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Author Topic: howdy folks!  (Read 3272 times)

nestrabbit

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howdy folks!
« on: September 03, 2008, 10:28:56 AM »
..me and my wife will hopefully be new to the area and are in the steps of maybe purchasing a co-op. it's a co-op near the corner of 91st and northern bvld. i believe it the "northridge". we've just gotten the financials and have given it to our lawyer for him to do his lawyerly thing and give us the breakdown. however, we would love to hear from folks that have heard about the property or the management company "delkap". there are a couple of things we're concerned about which i'm sure the lawyer will look into but just was wondering if anybody has had any experience, heard talk about or just about anything about the place and the neighborhood. any and all comments will be so very welcomed! thanks!!
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Re: howdy folks!
« Reply #1 on: September 03, 2008, 01:46:26 PM »
Hey, welcome to the neighborhood.  I live over on 91st and 34th ave.  I like it around there because there are plenty of restaurants to walk to and the subway is only an 8 minute walk.  The bus also picks up right on 90th and Northern to go to the express train. 
As far as that management company is concerned, I've never dealt with them.  One thing that you may want to look at carefully is the flip tax on your coop.  I know when I was looking over there i was really surprised by how high the flip tax in northridge was.  The president of the board told me that when you eventually sell you will pay the board 25% of whatever profit you make on the place.  To me that seemed completely insane, so I quickly walked out.  They also told me that I would need to install wall to wall carpeting, which is waaaay more than the 80% carpeting required by nyc law in normal coops.  The lady even said that many people were being deterred from living there because of the full carpeting rule. 
Anyways, I'm not sure if these items will be an issue in your place, but just wanted to give you a heads up.
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nestrabbit

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Re: howdy folks!
« Reply #2 on: September 03, 2008, 02:22:02 PM »
..hey there cookie..WOW!..totally didn't know that the flip tax was so high in that place!! 25% is insane indeed!! might as well get an HDFC place and start working in some way low paying job so i can qualify for the income cap!! lol!! i think me and my wife will definitely look into that! we really like the neighborhood but with those rules and regulations, i'm wondering how this building gets buyers in the first place! can i ask when you looked at a place there? if it was sometime ago, maybe the board has mellowed with some time by now, like a fine wine..but then again, it can also turn into some bitter vinegar!
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Re: howdy folks!
« Reply #3 on: September 03, 2008, 03:37:42 PM »
I was actually looking almost 1 year ago this week, lol.  The place I looked at in northridge was at 88th and northern, so it could be that your place on 90th could have a different board.  I'm not totally sure.  As to your comment on how they get people to move into that place... I'm not really sure with those sorts of requirements.  I know there are a lot of places in northridge for sale right now, so that could be the problem.  Of course, that might make it better for you to get a better deal.  Regardless, i'd check with the board about their policies before you sign anything just to make sure you don't get into something that's gonna cost you a ton of money in the end.  There are some nice places there, but there might be some rules that go along with it that you don't know about.
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Offline Shelby2

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Re: howdy folks!
« Reply #4 on: September 03, 2008, 03:38:59 PM »
I believe Roosevelt Terrace on 85th St also has a 25% flip tax on profit (not on the overall sale price) but this is just what I've heard.  It doesn't stop people from buying into the building because it's a nice building, well run, etc. and because of the flip tax, the selling price for a coop there tends to be quite a bit lower than comparable apartments in buildings without the flip tax.

The way a realtor explained it was essentially if you buy there, you are buying at a low price to begin and then paying the money that you "saved" later when you sell.

Roosevelt Terrace also has a no subletting rule (100% owner occupied) that deterred me; I think Northridge is the same.
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Offline Griswold Girl

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Re: howdy folks!
« Reply #5 on: September 03, 2008, 08:30:04 PM »
Does Northridge make its own power?  Someone said that during the blackout a few years ago they were the only ones in the whole neighborhood with power.  Is this true?  Kinda cool if so.
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nestrabbit

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Re: howdy folks!
« Reply #6 on: September 09, 2008, 10:22:12 PM »
..hey there folks, just wanted to let you know what happened..sad to say, our lawyer came back with some pretty dire news after reviewing the financials of the place! it seems the place has taken out 2 mortgages to the tune of 6.5 million, has only been paying the interest and has no reserves whatsoever! to top it all, i've been told that banks usually don't refinance a place that has no reserves so it seems that the whole lot of 6.5 will have to be due in full in the next 3 years..when the mortgage is due!! am sad we didn't get the place..it was rather nice and very cheap but i guess that was the reason why it was going for such a low price..just feel bad for the people who have recently bought there!..but feel good at the fact that me and my wife dodged that financial bullet!!..
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