Brother can you spare a lemming?

seems overpriced for both rent and sale, should be 1.8 for sale and 8k rent at most

I'm new to NYC real estate, but I like w67th's acerbic bearishness.
Why is the listing funny? B/c the rent doesn't cover mortgage?
ie: It's overpriced?
(Pardon me while I get up to speed. I'm a quick read, however)

20% down and $1.8M mortgage = 6500 / mo mortgage. Plus common charge and tax = $8300.

so you can make $600/mo profit. Assuming you don't have to take insurance on it or make any improvements.

600/month on 20% (even with overoptimistic assumptions you are making) is 1.5%/yr. that's what savings acct offers

Yes, but at 10% annual appreciation, he'll be making $230,000/year on that $460k DP
that's like 50%/year! At this rate, who needs a job ??

.....w67thstreet, should I say it, or you? (flmaoz...!)

The fact said fool took a $8.9k renter pegged his own demise. That to 'me is what so fkin funny. I'll sell you my ferarri for $200k or you can rent if from 'me for $50/day! Your choice.

Wait, I'm missing something. Why did it peg his demise? We don't know what current owner paid for it. Also, he was banking on appreciation, I assume, if he's in the red each month. Why not take $8.9k while you're waiting?

Leverage in a bull = early retirement.
Leverage in a bear = walk away.
Beautiful risk/reward, my friend.
Owner might have socked away millions, while losing a few hundred k on this one.
See: Trump

Now some may have rolled their bubbble gains and are sitting on 100% equity on a $5mm townhouse in the uws, and net net they are far and away a 'winner'. I can only surmise this one unit's financial genius and the millions of foreclosed 'homes' in the world. Random financial winnings, the definition of a bubble.

Looks like it sold for $1.950M 7/2008

67th True, once you win with a formula, few change it. If they made money of 3 homes, they leverage it, and buy 20. It's textbook. ie: LET IT RIDE, BABY. ALL OF IT ON RED.