It’s a full floor co-op on the sixth floor of The Heights (1940 Broadway)…
1940 Broadway
…with classic big windows (and views)…
1940 Broadway #6: Interior
..and a nice big floor plan to peruse.
1940 Broadway #6: Floor Plan
∙ Listing: 1940 Broadway #6 (3/4) – $4,350,000 [MLS]

43 thoughts on “A Few Of Our Favorite Things: Big Windows, Views, And A Floor Plan”
  1. is that a typo or are HOA dues really $6,000 a month? that almost finances $1M of mortgage, or one-fourth of the asking price!

  2. This looks like a nice place!
    In a coop, I think part of the monthly fees cover such things as any mortgage on the building, insurance on the building, etc. So, part of the monthly fees is deductible, not that you are thinking much about deductibility at these price levels! These fees, though, are conceptually different from HOAs on condos, for example.
    In a coop, you only own shares of the corporation that actually owns the building. You in effect “lease” your unit from the corporation of which you are a part owner. In a condo, you actually own the “air space” within the walls (a real lawyer should correct me here), but you own it in fee simple.

  3. Classic Socketsite comments. It’s one of the coolest places to live in the world and all you hear is “HOA’s are too expensive!”
    [Editor’s Note: Feel free to lead by example (e.g., elaborating on why it’s one of the “coolest places to live”) rather than simply complaining about two other comments.]

  4. Although it may be hard for some Socket Site readers to believe, there are many wealthy individuals who have no problem paying $6,000 per month in HOA dues to live in a full floor view apartment in one of the best blocks of Pacific Heights (especially if they can afford a $4,350,000 co-op)…Furthermore, there are many costs to maintaining a single family home that are often covered in HOA – insurance, water, heat, window washing, garbage, cable TV, etc.
    An yes, Milkshake, some people do devote whole rooms to books – I would if I had the room (although I might put a TV in there too)

  5. I love the light and space, and the finish, but my problem is the teeny tiny balcony off the living room which is smaller than the butler’s pantry. I need to get outside in our wonderful (sometimes foggy) climate, and if I can’t do it from a good-sized garden, I’ll accept a decent-sized balcony. This one doesn’t cut it for me, so I guess I will have to take my 4.35 million elsewhere.

  6. Now this is true real estate porn.
    It’s a full-floor unit in a truly majestic building with classic finishes and ridiculous views. I like the floorplan, but I do think the kitchen could use an upgrade.
    My guess is that it’s 3,500-4,000 sf (really annoying when agents don’t post the square footage) putting it in the $1,000 – $1,250 psf range which is probably about right, maybe on the high side.
    But it’s a truly unique property that doesn’t hit the market often. My guess is that it will have a price deduction or two and then sell for around an even $4 million.

  7. Lovely! However, I find it odd that the realtor has been advertising this condo on her web site for months now, albeit without the images. It’s just now hitting the MLS?

  8. I liked the full floor pent on stiener a while back – the pencil building. It was more money but much more prestigious. I like to 2 car parking here though.
    What is the sq ft of this place? I bet it is very high on a per sq foot basis.

  9. Sleepiguy,
    I obviously don’t know for sure, but I’ve suspected for months that the larger Realty companies are slotting inventory in the MLS. You get a listing and you stand in line to wait your turn to get into the MLS based on the perceived market need by the operators of the major Realty companies, who basically control access to the MLS.
    It helps to keep the listed inventory down, which helps to keep the buyers paying more than they would if the buyers knew the true inventory picture. If I’m right, it’s a lawsuit waiting to happen. Both the buyers will have a case, having paid too much, and the sellers, who had to wait while the value of their home sinks.
    In the meantime, the individual Realtors, never a group doing things for the good of the greater whole, are itching at the seams to list things right away. So they list on their private web sites, waiting for their slots to come up in the MLS. It’s all they can do.
    Of course, when I take off my tinfoil hat, it’s also possible that the seller originally didn’t want a lot of publicity about selling, but now that things seem to be sinking, the seller is getting a bit more desperate.
    I think it’s a great place. Two elevators in a small building are costly to maintain, the level of service that may be provided by the HOA may be very high (they might take care of a pet for a 95% absentee owner, and keep the toilets flushed, clean the carpets before you get there, etc.), so $2000/mo for HOA seems reasonable under those circumstances. It’s a trophy building with large rooms in a great location with killer views. The kitchen sucks, but someone will almost always want to redo it anyway.

  10. Some other explanation for the delayed MLS listing :
    – keep the DOM count down. Initially direct marketed through focussed channels
    – It took a while to get the owner “staged” to a point that it could be shown wider
    – the listing agent already has a buyer and will get credit for a “fast sale” (we’ll know in a week or so)
    – all of the above

  11. I think all these are reasonable guesses. The unit probably needed a little bit of work and staging.. But I think keeping properties off the MLS for MONTHS when you don’t have a buyer lined up is somewhat suspect. The same realtor has also been heavily promoting another SFH on Green online and in rags like the Nob Hill Gazette and Real Estate Times, or whatever, and yet the place still isn’t officially listed.

  12. Sellers sometime require prep time before they are ready to show their home to the public at large. Private showings by a broker or sles agent of an upcoming listing while a property is being prepped for sale is not unusual.

  13. The listing has 22 pictures – the exterior, the views – but not one of any of the bathrooms. They must need renovation, as the kitchen does.

  14. I always find it interesting that posters always focus on redecorating kitchen and baths, as if only the extreme current fad and appliances are acceptable. As a cook, I actually lingered a bit over the kitchen pictures — I’d be thrilled to make a nice dinner there. I’d only wish the whole room was larger. However, unlike all the other posters on this site, I’m not in the market for this house right now… = )

  15. I love the house.
    Add more crown moulding and it’s perfect.
    (what’s with the small trim in the bedrooms with the rest of the house decked out?)
    not sure if it’s worth $4 mill or not, but it’s not a crazy price IMO.
    it’s nicer than some of the $10 mill homes we’ve seen on here!

  16. The maintenance fees seem in keeping with what I am familiar with from my mom’s coop in New York on an east side avenue that starts with a P.
    In terms of the kitchen and a comment that it needed updating, do you think people who buy 4+M apartments do much cooking for themselves? And if they do, they want the kitchen just so. The trend in these higher price ranges is not to do major renovations before selling because tastes are so particular. A renovation could make this a $6M apartment for the right buyer, but the same renovation might turn away buyers who want a 4+M apartment and to do their own 2-3M renovation. While it may be excusable that an $800K condo is not exactly to the owner’s taste, at 4+M you want your bathrooms the way you want them, not the way a flipper wants them.
    Poster who commented about realtor listing this on web site for months. I think it is reasonable to have a “coming soon” type of listing. Clearly it is staged, so one can assume the owners knew they were moving, did not want to have visitors but wanted the word out that a coop of this type would be available– they are a rarity in California– to generate interest.
    Satchel, people at these price levels have accountants and will look for every deduction possible.
    Now I am going to educate everybody a little bit about how financing works for people who deal with the quantities of funds with which Satchel claims familiarity. If a buyer has trusts for their benefit, they can do an amazing thing– those trusts from which any income is taxed at the maximum marginal rate can instead lend the beneficiary (and loans are not income or taxable revenue) money with which to buy a home. More remarkable, if you have such a trust, that loan can be interest free because the trust is for your benefit. Because income from these trusts is so tax-inefficient, loans to buy property from such trusts are a really good use of the money. Of course, if you have a good accountant you will be able to figure out how much of an interest bearing mortgage is good for your tax situation and either get such a mortgage from a bank (remember you have trusts and money, so a bank will lend to you even in a credit crisis) or from a family member or another family member’s trusts. I think somebody once asked on socketsite if the rich really are different, I believe the answer is “Yes” when it comes to financing. So as such, the carrying costs on real estate can be much lower than people think, especially in these higher price ranges. So thanks to you Grand Dad for that new home!

  17. With Co-ops, don’t the fees include paying for property tax as well? I know that’s what the money goes for in NyC.

  18. The views aren’t that great. Mostly of other buildings with the bay in the background.
    The photo of the Golden Gate Bridge looks like a telephoto lens was used and it is only a partial view.
    And for that price, I would not want to live in a place with both upstairs and downstairs neighbors.

  19. Joe shmoe, it’s not just trust fund babies — its any one with mass wealth.
    What’s with the dumb SF requirement to post now?

  20. I assume it’s an anti-spam feature.
    And on behave of spammers everywhere I would just like to say, “dhie fuiwnn obhghe fjeow f mreijs”.
    Nice site!

  21. It’s about time – late at night SocketSite was getting highjacked by all kinds of wacky spammers. Very scary!

  22. Eddy, you are correct if they have put their mass wealth into a trust that borrowing from the trust is the best way to access it. Larry Ellison has figured out that borrowing against his stock is a great way to have spending money without paying taxes– of course, someday he or his estate will have to pay back those loans. Eddy is also correct that anybody with mass wealth would be wise to create trusts as these entities shield one’s wealth from lawsuits and when set up properly shield one’s heirs from inheritance taxes (which start on estates over $2M– though real estate for inheritance tax purposes is valued at the purchase price, not current value. The next time politicians come talking about ending the estate tax, remember that the estate tax has all ready been eliminated on estates valued below $2M).
    As always, I am not a lawyer, accountant, certified financial planner, or estate planning expert so take what I say with a grain of salt and go talk to an accountant, cfp, and a t&e lawyer.

  23. Hey schmoey,
    In your talk about trusts, even though you did caution that people should consult a lawyer (I wouldn’t bother talking with an accountant or CFP – maybe the trust department of a big accounting firm), you should point out that you’re basically talking about irrevocable trusts, and trusts that are large enough such that the loaning of funds out of the corpus sufficient to fund the purchase of this apartment wouldn’t collapse the structure and trigger the grantor trust rules. Just so “Mr. & Mrs. Howmuchamonth” do not get the idea that they can borrow somehow from the revocable trust that they just put their SF bubble asset (their house) – which represents a multiple of their net worth, usually – or that they are somehow missing a more tax efficient way of funding their lifestyle (hint – the first step is to accumulate assets well in excess of your home’s value so that you can fund an irrevocable trust and address the gift and estate tax issues at the time of funding). I thought that would be helpful for those who are not familiar with dealing with wealth, like you or I am.. 🙂

  24. Satchel,
    While everybody should consult a lawyer on this type of thing, I was not talking about irrevocable trusts which have many drawbacks and are not kosher in many jurisdictions because of something called the rule against perpetuities (I’ve only ever met one person with a proper and well designed irrevocable trust, and that one dated to the 1900s and was composed solely of a whopping quantity of Citibank, very down to earth guy too). I was talking about simple trusts, lead issue trusts, lead issue charitable, etc.– again a lawyer can clarify for everybody. I was thinking of trusts that held things like stock and bonds, not real estate (there are horror stories about irrevocable trusts of real estate where none of the heirs could afford to maintain the property and potential rental income couldn’t even pay the property taxes, so much for leaving a family summer gathering place on Cape Cod). What anybody with excess money can do is start to create trusts for their issue and their issue’s issue. The power of compound interest can be significant even if you only put $20G in a trust for people who may not be born for ten years and may not tap the trusts for even longer.
    For the situation I am suggesting, borrowing from a long established trust to buy real estate, there are legal requirements to make it a bona fide loan and have a schedule for repayment of principal. Again, a good t&e lawyer can explain how this works and nobody should attempt anything related to trusts without a lawyer.
    I certainly wouldn’t advise anybody to construe what I’ve written as meaning they can spend more if they go out and create some legal entities. (And if I were advising Larry Ellison, I would tell him to stop borrowing against his stock– he’s had a good run of it, but there comes a time to balance your books before the next Oracle comes along).
    Satchel, if I lived in Kansas City I would be comfortable calling myself wealthy, but having always lived in coastal cities I just consider myself lucky to have some inherited savings… but definitely not in the NetJets set (though I get their junk mail). That said, I do know the figures on distribution of wealth and earnings and know that though I have spending limits that are low compared to say a partner at Kleiner, I am very lucky to have what I have.

  25. Hey joe shmoe,
    Ditto the same for me. I’m just a small fry, and that’s always been good enough for me. There’s more to life than chasing the little green squares all around (that’s why I stopped doing itprofessionally 9 years ago or so)! I was just snarkily responding to your implication that I didn’t understand that trusts are a common tool (but not realy for financing properties, unless we’re talking huge trusts, because of the requirement to pay interest back generally in after tax dollars). Going through it all, now, keeping in mind the prudence requirements, and the arms’ length loan terms necessary to keep a trust from being collapsed, you’ll probably agree that the deductibility of certain portions of co-op maintenance fees versus the nondeductibilty of condo maintenance fees – in each case for an individual filer – is not likely to be an issue for a buyer of this $4.3MM property (is it even a condo or a co-op?? I can’t even tell), which was my only real point when I posted intially!
    BTW, the trusts you are talking about – leads, simples, etc. – are often loosely referred to as “irrevocable” – you can check with a good t&e lawyer (at least they were a few years ago, and I don’t think anything has changed in the trusts world that much!). Just about every jurisdiction allows a “perpetuities savings clause”, and some by statute (Florida, for instance) extend the common law “21 years + life in being” to as much as 300 years (IIRC) in the case of real estate!! (Everybody, of course, don’t trust what random bloggers write – consult your own specialists, lawyers, etc.). The rule against perpetuities (RAP) has less to do with concepts of irrevocability (which is driven by the IRS grantor trust rules, I understand) and more by the old common law concern that benefits – where they vest at all – must vest in beneficiaries within 21 years plus life in being, or else the trust fails on account of RAP. I’m surprised you’ve only seen one. It’s really easy to get around RAP. Anyway, like I said, I’m just a small fry, but you might be surprised at what some of us little people have picked up along the way…..
    BTW, I have good memories of the street where your mom has a co-op (I’m assuming it’s well north of the old Pan-Am building). I went to high school on 85th between “P” and “M”.

  26. So Satchel is a catholic school graduate?
    Where you around during the time of the 84th Street Gang (Neil and Andy)? Those were definitely the bad old days when you could have a gang working E 84th!

  27. joe shmoe,
    You don’t know the half of it! If you grew up around there (I didn’t – about 8 miles north of there in the Bronx! BTW, to parents who didn’t have even a high school education, and DEFINITELY no inherited assets – you really are lucky!) you probably know the controversy about the brothel right on Park Avenue. I used google maps and tried to find the address (I can picture the building as clear as day!) but couldn’t do it. Next time I am back there I’ll find it out – I used to walk by it often when I got off the 86th and Lex IRT, or at lunch time.
    Anyway, it was somewhere between 83rd and 86th, east side of the street, three story mansion (IIRC). If your mom has been there a while, she’ll remember all the scandal about it. There were big expose pieces in the NY comPost and Daily Snewz at the time. Would have been around 1981 or so, maybe ’82. I remember a 14 year old kid got stabbed to death right on “P” or “L” in the early evening in those years (he was a clasmate of mine from a different class). The Snewz ran the headline, “The 39 Cents” (takeoff on the Hitchcock movie) because that’s how much he had in his pocket when they killed him (it was a robbery). A LOT has changed in almost 30 years in NYC…. Let’ see how it looks 30 years from now!
    I don’t remember the 84th Street gang, though – must have been before my time…
    I bet we’d get along in real life shmoe (but you still got that trust stuff all wrong, and that’s unconscionable to a poor Bronx kid made good, especially if you actually have some trusts :))

  28. I don’t remember the brothel scandal. I do remember there was a florist on 75th and Park that was actually dealing heroin. They blew up a florist at 72nd and 3rd on new year’s eve of ’82 or ’83 because they wanted more foot traffic to hide the nature of their business. (The real reason they had no foot traffic is because they were too busy getting high to open the store everyday).
    I think there is one mansion on every block of that stretch of Park, but somehow I missed that scandal.
    Maybe the 84th Street Gang is after your time actually– My recollection is that in the spring of ’85 they got sent away for good after ripping off a high school drug dealer who then called the cops on them saying they had tried to sell him large quantities of drugs (that was the rumor, at anyrate nobody ever saw them again).
    I don’t know if I am right or wrong on the trust stuff. The trouble with those things is the laws of one’s particular trusts are the laws from when the trusts were created so I have a deep and not very useful knowledge of the law as it applied to trusts in the 1960s in New York (and a collection of hundreds of pages of legal documents drawn up by lawyers now long dead). I, of course, think I am right about this irrevocability stuff. The real rigid definition of an irrevocable trust is one where the beneficiaries and trustees cannot in anyway buy, sell, or trade the trusts contents into other stocks, bonds, or real estate. Most often this sort of irrevocability is sought for family vacation houses and turns out to be a bad idea.
    We probably would get along all right. Even where I grew up things were pretty rough during those days. I was in kindergarten the first time a classmate of mine got robbed and stabbed.
    Real estate wise it was an interesting time because nobody wanted to live in a townhouse anymore without a doorman. That’s how the upper east side came to be dominated by giant condo towers instead of the townhouses and low rises that were once there.
    New York City certainly has changed, for the better on the whole. The only thing I don’t like about the change is now when people hear I grew up in New York City, they don’t really know what it means because they are thinking about a city where you can walk through Tompkins Square Park anytime and never feel danger in the air.

  29. joe shmoe,
    We sure would get along. Remember when they were building the Temple of Dendur wing of the Met, and it was voted the “most boring” building in NYC? There were a lot of miscreants from the local high schools who would gather on Friday afternoons, and toss beer bottles at the wing, and hapless passersby. Those were the days…. Alphabet City – what a great place before the morons from the suburbs moved in to claim their “city experience”….
    But, unfortunately, you are wrong about irrevocable trusts! Check IRC 672 and 674. Irrevocability refers to the inability of the grantor or settlor to alter or amend the terms of a trust. It is NECESSARY for separate tax treatment of a trust (lest it be collapsed under the grantor trust rules), and so ALL (or practically all) trusts that are used to shield assets or estate tax plan MUST be irrevocables. RAP is not really relevant. The 3 years I spent at a very well-known Ivy-league law school beginning with “Y” tells me it is so 🙂

  30. Satchel,
    Oh, no! You’re an Eli! How can you go to arch rival after arch rival of my schools?
    Those were crazy days. I remember people used to break into townhouses that were pre-demolition and throw wild parties and the cops never came.
    And before all those suburbanites moved into Alphabet City there were great places like The International Bar & Grill on 8th– I don’t think that divey a dive bar can be found anywhere today.
    All your points aside about trusts, in way olden days before any of my people had money (back when I had relatives in the Gas House Gang and living in a tenement where scores of people shared an outhouse on the Bowery) there was something called an “Irrevocable Trust” that really limited ability to manage. I think these old instruments became very rare because most were wiped out by the depression.

  31. Yeah, shmoe, I never really thought in terms of rivalries at the post-high school level, at least. I might even have a degree or two from your alma mater as well!
    You know, I never cared too much about high school rivalries either. I guess I was too busy working after school at a butcher shop in the Bronx (3.30 – 7.00 weekdays; 7 am – 7pm saturdays – man, those were tough days!).
    But if your family was “originally” from the Lower East Side, somehow I’m guessing you weren’t from the school we typically thought of as our rival – the one that starts with “X”. Please tell me you’re not from the same place as Robert Chambers, the Preppie Murderer! (Man, was I in heaven when I dated a preppie girl from Irvington, NY, and I used to bring her down to slum it at “The Village Idiot” down on 1st near 7th or 8th I think, or The Lunar Lounge, both of which were probably as slummy as the I Bar & Grill). So, absent that, I’m guessing you went to a school that starts with “C”. (LOL, where did all this initials word play come from?)
    BTW, what are you doing out here. I’m a retired small fry prop trader from maybe one of the most recognized hedge funds there ever was, as you know. You know something about finance,and you knew all that magic sell side language that us buy side guys never learned, so I’m guessing PWM or PCS. Close?

  32. Well, I wouldn’t be from the one with an X and I think the feeling of rivalry was limited to a few boneheads on the basketball team. C, no the next letter. Our basketball teams got into some sort of street brawl in ’84. I never took part in that sort of stuff.
    I had a friend who was close friends with RC. All I can say is I never understood why and made sure our paths didn’t cross. I was not in the whole Dorian’s crowd. (Looking like I was 12 kept me out of a lot of trouble).
    I’m in SF because my wife likes the city and has a great job here in terms of professional development and great work environment. Moved here site unseen. As a father I support staying here because it is pretty safe, not too big, and seems like a less stressful place to grow up than our old home. I don’t know where I learned my sell side language– I don’t think they teach PCS guys about that at all, PWM yes, but PCS clients can rot. That’s not real true, PCS guys know the sell side, but are hard pressed to get their clients to listen (As a client who did a lot of sell side and listed options, I was a sympathetic ear to one of my brokers’ complaints about clients who were their own worst enemy– and unlike lawyers, you can be social with your broker without getting a bill). I have long family involvement in the financial industry (mix of value investor and specialist background), but there was looting and scandal (so my trusts needed a lot of management to get them back into shape and are unlikely to ever be made really whole, though I have some irons in the fire). I have never worked in the industry, but know a lot of guys socially (maybe even who you worked for). I learned sell side language starting with the Asian crisis when I had a great learning experience with Japanese bank index options. Had an offer to go professional with derivatives, but never followed through on it mainly because I don’t like having a boss and did not like the employer’s location… sadly a decision that proved very wise. (I also have intellectual dry spells when I just can’t find anything great to do and revert from derivatives high flyer to value investor. They wanted a consistent derivatives guy and while I do well with options, I do well by sitting on the sidelines a lot).
    Other than having to wake up at a ridiculously early hour out here, why are you retired? You have more qualifications to be a hedge fund manager than most!
    To include a little real estate stuff: Do you find it ironic that everybody talks about regulating derivatives professionals, but we let the little guy go out and get an ARM to invest in property in marginal neighborhoods? And we do this so much that the real estate that secures the loan has a derivative component that is dependent on the volume of lending!

  33. Dorians! Wow, that took me back. You know, we are probably almost exact contemporaries. Brothers from a different mother… It sure is a small world.
    I’m retired because I hit my “number” and I never cared too much about accumulating more green squares than I needed. Funny you mention going back, I am actually talking with a friend/money manager who wants me to come on board and start up a hedge fund. As you know, there is just about ZERO talent out here for that, and precious little in finance generally. With my resume, he thinks it will be really easy to raise money (and they have a fair amount to allocate to the endeavor already). When I did it professionally, I was allocated $120M in capital – ability to lever up of course, and at the peak I was permitted a daily VaR in the 7 figures. You probably know the payout structure…. But you know, I never really changed my lifestyle. It’s all just a game – growing up without anything left me with no desire to live big. I sort of just laugh at everyone on this blog who “oohs” and “ahhhs” over the “sexy, sophisticated finishes” of Mc$hit$shacks (1420 Douglass Street comes to mind). I mean, really, how has the society gotten so fetishistic over four walls and a ceiling? But then again, I guess it IS a housing blog! But “sexy, sophisticated”? That impressed me when I was 15 and I spent New Year’s Eve at a house party in Rosedale, Queens with a girl named Larissa from Hunter High School… Man, I never really missed NYC so much (having lived in London and Greenwich, and now SF for 6 years), but maybe I’ll wind up back there…. In the Bronx, of course. Manhattan is so lifeless now it’s disgusting. We never needed a Depression more than we do today to wash out all the smugness and foolishness…. But one of my brothers is a cop in Nassau County. He assures me that there is a seething underclass lurking just under the surface, and that nothing has really changed since we were kids. So there’s hope!
    I still do a lot of options trading. I can’t help but pat myself on the back. Remember when we were talking back in December and I imprudently put out some positions? Short SPX 1300 Feb put – long (approx) 1280 put for about $10MM notional? (Cost all of .5% notional after legging in, and probably even less after trading the delta around a bit). I wasn’t kidding, and you can imagine where that calendar spread is trading now (I’ve reduced it a little of course, to reload for the massacres to come – Bernanke is intent on stretching this mess out, and that suits me just fine – nothing like making the same dollar 4 or 5 times)!! Little bit of gamma exposure coming into the end of last week, but no big deal. This has been one of the greatest markets to trade since the convergence bets leading up to the Euro! As an aside, this is why i don’t like trusts for stock investments. Too tough (really impossible) to use any leverage or sophisticated strategies, because of all the prohibitions against borrowing for other than real estate. Imagine a trustee trying to argue that in his capacity as trustee it was prudent to run a book of directional spreads and strangles?
    It is “funny” that the regulators ever let average people play games with ARMs. I really think it was a scam. Anything to inflate the asset class. There was a lot of fear after the “once in a generation” losses in equities post-2000, and 9/11 played its role as well.
    Anyway, good talking with you on this thread – I don’t want to bore all the readers any more, so I’ll sign off here. Talk to you again I’m sure!

  34. “long 1280 put for June”
    Now, I’ll sign off. But first, what I’ve written is not a recommendation of an investment strategy and should not be construed as advice. Always consult a certified financial planner and your broker’s options help desk before embarking on a derivative strategy. Listed options are a high risk security and are not suitable for most investor. (Thanks joe shmoe.)

  35. In contract. No surprise. Now what surprises me is that nobody has mentioned the coop capital requirement! And I guess we’ll see if the board approves of the buyer too. Generally coops require purchasers to have at least 3x the purchase price in reasonably liquid assets after purchase. In this case the buyer needs a little over $13M on the books after they pay 4.35 for this place. So let them put either a large plasma screen or some nice rare first editions in that library.
    In New York the coop capital requirements have created a strange disconnect where Park and 5th Ave coops sell for less than condos on Columbus simply because the capital requirements limit demand for high end coops. Of course, these requirements also apply to the great middle class coops of the Bronx and we are likely to see some stark differences between condos and coops in terms of foreclosures no matter what the price level. Nonetheless, part of what $4.35M is paying for here is financially stable neighbors.

  36. I love it when the doom and gloom crowd is proven wrong on here. So, will this one factor into the exhausting debates on here that all real estate in San Francisco is going down? Or can we agree that in some places it is indeed not at all? Hmmmmm ….
    What a gorgeous place. Lucky buyer!

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