Author Topic: The Colonials (Read 8803 times)

JHReader · « **on:** March 31, 2017, 10:13:45 AM »

Anyone have theories as to why The Colonials (82nd between 34th and 35th) tend to be so affordable compared to other co-op buildings in the historic district? Full disclosure: I live in one of the buildings and have been curious about this ever since we moved here in 2015. I've got some theories but am curious to hear what others think.

rhydewithdis · « **Reply #1 on:** March 31, 2017, 01:37:21 PM »

the biggest drivers of that would be:
1) flip tax
2) monthly maintenance compared to other buildings on a per square foot basis? i.e. I pay $0.72 per square foot per month
3) building condition
4) building financials

wlirfan · « **Reply #2 on:** March 31, 2017, 02:20:03 PM »

For me, it was the apartments themselves. We never got to the financial aspect of the co-ops. It's been more than 10 years, but during our search, we saw two apartments here, and from my memory, both were on the small side. The kitchen was much smaller than what we ultimately bought, and one of the two bedrooms was tiny. We'd often pass by these buildings and, since the living room is right up in front, we thought they'd be bigger.

We did love the living rooms (large, tons of light), and both kitchens that we saw had those European washer/dryer all in one units, but that's where the love ended.

Cliffjumper · « **Reply #3 on:** April 04, 2017, 04:13:57 PM »

Hello all,

I bought an apartment there three years ago. It might be because it's a walk-up with no garden in the back. JHReader what are your theories? Wlirfan where did you eventually purchase you place?

Palermo · « **Reply #4 on:** April 04, 2017, 09:02:59 PM »

We looked at one apartment at 34-31 back when we were buying. I don't know if its proximity to PS 212 creates any quality of life issues, but it was something we considered.

Dodger · « **Reply #5 on:** April 04, 2017, 09:26:42 PM »

I also live in The Colonials. As others have mentioned--no garden and no elevator. And the second bedroom is small. Also, they are organized as small coops (similar to the Greystones, I think).

On the other hand, each unit has a huge living room and a huge dining room with lots of light. And unlike some buildings, these rooms are really separate while still flowing into each other. There's great details and moldings, and what I think is a good layout (the layouts are identical in all the units): the living room and master bedroom are at opposite ends of the units and the master bedroom is not facing the street. The kitchen is not a galley, which should appeal to some, with the possibility of having a washer/dryer which should make a big difference to many.

I wonder if more diversity in terms of the real estate agents representing properties here would have an effect on the pricing.

wlirfan · « **Reply #6 on:** April 05, 2017, 04:25:41 PM »

Quote from: Cliffjumper on April 04, 2017, 04:13:57 PM

Wlirfan where did you eventually purchase you place?

I purchased a block away -- also in a walk-up without a garden (the lack of an elevator never bothered me, and I saw it as a plus since maintenance of that elevator would impact the monthly maintenance fees; and while a garden may look really pretty, I also figured that I would likely not take advantage of it very often). I lucked into finding a combined apartment, so what used to be two one-bedroom apartments with formal dining rooms is now one three bedroom apartment with two full baths and a bonus room.

I agree on the floors and molding, and as I said in my original post, I did like the living room, and the fact that it was right in front.

JHReader · « **Reply #7 on:** April 05, 2017, 08:56:19 PM »

Thanks for chiming in, everyone! My theories were along the lines of what Cliffjumper suggested. We don't have the alluring gardens of many of the buildings in the historic district, and the lack of elevator could be a turnoff. I was also wondering if being zoned for 212 as opposed to 69 might be a flag for some couples with young kids. I hadn't actually considered the noise issue with the school abutting our back yard, though I can imagine this would be frustrating for anyone who worked from home. I was also wondering if the fact that the buildings are individually managed (as Dodger mentioned) might be a concern for some people. When we do have an assessment, I'm guessing the cost per apartment is higher since there are only 10 units per building.

That said, we pay pretty close attention to the listings in the neighborhood and are shocked that the 2 bed/1baths going up for sale now are often priced at a 50% or greater premium compared to what similar units in the Colonials go for. We don't have a flip tax and maintenance in our building is right in line with others on a per-square-foot-basis. Our building, while more than a century old, is in great shape, and as others have mentioned we love the layout of our apartment. I guess I better check out some of the open houses this weekend to see for myself how all these new listings compare!

rhydewithdis · « **Reply #8 on:** April 06, 2017, 07:23:08 AM »

Quote from: JHReader on April 05, 2017, 08:56:19 PM

Thanks for chiming in, everyone! My theories were along the lines of what Cliffjumper suggested. We don't have the alluring gardens of many of the buildings in the historic district, and the lack of elevator could be a turnoff. I was also wondering if being zoned for 212 as opposed to 69 might be a flag for some couples with young kids. I hadn't actually considered the noise issue with the school abutting our back yard, though I can imagine this would be frustrating for anyone who worked from home. I was also wondering if the fact that the buildings are individually managed (as Dodger mentioned) might be a concern for some people. When we do have an assessment, I'm guessing the cost per apartment is higher since there are only 10 units per building.

That said, we pay pretty close attention to the listings in the neighborhood and are shocked that the 2 bed/1baths going up for sale now are often priced at a 50% or greater premium compared to what similar units in the Colonials go for. We don't have a flip tax and maintenance in our building is right in line with others on a per-square-foot-basis. Our building, while more than a century old, is in great shape, and as others have mentioned we love the layout of our apartment. I guess I better check out some of the open houses this weekend to see for myself how all these new listings compare!

It seems like you answered your own question here! =)
If I were shopping for a coop in JH, here are the premiums I would pay for each amenity/feature:

Beautiful Gardens - 20%
Elevator - 0%-20% (I'd imagine this would be mostly binary - someone who likes first floor living would assign no premium to this, most other folks wouldn't ever consider "owning" an apartment on a higher floor with no elevator; and a very, very tiny number of folks would quite possibly be okay with walking some floors)
Better School - 0-20% (again, very binary; childless folk would assign no premium here)
Only 10 units per Coop - 10% (less units = more admin overhead for each shareholder)

Hot2015 · « **Reply #9 on:** April 06, 2017, 12:35:04 PM »

From what I recall from looking at this Colonials apt, the maintenance fee is considered still very high for a walkup apartment (this is on the 4th floor) and there is a monthly assessment of $200-300 that run for a few years. With maintenance fees and assessment fees this high, I would prefer a building with an elevator and a private garden! And isn't 82nd St quite noisy with the Q33 and Q32 buses and cars running along it? Also PS212 is not as strong a school as PS69 in my opinion.

http://streeteasy.com/building/34_39-82-street-jackson_heights/41

Dodger · « **Reply #10 on:** April 06, 2017, 01:52:01 PM »

Actually, the maintenance is pretty in line with other two bedrooms. The Colonials' units are 1000 square feet and in our building at least the maintenance is under $800. And we've never had an assessment since we've been there. (But of course that depends on the particular building--they are six individual cooperatives.)

When we were buying our choice basically came down to an apartment in a building with a communal garden where an in-unit washer-dryer was not allowed, versus the one we chose--with in-unit laundry and no garden. It wasn't a hard choice for us, because having a garden was not worth having to schlep to the basement every week to use the shared laundry facilities.

I think the bottom line is it all comes down to personal preferences. I love that Jackson Heights is famous for the coops' gardens, and I'm sure there are pleasures associated with those gardens that I underestimate. But they are not a priority for us. I'd rather be in either a fully public park or a completely private garden. (Alas, the latter option is not feasible given the price of real estate in NYC.)

Lastly, while it's true, Hot2015, that 82nd street can be noisy from time to time when traffic backs up and people start honking, the nice thing is both bedrooms are in the back, so you never hear the street when you're trying to sleep.

hum@njukebox1 · « **Reply #11 on:** April 06, 2017, 01:56:43 PM »

Am I the only one in the world that doesn't mind walking up the stairs? My 5th floor walk-up in the Greystones gets incredible light and air. It can get downright breezy in here on a warm summer day! There's no noise above me, nor do I hear others' coming and going. Unfortunately, the honking sounds do make their way up here. Maintenance (including assessments) is only $400 per month which has a lot to do with having no elevator. If I live here for 30 years, I'd save $50,000 to $60,000, maybe more, on maintenance fees over time compared an elevator building.

I may change my mind in 40 years if I live to be 96, but for my money........do the stairs!!! It's good for you.

abcdefghijk · « **Reply #12 on:** April 06, 2017, 02:06:13 PM »

Quote from: hum@njukebox1 on April 06, 2017, 01:56:43 PM

Am I the only one in the world that doesn't mind walking up the stairs? My 5th floor walk-up in the Greystones gets incredible light and air. It can get downright breezy in here on a warm summer day! There's no noise above me, nor do I hear others' coming and going. Unfortunately, the honking sounds do make their way up here. Maintenance (including assessments) is only $400 per month which has a lot to do with having no elevator. If I live here for 30 years, I'd save $50,000 to $60,000, maybe more, on maintenance fees over time compared an elevator building.

I may change my mind in 40 years if I live to be 96, but for my money........do the stairs!!! It's good for you.

I find the irony of folks happy to pay money to a gym to use stair-climbing machines... and yet adamantly avoiding walk-ups to be hilarious.

Hot2015 · « **Reply #13 on:** April 06, 2017, 02:23:39 PM »

I still think the monthly maintenance fees for the Colonials are high compared to the Greystones and Hampton Court walkup apartments, for example, and these coops have interior gardens and I believe some even allow washers and dryers! The one I highlighted is on the 4th floor and is still $777 (Colonials) - I thought the higher the floor in a walkup, the lower the maintenance fee.

Have you been to 82nd St near the Colonials during morning dropoffs and afternoon pickups at PS 212? It's hectic and noisy.

The Saybrook and Belvedere with 2 BR and 1 bath with 1K square footage have maintenance fees in the 700-800s and those buildings have an elevator and garden. Granted, those apts are priced in mid-high 500K (550-595K) vs 420-440K in the Colonials. Where do you see the 50% markup?

Dodger · « **Reply #14 on:** April 06, 2017, 02:57:16 PM »

Just for fun and some data for comparison, here are the monthly maintenance fees for the first 20 2 bedroom coops (sorted by newest first) for sale on streeteasy, obviously there are lots of differences in terms of amenities and square footage, but it gives a sense of the range:

780, 1026, 763, 813, 915, 693, 640, 865, 790, 521, 890, 940, 900, 850, 723, 900, 1074, 1069, 727, 1197

Jackson Heights Life

News:

Author Topic: The Colonials (Read 8803 times)

JHReader

The Colonials

rhydewithdis

Re: The Colonials

wlirfan

Re: The Colonials

Cliffjumper

Re: The Colonials

Palermo

Re: The Colonials

Dodger

Re: The Colonials

wlirfan

Re: The Colonials

JHReader

Re: The Colonials

rhydewithdis

Re: The Colonials

Hot2015

Re: The Colonials

Dodger

Re: The Colonials

hum@njukebox1

Re: The Colonials

abcdefghijk

Re: The Colonials

Hot2015

Re: The Colonials

Dodger

Re: The Colonials