Cadman Towers

I am reaching out to the Brownstoner community since my internet research abilities have failed me. I am currently on the list for a co-operative at Cadman Towers through the Mitchell Lama Program.  I have been able to find floor plans but no actual photos of the apartments.  Can anyone weigh in on the condition they are in?  Or if anyone owns a co-op there, any information would be helpful!  Is it worth the wait (maybe 2-3 years?) I have been on the list for one year and my number is fairly low…contemplating moving in the meantime since the wait is unknown.  Thanks! Lisa

NYCUrbanista

in Co-Op Related 13 years and 5 months ago

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azemaitis | 13 years ago

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I live here and I can tell you a few things.  Most are in need of renovation from what I’ve seen.  At least ours was.  For about $50/foot you can spruce the place up like new, though (that’s what it cost us), including hardwood floors, new bathroom, new kitchen, skim coat walls, paint, stainless appliances.  Our maint. for a 2BR (900 SF w/views of city) is $907\.  Cheap.  Makes living in the city do-able.  It is pet-friendly, too.  It took us a couple of years to get through the list and jumping through “hoops” with all the questions and paperwork 8 yrs. ago but was worth it.  People are pretty nice and since it opened in the 70s many are elderly– given that, apts. are becoming available frequently/sadly.  The 1BR list seems to move slow, the 2BR and 3BR list a little faster, but you have to have the right # of people/make-up of family for those (1 or couple for 1BR, couple with kid or 2 kids of same sex for 2BR, and couple with 2 kids of different sex or 3 kids for 3BR).  Buying price to get-in on top of renovating is roughly $40K for 2BR, $60K for 3BR (don’t quote me on that, but it’s within a few thousand I think).  If your # is low worth waiting, if your # is high I wouldn’t hold your breath.  That said, there are great resources at http://www.nyc.gov/hpd — click on apt. seekers and apt. lotteries and check back monthly and you’ll find a place.  Last year or so 25 Washington in Dumbo was available and NEW, but rentals.  The city I think gives tax breaks to buildings to set aside low and middle income apts. in new buildings.  All of the above is my opinion, but I think pretty true.

NYCUrbanista | 13 years and 5 months ago

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Dave, Thank you so much for your response – it was very informative and greatly appreciated.  I guess the problem is the “waiting game” – I have a pretty low number on the list and have been waiting for about 11 months already.  I would also think that perhaps some units are in better shape than others…so realistically I could have a unit in better shape than your friend’s…or worse.  I guess it is just wait and see until then. Thank you again!

daveinbedstuy | 13 years and 5 months ago

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It’s worth it if you are planning to stay for more than just a few years as you’ll have to put somemoney into the place.  A friend just got one…low floor 1 bedroom.  All in cost was somewhere around $35,000 and then the ongoing CCs are about $560 or so…800+ sq feet. Although the bathroom was OK and the tile was nice, kitchen was not.  It had very cheap old wood cabs, no refrgerator and no range.  A complete kitchen will cost you about $11,000-15,000 depending upon cabinet and appliance choices.  The floors come in a linoleum tile over concrete so not acceptable for most people but certainly in Ok shape.  There was one AC unit that’s defective and the building will need to have a second one installed using their custom window contactor.  No idea how much these units will cost but you can’t just go buy one off the shelf at PC Richard to slide in.   All that said, for the price and the LOCATION, these can’t be beat.  You just don’t participate in any upside in value appreciation when you sell.