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Those are not sponsor units. Its a large building and there are many investors.
I have done work at the Sheffield and three of the owners who rented out their homes were not sponsored units. There might be some sponsors but it seems some purchased their apartments as an investment.
A lot of the rentals in this building are by the same broker companies. Are these sponsor owned units? And if so, is there any way to rent directly from the sponsor?
Any condo owners looking to rent a 2/2?
need phone number of concierge
reviews are pretty terrible on yelp -
Thanks Kevin - any sense if prices should go down in the winter?
Check Gateway Plaza, they are a rental building. Nothing fancy, however large spaces.
We are looking for a 2/2 rental in BPC starting in Nov/Dec/Jan
Oh I just read the above. That is right. But in practice the LL will of course always question self-reported income and so it goes to the state usually.
I forget the particulars, but the LL makes an inquiry to NYS and tenant receives notice. I can't recall if a response is required - I think so b/c if I recall correctly you have to list everyone in the household.
In any event, the dept of tax does all the review and all the LL receives is a "YES" or "NO" answer as to whether the tenant(s) are over the threshold, and that is it.
The landlord's procedure to verify income is at http://www.nyshcr.org/Rent/FactSheets/orafac36.htm
>I for one would love to see this ridiculous housing system either reformed or done away with. But I doubt it will ever happen. Too many people benefit from it, and the people who are harmed by it are often unaware.
Well thanks 9d8b7988045e4953a882. Those harmed, which of the following harms them more:
a) Rent regulation which has been in place for many many decades
b) Sky high real estate prices promoted by NYC government in the past 10 years
> Isn't high-income de-stabilization only applicable to stabilized rents already over $2,500?
That's correct. If the rent is less then $2500/month then there are no income limits (the vast majority of stabilized units). See http://www.nycrgb.org/html/resources/faq/rentstab.html
If the rent exceeds $2500, then the unit can be deregulated if the tenant made more than $200,000/year for the last 2 years. Does anyone know how they determine the tenant's income in this situation? Is the tenant required to submit tax returns?
I for one would love to see this ridiculous housing system either reformed or done away with. But I doubt it will ever happen. Too many people benefit from it, and the people who are harmed by it are often unaware.
NYS Real Estate Transfer Tax is also paid, by the seller. E.g., the guy who got bought out of his RS lease at the Mayflower, so 15 CPW could go up, paid $44,000-odd on ~$11,000,000.
It is subject to capital gains tax. See http://www.irs.gov/pub/irs-wd/0045019.pdf:
"... we conclude that the amounts received by Taxpayer are
considered amounts received in exchange for Taxpayer’s leasehold interest in the
Premises. Further, we conclude that Taxpayer realized long-term capital gain on the
sale of the leasehold interest. Taxpayer’s interest in the Premises is either a capital
asset under § 1221 or real property used in the trade or business under § 1231. In
either event, gain realized from the sale of the leasehold interest is treated as long-term
capital gain. Payments of the legal fees and income taxes are part of the purchase
price to the extent that such payments are given in exchange for Taxpayer’s leasehold
interest and not for Taxpayer abandoning some other legal right or property not related
to the transaction in question."
Assuming that you have held the lease for more than 1 year, it will be taxed as a long-term capital gain. According to http://www.irs.gov/taxtopics/tc409.html:
"Generally, for most taxpayers, net capital gain is taxed at rates no higher than 15%. Some or all net capital gain may be taxed at 0% if you are in the 10% or 15% ordinary income tax brackets. However, beginning in 2013, a new 20% rate on net capital gain applies to the extent that a taxpayer’s taxable income exceeds the thresholds set for the new 39.6% ordinary tax rate ($400,000 for single; $450,000 for married filing jointly or qualifying widow(er); $425,000 for head of household, and $225,000 for married filing separately)."
Is this being posted on a different message board? You could report it using capital gains rates, but you also could end up in federally-subsidized housing.
What neighborhood is this in?
I live in a rent stabilized apartment and the building was sold. I have accepted a $100,000 buyout. My main concern is the Federal and New York taxes I have to pay. Is this considered income or capital gains ? Am I allowed to take any tax deductions ?
This building is truly a disgrace. Management continues to raise rent while the noise and filth from the construction is unbearable. There is no end in sight and no work at all is being done to the interior of the building which is seriously run down. Very unpleasant living conditions.
People are afraid to speak up, but I have many contacts in this building. The scaffolding has been up for 9 years.People on lower floors are deprived of light and air. There have been animals on the scaffolding. There are cellphone towers, to generate more money for the owners, on the roof that buzz loudly 24 hours a day, interrupt phone and internet service, and emit who knows what? There are serious mold issues in the building.
The management are arrogant, greedy and unresponsive. The tenant population is a revolving door. They are corporate renters or rent is being guaranteed by someone. That is why the rents are outrageous. People do not move there to create a home. Doormen often chatting and away from door. Some old time tenants have "deals" such as combined apartments, without an adjustment in the stated number of apartments. Tenants decorated lobby at their expense 25 years ago. VV dark lobby.... they reduced the wattage. Landlord only added air conditioning. Apartment hallways look like public housing. One passenger elevator has graffiti scratched into the surface, a la 1970s subway cars.
Previous work on facade done by cheap, unskilled crews who created more building problems. Only building in the vicinity run like a slum. Check out online other buildings owned by this group. This is their "jewel in the crown". They are a disgrace.
Does anyone have info about renting in this building? Are the units noisy? Can you hear your upstairs neighbor walking through the ceiling? How about your neighbors next door - can you hear them through the walls?
Does anyone know how solid the walls and ceilings are in these apartments? Can you hear your neighbors walking above you through your ceiling? How about neighbor noise through the walls? Thanks
Are there any discussions about this building in 2014?
Each time I've come to this building to rent, there has been a problem getting in because the doorman is on vacation, and the super is out, and the porter covers after 4 pm. I am worried about security, or cases of emergency to have help. Do you feel secure here; that you packages are safely stored until you can get them. I understand the doorman is only here from 4 to 12 pm, 4 or 5 days a week. Does anyone know what those days are?
One River Place sounds like an excellent address, in another city. In New York, the question is, which River are we talking, the Harlem? The Hudson? On second thought, I'll take One Peachtree.
Hi there. I'm interested in the building because of the tennis courts. Can residents use the courts for free? If not, how much does it cost to rent them? Wondering how much they're used. Also, are you allowed to put up pressurized walls? I was thinking of doing that for an alcove studio and blocking off the sleeping area. Thanks!
The cheap studios here (under $2k) are almost all a thing of the past, although the smallest ones do occasionally come up for $1900 or so. Most studios range from $2300 and up, although if your budget is in the $2k range there are other similar buildings in the area with studios. Write me directly if you want a list. -Leon
I've seen studios under 2000 for this buildings. Are they all real?
It's not condo yet.
Are there separate entrances for condo owners and rental tenants?
Anyone who lives in this building and can give their experience?
This is a great looking building at the surface. However looks can be deceiving.
The doormen and Super is fine. However the management is completely useless and usually will ignore any requests.
To illustrate the lack of management response. There was a rent strike conducted after being repeatedly ignored by management. That was no different, theynever addressed any requests or responded to the formal letter sent. They simply sent legal warnings from their lawyers a month later.
Beyond management the main issue with this building is the electric wiring. Something very strange is going on here. The electric bills for a studio went as high as $400 for one month during the winter months and though it was a frigid winter the heater was hardly turned on (there is good insulation). Each unit has electric heating/ AC and a Hot water heater. So be sure to add $200-300 to your monthly rent to cover Electric bills.
They've been promising thing to work for a year and we're not sticking around to find out. It's too bad because it had potential. If I were you I'd steer clear and look elsewhere.
Or see the cars stacked four high and three deep, and wonder how they'll get their own car out when they want it....
Yes, but an "exciting new life" isn't included. The intended market -- i.e., people who wouldn't gag at reading that -- isn't going to notice the water heater next to the washer/dryer, and so isn't going to wonder who's paying for it, and go on from there to wonder who's paying for the heat.
PS. Gas and electricity are included in the RY Condo rents.
I didn't realize that rents were that high in Brooklyn. You can rent apartments those sizes at 1601, 1619, 1623, and 1641 Third Ave, 3rd Ave. at E 90 to 92, the Ruppert/Yorkville Condo, with the same upgrades for those prices! If I were paying those rents, I'd rather live closer to Museum Mile and Central Park.
Anyone dumb enough to pay $5,000/month to live in Williamsburg deserves what they get.
we do not require this lease, although it is standard
Can anyone point to brokerage firms in NYC that do not make use of this clause, or that will remove it upon request? I have also been told that one brokerage firm in NYC refuses to put a time period on the clause, meaning that if they bring me a tenant for one year, and then the tenant moves out and moves to China for 20 years, comes back to NYC and offers to buy my condo, I would have to pay the brokerage the fee. The logic is that time doesn't change the fact that the brokerage brought me the buyer. Am I the only one who thinks this sounds crazy?
1. people who sign contracts are held to their terms even if they don't read them
2. that much said, if the broker is representing an owner and has signed a
listing agreement with the owner - or tenant - which is his /her client, the
broker might be under a fiduciary duty to unilaterally disclose the term
requiring payment of a second fee because it is unexpected and so unusual,
because as a fiduciary a broker cannot take advantage of the client in any manner
Yes, they are out there so always read contracts carefully. When we used brokers, we crossed out the clause. If they didn't agree, we used another broker. When I list for an owner, I don't put the clause in. To each their own but personally, I don't feel it's right.
It turns out that any apartments which were decontrolled before June, 2009, were improperly removed from regulation based on the owners' J-51 tax abatement. Thus, market rate tenants who were in their apartments then may be entitled to renewal leases and have been asked by the Tenants' association to call the DCHR to request that a copy of the rent roll be sent to them. 718-839-6400, option 1 for English and then 6, leave message requesting rent roll.
Please contact me email@example.com. We are one of the top brokerage firms in Manhattan having done billions of dollars worth of sales in last few years. Dedicated to our clients and working around the clock to satisfy any buyer or seller. With a trusted list of high net worth clients from around the world we are able to surpass any obstacle we face as brokers, finding any individual the perfect home they wish.
stellar has taken over!
Interior renovations are done. The pool and gym are operational and are not bad. The hallways are okay. They never do anything to fix problems in apartments, so if you want anything done, make sure it is done before you take up residency. The Second Avenue Subway noise is insanely loud and extends from 7:00 a.m. through 10:00 p.m. and has completely blocked the driveway, making it very hard to drive up and unload. The central air conditioning is iffy. If you look at an apartment and the units are old, make them change it. The super is a corrupt jerk. The doorman are nice. Management/ownership is Schneider & Schneider, who took out Helmsley Spear a few years ago.
If you think of more bed bug (or board) advice - let me know!
Matt can be a jerk, but he can also be a sweetheart!!!!!!! LOL
Sorry ... just catching on. Ugh sounds like a nightmare!
Haha. Not that I don't think the ghetto comment is problematic, but the reason it's on the floor at the moment is because my bed frame is wrapped in plastic getting treated by some kind of "time release" chemicals that take 2 weeks to do their thing (according to the pest control guy - whose not totally 100% verifiable approaches are another reason I'm arguing with the board.)
Mattress on the floor? God. SO ghetto. No wonder you have bugs.
Please email firstname.lastname@example.org
RB and Fieldschester, thank you.
Once you list liquidated damages, you have now said that the activity you want to prevent is actually permitted and you've put the price tag on it.
1. New York courts treat liquidated damages clauses as illegal penalties when
the amount specified as liquidated damages is far in excess of the damaged
party's actual damages, and functions to coerce performance with the
other terms of a lease
2. it would be better to specify the exact damages you are worried about and then
provide that the tenant will pay those damages if you actually incur then
I've been a landlady for ten years. sohoman, is there an address where I can pm you?
As a landlord I am just reading the lease I give tenants. If I have signed contract with a new tenant say for October 10th and then on Oct 9th current tenant (whose lease ends on same day) breaches the lease telling me they are not moving out for whatever reasons where am I left?
I have one angry new tenant with no home who could presumably sue me and bill me for hotel lodging etc etc. Could be expensive! How do you protect yourself in this situation. Here is the current language in the lease. I have removed the $ amount, but it is 25% more than the monthly rental amount.
"In the event that Tenant holds over after the expiration of the Term of this Lease, Tenant acknowledges and agrees that the Landlord will incur administrative costs and suffer loss of investment income not contemplated by this Lease, the exact amount of which damages are difficult to ascertain. Accordingly, the parties agree that the Tenant shall pay, as liquidated damages, the sum of $xxxx per month during the time Tenant holds over after the expiration of said Lease. This agreement as to the amount of Landlord’s damages shall not be construed as permission or consent by Landlord to Tenant to hold over after the expiration of this Lease."
I wonder if putting in a $$ amount helps me or it hinders me. Maybe the $ amount caps the tenants liability which I don't want to do if I am being sued.... Anyone got any better lease language I can use? Or maybe one should protect yourself in the new tenants lease?...
If it takes them longer than a month to replace you will you reimburse them? It's a fair deal.
Hi aboutready, why don't you come downstairs and answer your own question
Michelle, I don't think that's a bad deal at all in this environment.
Fantastic, as always. How is your dreary basement -in-mother's-home existence?
Hi Aboutready, how was your vacation?