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Author Topic: Any thought on 3726 87th st coop?  (Read 5322 times)

mingo77212

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Any thought on 3726 87th st coop?
« on: April 27, 2008, 03:35:14 PM »
Hello everyone: My wife and I are seriously considering purchasing a co-op in JH at this location. Any information from people acquainted with the building would be massively helpful! How's the board? Do you enjoy living there? Do things get fixed and dealt with in a timely manner? Anything you can contribute would be helpful. Thank you!
 ;D
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Offline NYC Native

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Re: Any thought on 3726 87th st coop?
« Reply #1 on: April 27, 2008, 08:50:10 PM »
Quote from: mingo77212 on April 27, 2008, 03:35:14 PM
Hello everyone: My wife and I are seriously considering purchasing a Coop in JH at this location. Any information from people acquainted with the building would be massively helpful! How's the board? Do you enjoy living there? Do things get fixed and dealt with in a timely manner? Anything you can contribute would be helpful. Thank you!
 ;D

3726 87th St.  Part of a big complex with nice financials.  Some of the units have access to a private backyard of sorts.  The 2006 Financials are not ready but the story is the same in many coops.  The new Management company All Area,  just took over and they are still trying to get themselves together.  All area is a typical Mgmt company, they basically listen and do whatever the Board wants.  The president there seems to have a stronghold and is very popular.  It appears that there are many investor owned units, which is not necessarily a bad thing but at the end of the day you want the general occupants and not the investor to have majority control of the Board. 

The maintenance in the Bldg in very reasonable and the block it's actually nice since it faces the 2 family houses and no Buses rides through it.  Last closing there I think was in February...your lawyer can get you that info.  The Building has been having issues with the superintendent  :tickedoff: and they have been trying to replace him.  I don't know if they did yet but it is very possible.  It is somewhat difficult to get rid of union employees even when they are problematic.  All Area is actually pretty crafty :police: in these type of matters. Eddie one of the visiting mgrs for All Area is a bit rough on his "bed-side manners" but will get the job done over all.

Make sure your bank will approve them since some banks have an issue with the amount of owner occupied units and the lack of financials.  Not any one in particular but the combination of both issues.  The complex is not in the Historical District but it is very convenient.  The last 1 bedroom unit sold for $229k that had 45 shares.  That one had the backyard thingy I mentioned before.Some 1 bedroom units have 35 shares and some 45 shares.  I think they paid too much but since they were a "rental with option to buy" the occupants were comfortable in there already.   I can get you more info if you need it but I think that if you can get a good deal and your bank will work with you go for it.

Good Luck
NYC Native 8)
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mingo77212

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Re: Any thought on 3726 87th st coop?
« Reply #2 on: April 27, 2008, 08:56:18 PM »
Thank you much for your informative reply!! I will take all of that into consideration... :rockon:
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Offline buddy

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Re: Any thought on 3726 87th st coop?
« Reply #3 on: April 27, 2008, 11:03:03 PM »
So NYCNative, if a one bedroom there went for $229,000 what would a 2 bedroom in nice condition go for approx?  That building is post war, right?
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Offline NYC Native

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Re: Any thought on 3726 87th st coop?
« Reply #4 on: April 27, 2008, 11:20:12 PM »
 
Quote from: buddy on April 27, 2008, 11:03:03 PM
So NYCNative, if a one bedroom there went for $229,000 what would a 2 bedroom in nice condition go for approx?  That building is post war, right?

I'll get some comps tomorrow.  I'll make a phone call since I am doing something there anyway.  Remember,  $229 for a large 1 bedroom with access to a backyard.  I have one there with a $200k asking price.  The seller has been promoted and she is moving to DC for the new job.  I had an accepted offer but the bank was barking for a number of reasons.  The same thing happened last year with another unit I had an accepted offer with...the sellers lawyer killed the deal that time, not the bank.  This is one of a handful of units I have marketed with Board approval.  Hate the process, but it is a necessary evil since we sold that unit to the current seller about 2.5 years ago.
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Offline NYC Native

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Re: Any thought on 3726 87th st coop?
« Reply #5 on: April 27, 2008, 11:21:48 PM »
Quote from: buddy on April 27, 2008, 11:03:03 PM
So NYCNative, if a one bedroom there went for $229,000 what would a 2 bedroom in nice condition go for approx?  That building is post war, right?

Yes.  Post war!
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Offline earlie

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Re: Any thought on 3726 87th st coop?
« Reply #6 on: April 28, 2008, 09:29:30 AM »
I *think* I looked at a 2-bed in one of these buildings a year or two ago. It was 250 or 260?  It was in pretty bad shape, if I remember correctly.
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Offline NYC Native

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Re: Any thought on 3726 87th st coop?
« Reply #7 on: April 28, 2008, 10:31:11 AM »
Two years ago the one bedrooms were about 170-180k but the prices became flat because of all the drama going on in the bldg.  Contractors were not allowed to do any work.  They wanted to spend  $0 in the bldg and even when a contractor was hired to do a job some Bd. members at the time would meet them in the am and tell them "you are not going to get paid for your job" and they would sometimes just walk away.(hear say!) DRAMA!!

They actually have lots of $$$ in their reserves but at the time were in bed with the sponsors / investors (Hear say!) and avoided any type of activity that would increase maintenance at all.    ;)
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Offline NYC Native

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Re: Any thought on 3726 87th st coop?
« Reply #8 on: May 22, 2008, 10:57:59 PM »
Quote from: mingo77212 on April 27, 2008, 03:35:14 PM
Hello everyone: My wife and I are seriously considering purchasing a co-op in JH at this location. Any information from people acquainted with the building would be massively helpful! How's the board? Do you enjoy living there? Do things get fixed and dealt with in a timely manner? Anything you can contribute would be helpful. Thank you!
 ;D

Financials were ready last week
Good Luck ;D
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Offline buddy

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Re: Any thought on 3726 87th st coop?
« Reply #9 on: May 24, 2008, 04:26:15 PM »
I think they've passed on this apartment because the asking price was much higher than the appraised price.
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Offline NYC Native

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Re: Any thought on 3726 87th st coop?
« Reply #10 on: May 24, 2008, 05:47:28 PM »
The same thing happen to me two years ago when I began selling in JH.

A seller grossly overpriced the unit and my friend, the listing  broker failed to tell me that there was no comps so I trusted him...Last time I trusted any JH brokers.  I found many in JH to be the same way.  So I told him that I will never take another listing from him with out comps.  The unit was fantastic, fully renovated amazing kitchen and marble everywhere.  There was nothing near that price.  The seller over improved her unit and tried to get her money back.  She was also in the Board as I recall. 

Too bad they didn't contact me again, the Mgmt has been given much more control over their affairs and we could have attempted to compel the seller to lower the price to a realistic amount.  Unfortunately, many sellers are not explained the realities of comparable sales thus they dictate the price to the brokers.  Brokers of course sign up the listing because they feel that in due time they will be able to convince the seller to lower the price to the correct asking price.  Unfortunately for the brokers many sellers are stubborn and will say..."I put a lot of $$$ into this property" or "I'll rent it out for the time being" and my favorite "well, I'll just wait until I can get my price" and then they sign with some other realtor that tells them the truth, convinces them to sell for the right price and finally gets them a buyer.  Every time a broker takes a listing that he / she knows is over [priced he is actually breaking the rules and guidelines learned duering their training.



I have a 1 bedroom for sale for $199,000.  Fair condition the owners just moved to DC.  I lost a client because we didn't have the financials.  I am about to place on the market again today.
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