20 Pine apartment-- good investment?

So you would rent it??
How is the lighting situation?

I would live in it for a year approximately, then rent it out. Honestly, it is not a luminous apartment at all. Good spaces though.

RUN.

Maaaaaaajor problems at that building. Filled with investors all trying to rent them out.

Is this a serious post? You used to the word "investment", and buying for cash, but failed to mention the current potential rent and the monthly charges (which are always key, and are high in his building). ve an example of all that, and the price. The building is a sterile hotel type place in terms of feel, many units see/are seen by an office building, so on a relative basis I am not sure this going to be considered a sought-after place.

Yes, this is a serious post. The monthly maintenance is around $1000 +- a couple dollars. Potential rent right now is a question mark. Yes, the building has problems, and yes, it is not very desirable in terms of location, aesthetics, etc, but that's why a 700-800 per SF doesn't sound so crazy to me. At least for a bldg with all those amenities...

You will be stuck with a dark apartment (yes i have said this before) you can't rent that you paid 700-8-- psf. 400 other unit owners are in the same situation.
Sound like a good deal????? You would be lucky to get $3000 per month. If, in fact, you could get a renter.
RRRUUUUNNNNN

You mean the amentities in the basement?
So you go from a dark apt to a swiming pool in a basement... it's a conversion that really did not convert well. it still feels like an office.
somewhere.. what types of problems are they having in the building?

There is a lot of inventory in that area. The lack of light is really an issue - it becomes depressing which means you might have trouble keeping renters. That is, if you can get one in the first place. Layoffs are still coming in the financial district and at best will be flat for quite a while. Plus, prices are still coming down so you are at risk of loss if you need to sell in the next few years. If you did get 3000 from a renter what would your return be? Factor in the increase in maintenance due to tax abatement every year, the costs of owning --insurance, upkeep etc, the cost of marketing your apt to a renter, the probability that the apt will be empty for months between renters, etc. You are probably looking at well under 2%. Plus you need to factor in the possibility of RE taxes increasing and expect at least a 10% loss in your capital if prices go down. Doesn't look like a good investment to me. There are safer ways to get 2%.

it's a weird looking apartment .. you should try to get it for cheaper.. and for $ 3000 / month people want a 1 bedroom or a miniloft which this place is not. 20 Pine carries already a stigma for all the issues they have had

and it it's apt 1111 that is a BAD layout!!
BAD BAD BAD

Most of the 20 pine apartments have bad layouts - I've seen 5-6 of 'em.

Problem is the floorplates are soooooooo big that when they cut these up (and most apartments are smaller, so there are lot of cuts), you end up getting insanely long and narrow apartments.

Most of 'em have these interiro "media rooms" because there is no window anywhere near.

Most of the ones I saw were basically 5x as long as they were wide.... and usually only 12-15 feet wide.

Like a railroad apartment, but worse (no light on the other side).

i saw a few as well and the ones i saw have an alcove when you walk in that people use as a bedroom.. so all your guest see your bedroom and you stare at your kitchen from your bed...
yes you can put up a wall but then you are truely in a cave.
and the bathroom is a huge weird layout, i love a big bathroom...but really.
1000 +sq ft seems small because the layout is so nuts.
and seriously, the darkness is NUTS

yeah, TONS of wasted space. Lots of hallway. The bathrooms are HUGE, mainly because they can't use that space otherwise except for another cave.