433 West 24th Street (West 24th Owners Corp.)

Each of the three buildings sits on a 50-foot lot, per PLUTO. The offering plan records elevator service, two laundry rooms and a resident superintendent. It also records that in 1982 the buildings were heated electrically, with no gas in use and electricity metered to each apartment. Whether that is still the case is not in the records we reviewed. Ask, because it affects both carrying costs and any future energy-compliance work.

The early-1970s J-51 benefits on all three buildings mark a rehabilitation cycle in that period. J-51 is the city's tax benefit for improving existing residential buildings. The plan and the DOF file do not describe the scope of the work.

At 433, apartments run in lines A through F on floors one through five, with additional apartments on a lower level. DOB filings record a 2018 renovation of the common areas on every floor, including new apartment entry doors and new vestibule doors, and a 2018 façade restoration.

The 2021 audited statements show about $1.12 million of operating income, 9,794 shares, and maintenance of about $925,000, roughly $94 per share per year. Real estate taxes, at about $708,000, are more than 60 percent of operating expenses. Payroll is small, about $51,000 a year, consistent with a superintendent-run building without a doorman.

Each year the corporation bills an assessment equal to the city's cooperative tax abatement, about $143,000 in 2021, and credits the abatement to eligible shareholders. Sublet fees brought in about $44,000 in 2021.

The corporation had about $324,000 available for major repairs at year-end 2021. A $120,000 façade contract was underway that year. The statements note that no reserve study has been done and that the governing documents do not require one, so future capital work will be funded from reserves, borrowing or assessments. The corporation recorded operating losses before depreciation in both 2020 and 2021.

The buildings are five stories, so they are not subject to Local Law 11 façade inspections, which apply only to buildings taller than six stories.

• Subletting: Allowed after two years of residence, for one-year terms, with board approval and a $350 monthly fee charged to the shareholder, per the sublet application. Subtenants may not keep pets.
• Pets: By the corporation's written permission, revocable, per the house rules.
• Smoking: Allowed inside apartments if smoke does not reach common areas or neighbors; prohibited in common areas.
• Moves and deliveries: Weekdays, 9 a.m. to 5 p.m., excluding holidays.
• Renovation hours: 8 a.m. to 5 p.m. weekdays, with noisy work starting no earlier than 9 a.m.

Not documented: the financing ceiling, flip tax, pied-à-terre use, trust and LLC purchases, and the post-closing liquidity requirement. Confirm each with the managing agent.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00722-0018) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price.

The mortgage matures in less than a year. About $3 million comes due on September 1, 2027, and the current loan is fixed at 3.71 percent. A refinancing at a higher rate would raise maintenance. Ask the managing agent for the board's refinancing plan, any term sheet, and the projected effect on maintenance, before you sign a contract.

Underwrite all three buildings. Your maintenance funds the budget for 425, 429 and 433. Read the full financial statements, not a summary for your building.

Ask about the sponsor's apartments. The sponsor held 16 apartments at the end of 2021. Ask how many it holds now, whether it is current on maintenance, and whether its apartments are occupied by rent-regulated tenants.

Ask about heat. The 1982 plan describes electric heat metered to each apartment. If that is still true, your electric bill is part of your carrying cost. Run the True Monthly Carrying Cost Calculator with it.

Answer the mortgage question first. Every buyer's attorney will ask about the 2027 maturity. If the board has a refinancing in progress, get the details from the managing agent and put them in the listing package.

Sell the sublet policy. A two-year residency requirement with one-year sublets is a real option for buyers who may relocate. Present it accurately, fee included.

Explain the three-building structure. Buyers searching by address will not know that 433 is part of a 95-apartment cooperative. Explain it up front.

If you're considering 433 West 24th Street, also evaluate:

• London Terrace — the 1930–31 full-block complex directly across the street; the full-service alternative
• 410 West 23rd Street — London Terrace Towers at its West 23rd Street address, the complex's corner-tower cooperative
• 420 West 23rd Street — a 39-unit 1985 doorman condominium opposite London Terrace
• 420 West 25th Street — Loft 25, a 1912 warehouse condominium conversion on the same tax block
• 429 West 22nd Street and 461 West 22nd Street — small row-house cooperatives in the Chelsea Historic District Extension, two blocks south
• 450 West 23rd Street — a five-apartment 1856 row-house cooperative on West 23rd
• 468 West 23rd Street — a small 1850s condominium in the historic district extension