The $135k Manhattan Studio - $255 psf

in eclectic SpaHa

gotta start somewhere....

Yup. This is only the beginning :-)

move that apartment down 25 blocks, and it would be snapped up.

I have a friend who lives in this block of East 119th.

I wouldn't wish the neighborhood on my worst enemy.

Now you set the jokes up for CC?

Is the West side of 119th is safer than the East side?

west is generally safe, thanks to CU

"Is the West side of 119th is safer than the East side?"

It's like the difference between the South Bronx and TriBeCa.

I will take the gotts start somewhere comment, but this isn't anything to get excited about. This would yield about $1300 pre-tax out of pocket for an unrenovated studio walk-up in a very questionable area of harlem, with a $48K per year income cap.

"I will take the gotts start somewhere comment, but this isn't anything to get excited about. This would yield about $1300 pre-tax out of pocket for an unrenovated studio walk-up in a very questionable area of harlem, with a $48K per year income cap."

Which is precisely what got so many people into this mortgage mess in the first place.

$1300/month is unaffordable to anyone making less than $52,000/year.

"Is the West side of 119th is safer than the East side?"

It's like the difference between the South Bronx and TriBeCa.

LOL, wow thanks for painting such a vivid picture for me NYCMatt

nyc10022,

Thats almost amazing.

"Income Guidelines: 3 or fewer Occupants: up to $48,503 More than 3 Occupants: $48,504-$70,111."

C'mon, what does this have to do with actual market rate apartments?

AFTER-TAX. this apartment costs a buyer about $900 per month, making it affordable. And $135k is the asking price. Is there any chance this building loses its HFDC and income limits down the road?

oh you poor bitter renters. Getting excited over some sh*tbox in the ghetto. Don't worry, one day all of you will be able to afford your ghetto shoe boxes.

When is an apartment "snapped up" and when is one "scooped up"? I've asked many cliche-addled journalists and tanning-bed-going/Lexus-leasing brokers and there seems to be no hard science on it.

bitter? It doesn't hurt to keep your eyes open for an opportunity because you never know when one might come along. I jumped on a luxury shoebox for $179k a decade ago and I'm not sorry. I do regret passing on a small studio in a prewar condo near columbus circle for $99k because it no doubt has been a great rental for the buyer. Today, if financing for certain condos dries up, buyers capable of creative financing (family borrowing, margin debt or home equity) or those paying all cash may get real bargains.

"scoop" a story; "snap up" an apartment is what I heard when consulting cliche-addled journalists.

you can live across the street in the projects in a better apartment with an elevator for less than the maintenance. you'll get robbed one way or the other.

The_President:

Spunky, is that you?

> The_President:
>
> Spunky, is that you?

I had to ask because the phrase, "bitter renters" is one we haven't heard much around here in a long time. (Way too 2007.)

How do people who make 40K/year... living in NYC, afford a down payment? I can't imagine even "getting by" on 40K, let alone having enough disposable income to save money each month.

These income restricted places don't really count as a fair comparison, as CB123 said above.

I have no idea how anyone makes it on 40k a year in NYC, especially after taxes. Oy the thought makes me nauseous.

HDFC bldgs. are to be avoided at all costs, unless you are sure that you want to live in it permanently. This unit has been on the market for a long time despite the rock-bottom price tag, and there are many reasons for it.

In addition to the income restrictions, individual share holders can't rent it out. Natually, it is next to impossible to sell (not many are interested--or qualify). Also, try getting an HDFC apt. financed. Even if the bldg. gets approved, due to the income levels, most potential buyers just don't qualify--and those who'd quaify for mortgage usualy make too much $ per HDFC guidelines, creating an endless loop of unsuccessful sales attempts.

i'm sure this is miniscule, but it's in midtown, and it closed for slightly over $181k, with no income restrictions that i can discern. still, it seems to be 2005 pricing, but for the lower end that's not bad for right now.

http://www.streeteasy.com/nyc/closing/911023