Condop Residence – Future Passive Income

Welcome to learning more about a form of Manhattan residential real estate called a “Condop building”, which makes up less than 5% of real estate entities in the city, according to the Dept of Buildings (NYC DOB). Via reading about our listing (and description) below, you can gain some insight about how this is structured, what the process is for applying as a purchaser (or renter), and the general characteristics of this apartment type.  Full listing info is found here: The Eastmore, 240 East 76th St. apt 10W If you’d like an even more detailed definition of a Condop please click here:  Condop

Recently, DNA Info contacted us and featured this condop studio for sale listing in a story – click here to read  4 Studio Apartments To Put on Your Open House Agenda

 

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To many prospective Manhattan buyers, one of the most attractive benefits of purchasing in this condop at The Eastmore on the Upper East Side is that after one-year of primary residence, you as the shareholder can sublet, with board application approval (yet no board interview necessary) and can sign leases for as little as six months to as long as two years. Unlike a coop, which usually has a sublet policy of not permitting leases for more than two or three years out of five, there are no limits to subleasing here.

Like co-op owners, an Eastmore condop owner owns shares in the building, and also pays maintenance fees (which includes the real estate taxes). The tax deductible portion of the maintenance for this building vary from about 55-60% annually, as per the building CPA.

If a quiet apartment with great views are important, then this sunny, well-proportioned studio, with beautiful expansive western views (and gorgeous sunsets) is turnkey ready for you. It overlooks the roof top of Robert F. Wagner Middle school and its tennis courts.

This unit is offered “as-is” and that includes a built-in Murphy Bed with two sides of drawers and cubbies, It has a separate Living Room space and separate Kitchen with 3 counter sections and an L-shaped kitchen bar, a Bosch dishwasher and built-in Liebherr refrigerator. The appliances and cabinets are matching antique white. This is not a shoe-box studio as there are two separate hallways and four (4) closets! The flooring was upgraded with Virginia Teak Hardwood and the current owner also added crown molding.

The Eastmore is situated on the southwest corner of East 76th St and 2nd Ave. It was built in 1957 and converted to a condop in 1991. It has 293 units and 17 floors. There is a full-time doorman, a live-in super, a garage (for a fee) which can be accessed through the basement, a landscaped roof deck with spectacular 360 views, bike storage for $100/annual, 3 passenger elevators and service elevator, and a well-lit and maintained laundry room. Pied-a-terres (a.k.a 2nd home) and parents buying for children permitted. No board interview required. Dogs up to 20 pounds are permitted for shareholders only.

The neighborhood highlight is 2nd Avenue which offers great nightlife, restaurants & bars like Vella, Boqueria, The Meatball Shop, LPQ, Uva, Doc Watson’s, The Confession Box, and shopping like Pookie & Sebastian, Taroo , as well as Upper East Side museums like The Met and parks like Central Park, John Jay Park and Carl Schurz Park. 6 Train is on Lexington and 77th St. The Express bus is on 2nd Avenue and the crosstown bus is the M79 on 79th and 2nd. More info is here about the Second Avenue Subway.

 

  • Victoria 646.627.5501 victoriawp@kwnyc.com Robert 917.510.6454 robertp@kwnyc.com
  • P: (212) 838. 3700 F: (212) 838. 1956
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