Sale at 303 East 57th Street #34F

Not if you look that 37F sold for $795k.

Seriously you put 20% down you still have a $700k mortgage, so you are at almost $9000/mo in maintanenance and mortgage.

If you look at other listings the ones that have been on the market for almost 2 million have been there a while.

Maintenance is just to much.

http://streeteasy.com/nyc/talk/discussion/10530-the-excelsior-at-303-east-57th-street-in-sutton-place

And is only 14% deductible.

Sq footage calculation for most listings in this building is a joke.

The Excelsior or, as I will refer to it going foward, The Plutonium building is one of the most untouchable buildings on New York. It's absurd charges and crappy amenities make this land lease building the cryptonite of all investments.
You need square feet?
Get rich or get out...no short cuts.

But you can rent a chalet in it for $2500/mo.

http://streeteasy.com/nyc/rental/691019-coop-303-east-57th-street-sutton-place-new-york

Not bad for a chalet.

Even better is the fact that you need to put down 50%. So to buy that 900k apartment you need to put down 450k.

this building is a disaster.