building at 370 Riverside Drive

went to contract on 6E in this building - at 1.1 million 12/23/10. LOVE the building, loved the apt. ..... was rejected by the board and probably rightfully so...... right before signing was handed a 'memo to shareholders' re maintenance ^ for this apt. it was an ^ of 9.32%. I wanted to pay cash...........the brokers wanted me to get a mortgage so i tried - was turned down because of the... [more]

went to contract on 6E in this building - at 1.1 million 12/23/10. LOVE the building, loved the apt. ..... was rejected by the board and probably rightfully so...... right before signing was handed a 'memo to shareholders' re maintenance ^ for this apt. it was an ^ of 9.32%. I wanted to pay cash...........the brokers wanted me to get a mortgage so i tried - was turned down because of the building's finances and the balloon mortgage due in 2014. (they run a very tight, very lean ship) by 3 banks - in the tri-state area. Such vetting of the building made me uncomfortable, however, I know RSD like the back of my hand since I lived there most of my adult life. The Board was rigorously honest, I never had to ask a question, really, as they answered all but one by telling me what shape they were in - and what their expectations for future years are, i.e., substantial maintenance ^ right on down the line.......concommittant with buildings previous history of just about yearly ^ in maintenance/apt. simply due to rising costs ..... and again, the building being run 'lean and clean' The building is great, the people who live there - in particular the board, are stellar. Same for staff. 6-E, however, is problematic. Apts always show best with some furniture....in this case, the furnishings hid about 10k worth of work (minimum) ,,,,, and we only inspected half the apartment prior to board interview and subsequent rejection. The kitchen cabinets are in horrible condition, there is no microwave, the floor has holes in it, the washboards are separating from the cabinet footings and the counter is some kind of laminate - also separating from it's base. The laundry is supposed to have a lead pan underneath it which can be easily emptied in case of leakage (which is why one has to get a step stool to do laundry) - it was not noted during our inspection. The sink has no garbage disposal, spray hose, etc.....in short an 'oldie' and 'mouldy' - the silicone sealing around the sink is tacky to the touch and it's totally grody behind the sink. some of the lights don't work and there are bare bulbs in the laundry and small bath. The small bath has to have it's tub reglazed or replaced. It is awful. Tile grout is missing. The shades left in LR are filthy and full of holes (old hunter douglas silhouettes). One of the pulls broke off in my hand as i tried to raise it. The living room windows are impossible to open/close - we broke two handles/fasteners just trying to open/close them. The banquettes - in kitchen and in living room are a joke. some old fabric folded around the original cushions which falls apart in one's hands. But......that's nothing compared to the sheaves of paint peeling off the walls behind the windows. The apartment hasn't been painted in 7 years. ..... and while the previous owner directed how and what paint to use she was had. (I used to be a contractor). Sheaves of paint do not come off of skim coated walls, doors or primed properly woodwork (second bedroom). Further, the windows sealing/caulking is very badly cracked - shoddy job in the living room - did not get as far as the bedrooms or master bath. There are bare bulbs in the laundry and the small bathroom (against the law). There are no keys to any of the rooms (I asked) tho former owner had these fixtures restored to their original beauty. I've never had a bath or bedroom without locking doors but was given a blank look when I inquired as to when the keys would be produced. The former owner indicates there is a door to the kitchen to be installed - there is no door and it does need one. The dishwasher is great as is the washer/dryer. The stove - suffice to say it has four burners and needs to be cleaned. There is one wall - adjacent to the kitchen which has huge crosshatching cracs ..... the kind that seem to be working their way somewhere. May be as simple as a shoddy skim coat job - if not, good luck While the apartment's layout and basic rooms are fine; indeed lovely; NOTHING has been upgraded .......... it is not 'cable-ready' 'electronically ready' etc. basic old lines that one adds ugly power strips to; if the apartment can take them. As I am a tekkie - love my music, love my hidden screens, monitors, speakers, etc.......this apartment requires an update by someone really good - and that means expensive unless you have my cousin! There are exactly 4 outlets in theliving room. The woodwork has not been cut out (as I always see and always had in quality apartments) to accommodate upgrading and hiding those disgusting wires and plugs without using 'wire-mold' I'm surprised the price was raised - must have a buyer in the wings - perhaps the one who bid more than me but seller wanted to 'honor my contract' Surprised because 'what lies beneath' a furnished apartment - once unconvered, brings out ALL THE QUESITONS/POSSIBILITIES ETC. The brokers were lovely and accommodating.........same for the Board - with a billet doux for this board: They sure know their building and who will/won't fit in there. Not once during my interevew did I feel 'hammered' 'defensive' or tense. I'd done my homework and they had done theirs. As I am a single woman 'of a certain age' with plenty of $$$$ right now, and what I thought were serious $$$$ for the future, I believe the future , for them - with me in the building - simply was not going to be enough - for me or them 5 years down the road....and my finances MAY change on a dime given that I am a divorced woman with a son - and I am the custodial parent. Shelle Sklarsh of Halstead is the broker who 'put my package together' working w/James Perez on the buyer's side. Were it not for Shelle I am sure I would have just left the country screaming I'M GONNA DIE I"M GONNA DIE IF I DON"T GET OUT OF HERE. Instead, I got the best look at my financials (and the most current one) in 5 years. In order. It was the 'board package bible' and oh boy is it ever now my 'Bible" So, while 370 RSD was not in the cards for me, I hope this conversation is helpful to anyone who comes after me. Anything that reduces tension, increases transparency and keeps us all on our honest moral toes is worth passing on, yes? Onward! It's a gorgeous space and can be easily customized to fit any number of famllies' or singles' needs. Brilliant. All the best to whomever winds up there! [less]