Need to Buy Studio

Do you need to do the exchange with the same party, because no one would give up a studio they could rent for a co-op restricted use studio. If you have the flexibility of dealing with different parties, consider this one:

http://streeteasy.com/nyc/sale/517743-coop-408-west-57th-street-clinton-new-york

It's asking $320k and allows subletting after 2 years, which is pretty liberal for a co-op.

If you want to be able to rent right away, you will need to get a condo, and you will not find one in prime Manhattan for that price. Upper Manhattan or Brooklyn are your only bets. I would try Downtown Brooklyn, since those brand new buildings are quite nice, the transportation is there; there is real upside investment potential.

http://streeteasy.com/nyc/sale/391846-condo-150-myrtle-ave-downtown-brooklyn-brooklyn

Toren Studio condo asking $299k, with total ownership flexibility.

I would not advise swapping a co-op for a co-op, because the possibility of delays in the closing process could screw you out of 1031 compliance.

ali r.
DG Neary Realty

PMG, Thanks.
Ali, under 1031 one is not really "swapping" apartments even if name of transaction suggests same.
Say hello to Gil for me.

Flatiron, to clarify what I meant re: 1031 (for others who are reading) was that if you're doing a typical 1031 where you're identifying three target properties, you have to close on one of them within 180 days. Let's say your favorite is a co-op and you have financing problems, maybe the lender wants the board to post extra Fidelity Bond Insurance, suddenly that six months runs out really quickly ...

and I will say hi to Gil on Monday, because of course he's at the beach while I'm trotting around with clients. (*grin*)

ali r.
DG Neary Realty

FlatironJ: I've got a listing that fits your criteria fairly well.

http://streeteasy.com/nyc/sale/514358-coop-349-west-broadway-soho-new-york

Zero sublet restriction. You can rent indefinitely from the day you close, which is rare for a co-op. Easy board package and approval process, good rent roll, and very desirable location. Not the biggest/nicest apt in the city, but will work for what you're trying to do. Good luck on your search!

cheers,
Eric