How to lose $250k in a little over a year

Started by 911turbo

about 1 year ago

Posts: 288

Member since: Oct 2011

Discussion about

I find this listing really pretty shocking, if accurate, for some reason it’s not on StreetEasy. This unit sold for $900k in April 2023 the most recently sold for $650k this month. I really don’t understand how you could lose this much value unless the owner was severely financially distressed and just had to sell. Thoughts? https://www.compass.com/listing/635-west-42nd-street-unit-18e-new-york-ny-10036/1627731616090606553/

Response by nyc_sport

about 1 year ago

Posts: 809

Member since: Jan 2009

The April 2023 sale is a foreclosure and the "sale" is to the bank. I do not have time to dig into it, but I suspect the $900k simply bid the lien and is not a real purchase price.

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Response by 911turbo

about 1 year ago

Posts: 288

Member since: Oct 2011

Thanks NYC_sport, that makes more sense

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Response by Rinette

about 1 year ago

Posts: 646

Member since: Dec 2016

Look at the neighbor of this building.

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Response by Aaron2

about 1 year ago

Posts: 1698

Member since: Mar 2012

That newly renovated full floor 3br w/ central air and w/d for $4700/mo isn't bad! Loooong hike to the subway though.

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Response by selborne

about 1 year ago

Posts: 65

Member since: Jan 2006

That building has a history of controversy.

https://www.habitatmag.com/Publication-Content/Legal-Financial/2021/2021-July/Lawsuit-Seeks-to-Oust-Atelier-Condo-Board-Over-Illegal-Hotel

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Response by stache

about 1 year ago

Posts: 1298

Member since: Jun 2017

This building is notorious for airbnb frattie types. I worked with a guy that lived nearby and he said either walking or by bus it was 15 minute commute to the IND line.

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Response by 30yrs_RE_20_in_REO

about 1 year ago

Posts: 9877

Member since: Mar 2009

Read the Yelp reviews.

https://nypost.com/2018/11/11/hells-kitchen-condo-residents-are-rebelling-against-its-creepy-boss/

https://therealdeal.com/new-york/2019/06/13/a-sham-85m-manhattan-condo-listing-has-been-pulled-from-the-market/

https://ny.curbed.com/2019/6/13/18677765/hells-kitchen-atelier-penthouse-sale-listing