Building: 301 East 63rd Street

301 East 63rd Street is NOT a land lease building. The land is OWNED by the coop. The maintenance includes principal and interest payments for the mortgage on the land from the land purchase (301 USED to be a land lease building). The higher maintenance means that apartments are priced below comparable apartments in the neighborhood to offset the monthly. There is no maintenance increase for 2025 (12th consecutive year). Heat, water, gas and taxes are included in the maintenance.

All capital improvements have been paid for with reserves – NO Assessments. The original mortgage from the land purchase was in excess of $51,000,000. The corporation refinanced $39,800,000.00 on March 11, 2020 at a “FIXED RATE of 3.4%” for 10 years with a 30-year amortization schedule. There is an option to extend for an additional 5 years at a specifically defined formula. The mortgage balance at the end of 2024 equals $34,505,468.35.

Bulk rate cable & internet are offered at $68.53 through Spectrum to shareholders who opted in to the program – opt in opportunities occur one time per year. There is a bulk rate deal on electricity as well. Total shares in the co-op = 135,879. The coop owns the commercial space that Health Nuts and the parking garage lease which offers income to the corporation.

The building features a 24-hour doorman, live-in super, landscaped roof deck, bike room (fee), and laundry room. The laundry machines are managed by Hercules – very low usage fee. The roof can be rented privately by shareholders at minimal cost. Washer / dryers are now permitted in combination units where either a kitchen or a bathroom was removed (pending board approval). All AC units are through the wall / radiator heat.

This is a pet-friendly building (1 dog / cat with a maximum weight of 40lbs and max height 20″). The coop allows co-purchasing, parent’s buying for children, gifting, guarantors, & pied-a-terre pending board approval. All applications are case by case. There is an unlimited sublet policy from day one of ownership pending board approval. The majority of the apartments are owner occupied. Financing is permitted at 15% down per coop rules, but banks historically require a minimum of 20% down. For additional information please request the financials or inquire for details.

Description provided by Celeste Pandhi