Category Archives: Co-op

NYC Real Estate – Murray Hill 2 bedrooms Co-op sale for $899,000

This elegant and modern mint condition two-bedroom two-bathroom apartment was formed through the

244 Madison Ave, #12DE

244 Madison Ave, #12DE

combination of two apartments, and was completely gut renovated with high quality materials, fixtures, and finishes throughout. Perfectly suited for great city living in a prime Murray Hill location in the heart of Manhattan, this bright and sunny high floor apartment features 12 foot ceilings, oversized windows, fully restored walls and ceilings (not a single nail hole!), solid hardwood floors, new moldings, neutral white and earth tone colors, and a top quality Lutron recessed lighting system with dimmers throughout the apartment. Valuable floor space is maximized thanks to two full-sized sleep lofts made to fit queen size mattresses and additional furniture. At the same time, there’s no need for any offsite storage here, as there’s also a tremendous amount of storage space for a Manhattan apartment – seven closets (including two extra large walk-ins!) and five massive built-in storage areas.

The extra large, open kitchen area is a chef’s delight and features a porcelain tile floor, new stainless steel appliances, granite countertops, recessed ceiling and under counter lighting with dimmers, a porcelain tile backsplash, and incredible counter space and cabinet space. The bar area features a second full size sink and a stainless steel wine refrigerator, which is great for entertaining. And tucked away in a built-in cabinet are a life-changing washer and dryer so that you’ll never have to leave your apartment to do laundry again!

There are also two luxurious, spa-like bathrooms – one is full marble with a whirlpool tub, and the other is full tumbled porcelain with a standard tub. Both have recessed lighting with dimmers, Grohe shower systems, beautiful swing-out glass shower doors, recessed medicine cabinets with built-in mirrors, and espresso wood vanities with marble countertops.

The spacious, flexible layout can suit a variety of living situations, from singles to couples to families with children to friends or siblings co-purchasing. A solid hardwood pocket door ensures total privacy between the living areas, and the alternate entrance is the perfect addition for people on different schedules or when guests are staying with you.

This lovely co-op building is perfectly located in the heart of Manhattan, and provides easy access to all of life’s needs, including shopping, dining, entertainment, transportation, and more. It’s fantastic midtown location will allow you to go anywhere in the city quickly and easily. If you work in midtown, it’s an easy walk to work, or if not, it’s just a short walk to Grand Central, Penn Station, and the major subway and bus lines. When you want to relax, it’s also in close proximity to Bryant Park, Madison Square Park, the main New York Public Library, and the Morgan Library. The building has a superb staff, including a full-time superintendent and a 24-hour doorman. Capping it all off is a beautiful new roof deck with incredible panoramic city views and an amazing view of the Empire State Building. There’s also free community Wi-Fi both in the lobby, laundry area and on the roof to help keep you connected while you unwind.

Other apartments with the same features and amenities cost hundreds of thousands of dollars more, but why spend that much for a great apartment? This beautifully renovated apartment is in fantastic condition, so there’s nothing for a new owner to do except move in and start enjoying life in their new home, without the worry and hassle of doing ANY renovation work. This is truly a rare find.

Guarantors, co-purchasers, gifts, parents buying for children, and pied-à-terres are all permitted. Unlimited subletting is permitted after two years. Sorry, no dogs. This apartment is also available furnished or partially furnished if desired. Buyer’s brokers welcome. Feel free to contact me for more information or to schedule a convenient showing.

The Co-op Apartment minimum down is 25%, monthly maintenance/cc is $1,857 (including tax). Tax deductible is 56%. It is 2 Bed and 2 Bath at price of $899,000. PressThis to read Manhattan Real Estate Glossary. For more detail, please contact me at diana.wu@elliman.com or Robert at 244madisonavenueapt@gmail.com , we will email you more info. 

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NYC Real Estate – Murray Hill Co-op sale for $749,000

Welcome to a one-of-a-kind two bedroom loft in the heart of Murray Hill.

244 Madison Ave #3EF

244 Madison Ave #3EF

These two combined units create an artistically styled large two bedroom apartment with 14 foot ceilings and two full baths. As you enter, you walk through a large foyer with a dining area straight into the living room. The staircase leads you to the second bedroom loft. On the other half of the apartment, you will find a huge master suite with a built-in cherry wood library, dressing room, and an additional home office/walk in closet. The kitchen is equipped with granite countertops, pull out cabinets, mosaic tiles, and fairly updated appliances. The apartment features dark stained parquet floors, oversized sound proof windows, fantastic storage throughout, and a walk in closet. Murray Hill Plaza features a full time doorman/concierge, laundry room, renovated lobby with elevators, and a beautiful roof deck. Guarantors, co-purchasers, gifts, parents buying for children, and pied-a-terres are all permitted. Sorry no pet. The building is situated in the heart of Midtown/Murray Hill, and is accessible to all you need, including transportation, shopping, entertainment, and more.

The Co-op Apartment minimum down is 25%, monthly maintenance/cc is only $1,463 (including tax). Tax deductible is 56%. It is 2 Bed and 2 Bath at price of $749,000. PressThis to read Manhattan Real Estate Glossary. For more detail, please contact me at diana.wu@elliman.com or 516-320-0231 (Diana), I will email you more info. 

 

Manhattan Co-op Board – Questions and Answer

We all know when you purchase a co-op; the board has the right to “approve” or “disapprove” of any potential tenant-owners. The Board of Directors, which is elected by all of the tenant-owners of the co-op, interviews all prospective owners. They have the responsibility of protecting the interests of their fellow tenant-owners by selecting well-qualified candidates. The quality of services and the security of the building are kept at high standards. However at the same time it is also cause sellers a lot of headache.  Below is the Question and Answer provides by Jay Romano and published on July 7, 2011 and hope that helps.

Adding Term Limits to Board Members

Q Can a co-op add term limits for board members to its bylaws? Without limits, and with boards having great control over proxy voting at elections, it is virtually impossible to elect new members.

A Tracey L. Daniels, a Manhattan lawyer who represents co-ops and condominiums, said that a co-op could amend its bylaws to include term limits if such an amendment is approved by the shareholders. Amendments to the bylaws must be approved by at least a majority of the shareholders. The co-op’s governing documents often require an even greater percentage, or supermajority, which is typically two-thirds to three-quarters of the votes cast.

A Co-op Board Rejects Buyers

Q I have a co-op in Queens that I have been trying to sell since 2007. I have presented the board with a total of four buyers, and all four have been rejected, and the board will not give a reason. I have lowered my selling price again and again. And my lawyer says the board has the right to do this. What can I do?

An Eric D. Sherman, a Manhattan real estate lawyer, says that co-op boards in New York generally are not required to provide reasons for rejecting a buyer. And, unless a rejection is based upon unlawful discrimination, their decisions will not be second-guessed by a court under the “business judgment rule.” He said that in trying to determine the reason for the board’s rejections, the writer should ask the real estate agents who prepared the board applications whether they are aware of any weaknesses in the applications. The writer might also ask the managing agent for suggestions concerning the qualifications of buyers. One thing that might be making the board skittish is that the writer has been lowering the sale price. “That alone could be the basis for rejection, as boards often seek to ensure that appraised values of other apartments in their buildings are not compromised by below-market sale prices,” Mr. Sherman said. The only other option for the writer is to sue the board. Such lawsuits are difficult to win, as courts tend to give deference to board decisions.

 

Manhattan – Market Report Shows Sales Have Been Rising

Prudential Douglas Elliman has just released Market Report of Manhattan Sales 2Q 2011, the leading resource on the state of the Manhattan co-op and condo market.  These reports are produced in conjunction with Miller Samuel which provide the most comprehensive and neutral market insight.

The Market Report shows that Sales of Manhattan co-ops and condos have been rising since the beginning of the year consistent with seasonal expectations.  The amount of active listings slipped over the past year and housing prices continued to show stability.  Relative to other housing markets across the country, Manhattan continues to be one of the best performing markets to date. While our regional economy is showing a slow pace of improvement, we anticipate the Manhattan housing market to follow the same trend for the remainder of 2011.

If you like to see more detail, please send me an email at diana.wu@elliman.com. I will email you the report as attachment.

 

What can you buy in NYC For $1.3mm, Manhattan New York

212 E 47th Street, Unit 10F, Turtle Bay

212 E 47th Street, Unit 10F, Turtle Bay

Mint Two bedroom with two full bathroom home in a  luxury high-rise condominium that features a large balcony. Kitchen with stainless steel appliances, marble and limestone bathroom, hardwood floors throughout and crystallized glass kitchen countertops,” says Avi Voda of The Voda Group with Prudential Douglas Elliman. “This prime full-service Midtown East building welcomes you with a glass atrium lobby, 24 hour concierge and doorman. Relax on the 3000sf landscaped roof deck and enjoy panoramic views of midtown and the Chrysler Building. Work out in the world class fitness center and yoga studio designed by La Palestra or enjoy the media lounge. Low monthly maintenance and move-in ready. Located just steps from Grand Central and all major transportation, On-site parking is available”.

The Condo Apartment minimum down is 10%, monthly maintenance/cc is only $847 plus $1,228 monthly tax. The square feet is 1,006 (approx). It is 2 Beds and 2 Baths at price of $1,295,000

View my profile and other properties and contract signed listings at: http://www.elliman.com/real-estate-agent/diana-wu/4623. We pride ourselves as specialists in condominium and co-op sales in Manhattan. For more detail, please contact me at diana.wu@elliman.com or 516-320-0231 (Diana), I will email you more info.

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Midtown – Manhattan neighborhood overview

What Can You Buy co-op In NYC For ONLY $325K? New York Manhattan

311 E 3rd Street, Unit #24, East Village

311 E 3rd Street, Unit #24, East Village

It is a co-op apt in East Village. “Your search is over! Unique pre-war HDFC cooperative (co-op), with details not found in many buildings,” says Avi Voda of The Voda Group with Prudential Douglas Elliman. This East Village cooperative (co-op) is “renovated 2 Bedroom, one bathroom with 3 exposures providing a sun drenched living area. Create an expansive living room by eliminating the wall of the smaller bedroom or enjoy the luxury of the second bedroom as a home office or den. This apartment has high ceilings, new hardwood floors and a dramatic brick wall create a warm and inviting living area. Eat in Chef’s kitchen which will accommodate a small table. 24 hour security system. Since this cooperative (co-op) is HDFC building, the income restrictions is: Single purchaser income must not exceed $ 91,600; Two person combined income must not exceed $104,600. Very low maintenance. Cats allowed.

View my profile and other properties and contract signed listings at: http://www.elliman.com/real-estate-agent/diana-wu/4623. We pride ourselves as specialists in condominium and co-op sales in Manhattan. For more detail, please contact me at diana.wu@elliman.com or 516-320-0231 (Diana) I will email you more info.

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What You Can Get For Your Money – The Neighborhoods of Manhattan

Real Estate Volume Manhattan vs. Good time to buy

Now is the good time to buy. Smart investors always buy the real estate in the down market. The 1st quarter of the average price of an apartment in Manhattan fell in the first quarter, but we didn’t see the volume of the real estate business compare to the year of 2010. So the question is where are those buyers? According to the latest Spending and Saving Tracker from American Express, more than two in five (41 percent) of Americans said that it’s a buyer’s market for real estate. However, over 61 percent agree that a seller’s market is at least a year away. Also tight credit and a lack of the new construction were other issues.
Real estate is a long-term investment opportunity. In this shifting real estate market, you may be able to purchase investment real estate that will secure your financial goals for the long term. If you want to invest real estate in Manhattan, now is the good time to buy. Interest rate is still very low. There are plenty inventories available. Prices have adjusted so homes more affordable than before. And now no one argue about the homes’ value. One thing is for sure, the market will be returning. Manhattan real estate will boom another 20 years. Warren Buffett said, everyone sells he buy, everyone buys he sell. Therefore don’t wait the last minute to follow the crew to buy the real estate. You will lose the chance to get the nice apartment in a best price.
Manhattan Real Estate Market is very unique. The entire purchase process is different than anywhere else in the world. If you are interesting to have a FREE consultation, if you have any question about buy or sell real estate in Manhattan, contact us directly Diana Wu at 516-320-0231 (cell) or email me at diana.wu@elliman.com, I work for The Voda Group, the 2010 AWARD-WINNER from Prudential Douglas Elliman.

To learn more about our custom-designed marketing plans, visit my website at:  http://www.elliman.com/real-estate-agent/diana-wu/4623 to receive a complimentary valuation of your home, or to discuss any real estate related topics, please contact us today.

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Renting vs. Owning
Manhattan Real Estate – Signs of the weakness in the beginning of 2011

Manhattan Buyers Must Know – Who manages the building

Why who manages the building is also important thing to know when you purchase an apartment in Manhattan? So let’s see what dose a building manager usually job is.

Building manager can maintaining the property’s value and residents’ quality of life. And a good manager could establish a successful partnership between the manager, residents and owners. The building manager must maintain close communication with the owners.

A manager performs an important function in the building. The manager has to pay all the bills, respond complains and manage repairs. The manager has to provide fully information including what happen in the building and its financial statement with owners by regular meeting. The manager has to show income and expenses from previous months and annual budget. Prepare or advise owners upon the following year’s annual budget based upon the annual financial report that they have. The manager may need to keep copies of receipts, bank statement and canceled check if there is any question arising.

You also have to find out what happen if you need a repair service inside your apartment, and how fast you would get the service? Who is going to repair or maintain the building, by maintenance workers or hiring outside contractors? Dose the manager must have the owners’ approval before hiring the contractor?  

Depend on what we know; the manager plays the very important rule of the building. Some small company, or with super live-in the building may more organized than big company. They are usually very sufficient and friendly to the residents of the building. However the big manage company have the resources, training, and experience to solve all the problems. Therefore, when you are going to purchase a apartment, walk around the building to see how the building is maintained. Ask your broker or someone live in the building about their experiences with the company’s reputation will be excellent helpful information.  

Manhattan Real Estate Market is very unique. The entire purchase process is different than anywhere else in the world. If you are interesting to have a FREE consultation, if you have any question about sell real estate in Manhattan, contact me directly Diana Wu at 516-320-0231 (cell) or email me at diana.wu@elliman.com, I work for The Voda Group, the  AWARD-WINNER group from Prudential Douglas Elliman.

To learn more about our custom-designed marketing plans, visit my website at:  http://www.elliman.com/real-estate-agent/diana-wu/4623 to receive a complimentary valuation of your home, or to discuss any real estate related topics, please contact us today.

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Manhattan Real Estate – Building Financial Report – you must to read

Financial Statement

Financial Statement

When it comes to apartment building investments in Manhattan, you always have to know the Financial Report of the building. The reason is very simple because you invest an individual unit in a building – a multiple-unit dwelling and joint ownership with others in the common area. Therefore, the building should have a financial statement for Income, Expenses, and Assets to maintenance the common area as well as the building. The building should have cash or reserve fun to operate the expenses, repairs. and improvements . Viewing over the past three years financial statement will help you to know exactly what the gross income and expenses have been used in the building in order to determine approximately how much the apartment is worth, what the expected rate of return will be, as well as to see whether or not there is any maintenance or common charge increase in the near future. Or is there any assessments request in the near future.

First, analyze the incomes and expenses to look closely at all the expenses for each year for at least three years. To find out which expenses have increased and which have decreased from those years. If the increased expense is made for significant improvements of the property, this could add value and benefit to the owners of the building.

Basic the building needs a reserve fund to make improvements or repairs. The fund could be received from flip tax (most co-ops), monthly maintenance / common charge. Sublet fees, commercial rents, laundry income or other revenue source. If the reserve fund is deficiency, there could be either increase monthly maintenance or has an additional assessment to cover. Therefore if the building has commercial rentals, asking for a snapshot of the building’s rental revenues and when will be the leases end. For co-op building, investors have also investigated the building’s Underlying Mortgage.

A NYC professional attorney would assist buyers to go through those steps. However, if you become an educated buyer, you will get good money return. Real estate is a long-term investment opportunity. In this shifting real estate market, you may be able to purchase investment real estate that will secure your financial goals for the long term.

Manhattan Real Estate Market is very unique. The entire purchase process is different than anywhere else in the world. If you are interesting to have a FREE consultation, if you have any question about sell real estate in Manhattan, contact me directly Diana Wu at 516-320-0231 (cell) or email me at diana.wu@elliman.com.

I have the privilege and pleasure to work with The Voda Group at Prudential Douglas Elliman. The Voda Group has been the top, award winning sales team at Prudential Douglas Elliman since 2003. Our team’s hard working will help your real estate goal extremely successful.

To learn more about our custom-designed marketing plans, visit my website at:  http://www.elliman.com/real-estate-agent/diana-wu/4623 to receive a complimentary valuation of your home, or to discuss any real estate related topics, please contact us today.

Manhattan Real Estate – Tips for 1st Time Homebuyers

Before you begin your home shop:

1)   Get your credit report.  

2)   Talk to a mortgage lender to know how much you could get for the loan from bank

3)   You need to have an idea of what kind apartment you want and what neighborhood you like to live.

4)   Make a list of things that  you want and need. No apartment would be 100% perfect, so focus on the list of needs.

When you start to hunt your dream home:

1)   Don’t judge the apartment by your heart, but by your head

2)   Apartment in good sharp would sell very fast, so you need act fast

3)   Some old apartment may has the potential. Real estate is a long-term investment opportunity

4)   You can’t  negotiate the maintenance fee, however there are some building charge a cheap fee

5)   Check the building soundproof and look at possible structural and the foundation.

6)   Check electrical systems to make sure for safety hazard.

7)   Make sure that all the machines are working

8)   Check the financial report of the building

9)   know who manage the building and what kind of truck record do they have

Manhattan Real Estate Market is very unique. The entire purchase process is different than anywhere else in the world. If you are interesting to have a FREE consultation, if you have any question about sell real estate in Manhattan, contact me directly Diana Wu at 516-320-0231 (cell) or email me at diana.wu@elliman.com, I work for The Voda Group, the  AWARD-WINNER group from Prudential Douglas Elliman.

To learn more about our custom-designed marketing plans, visit my website at:  http://www.elliman.com/real-estate-agent/diana-wu/4623 to receive a complimentary valuation of your home, or to discuss any real estate related topics, please contact us today.

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