Price: $1,600,000 Specs: Approx 1,650 sqft, 3 Bed 3 Bath, Pre-War Cooperative, Full Service, Pets Allowed, + Parking Garage sold separately. What: High Floor, Triple Exposure, Pre-War Coop, on the Park near Express Trains. |
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- Location:
- It's in the mix. Right on the Park, near Express Trains, Museum, & Botanical Garden.
- Pricing:
- $1,600,000 asking. It's a deal.
- Potential Resale:
- Architectural Significance:
- Pre-war building/unit. "They are not making any more of these types of units". ~MK. Buy unique things. Buy hard-to-replicate things.
- Approved Plans:
- There are approved plans to renovate.
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- Sponsor Owned: Wait, what is a Sponsor unit, and why are they great?
- No board approval or application process so this is investor/developer-friendly.
- Pets + Parking:
- Pre-war Coops allowing pets are rare. When thinking about resale, I want to have an asset that appeals to the most people possible. Covid changed the game. More work from home, more pets, more cars.
- Inventory:
- Scarcity creates value. The 3-Bed inventory is depleted, especially fully renovated units. Buyers are willing to pay a premium for "no work needed" units.
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- Short, Mid & Long-Term Growth
- I'll repeat this: “Buy assets that are not easily replicated.” (e.g. high floor, views, & pre-war details)
- Allocate $400-$500K in upgrades. All in Costs = $2-2.1M
- This is a short-term flip, mid-term hold, or long-term forever home. Any way you slice it, it's a winner.
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Home Appreciation 39 out of 43 years…I'll leave this right here. LINK Commuting is for the birds…actually, yes, that is precisely the case. LINK Great thread on Local Law 18 or “the Airbnb law” and impact on NYC Rental landscape. Many of my savvy clients believed there would be a “fire-sale” moment. Distressed landlords. New inventory. Reduction to prices…not so fast. LINK The Great Wealth Transfer. **Things you may not know…most of my transactions have some form of a gift from family members to assist with purchase. LINK Wage deceleration is good news for rate reduction outlook. LINK We must BUILD more. Remove red-tape. Incentivize builders. LINK More building combats our affordability problem. LINK Fascinating article on the “megamansion." “They are real and they are spectacular." LINK |
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Nighttime is the right time. LINK So little time, so many places. LINK QUESO IN NYC! And it seems to be like the proper kind from credible folks. LINK “AVOID BORING PEOPLE” - 3 words, 2 meanings. LINK |
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575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY. |
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