C R Y D E R P O I N T APRIL 7 The Courier spoke with CPOC Board President Jill Davis on the subject of coop real estate taxes. As many know, this has been a hot topic for several years as New York City coops and condos live under continued strain to fight against severe property tax increases. “Coops and condos in New York City have historically been assessed at higher levels than single family homes,” Davis said. “A couple of years ago there was a real threat of double-digit increases which was thankfully reduced at the time, but it’s an ongoing battle.” “To support efforts to protect the interests of coop shareholders and condo owners,” she continued, “Cryder Point is a member of the Presidents Coop & Condo Council, which is a consortium of many complexes here in Queens and is active in real estate tax reform. CPOC also contributes to the Council of New York Cooperatives & Condominiums, a portion of which goes to a special committee whose goal is to reform current coop and condo property tax laws.” Davis concluded, “This is an annual challenge that we keep a close eye on. We will continue to support reform and keep our shareholders up-to-date as we learn any developing news.” www.queenscourier.com | APRIL 2015 | CRYDER POINT Courier 7 All agree that the turnaround in the economy, decrease in unemployment and incredibly low interest rates have contributed to the upswing. John Ferrer of John Ferrer Real Estate, who started selling at Cryder Point in the 1980s as a representative of the complex’s sponsor, explains that the improving economy and market conditions have made it possible for longtime home owners in areas, like Bayside and Flushing, to finally sell their homesteads and downsize to smaller places like Cryder Point, which require less upkeep, offer great amenities and still serve as a fantastic investment. “People until recently have been unable to get mortgages to buy,” he explains. “Consumer confidence is high and the job market is better. Cryder Point is a steal compared to places like Manhattan and Brooklyn.” Paul and Marsha concur. “People are not as concerned about their jobs. There’s a lot of downsizing going on, especially after this past winter. No one wants a home to have to take care of.” And it isn’t just how Queens compares to Manhattan or Brooklyn. Interestingly, Long Island, for many years the haven for people looking for homes away from the city, but still close enough to commute from, has soured on many residents. “Long Islanders don’t want to pay $15–$20,000 in yearly taxes,” Ferrer says. “They’re coming back.” But it isn’t just the older, longtime homeowner who is showing interest toward such alternatives as Cryder Point. First-time buyers, seeing an opportunity to attain the American Dream of home-ownership, see Cryder Point as a better investment than places in Manhattan and Brooklyn, the real estate prices of which have reached a tipping point too dear for most. “A big attraction in this area are the low, low taxes and good school districts,” Coughlin says. “The waterfront location is unsurpassed. The grounds are beautiful, the apartments are large and the staff and board have done a fabulous job of keeping our property a beautiful place to be.” Lower taxes and proximity are not the only criteria that make Cryder Point so desirable. “The express bus takes you directly into Manhattan and we’re close to the LIRR (Long Island Railroad). There are plenty of wonderful restaurants in the area,” Ferrer says. “And Cryder has a beautiful pool, not to mention an unbelievable view.” Major improvement projects, such as the balcony and sea wall reconstructions, only enhance the allure. “These types of projects only serve to improve the price,” Paul and Marsha explain. “It shows that management takes care of things in a timely manner and are done right for the long haul.” The real estate team noted Cryder Point’s recent conversion from oil to gas.. “The decision to do that shows that management is providing the best, most economic choice for the complex.” “It’s such a great selling point,” says Ferrer of such major renovations. “It shows potential buyers that things that have to be done are done; their investment is protected. People understand these types of costs—upgrading balconies and lobbies, the property and grounds, etc.—as they’re reflected in the maintenance. It’s still the best bang for your buck!”
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