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3) Old list does not expire but they generally don't open a list til the last one is, or is close to, cleared.
4) Terraces are various sizes from your standard city size to a couple of handfuls of humongously enviable ones, if you go to Penn South you can get a sense of sizes.
5) Penn South voted in 2011 to stay nonprofit until at least 2030. They are technically a different classification than Mitchell Lama but basically functions the same.
6) Again, go to their website for floor plans.
Thanks pop. This was helpful. I will say that their floorplans don't give you a gauge of size/square footage.
I attached a sample in the link below.
2. The board used a sting to evict an elderly tenant who was using AirBnB to RENT his terrace. Seems they got rid of 5 or 6 so far.
5. At current dollars, $1 Million (I read not privatizeable til 20022.)
8. Mixed racially, but OLD demographic. Remember, they were built in 1962 and some of the originals are still there...who would ever move out willingly?
Owners tell me that the board is VERY strict about almost everything.
Remember too, that these buildings have TWO lists, internal and external so when a desirable apartment opens up the internal list is run through first. So if Mary Smith dies on the top floor with a killer view and a granite kitchen, someone on the external list is not going to be offered her apartment.
Thanks Kefir. For question 2, I was referring to legal use. I know some complexes find it taboo to do certain things on or with them, so I was moreso referring to that.
That last point was interesting. Basically anybody that lives there would be a fool to not be on the internal list and at least see if an apartment offered is better than theirs.
I've never been in one so I cannot add anything.
We know an owner but he is a little weird so we won't ask.
I had a friend in high school, her family lived in a 3 bed/2 bath. I recall it as spacious. I was also in a studio once and that was not very large, but hey, it's a studio.
I'm sending my post card today! Although I'm on the Masaryk Towers list you just never ever know. So i figure I send in a post card and see what happens. If I get an application I'll be grateful since there is a very limited number of applications that will be available.
I live in Penn South and it was definitely worth it for me. Even living here I don't know every detail, but I'll try to cover some general questions by relating my experience.
I won the lottery in 2003 and got my name on the waiting list for a one bedroom with a balcony (they sometimes call them terraces). For some reason, the one bedroom apartments with balcony seem to have the shortest wait.
I got a letter in the mail in 2010 to come and look at an apartment. Keep in mind they don't call and don't email--you must wait for the letter and therefore you need to make sure that if you move while waiting that you update your address with them. I think there was a time limit that if I didn't respond within a few weeks I'd be taken off the list.
You get to decline I think 2 or 3 (I can't remember exactly) apartments before going to the bottom of the list. However, coming from the *outside* don't decline *any* apartment offered to you. I indicated that I would accept the one bedroom I looked at if it were offered to me. The letter said I was 3rd choice which meant 2 people had to decline it first. I thought I would never get it--but I was offered the apartment a week later to my surprise.
The one bedroom I ended up with *easily* has the square footage of a now standard two bedroom apartment in a luxury building. You can fit a King or Queen bed in the bedroom a desk, chair and lamp. Most apartments are corner units and have a great view. I'd suggest an apartment with a balcony. However, not all apartments are equal and some studios/one bedrooms are bigger than others.
My balcony is approximately 70 square feet and I can fit plants, a table and four chairs (though its a little tight). Mine is the smallest size balcony--some are absolutely enormous. They let you enclose the balcony if you want and essentially turn it into another room. I like it the way it is though.
Strangely, the apartment came without a covering for the kitchen floor--so I had to get one installed. I also had to get my own refrigerator and gas stove (electric stoves are not allowed).
Your purchase price is based upon the size of the apartment and so is your monthly maintenance charge
It's true that we have our own power/cooling plant and it is AWESOME. My electric bill is maybe a fourth of what Coned charges--and the coop actually makes a profit from it. I never realized what a scam ConEd was until I moved here.
The rules are here fairly reasonable for a co-op. You are free to renovate your apartment but you must use a licensed and insured professional and get inspections as the work progresses. There are certain limitations. I wanted to turn my kitchen, which is a separate room, into a bedroom but I wasn't allowed to move the gas line. So my kitchen stayed where it was. You can also have cats/dogs here now.
They are very strict about banning AirBnb and similar services. They've actually hired a private investigator to bust people renting out their apartments using those websites and have caught some people and evicted them.
These buildings are old so certain things have had to be replaced/refurbed over the years and I expect that to continue. The latest is the HVAC project, which caused the purchase price of apartments to rise and a 10% increase in monthly carrying charges recently.
Don't buy an apartment expecting the place to go private and make money when you sell. The people that live here overwhelmingly favor staying affordable right now.
There are certainly a lot of elderly people here and its actually a great place to grow old. All buildings are elevator and have laundry rooms on the first level. However, more and more young couples, individuals and families are moving in. I find that most people here are actually quite kind.
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I held up a tape measure to the computer to check out some of the measurements, but only did it for a couple because it is very tedious!
