Washington Plaza

[Lilybell]

My building is undergoing a coop conversion and the prices they want are ridiculous. They are attempting to get historic district prices (even higher than that, actually) for a non-historic district building with no garden or parking.  We were first given notice about this close to two years ago - including the "insider" price for our apartments. Now that they are getting closer to the actual conversion, we received updated prices for our apartments. Mine increased by $130,000.



Moderator note: This is a new thread created from splitting some posts from another thread.

[JH3525]

Lilybell:  I know the building you live in.  Sadly, those who don't purchase will be evicted once their lease expires.  I doubt if anyone will purchase considering the outrageous prices.  Those long term tenants with low rents are in trouble.

[Lilybell]

Lilybell:  I know the building you live in.  Sadly, those who don't purchase will be evicted once their lease expires.  I doubt if anyone will purchase considering the outrageous prices.  Those long term tenants with low rents are in trouble.

I'm not sure we are talking about the same building. We are rent stabilized and it's a non-eviction conversion. No one is getting evicted if they choose not to purchase, even after their lease is up. But they will likely have an unseen investor as a landlord. The non-purchasing tenants will remain rent-stabilized.

[JH3525]

Lilybell, since your building is non eviction it's not the same building.  The building that I'm familiar with is eviction.  I'm happy for you since you won't be forced out. 

[Lilybell]

That's good!  I don't mind saying the building - it's Washington Plaza at 73rd/35th.

[dssjh]

i've noticed a huge uptick in solicitation mailings from brokers with the standard "if you're thinking of selling" notes. a couple of the more aggressive ones have quoted prices that are off the chart -- even knowing that apartments in our building have certainly appreciated in value over the past couple of years.

[theplanesland]

That's good!  I don't mind saying the building - it's Washington Plaza at 73rd/35th.

Ha! I saw the ad at Washington Plaza (I live nearby) and emailed the realtor. The prices being charged for those apartments blew my mind. I had to explain that there's no way I could afford one, and I own an apartment a block away. I don't get how they're so much more expensive than the value of my place. I guess they're cheap for people coming from MN/BK.

[Shelby2]

That's good!  I don't mind saying the building - it's Washington Plaza at 73rd/35th.

Ha! I saw the ad at Washington Plaza (I live nearby) and emailed the realtor. The prices being charged for those apartments blew my mind. I had to explain that there's no way I could afford one, and I own an apartment a block away. I don't get how they're so much more expensive than the value of my place. I guess they're cheap for people coming from MN/BK.

Are the prices listed anywhere online? 

[NYC Peromyscus]

The website for those Washington Plaza coops is here:

http://wplazanyc.com/

Unfortunately no prices listed...just a contact form.

Would be very interested to hear...we live a few blocks away and are seeing 2 br in our building now easily go for more than half a million (considerably more than even just a few years ago).  How high are the initial listings?

[theplanesland]

The website for those Washington Plaza coops is here:

http://wplazanyc.com/

Unfortunately no prices listed...just a contact form.

Would be very interested to hear...we live a few blocks away and are seeing 2 br in our building now easily go for more than half a million (considerably more than even just a few years ago).  How high are the initial listings?

560 to 640 for 2-bedrooms.

[Simka]

They have set up apartment C53 as the sales office. That's a renovated 2 BR 1 BA apartment with an outsider price of $567,800 (according to the black book). On the same floor, there's a renovated 3 BR 2 BA apartment that is priced at $929,050.

The sign out front advertises "Private Garden, Fitness Center, Stately P/T Attended Gatehouse." Which is quite a distortion. The central courtyard is nice--I love the fountains--but it's hardly private in the way that the historic buildings' gardens are private; it's private because it's on private property. There's no fitness center yet, as far as I know, but when it does arrive, I'm sure it will be in the basement. Prospective buyers: If you're imagining you'd use the fitness center in the evening, you'd better ask how late it's going to be open. (Currently the basement is locked down by 8:00 every night.) And I wouldn't deny that the gatehouse is stately, but if there's rarely anyone in it, it's not a big sales feature.

[Simka]

Oh, and about that locked-down basement: If you use a wheelchair, you can only enter through the basement. So unless the basement hours are changed, you'll have a heck of a time getting in (or out) of the building after 8:00 p.m.

If the managing agent and landlord are smart, they'll go ahead and change the hours and keep the basement open later. Otherwise they might get pesky questions about what made them start locking it down so early....

[jh_coop_buyer]

The apartment C53 is a junior 4, the second bedroom is has entrances to the kitchen and to the living room and is quite small. $567.000 is probably 30-50% overpriced, as compared with another Junior 4 apartment that was sold within a block of Washington Plaza.

When I lived in Washington Plaza for about one year and a half, in the beginning I always made the mistake of trying to use the basement entrance when I came back from work late at night. Later somehow there was flooding in the basement and there was a strong smell and I had to make a detour to the main entrance at 35th ave regardless of time. My guess is that basement smell problem should have been fixed now,

[NYC Peromyscus]

If these 2 BRs are newly renovated and the building is accepting 10% down, it would not be surprising for them to fetch $550-600.

I don't know about the price on the 3 BR...but then again I don't know anybody who is looking in the $900K+ market in JH!

[Simka]

The apartment C53 is a junior 4, the second bedroom is has entrances to the kitchen and to the living room and is quite small. $567.000 is probably 30-50% overpriced, as compared with another Junior 4 apartment that was sold within a block of Washington Plaza.

When I lived in Washington Plaza for about one year and a half, in the beginning I always made the mistake of trying to use the basement entrance when I came back from work late at night. Later somehow there was flooding in the basement and there was a strong smell and I had to make a detour to the main entrance at 35th ave regardless of time. My guess is that basement smell problem should have been fixed now,

I have finally trained myself not to believe the supposed closing time of 8:00. You can get in the basement doors as late as 7:55, but then the elevator is already set to not come to the basement and you have to go back out. (I haven't noticed the smell being too bad down there, usually. Sometimes it's a little garbagey.)

I've been watching coop prices in Jackson Heights for a few years, and I think the apartments are overpriced for the location. Yes, it's very convenient to the train station. But it's also noisier and close to some seedier blocks. And while the apartments are being renovated, much of the original character is being torn out. I don't know--I suppose there are buyers who don't care about prewar details. But I do, so I'm sad that they're being obliterated.