Q. Where is the building located?
A. 545 West End Avenue is located at the Northwest corner of West End Avenue and West 86th Street.
Q. What is the monthly maintenance
A. The monthly maintenance is $1011 / month. There was an assessment in place since 9/1/17 of 10% of the maintenance ($81.70 / month) that ran through approx 8/31/2020 to pay for planned capital improvements and repairs but no current assessment.
Q. What are the taxes?
A. There is no separate tax payment as this is a co-op apartment, not a condo, and therefore the taxes are included within the maintenance above.
Q. What is the sublet policy?
A. Please see the co-op’s current sublet policy here: 545WEA_SubletPolicy2017
Q. Is this a basement apartment?
A. The apartment is known as a “courtyard apartment.” It was originally a super’s apartment many decades ago. To access the apartment, you must go “down” not “up” in the elevator, so you would be the only residents in the building taking an elevator down to reach your apartment. While the apartment is accessed through the basement, in nearly all rooms except the smaller bedroom, the apartment has normal-sized windows and normal views. This is the only residential unit on this level. One advantage of course, beyond the added privacy, is that the laundry room is simply a quick walk outside your door.
Q. What are the financial requirements of the co-op?
A. This co-op does not disclose specific financial requirements, however the requirements may be stricter than other co-ops in this area of the Upper West Side. The co-op will want to see a significant excess of equity beyond ownership of the unit, as well as a stable income to support the unit. If you are concerned about how the co-op board will view your particular financial situation, you should consult with me, or if you’re already working with a broker, you should consult with your broker.
Q. Can I run a business / psychiatrist office / dentist office / etc.
A. No. This is a residential apartment for residential purposes. While there is alternate access to the street (which can be beneficial, as an example, for those who cannot take an elevator on Saturday) the apartment cannot be used any differently than any other co-op apartment in the building. Therefore, this would not be a viable space to bring outside clients, etc.
Q. What do the windows face?
A. The living room windows face out onto the neighboring building and across a driveway that is only occasionally used by the building’s staff and visiting building contractors. There is no parking accessible from the driveway, so no regular vehicle traffic as would be the case if there were a garage. The main corner bedroom has 2 windows, one facing that same driveway, and the other looking out onto the courtyard area. There is a temporarily sealed window in the hallway (which originally is believed to have contained a half bathroom) which also faces this driveway. The main window in the smaller bedroom looks out on this driveway, while a smaller window, the only “basement style” window, faces West 86th Street. The bathroom and kitchen windows face the courtyard.
Q. Do residents use the courtyard?
A. The residents can access the courtyard, but generally do not use the area except for the holiday of Sukkot, when some residents are permitted to erect a small sukkah that stands for a period of 7 days and then removed.
Q. What type of renovations are required?
Most prospective purchasers will want to gut and restore this apartment. Some may want to investigate restoring the 2nd bathroom by consulting the relevant professionals, and other may want to combine this space into the bedroom or see if it can be combined into the living room. The cost for doing this work can vary tremendously, and all work is of course subject to checking viability with the relevant professionals, permitting where necessary and approval by the co-op board. Therefore you should seek the guidance of a contractor / engineer / plumber and/or other professionals experienced in working in co-ops to determine the approximate costs to achieve your objective.
Q. Will the co-op board approve my renovation?
A. As with any co-op, renovation plans are subject to approval by the co-op board. There are a couple of aspects that work in a new unit owner’s favor with this specific apartment: (1) a motivated buyer looking to improve this apartment would ultimately bring added value to the unit and the building overall; (2) the co-op would be interested in a buyer who makes investments that would ensure the unit is compliant with all modern codes; (3) as no other residents live on this floor, and the apartment is better isolated from other residential units in the building, there is less of a chance that renovation work here would inconvenience other residents of the building, a consideration of board members when reviewing a renovation application.
Q. I have another question not listed above…
A. Please submit your question on our “Contact Us” page here: http://www.545wea.com/contact-us/