45 Tudor City Place hostile to investors now

This building used to market itself as investor-friendly, even a "Condop". Not anymore! The new Board is very hostile to investors now, even though they have not officially changed the policy yet. Recently, there have been several cases of buyers being forced to back out or flatly turned down, because the Board merely suspects they would sublet after the purchase. Even good faith buyers for... [more]

This building used to market itself as investor-friendly, even a "Condop". Not anymore! The new Board is very hostile to investors now, even though they have not officially changed the policy yet. Recently, there have been several cases of buyers being forced to back out or flatly turned down, because the Board merely suspects they would sublet after the purchase. Even good faith buyers for pied-a-terre have been rejected. They have taken the sublet package out of the purchase application, even refuse to confirm there is an established sublet policy. The drastic change will inevitably decrease the value of the property, as #45 used to be priced a bit higher than similar buildings in Tudor City thanks to its - now defunct - flexible sublet policy. Given that these apts, most of which are 300 sf studios, are inherently transient in nature, and the maintenance has reached about $3 (!) per sq foot, the buyers pool will be greatly reduced with the Board's new practice. It seems that some owners already start looking for an exit. A glut of new listings suddently came to the market in the last couple of weeks, contradictively right before the slowest season in real estate. Buyers beware. [less]