre, so I looked at it again a bit closer and noticed the "Stock Cooperative" tag.
I think that's where the frickiness is coming from
I think that's where the frickiness is coming from
Posted on 7/7/24 at 1:43 pm to Raptor2ndAmendment
quote:
Where's the fricking bed?
Won't need one, gotta work day and night to pay the HOA.
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