Author Topic: A look inside the new condo building on 81st St. near Roosevelt  (Read 738 times)

Offline Shelby2

  • Global Moderator
  • Mayor
  • *****
  • Posts: 4600
I couldn't find any older thread about this property at 37-49 81st Street so I started a new one. I believe this building is next door to the one that has signs for Julieta restaurant.

Apparently this condo building has 29 units. Here's one of the units currently on the market. https://streeteasy.com/building/37_55-81-street-queens/7a There's no floor plan but the bedrooms look tiny.

If you click on past sales, you can see that other units have sold throughout 2018.








Offline ljr

  • Council Member
  • ******
  • Posts: 365
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #1 on: July 09, 2018, 08:52:13 AM »
Not only the bedrooms, the kitchen is tiny--the size one would expect in a studio apartment, not a 2 bedroom/2bath. Price seems steep for what the apartment looks like--however, on the upside, the monthly charges are also tiny. And if you look more closely at the apparent sales throughout 2018, they are not true sales, they are sales between two legal entities--I don't understand what they represent exactly, but actual people don't appear to have bought the apartments, they were sold from one building owner to another?

Offline Lilybell

  • Mayor
  • *******
  • Posts: 1081
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #2 on: July 09, 2018, 11:19:34 AM »
The price seemed high to me at first, but it has a terrace, parking and a washer/dryer in the apartment. And the maintenance is under $350! However, that tiny kitchen would be a deal-breaker for me.

I like the floors.

Offline am315

  • Citizen
  • ****
  • Posts: 76
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #3 on: July 09, 2018, 03:37:09 PM »
These are sponsor-owned apartments that have been on the market for some time. The parking spaces are not included with the price. They may be sold separately either outright or be rented out monthly.

Buyer beware: The reason the maintenance is so low is the sponsors are really just guessing what the building's monthly expenses are. The sponsor puts together an estimated budget, which rarely matches real operating expenses. I once bought a sponsor apartment and the so-called "budget" barely covered expenses. Ultimately, we had to raise the maintenance 30 percent to cover our costs.

Another thing to consider: This is new construction. An engineer friend of mine says 90% of newly constructed buildings have leaks in walls and ceilings and very poor quality finishes. And, indeed, that sponsor one I bought had tons of leaks.











Offline ljr

  • Council Member
  • ******
  • Posts: 365
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #4 on: July 09, 2018, 04:30:40 PM »
It's a new building, right? Because one can buy a "sponsor" apartment in an older building that very well might be better constructed. That said, when we signed a contract to buy a pre-conversion sponsor apartment in an older building, we did discover leaks from long neglect of doing the pointing on the brickwork. Of course, the sales person had said that everything was up to date and there were no leaks. It took years, but it eventually did get fixed so that we didn't have water stains on the ceiling every time it rained. I do believe that these problems may be more common in new construction. This building looks, to me, like they did a cheap job. I wouldn't go near it.

Offline Shelby2

  • Global Moderator
  • Mayor
  • *****
  • Posts: 4600
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #5 on: July 09, 2018, 07:58:52 PM »
These are sponsor-owned apartments that have been on the market for some time.

When did the apartments first go on the market? The one I linked says it's been on the market on 12 days. I realize that's not always accurate and sometimes listings go up, come down and then get re-listed. Is that what happened in this case?

Offline am315

  • Citizen
  • ****
  • Posts: 76
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #6 on: July 10, 2018, 09:14:22 AM »
Last spring/summer I noticed they were having an open house but I didn't go in. They have had sporadic open houses since then. I also think they were once trying to rent the apartments. The StreetEasy listings may show that.


Offline Shelby2

  • Global Moderator
  • Mayor
  • *****
  • Posts: 4600
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #7 on: July 10, 2018, 01:29:48 PM »
Last spring/summer I noticed they were having an open house but I didn't go in. They have had sporadic open houses since then. I also think they were once trying to rent the apartments. The StreetEasy listings may show that.

Yes, at least one rental is listed. I’m not surprised sales are slow. The finishings look really low end and floor plans not ideal.

Offline deja

  • Activist
  • *****
  • Posts: 189
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #8 on: July 11, 2018, 12:59:12 AM »
They look nasty.  The site was plagued by a multitude of stop work orders, one that persisted for a year or so right after they sunk the pilings into the ground, so I would also wonder about the build quality as well. 

Offline JH3525

  • Council Member
  • ******
  • Posts: 256
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #9 on: July 11, 2018, 09:51:19 AM »
I have the exact same ceiling light fixtures in my kitchen which I purchased late last year at Home Depot for
$22.00.  Blue refrigerator and stove? I don't see a dishwasher.  The kitchen cabinets are cheap and you wouldn't expect such a dreadful small kitchen in a two bedroom.  The apartments will most likely get rented. 

Offline JHMNY

  • Global Moderator
  • Activist
  • *****
  • Posts: 188
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #10 on: July 11, 2018, 10:48:52 AM »
Blue refrigerator and stove?

I also thought the appliances were blue at first sight, but it's actually the color of the protective film covering them.

Offline eddie

  • Activist
  • *****
  • Posts: 223
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #11 on: Yesterday at 04:25:57 PM »
that's a nice kitchen...for a studio apt. cant believe they would put that kitchen in a 2 bedroom with literally zero counter space. the CC's are low, though the building doesn't have any amenities so they should be low, but the taxes are on abatement, once that abatement is over the taxes will likely add about $700 a month to the monthly costs.

Offline ljr

  • Council Member
  • ******
  • Posts: 365
Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #12 on: Yesterday at 05:49:30 PM »
Yes, and someone pointed out that the CC are probably just estimates since it's a new building, and that figure may well be inaccurate. The kitchen is ridiculous. I lived in basement studio apartment for nine years and my kitchen was much bigger than that. I have seen kitchens that small, but not in a new building where the apartments are for sale, not rental, and at that price.

Jackson Heights Life

Re: A look inside the new condo building on 81st St. near Roosevelt
« Reply #12 on: Yesterday at 05:49:30 PM »