UES 2BR. Closed for $1.225M in Jan '08, just listed for $1.025M. Can only wonder what the owners fear may happen to their Manhattan RE investment if they continue to hold. Interesting to see them willing to take such a loss. A good sign for movement toward a more rational market.
Ouch. I am thinking about Chris Farley when David Spade hit him in the face with a board in Tommy Boy. That's gonna leave a mark! Only 2 closings in this building since May and another 16 units on the market is not helping things either.
I wouldnt touch that building even if it the prices dropped another 50%. These building were part of the mitchell-lama program. The owners were finally able to get out of mitchell-lama about 4-6 years ago and started the process of converting some apartments to co-ops and have tried to kick out tenants. However, the tenants won a lawsuit and many were able to stay at their existing below-market rates. So the result is that the exceeding majority of tenants are still renters, many still at below-market rates. I don't have problems with renters per se, but I clearly wouldn't pay $1 million plus to live next to people who are paying below $1K-$1.5K in rent.
Hey I'm not an insider anymore so I can't see the name, but is it possible this was purchased in Jan '08 by a European who has a 20% gain on the currency side, and he so he still makes a 5% gain at 15% off of his purchase price? Could be. All I'm sayin', these guys are out there.
Listed at 16% discount to early '08 closing on same unit
UES 2BR. Closed for $1.225M in Jan '08, just listed for $1.025M. Can only wonder what the owners fear may happen to their Manhattan RE investment if they continue to hold. Interesting to see them willing to take such a loss. A good sign for movement toward a more rational market.
Ouch. I am thinking about Chris Farley when David Spade hit him in the face with a board in Tommy Boy. That's gonna leave a mark! Only 2 closings in this building since May and another 16 units on the market is not helping things either.
That's one of the worst buildings on the UES. Outside and inside. They've been having problems for years.
I wouldnt touch that building even if it the prices dropped another 50%. These building were part of the mitchell-lama program. The owners were finally able to get out of mitchell-lama about 4-6 years ago and started the process of converting some apartments to co-ops and have tried to kick out tenants. However, the tenants won a lawsuit and many were able to stay at their existing below-market rates. So the result is that the exceeding majority of tenants are still renters, many still at below-market rates. I don't have problems with renters per se, but I clearly wouldn't pay $1 million plus to live next to people who are paying below $1K-$1.5K in rent.
yea they are project like outside, cookie cutter inside..lots of in building competition.
My shoulders dont hurt but my face does..Not here so much...no so much here....but, right over here! Tommy like, Tommy want wingy!
Hey I'm not an insider anymore so I can't see the name, but is it possible this was purchased in Jan '08 by a European who has a 20% gain on the currency side, and he so he still makes a 5% gain at 15% off of his purchase price? Could be. All I'm sayin', these guys are out there.
I'm going to tell my friends who got laid off from Wall Street its ok because their currency is worth 20% more.
LOL. Its not even funny but you have to laugh, 'cause once you lose that then you have nothing.