October 22, 2014
Queens Borough is the most culturally diverse area on this planet. Therefore, it also home to a very diverse selection of world cuisines.
From October 13 until Halloween, more than 100 local restaurants — spread out over roughly 30 neighborhoods — will offer special prix fixe meals. A three-course dinner for only $28 per person and lunch for only $14 will be the most common offerings. Details and a list of participating restaurants can be found here:
October 20, 2014
|Address||Unit||Price||CC/Maint||RE Tax||Ownership||Doorman||Rms||Bds||Bths||Res SqFt||DOM|
|100 Reade St||6B||$1,450,000||$508||$722||Condo||No||3||1||1||825||126|
|135 Hudson St||6F||$1,775,000||$1,314||N/A||Coop||No||4||2||1||1400||182|
|47 Walker St||2B||$2,350,000||$1,080||N/A||Coop||No||4||2||2||1830||69|
|40 White St||4||$1,425,000||$1,200||N/A||Coop||No||3||1||1||1000||28|
October 17, 2014
Compared to condos, coops purchases are more concentrated in UES, UWS, and Greenwich Village, Gramercy, Murray Hill/Kips Bay, and Flatiron.
Can you afford a coop?
Coops were conceived to allow renters to participate in the ownership of the buildings they live in. Most of the coops are not the ultra high-end and exclusive types commonly found in Upper East Side in certain blocks. The pricing distributions below suggest price points for coops vary by a wide range. This may be due to the size (coops are not required to disclose), location, level of services (minimalistic to highly personalized):
- One-bedroom: $350k – $1mil
- Two-bedroom: $500k – $1.7mil
- Three-bedroom: $800k – $2.8mil
Neighborhood affordability (past does not imply future):
Lowest priced top 3 for 2-bedroom units:
- West Harlem
- East Harlem
Highest priced top 3 for 2-bedroom units:
- Lower Manhattan
For people who are deciding between buying a coop vs. renting, this table might provide some insight. Part of the maintenance is real estate tax and interest expense from an underlying mortgage, both are personal income tax-deductible items (subject to conditions). Actual ratio of deductibility is furnished by the building. Given coops have low price points, even with financing, the monthlies after tax can be comparable to market rate rent, but with the benefit of home ownership and control.
Coops encourage tenants to stay put and not sell their unit-shares. As a result, sales volumes are low. The most active building in the last six months has 19 closes, compared to the most active condo building (St. Anne’s Court in Central Harlem, a new conversion) which has 200+ closings in the same period.