We took the above photo of the (yet to be completed) development 88 Morningside last week after the news that 15 apartments have now been placed on the market. The newly available units include nine 1-bedrooms starting at $365,000, four 2-bedrooms starting at $595,000, and two 3-bedroom apartments beginning at $825,000. Furthermore, the common roof terrace sketch was just sent to our inbox with the view of Morningside Park and St. John the Divine. Location wise, the building at West 122nd Street is directly facing Morningside Park, about a 5 minute walk to the A,B,C,D train at 125th Street and in walking distance to Morningside Heights and the amenities at South Harlem's FDB/8th Avenue. The brownstone lined sides streets in the area are some of the best but there still is one corner building that is waiting to be revived on the block. Has anyone checked out this building yet? More details on the 88 Morningside site:
LINK. Facade photo by Ulysses.
We took the above photo of the (yet to be completed) development 88 Morningside last week after the news that 15 apartments have now been placed on the market. The newly available units include nine 1-bedrooms starting at $365,000, four 2-bedrooms starting at $595,000, and two 3-bedroom apartments beginning at $825,000. Furthermore, the common roof terrace sketch was just sent to our inbox with the view of Morningside Park and St. John the Divine. Location wise, the building at West 122nd Street is directly facing Morningside Park, about a 5 minute walk to the A,B,C,D train at 125th Street and in walking distance to Morningside Heights and the amenities at South Harlem's FDB/8th Avenue. The brownstone lined sides streets in the area are some of the best but there still is one corner building that is waiting to be revived on the block. Has anyone checked out this building yet? More details on the 88 Morningside site: LINK. Facade photo by Ulysses.
Point of clarity. I notice above is used the word "Development". On the site, the listings are said to be "Condo-ops". On first blush I must say, why is a development not clearly a condo or clearly a coop? Was a third, "gray", region of ownership really needed?
ReplyDeleteI've owned condos and I've owned coops. This new hybrid "condo-op" sounds fishy to me. What category of real estate law does this newest form of ownership fall under? Want to upgrade anything in your Apartment? Want to sell your Apartment to anyone you want to for any price you want to?
I don't know the details of this new categorical blurring of the lines, however I highly doubt it's anything positive for the buyer, prolly just marketing the illusion of "condo" with the restrictions of "coop". I doubt this Condo-Op category was necessary and am curious if anyone out there is a condo-op owner and can perhaps speak to the pros and cons of this new hybrid versus a condo and coop.
The positive, as I understand it, is that certain properties MUST be co-op for various reasons (like a landlease for example) but many people avoid co-ops because of the restrictive resale policies...So this way you have that worry erased, while still falling into the legal status necessary to keep it a co-op.
ReplyDeleteA cond-op is a co-op with condo rules!
ReplyDeleteTo follow-up on Anon 1:12PM, the Church of the Master still owns the land so building must be a co-op. However, my understanding is that all other condo rules will apply. That said, you better find out how long the lease is and what power the church has to force a sale or begin renting unsold units.
ReplyDeleteA Condop is a building divided into at least two parts: residential and professional/commercial. The residential is operated with co-op style rules and board. This does not seem to apply to 88 Morningside.
ReplyDeleteAnyone seen these? What do we think about the location? Quality of construction?
ReplyDeleteActually some of those side streets seem to have unwanted activity going on...
ReplyDeleteAnon 10:21,
ReplyDeleteI walk by this street frequently and it's quite frankly one the of the nicest brownstone lined streets. If by "unwanted activity" you mean children playing in the park across the street, then yes. Otherwise it's very safe and quiet and seemingly a very close knit neighborhood and I'm often greeted with a smile or a good morning/afternoon by the folks living there.
I concur, the street and area and safe and quite...
ReplyDelete