New York's Cooperative and Condominium Community

Habitat Magazine June 2020 free digital issue

HABITAT

BRICKS & BUCKS

BUILDING PROJECTS IN NYC CO-OPS/CONDOS

All According to Plan: Pre-emptive Strike Against Fuel Prices, Elevator Woes

40-50 E. 10th Street, Greenwich Village, Manhattan

Projects Around Town: 40-50 E. 10th Street

Nonetheless, the nearly 80-year-old structure has had its share of repairs, the latest being the recently completed passenger elevator modification (researched by a three-man committee and in the development and planning stages for two years) and the addition of a dual burner. “That should save us money,” notes Hohlt, who sees it as insurance against any future switcheroos. “If oil suddenly becomes cheaper than natural gas, we’re ready for it.”

Neighborhood

East Village

Value

Recent Sales

  • 8/5/11: $1,255,000
  • 2/28/11: $1,300,000
  • 2/23/11: $1,295,000

Property Taxes

Estimated Market Value: $26,895,000

2011/12 Taxable Value: $10,346,315

The Vision Thing

Larry Hohlt, president at 40-50 East 10th Street, lived in a house in Brooklyn for nearly 30 years before moving to this East Village co-op some 12 years ago. He hasn’t regretted it and talks with enthusiasm about the many projects his nine-member board has undertaken, all part of a ten-year capital plan (the sidewalk and back yard are slated for repairs, and the roof needs to be replaced). He moves on to the varied tenancy of his property, which includes young professionals, museum curators, playwrights, lawyers, business-people, retirees, young couples, and a composer. “We have quite a range,” says Hohlt, who feels that the building is attractive because of  its old-world charm and its new-world amenities: two private gardens and a cardiovascular exercise room. It is also walking distance to both the East and West Village. “It’s a great building,” he says. As to capital work, he says: “Get different perspectives. Try to get objective advice. And then move forward.”

Building Investment

Projects

  • Cost: $326,629 & $682,453
  • Dual-burner installation, new chimney liner, new dual-burner, all associated plumbing & gas work, installation of gas leak detection system
  • Passenger elevator modernization, full modernization of three passenger elevators, high-end elevator cab upgrade with wood panels, brushed stainless steel, and stone tile by CEC Elevator & Olek Lejbzon & Co., air conditioning of all three elevator rooms by Air Ideal.

Contributors

Concessi Engineering Services
Sierra Consulting Group
National Mechanical Services
Schindler Elevator
Blue Woods Management
Larry Hohlt, board president

Completed in November 2011

Ask the Experts

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Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments

Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise

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