Home Buying in Rego Park>Question Details

Claire Azarc…, Home Buyer in Buffalo, NY

is buying at anita terrace at rego park, NY a safe investment?

Asked by Claire Azarcon, Buffalo, NY Tue Jun 3, 2008

Help the community by answering this question:

Answers

13
When doing your due diligence if your run across the name Mathew E. Oren of 77-17 138th Street Flushing, New York 11367, run and don't look back.
0 votes Thank Flag Link Mon Dec 22, 2014
Anita Terrace received bad publicity nearly ten years ago when the sponsor declared bankrupcy. This has served to depress prices so it is still a relative bargain. It should be noted that apartment prices have shown a recent uptick in a down market - so that bargain factor will not last forever. Anita Terrace is a large complex on the Forest Hills border. It is close enough to Queens boulevard to be convenient to transit and shopping, but far enough away so that parking is still a realistic goal. In addition, parking is readily available in its residents-only parking complex. The buildings currently have nearly four million dollars in cash and run a strong surplus each month so you can be assured that it is a save investment -maybe the safest in Queens. I would also like to point out that the layouts of the apartments are unique. Many are floor-through units that have cross ventilation. The well maintained buildings received several architectural awards when the complex first openet.
0 votes Thank Flag Link Fri Apr 29, 2011
if you want to buy a coop in rego park area. the best coop regarding management, maintenance fee, enviroment(the coop has private playground,garden and a olymplic size swimming pool), convenience and etc, Park City 3 & 4 is the best.

Compare it with other coops, you will know that by yourself.
0 votes Thank Flag Link Mon Apr 12, 2010
I think it is one of the best building looking at these factors -
a) The floorplans are great
b) The management is one of the best management in NY
c) Building in well maintained.
d) Thanks to all the bad publicity the building is relatively the cheapest in the rego park market.
e) The building has more than $2,000,000 (YES $2MILLION) cash surplus .... many of the building this size die for that.
f) It is now fully renovated in last 5 years that means no more headache of repairs for next several years.... external façade, new elevators, hallways, boilers, laundry etc. and the list goes on. I heard that they are now renovating the lobbies
g) 24 hour security
h) The building staff is very cooperative
i) There was special assessment of 20% which went down to 15% which mean the health of the building is greatly improving
j) Repaid more than $2,000,000 (YES $2MILLION) in last 5 years on their loans
k) Not close to the new mall opening in the neighborhood so they will not have the hustle and bustle of that Park city estate or park city 3&4 will have …comeon you want to live in peace, you will look at your peaceful weekend sleep after few drinks in the night rather than a bankcruptcy which was settled in April 2004 …5 year 5 months old. Think twice of the honking near part city estate and park city 3&4 after the mall is up and running.
l) Most couple in the building are young as compared to other buildings ….when the new management came in they sold more than 100 apartment which all were bought by newer generation
m) Also you do not have to pay extra charges for electricity or other things which makes the maintenance look smaller but in fact when you add everything it is more or less same as Anita terrace.
n) you do not have to wait for garage. And why you have to get a garage there is no need as there is ample of street parking as after Anita terrace there is no big building and all town house only.
o) it is closer to fresh meadows park …think if you want to go for jogging every day.
0 votes Thank Flag Link Sat Sep 12, 2009
I think it is one of the best building looking at these factors -
a) The floorplans are great
b) The management is one of the best management in NY
c) Building in well maintained.
d) Thanks to all the bad publicity the building is relatively the cheapest in the rego park market.
e) The building has more than $2,000,000 (YES $2MILLION) cash surplus .... many of the building this size die for that.
f) It is now fully renovated in last 5 years that means no more headache of repairs for next several years.... external façade, new elevators, hallways, boilers, laundry etc. and the list goes on. I heard that they are now renovating the lobbies
g) 24 hour security
h) The building staff is very cooperative
i) There was special assessment of 20% which went down to 15% which mean the health of the building is greatly improving
j) Repaid more than $2,000,000 (YES $2MILLION) in last 5 years on their loans
k) Not close to the new mall opening in the neighborhood so they will not have the hustle and bustle of that Park city estate or park city 3&4 will have …comeon you want to live in peace, you will look at your peaceful weekend sleep after few drinks in the night rather than a bankcruptcy which was settled in April 2004 …5 year 5 months old. Think twice of the honking near part city estate and park city 3&4 after the mall is up and running.
l) Most couple in the building are young as compared to other buildings ….when the new management came in they sold more than 100 apartment which all were bought by newer generation
m) Also you do not have to pay extra charges for electricity or other things which makes the maintenance look smaller but in fact when you add everything it is more or less same as Anita terrace.
n) you do not have to wait for garage. And why you have to get a garage there is no need as there is ample of street parking as after Anita terrace there is no big building and all town house only.
o) it is closer to fresh meadows park …think if you want to go for jogging every day.
0 votes Thank Flag Link Sat Sep 12, 2009
the maintenance is still higher than other coops.
0 votes Thank Flag Link Mon Jun 1, 2009
When buying any co-op it is very important to have your attorney look at the finances before signing the actual contract; if you are satisfied after that point make your decision.

Anna
917-576-5376
abrocco@laffey.com
0 votes Thank Flag Link Wed May 27, 2009
I'd be interested to hear what you found out, as I am looking to buy a place there too. The only concern I have is the fact that they had trouble in the past. Otherwise, I love the apt and location.
0 votes Thank Flag Link Wed May 27, 2009
Yes Anita Terrace had some trouble in the past but it has all changed when they got a new management company. Now, the finances are sound (they have 1 mln dollars surplus), the building is well taken care of and more and more people is buying. The apartments are very nice and it is suppose to be a god investment to buy now.
0 votes Thank Flag Link Mon Mar 16, 2009
Yes Anita Terrace had some trouble in the past but it has all changed when they got a new management company. Now, the finances are sound (they have 1 mln dollars surplus), the building is well taken care of and more and more people is buying. The apartments are very nice and it is suppose to be a god investment to buy now.
0 votes Thank Flag Link Mon Mar 16, 2009
I have represented purchasers in several closings there and have never had a problem. Having said that, it is CRUCIAL that you (or more importantly your attorney) look at all the corporate financials, as again, when you buy a co-op you're actually buying shares in a corporation. So long as you take some time to go over the numbers and feel confident, you should be ok. I also tell many of my clients to either speak to building members directly, or ask several realtors who have experience with the particular building what their particular opinion is. You can never be too careful.
0 votes Thank Flag Link Thu Sep 4, 2008
are owners allowed to sublet?
Eva
Flag Tue Jan 28, 2014
be very careful about investing in anita terrace! they went bankrupt in the 90's and i read they were selling co-ops again when the market went crazy in the past few years. i think that most people there are renting and now that the market has cooled off i think they will have a problem. they have beatiful floorplans in anita terrace but it is not a good co-op. there r much better in rego park.
0 votes Thank Flag Link Tue Sep 2, 2008
Yes 100% Anita Terrace is the best bildings in Rego Park.
0 votes Thank Flag Link Mon Aug 25, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer