Rental at 50 West 67th Street

w67thstreet: about 4 months ago

Oh! You mean like if every borker and flipper earned $20k / year as a lab rat and actually contributed to society? Oh shit don't forget the f'n billions used to bail out the idiot bankers. Yep, I can guarantee you that we've cured cancer, ED and itchy ass.

nopigsorshrimp: about 4 months ago

w67thstreet
25 minutes ago
ignore this person
report abuse

cancer? there's more money in ED

Of course, and the punch line is funnier with ED too. Cancer is sooo down. But ED, you can really get a rise out of people.

upperwestrenter: about 4 months ago

Extenzeeeee!

w67thstreet: about 4 months ago

cancer? there's more money in ED

Clarence: about 4 months ago

From reading all these posts I am convinced that if you guys applied all the time you spend figuring, cifering and arguing to something productive you would have cured cancer by now.

w67thstreet: about 4 months ago

has it rented yet?

splaken: about 4 months ago

Just let us know when you put more photos on. And then we can re-visit our points of view.

But hey, who is better to rent out a $7000 apartment? Your friend who does a couple of transactions a year, or a big broker who has a huge staff and won't personally give you the time of day? Who will develop the best marketing strategy?

NYCApt1234: about 5 months ago

If Leslie priced this apt at $4000-4500 a month, I'd rent it for life! That's twice the CC... that seems fair to me!

walterh7: about 5 months ago

columbiacty....you may be valuing the apt higher than I. I used a very conservative $2mm 'value' price and a 4% cost of funds. That seemed sufficiently conservative. Tax issues and personal situations will certainly change the calculus. Nonetheless, the major point is that owning is FAR more expensive than renting.

NYCDreamer: about 5 months ago

We also know that the CC on 7GH was $2,755 month in April of 2008. We can assume that 3GH is similar.

upperwestrenter: about 5 months ago

how about just making anything?
CC is not trying to go the route of profit vs loss, as we dont know what the costs are.
we do know that they haven't made a dime while it's sitting though, right?

NYCApt1234: about 5 months ago

It all depends on their monthly costs... if their monthly costs are "x" then they should look to cover "x" in the rent. Right now making a profit isn't too realistic. And if they have another residence to pay for (in Florida, I believe), then they should be looking to rent this place asap to get rid of unnecessary costs.

columbiacounty: about 5 months ago

walter7: current math looks more like a $12 K negative carry times a minimum of 7 months. almost $100K down the old drainaroni--unless of course they try to bake that loss into an exorbitant asking price in which case the drainaroni will be rapidly doubling.

upperwestrenter: about 5 months ago

by far, the best comment:
kintanilla - "ok
well obviously if the price is lowered it will rent more quickly."

YOU ARE A GENIUS! If only we had known this all along!!! NYC wouldn't be in the state it is today...

lower the rent...and the apt will actually rent...WOW
1 + 1 DOES = 2...christ almighty!

What other nuggets of wisdom can you deliver to us?

se10024: about 5 months ago

columbia, there are two more things that makes 98 rsd more attractive: light and closet space. this apt is very dark and there are no closets given that building was intended as studio apartments. given everything (including location) this should prob be 6k-7k at most... just my 2c

walterh7: about 5 months ago

Leslie...I've looked over what you and John have done and understand why you believe your rental of 3GH should rent for a given price. It is a reflection of what you paid for the 2BR.

What this situation brings to the fore is the fact that, for now, on the UWS of Manhattan, it is FAR more expensive to own than to rent. At a rental price of $7000/month, you're looking at a $5000 per month of negative carry between the cost of your funds and building maintenance. That is just plain ugly. It is also one of the items that supports the argument that apartment prices will continue to fall.

NYCApt1234: about 5 months ago

My husband and I are looking to move to a 2/2 or a 3/2 apt this summer/fall, but $7900 is way too far out of our price range. We've been looking on the UWS and UES and the comps we've seen have been in the $3800 to $5000 range. This is quite far from your asking price, Leslie. Granted your apt is more renovated than the others, but I still think you're very far off of a "rentable" price. --- I also agree with someone's posting about longevity. My husband and I want to rent an apt that we can have children in, not live in for a year or 2. So, keep that in mind when you ultimately rent it.

nyc10023: about 5 months ago

CC: better building + doorman, bigger apt. Could rent for a little more. Leslie: I don't know Carol Gat or have any affiliation with her, but at the very least as the successful listing broker of an extremely similar co-op sublet, you may want to give her a call to get her POV.

columbiacounty: about 5 months ago

so...at $6K rented in a month. does that answer the original question?

nyc10023: about 5 months ago

Leslie: look at this listing. Very close stats, similar kind of apt, but note the better pics, floorplans and the out-of-the gate pricing. 2nd floor, so no views either.

http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1510746

columbiacounty: about 5 months ago

never mind the 15% ... this apartment first went on the market in January. at $7,500 a month--that's over $50K of lost rental income.

nyc10023: about 5 months ago

Kinta: yes, other apts of similar size and with their owns pros & cons in the vicinity have rented for more/sqft in a shorter timeframe. With the exception of the Gat listing I pointed out (btw, great pics, easy to understand floorplan), these were all condos or large LL buildings. While it is illusory that a condo is "rental" stock because the LL could decide not to extend the lease, people have an issue with renting a co-op. That's why it's so hard to price co-op rentals. Not to mention that in the last 10 years, people haven't had trouble selling their co-ops, so co-op rentals have been rara avis until recently.

nyc10023: about 5 months ago

Okay, if it were a condo or a large LL building (assuming better pics, flrplans), it probably would have rented at 7900 or more with the broker fee as an incentive.

Location is great, where are you going to find a high 60s, lower 70s CPW prewar apt for rent other than the Langham or another co-op sublet? As far as location goes, 67th without a view (you have some light?) in a nice old prewar building, renovated apt, is pretty darned good.

The big issue is that it's in a co-op. If the co-op is reasonable, and this is made very clear in the ad (you really need to work with your broker on the copy - what are you paying them for?), you should have no trouble.

Carol Gat rented a smaller 3-bedroom (also a combo, not great views or light from the ad) a few months ago at full ask (went into contract VERY quickly) for 5900ish on either 69th or 68th street (I think it was an elevator building, no doorman). It was also a co-op sublet. And the owners did not pay the broker's fee.

Look, you're in PS199, nice prewar building, good location, time is a-wasting. Get to work on that copy right away. What has your broker done for 15%?

NWT: about 5 months ago

kintanilla, I don't know or care what "similar" nearby apartments are renting for or asking. This one has sat for months, so is therefore overpriced.

People trying to unload are very often like kids or animals. It takes constant repetition to get them to learn anything. I'm always happy to chip in.

kintanilla: about 5 months ago

ok
well obviously if the price is lowered it will rent more quickly.

columbiacounty: about 5 months ago

i'm just parroting what NWT said. note that comment above.

kintanilla: about 5 months ago

I can't figure out the agenda of people here. Columbiacounty, lower the price? Find one apartment nearby at similar quality or better that is renting for $500 or 1000 less, then you have support.

columbiacounty: about 5 months ago

34 comments, insults, back and forth and it all come down to the same thing: "get the price down." hey, but what about that great location and those fireplaces?

NWT: about 5 months ago

What nyc10023 said. The perceived-hassle and inflexibility factor is huge, so many potential renters won't even look at a co-op. (I hear this all the time from visiting professors.)

Anyway, none of this matters. Get the price down and somebody'll take it. Or, even better, bite the bullet and sell the place.

Eurmover: about 5 months ago

Even the guy on W67th doesn't like this.

nyc10023: about 5 months ago

One other thing: people are scared of renting in co-ops because of the extra paperwork involved. Is your board easy? If so, you may want to address this in your ad. Also, people like the idea of being able to rent indefinitely - though my old rental apt was a condo and there was no guarantee that the LL would continue to rent it out.

nyc10023: about 5 months ago

Leslie: I think that without a broker's fee, better lit pictures (showing the apt in the daytime), pics of bathrooms, better flrplan and a new price point (6995), you shouldn't have trouble. My old rental apt on the UWS (3b, 3ba), smaller than yours, way crappier and smaller kitchen, non-ideal floorplan, slightly worse location, no views rented for 8000 2 months ago in one weekend of OHs. And this was without the owner paying the broker's fee.

The main differences in the 2 listings: 1) way more realistic pricing to start with 2) well-lit pictures with furniture 3) professional-looking floorplan 4) did you have an OH?

bquic: about 5 months ago

Everyone here will find some problem with your listing. Too close to Central Park. Fireplaces can get hot when there is a fire in them. Etc.

w67thstreet: about 5 months ago

zbe... but that's a little to close to CP for me... I just need a little more buffer.... w/o view and I like to pay more... well, frankly it makes me feel superior.... $.02

zbe: about 5 months ago

Just FYI, 30 West 63rd (Lincoln Plaza) is renting small 2 bedrooms with an office (that also has a window), 2 baths on high floors for low 4,000s and 2 months free. You mentioned a gym, and it sounds like you have a nicer building, but I don't see a reason for the 50% premium.

newbuyer99: about 5 months ago

Definitely in the eye of the beholder, and I can't pretend to know what carries a premium, but I'd take proximity to CP over Hudson views - not remotely close for me. Wife and I are in our early thirties, with a young kid and another on the way, if that helps the young/old debate.

More to the point, it's honestly hard to opine on pricing without more info. The location is amazing. The low floor is an issue (noise?). But that's really all I know.

I think the dimensions would really help. As is, for whatever reason, the floorplan makes the place look small, like 2 or the bedrooms are 10x10 and the third is 14x10, or something like that. If that's the case, price is definitely too high. If all the rooms are a good size, I am not at all sure.

Also, I'd put a lot more pics up. Defintely bedrooms, but also pics that clearly show windows and perhaps something through those windows. Make the place look much more pleasant.

At your price point (or anywhere remotely near it, even if you decide to drop price), your target market is relatively wealthy, probably informed, and likely mindful of their time. They're not going to bother visiting the apartment for themselves unless you catch their eye in the listing. I think the location is one factor, but there's got to be more.

My family was in the market for something somewhat similar last fall. If I'd seen your listing, my first reaction would've been "too expensive". My second would've been "what's so special about this place that justifies the price?". Maybe I'd have emailed the broker to try to find out, but most likely not - would've just moved on to the next one.

If pics, light, dimensions and amenities (together with the great location) justify the price, you gotta make that clear in the listing. If they don't, you gotta lower the price.

Just my 2 cents, good luck.

Emrolover: about 5 months ago

This is well centralized area, you could definitely rent it for $6000 to $7000 if the apartment is in very good condition and if you are willing to give a long-term lease so some family can settle in. Definitely if you pay the broker fee and make it easy for a family.

columbiacounty: about 5 months ago

what difference could that possibly make? this apartment is located close to central park and the subway. what more do you want?

NYCApt1234: about 5 months ago

Leslie, is the apt very dark? The pictures of the living room seem incredibly dark. What do the windows face?

columbiacounty: about 5 months ago

yeah...I thought the point was to help OP out. didn't realize I was in competition with some idiot.

p.s. you really don't think there is a premium for a direct hudson river view? better to have a view of the subway station?