LIVE IN THE CENTER OF IT ALL!!! Find an Agent Favorites; Notes; Saved Searches. No representation, guarantee or warranty of any kind is made regarding the completeness or accuracy of information provided. Carnegie House 100 West 57th Street New York, NY 10019 Co-op in Midtown 324 Units 21 Stories 1962 Built Sales listings: 9 active, 2 in contract and 399 previous Rentals listings: 2 active and 171 previous Documents and Permits: 444 documents more about the building Price History Want to analyze this property with our Comps Report Generator? (900 Broadway, New York, NY 10003), Listing by Nest Seekers International Nearby homes similar to 801 W 58th Ter have recently sold between $475K to $2,749K at an average of $275 per square foot. .su-cta { 2038 or 2028 are the next change dates for rent step-ups. New York's Cooperative and Condominium Community, Carnegie House, 100 W. 57th Street, Midtown. All over Manhattan, land values are escalating at a very rapid pace, said Brian Corcoran, an executive vice president of Cushman & Wakefield who advised the Trump Plaza board on its land purchase. Charles Atlas Wants to Redesign New York Citys AIDS Memorial Park, The artist (not the bodybuilder) answers Curbeds 21 Questions.. But every set of factors and circumstances should be examined on a case-by-case basis before. There are many co-ops on ground leases and it is rare that shareholders get a chance to buy the land. R Ground leases are relatively common in New York City commercial real estate. For example, for condos youd be able to see the property tax bills of individual units, as well as the owners names. David Werner, a Borough Park investor who has wowed New York City with a series of big buys this year, partnered with Rubin Schron and the Cohen family to pay $285 million for the land under 100 West 57th Street, sources told The Real Deal. The information provided in the Google map can also be found after the school name heading. R.E.M.s Mike Mills lists LA home with Hollywood sign vi J. in Hell's Kitchen I always said my goal was to get on the co-op board and buy the land.. The board thus became a willing participant in Werners scheme to force residents to pay exorbitant additional sums to keep their apartments or to give them up so that Werner can put up a new building on the site. (11.4%) .su-cta-action { Not all Carnegie House residents many of whom live on fixed incomes, according to insiders can afford either to pay their share of the land purchase or to pay the enormously jacked-up rent. Resistance came to a head in a suit filed by Birinder S. Madan, a resident since 2003, who is suing all 10 of the co-op board members, as well as consulting firm JM Zell Partners. The Carnegie House, at 100 West 57th Street, is a fairly traditional co-op. Appraisers are brought in to value the land, and both sides agree to a price based on that information. However, that is a worst case scenario and Ive never seen anything reach that critical of a stage in NYC. Vigorous Smudging Almost Burned Down Bernie Madoffs Penthouse. StreetEasy is a brand and registered trademark of Zillow, Inc. Zillow, Inc. has a real estate brokerage license in multiple states. Your email address will not be published. This land-lease building currently has 12 availabilities, including one studio priced at $265,000 and a three-bedroom listed for $850K. Phone # is 212-416-8123. It is unfortunate, but true., But some people consider land-lease apartments a buying opportunity. By this calculation, Mr. Coopers monthly maintenance fee on his three combined apartments would rise to just over $33,000 a month from the $11,000 he was paying before the land purchase earlier this year. SOLID BRICK 3 FAMILY W/ LONG TERM TENANTS ON LEASE. Disclaimer: School attendance zone boundaries are not guaranteed to be accurate they are provided by a third padding: 0 15px; Get the best of StreetEasy in our once weekly email. This is great information. Price decreased by $5,000, Sale The developer pays the ground lessor a fixed rental payment (like any other lease). 442-H New York Standard Operating Procedures. Usually there will be a lower limit on how low it can go, but often there wont be an upper limit on how high it can reset. you wont even have to push an elevator button). Carnegie House--what price psf is a good deal? No one in the building could ever imagine that theywould value the land that high, says resident owner and attorney James David Adelman. text-align: center; You are incorrect about the landlease at 100 W. 57th. The official lot area is listed as 25,125 square feet. As a subscriber, you have 10 gift articles to give each month. The building has a unique landlease and great financials. This arrangement is fairly rare there are only about 100 land-lease buildings in the city and means that the buildings owners have to pay rent to the developers. There are a handful of reliably hazardous red flags in New York City: an empty subway car at rush hour, an empty restaurant on a Saturday night, and a-little-too-reasonably-priced apartments. Michael and Diane Schoeman are shareholders in the Trump Plaza co-op building. NYS Fair Housing Notice. The Carnegie House at 100 West 57th Street is very large cooperative apartment building of 324 units occupying the entire western block front from 56th to 57th Street, and an entrance to its spacious lobby on the Avenue of the Americas. Price decreased by in Midtown The normal co-op structure is that each apartment owner is a shareholder in a corporation that actually owns the real estate in which the apartments are located. Itll be very interesting to see. All rights reserved. You need to check as getting your land lease payments reset by appraisal is highly dangerous. We had multiple conversations, but the owners were never interested in selling, Mr. Cooper said. in Lenox Hill Zillow Inc. Sites 2006-2023 ZillowMade in NYCPowered by Bikes, Coffee, and Doughnuts. Sale That meant Trump Plaza had to assess each shareholder based on the size and location of his or her apartment; some owners faced bills of millions of dollars. If they dont cough up, they face losing their homes. Finding someone who fits this exact profile, though, can be challenging and some shareholders fear they wont be able to offload their apartments in time for the reset. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. .su-cta-content, The Neighborhood East Flatbush. Land leases can reset as often as every five, ten, or 15 years, and the property underneath the building is reappraised when they do. 2014-2023 All Rights Reserved. Required fields are marked *. They readjusted the price to $5.995 million after 45 days on the market, and are now in contract for somewhat below the asking price, Mr. Schoeman said. The kitchen has been partially opened and enlarged, featuring custom cabinetry, marble countertops, tiled backsplash and top of the line appliances. The Trump Plaza deal was anything but certain. But in 2023, the rent would become 8 percent of the value of the land. I originally looked at a unit in this building and thanks to your comment, I nixed it. This beautifully renovated one bedroom, 2 bathroom apartment is a combination unit with oversized rooms is priced for a cash buyer. There are roughly 100 land-lease buildings in the city. Price decreased by Fun facts: Brooklyn Bridge Park is very similar to Battery Park City. On the one hand, land-lease buildings have much lower entry points for purchase. They should have made an aggressive counter offer.. Chanel Beauty is opening on North 6th, down the street from Bottega and Herms pop-ups. Pied-a-terres, parents buying for children, gifting and pets are allowed. Reach out to the broker for more info on lease terms and amenities Reach Out Now Location5-bedroom houses, 2 room options available From 105.02 per week (41 weeks) Limes Court 0.5 mile to campus City Residence 5 and 6-bedroom flats, 2 room options . I cant begin to tell you how many calls I get about these apartments, says Fishman. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. The kitchen has been partially opened and enlarged, featuring custom cabinetry, marble countertops, tiled backsplash and top of the line appliances. By having enough money to make ground-lease payments the size of Montana. 100 West 57th Street #16N The information provided in the Google map can also be found after the school name heading. 3801 N 50th Street, Omaha, NE. 303 East 57th Street #7E. Do Not Sell or Share My Personal Information. At what price per sq. It means that co-op or condo owners would face eviction or could become tenants in their homes. The apartment features a separate kitchen with upgraded appliances, kitchen and living room built-ins, as well as a sliding French door that gives all the privacy and convenience of a junior one bedroom in this quintessential Manhattan apartment. The building is a pet-friendly and allows pied-a-terres, parents buying for children, washer/dryer and co-purchasing are allowed. The ground-rent fees paid to the owner of the land underneath Carnegie House are currently $4.1 million annually, and are due to reset in 2025 for the first time in 21 years. Contact DriveTime at (941) 226-8838 ext: 0053 for more information. So lets add one more tricky piece to the puzzle: land leases, particularly land-lease buildings. $550,000. Its more challenging to build equity since buildings depreciate over time while land typically appreciates over time. This building is built on leased, not owned, land. Hauseit is a Trademark of Hauseit Group LLC. The building itself is 197 feet wide and 144 feet long. 2 Beds. Some 50 units have traded since them, according to public records, at prices that seem too low to be real including several for just $100,000 and most under $300,000. $450,000. Interesting comment. However, after 25 years or so, there may be a rent change date, and the 3% annual increase doesnt apply anymore. Adam Rolstons Deco co-op looks across to the Palisades. But as far as most experts know, this has never happened in New York. This is a common situation in the news today as land prices break new records every day. This property is not currently available for sale. .su-cta-content > :last-child { They are confident theyll be successful., They said they held the most productive in-person meeting to date with Werner on June 15, and the landowner has since indicated a willingness to sell at improved pricing.. The Carnegie House at 100 West 57th Street is very large cooperative apartment building of 324 units occupying the entire western block front from 56th to 57th Street, and an entrance to its spacious lobby on the Avenue of the Americas. W But if they do, it is in their best interest to do so if at all possible.. Interesting article. in Midtown Buying an NYC Home? Those on the 20th floor, or roughly in the middle, paid $780,000 for a one-bedroom, $1.025 million for a two-bedroom and $1.56 million for a three-bedroom, according to John Janangelo, a vice president of Douglas Elliman Property Management, which runs Trump Plaza. Brokerage services provided by Hauseit LLC and Hauseit Group LLC, licensed real estate brokers licensed to do business in New York and Florida, respectively, under license numbers 10991232340 and CQ1064175. House for Rent $875 2 Beds 2 Baths 5319 N 30th St , Omaha, NE 68111 - 30 Metropolitan Place House for Rent $1,800 2 Beds 2 Baths 19617 Marinda St , Omaha, NE 68130 Elkhorn Ranch Townhome - This ranch townhome has an open floor plan with beautiful wood cabinets and stainless appliances. It was better to bite the bullet and pay it now, or not do it at all, Mr. Cooper said. 100 W 57th St APT 18L, Manhattan, NY is a condo home that contains 600 sq ft and was built in 1962. They are mainly in Manhattan, with a high concentration in Lincoln Square and Battery Park City. Well theres usually an initial period of built-in increases in rent, such as a 3% increase per year that is predictable. While we cannot comment publicly on the interior workings of a building, if the reset is happening in 2065 as you say (this is unverified by Hauseit), then a prudent co-op board would want to renew the land lease soon. E One longtime resident saw her assessment exceed the value of her 1-bedroom co-op, forcing her to sell. While the purchase moved the building and units into a more stable zone, it came with a high cost. At this price point, Ive been completely inundated from morning until all times of night, with phone calls, text messages, and emails from people all over the world weve had people from Hawaii, Israel, Paris, and the Middle East. Ambrosettis listing is one of eight currently in contract, and, according to StreetEasy, eight apartments have sold since the beginning of the pandemic in March. Since ground-lease rents are typically 6 percent of current market value, reportsThe Real Deal, rising New York real estate prices means the current$4.4 million rent the cooperative pays annually would be $27 million if the rent were to be reset today so what's it going to be in 10 years, when the rent is scheduled to be reset? On the flip side, you get tremendous value for the money.. Amenities of this full-service building include a full-time doorman, live-in Super, valet, private storage, bike room, central laundry, and an on-site garage (on 56th Street) in which residents receive a 25% discount. The board believes the allegations [in the suit] are baseless and without foundation and it will vigorously defend them. Its interesting that domestic buyers are afraid of land leases, whereas land leases are the norm in London and Hong Kong and buyers are used to it. about 1 year ago. StreetEasy is a brand and registered trademark of Zillow, Inc. Zillow, Inc. has a real estate brokerage license in multiple states. This essentially reduces its shareholders to the status of renters. There is a supermarket across the street in addition to an abundance of services, restaurants, health clubs, museums and shopping in the area. ! In Bushwick, there are a total of 1 LEED certified office buildings. Now, were basically attempting to untangle ourselves from a situation we didnt choose to be in.. This listing is no longer available on StreetEasy, This listing has incorrect information/photos, This is a discriminatory or offensive listing. Which means that many of the current shareholders are stuck. This building is built on leased, not owned, land. . (575 Madison Avenue, New York, NY 10022), Listing by Pergolotti Realty PILOT stands for Payment in Lieu of Taxes, and applies to leasehold condos only where the landowner is the government. The coop owns the garage and have step ups in the lease to coincide with the ground rent escalations. I will say that the only coop in the city Im aware of that has a land lease that expires in less than 30 years is 575 Park Ave (I recall, may have forgotten the exact address). Still others could neither pay the assessment nor obtain a mortgage. 781 Fifth Avenue #1516. $465,000. Written by . Thats because this humble brick co-op now finds itself in the middle of Billionaires Row, the stretch of 57th Street that a 2019 report from Douglas Elliman and Knight Frank determined was the most expensive street in the world. Its an inexpensive apartment for a wealthy apartment owner, says broker Harry DiOrio, who has sold several units in the building. So has Kristi Ambrosetti, who works at Sothebys. Sales & Property History for 100 West 57th Street, New York. It could have taken out a mortgage, but then the building would have been highly leveraged. Everything to Know About Buying Your First Home in NYC. Equal Housing Opportunity. 100 W 57th St #12L, New York, NY 10019 is a 1 bedroom, 1 bathroom, 600 sqft coop built in 1962. AVENUE OF THE AMERICAS and 6 1/2 AVENUE. It contains 0 bedroom and 1 bathroom. After the sale closes, with the additional taxes and other fees, they expect to walk away about $2 million poorer. } 1302 Key Highway Baltimore, MD 21230 Prev Next Property Details MacKenzie Retail, LLC is pleased to present the opportunity to ground lease this. } Welcome to Apt 16k at Carnegie House. at 57th St, N Understanding the risks and potential costs upfront enables a client to decide if a real estate purchase in a land-lease building is a good financial investment for them or not, said Kostiw. Usually, the co-op board and the property owner meet to discuss terms and renew the lease. $250,000. The building was built in 1962, is 21 stories tall and has a faade composed of various shades of gray brick. condo rules) and some investors like this building as a result. This building has been saved by 3,090 users. In turn, they generally sell at a significant discount to comparable units in buildings unencumbered by ground leases. [But] our board has been sitting around for two years, using COVID-19 as an excuse and not making any counter offers and spending money on professional fees. Yet even such an old-school cooperative wants to keep up with the times, and if it can lower its electricity bills by 15 percent, so much the better. Then lo and behold, last summer, there were issues going on with the extended family that owned the land, and there was a frothy market, so they decided to put it up for sale.. Talk strategy with an expert who knows this neighborhood & price point. 252 East 57th Street is another example where the landlord is NYCs Educational Construction Fund. They paid $185mm for the land, which resulted in an assessment of ~$1mm per apartment. #116 of 1,343 Restaurants in Baltimore. 442-H New York Standard Operating Procedures, Listing is no longer available on StreetEasy, Monthly Assessment 265.14 through 2/28/2022. The listing agent for these homes has added a Coming Soon note to alert buyers in advance. A Friday afternoon in line at New York Citys first legal recreational-weed dispensary. 152 West 58th Street #1A. Call the Real Estate Finance Bureau of the Attorney General's Office Some banks were wary about giving mortgages to help pay the assessment, but the board was able to work out a deal with Wells Fargo, which wrote approximately $50 million worth of mortgages for building shareholders. Financing is 70% and there is no flip tax. R Your email address will not be published. At least according to former owner and Pokmon magnate Al Kahn. } payment: $11,329/mo Get pre-qualified Request a tour as early as today at 5:30 pm Contact an agent Overview Facts and features Home value Price and tax history Monthly cost Rental value Nearby schools Similar homes Neighborhood Local legal protections Homes for you .su-cta-content { Corcoran Group, Limited Liability Broker, 590 Madison Ave, New York NY 10022. .su-cta-content > :first-child { Up to 90% of residents, some of whom have lived there for 50 years, stand to lose their homes.. .su-cta-action a { 7904 E 108 St, Kansas City, MO 64134. font-size: 14px; In a ground lease, the owner of land leases it to a developer with the intent that the developer will build something valuable on it. Indeed, there appears to be over 20 listings for sale in the building as of this writing, many of which are being offered for well under 1,000 price per square foot. Q at 120 Broadway. This is wrong: most people do not know that all of Battery Park City is on a land lease or that the entire neighborhood is built on new land excavated from World Trade Center debris after the September 11, 2001 terrorist attacks. The buildings monthly maintenance charges were already well above the market, and this would have tripled it, essentially rendering the apartments without value, said Jonathan J. Miller, the president of the appraisal firm Miller Samuel, who advised Trump Plaza on the deal. But after their son had twins, they decided to downsize in New York and buy a home closer to their grandchildren in Connecticut. The land rent at the Excelsior, 303 East 57th Street, will reset in 2018. 442-H New York Standard Operating Procedures. align-items: center; 353 West 56th Street #3J. It has a Juliet balcony and a library with a rolling staircase. } According to an analysis by The Real Deal, at current market prices, the Carnegie House co-ops annual rent owed pursuant to the ground lease could increase from $4.4MM/year to $27MM/year! Engage, enrage, ask questions and give answers with your community of board members. Sale Nearby schools include P.S. $320,000. With prices rising, particularly along 57th Street, where a dozen luxury towers are underway, shareholders are growing anxious that the land rent could rise precipitously. Sale Co-op and condo board business broken down into bite-sized bits - 2 stories each week. There is no automatic buyout and the building and anything attached to the property/land belongs to the landowner. 167 East 61st Street, Trump Plaza, is an interesting example where the coop corralled all the shareholders together to buy the land from the landowner. Quiz: Which NYC Borough Should You Live In? For instance, residents of buildings that have less than 30 years left on their leases may have difficulty securing mortgages. Its luxury status seems modest compared with neighboring giants, such as the 1,550-foot-tall Central Park Tower to the west and 111 W. 57th St. to the east; units in both new projects cost up to $30 million. This beautifully renovated one bedroom, 2 bathroom apartment is a combination unit with oversized rooms is priced for a cash buyer. The building has a full time doorman, Concierge, valet service, bike room, storage and an on-site garage offering a 25% discount to residents. 1 of 10 Floor plan 222 West 80th Street #9C $24,600 for rent NO LONGER AVAILABLE ON STREETEASY ABOUT 9 WEEKS AGO NO FEE 1,778 ft $166 per ft 2 rooms 3 beds 3 baths . Lastly, you really only have to watch out for land lease buildings in Battery Park City (BPC), Roosevelt Island and a handful on the UES in my experience. There are possibly 4,000 square feet remaining. Zillow Inc. Sites 2006-2023 ZillowMade in NYCPowered by Bikes, Coffee, and Doughnuts. Approximately 100 buildings in Manhattan have land or ground leases, according to several people in the real estate industry. And as the co-ops do not pay real estate taxes, shareholders cannot deduct as much from income taxes as shareholders in typical co-ops do. According to the terms of its lease, every 10 years the rent resets to 6 percent of the value of the land. Cats and dogs are allowed, making it a pet-friendly building. All rights reserved. In New York, many land-lease co-ops date to the late 1960s and early 1970s, when the market was strong and there was a housing shortage. Board president Richard Hirsch declined to comment. in Midtown Q Co-op apartment owners pay ground rent to Werner Group, which bought the land for about $270 million in 2014. The developer built a great building with lots of glass and great views. Another land lease, 100 W 57th Street (Carnegie House) is an interesting one. This open and spacious studio with alcove sleeping area is a tranquil oasis in the heart of midtown. The expiration and renewal are expected in about 10 years, contributing to some difficulty assessing the accurate market value for units in the building. Sale A few other people got hurt, Mr. Schoeman said. Sale Doc rec date Doctype Document amount Party1 name Party2 name Link to doc with redirect; 05/29/2019 - R . You do not want to mess with a ground lease co-op! 457 West 57th Street #714. A client of Lindebaums purchased a large apartment in a land-lease building. I would think based on the citys resiliency and in general how well appreciation happens in New York that New York will come back, and so will real estate. Whether Carnegie House continues with its land lease and ground rent fees rise, or the co-op votes to buy the land, the only thing for certain now is that its future and how much that $99,900 studio will actually cost is itself uncertain. What if the land value doubles at the next reset date? You\'ll receive the next newsletter in your inbox. Of course, land leases will vary by building, and Ive heard of some land leases for example in Jackson Heights which will automatically renew for another 100 years with no payment exchanging hands at expiration. The assessments varied, with units on higher floors of the 39-story building paying more. W Several owners, however, could not afford to pay outright. If the ground lease expires and is renewed at a much higher rate, the monthlies can double or triple. 100 West 57th Street #14A $219,000 Studio 1 Listing by Republic Realty (17 Easthaven Lane, White Plains, NY 10605) Co-op in Midtown 100 West 57th Street #18N $222,000 1 1 Listing by Pergolotti Realty (100 West 57th Street, New York, NY 10019) Buildings Manhattan All Midtown Midtown Carnegie House Mr. Corcoran could not estimate what that might be, but he advised the board that today the land would be worth about $200 million, making the annual rent $16 million. Remember that land lease buildings are all co-ops, unless the landowner is the New York government. A newly filed lawsuit claims that the co-op board agreed to the detriment of shareholders. Amy Zimmer of DNAInfo.com covers the Carnegie and other buildings, and offers five energy-savings tips. } Furthermore, modeling up the cost-saving of the purchase to the outlay of monthly costs is critical. NO LONGER AVAILABLE ON STREETEASY ABOUT 5 WEEKS AGO. The East Village landmark was listed for $22.5 million. This listing's school district is New York City Geographic District # 2. Remember that BPC wasnt there before, it was land created from the debris from the World Trade Center construction, and built into the river. Currently a land-lease building, the building is negotiating to buy the land. Thus, the more than 300-unit, 21-story building did a top-to-bottom overhaul of its energy systems a $788,000 project that will recoup its cost in six years, thanks to $197,000 in incentives from the New York State Energy Research and Development Authority (NYSERDA), a loan at about half the market rate and the aforesaid electric-bill savings. on April 09, 2013, The Normandy, 418 Central Park West, Silver Towers. Sale 222 West 80th Street #15B. If youre buying in a land lease coop or building, you also have to be wary of the lease payment reset dates and terms. Ive had people come to me and say, Sell my apartment tomorrow, says DiOrio. Pied-a-Terres, subletting and pets, permitted. Co-op apartments in a luxury doorman building on Billionaires Row are selling for as low as $100,000 for a studio and $659,000 for a three-bedroom penthouse with a terrace. Think about it. I thought we would just buy the land lease and be done with it, he said. This unit would probably be $8 million if it wasnt a land lease, she added. With a little luck, you could be one of the elite several million. Sale (Sun City, AZ) $1,500 3br - (central/south phx) pic hide this posting restore restore this posting. Printed from StreetEasy.com at 05:27 AM, Mar 4 2023. $550,000. line-height: 18px; Looking to sell? 446 East 76th Street is located in New York, New York. One Morningside Park, 321 West 110th Street, PH1, Manhattan, One Brooklyn Bridge Park, 360 Furman Street, #205, just sold to a group of investors for $285MM, the land underneath the Trump Plaza co-op on East 61st Street is currently on the market. 152 West 58th Street #4C. Remember that you can use ACRIS, and if not then your title company, to find out who the true landowner is! At a tense shareholders meeting on Tuesday night, board members said that talks with Werner have been ongoing after they went on hold during the early months of COVID-19. So, if youre ever searching Streeteasy and become enamored with a 2br/2ba co-op with a beautiful terrace that is priced comparably to a studio, but has unusually high maintenance costs, turn away fast and continue your search. 100 W 57th St #12L is located in Midtown, New York. I talked him out of it. Except in Battery Park City, ground leases are not typically found in residential co-ops and condominiums. (90 5th Avenue, New York, NY 10011-7624), Listing by AVENUE 8 INC $25,000 $21,000. 100 W 57th St, New York, NY 10019 Units 11 Agent listings 0 Other listings $129,000 Studio | 1 ba | 600 sqft For sale - Unit 6B Listing by: Pergolotti Realty $150,000 1 bd | 1 ba | 575 sqft For sale - Unit 19K Listing by: Compass $175,000 1 bd | 2 ba | 1,025 sqft For sale - Unit 16N Listing by: Pergolotti Realty $219,000 Studio | 1 ba | 450 sqft Even if the value of the comps decrease, the value of the land will decrease at a much quicker pace and there too, the value of the these apartments increase. assignments of leases and rents, and more!