income restircted property

gem...income restricted hmm....what are the restrictions?

Is water wet?

gemdjian, I think not necessarily.

I'm showing an income-restricted co-op these days, I've shown it to multitudes. The owner wants too much money for it, which is the only reason it's still on the market. The income restriction on the co-op is so high relative to the prices paid for apartments there--and I dare say the overall quality of the building, amenities and so forth-- that the building's sub-leasing limitations loom as a far bigger barrier to sale than its income restriction.

Put another way, if the income restriction is high enough, it tends to become irrelevant if it's not a good building for investors for other reasons. People who earn a million a year aren't looking to live in a studio on FDR Drive anyway.

The absolute biggest drag on selling I'm seeing right now for co-ops is the common prohibition or barriers associated with subleasing. Even people who are purchasing a primary residence are skittish about their long-term futures and prefer the flexibility to sublease if doing so should become necessary.

{Manhattan real estate agent.}