Home Buying in Midtown East>Question Details

Marsha Garfi…, Home Buyer in Washington, PA

How are the financials for 225 E57th street, and what are the structural repairs planned that will be disruptive and require several assessments?

Asked by Marsha Garfinkel, Washington, PA Wed Feb 20, 2013

This question was asked from this property: http://www.trulia.com/property/1094529522-320-E-57th-St-13A-…

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Dear Marsha,

The brokers who answered your question are absolutely correct. Since you also looked at another property on E 57th Street, I would recommend obtaining an experienced buyer's broker who knows the area.

Currently 225 E 57th is repairing the exterior of the building which is mandated by Local Law 11 and required every five years. That's why you're seeing scaffolding outside the building.

I live and have sold apartments on E 57th Street and would be happy to assist you if you don't have a buyer's broker. Do feel free to contact me if I can be of assistance.

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
0 votes Thank Flag Link Thu Feb 21, 2013
Hello Marsha. I agree with everything Elena said below. A Coops financial documents are not public information and are customarily given to the buyers Attorney (past 2 years financials) along with the offering plan and contract of sale only after an offer has been accepted. This type of question is a deeper question than "what is the sublet policy" and in my opinion would be asked by someone with serious intent to purchase. It seems that you have such intent.

I strongly suggest you find a broker you are comfortable with, view the property in question and go from there. BTW, a good buyers broker can usually obtain building financials relatively easily. Any repairs, structural or otherwise would be the province of your Attorney as part of his/her due diligence. Good luck.
0 votes Thank Flag Link Wed Feb 20, 2013
financials are usually provided at the time of the offer by the seller's agent and should be examined by your accountant and attorney - they are not public information. You can find out about assessments and planned repairs from either your own broker, seller's broker or the building management company directly. Only someone who is working very closely with this building and has in-depth knowledge of its financials and approved budget would be able to answer these specific questions.
0 votes Thank Flag Link Wed Feb 20, 2013
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