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In response to
"but probably only for the next 20 or so years! -- nm"
by
mafic
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here, have some gory details
Posted by
ty97
Sep 30 '24, 17:37
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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 2024 (11th consecutive year despite increases in labor, taxes and supply costs). Heat, water, gas and taxes are included in the maintenance.
All capital improvements have been paid for with reserves – NO Assessments currently that have been announced to shareholders. 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 was $35,536,745 at the end of 2023.
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