In contract - with CC of $7,500 monthly!

At least they're not throwing their money away on rent.

ahhahahaahhaahhahahahah!!!!

LMAO! and now add the increase in property taxes. what was for a condop? saw the 9% and 7% for condos and coops, is it 8% for a condop? lol

What would it cost to rent that type of place? It was listed as low as 599K in 2009.

And let's not forget the best part of this building: land lease!

no idea. the ability to rent it for $7,5k (and up each year) isn't worth $1 million. but 50% of that CC is tax deductible. so somebody who's getting grilled by Sam+Albany would see it differently.

btw, the terrace of the unit is tiny tiny. the one in the picture should be the building's common terrace.

But if you are in the AMT (as I would assume that the buyer of this would be) the RE tax portion of your CC would not be deductible so the 50% is a little deceiving, correct?

> It was listed as low as 599K in 2009.

The $599 was for only part of the apartment... click the listing. They were trying to split in two. This seems like a combination apartment.

> btw, the terrace of the unit is tiny tiny.

There is a second bigger one upstairs, 12 x 11.

The apartment was available for rent for over a year with no takers. Last ask of $7300 had no takers between Jan 2010 through Aug 2010. I'd probably put it at maybe $6000. The after-tax monthlies seem to also be around $6000. So a $1M premium, or around $4000 a month extra drained to interest & cost-of-capital. Seems about the going rate in rent vs. buy.

http://streeteasy.com/nyc/rental/509477-condop-343-east-74th-street-upper-east-side-new-york

"But if you are in the AMT (as I would assume that the buyer of this would be) the RE tax portion of your CC would not be deductible so the 50% is a little deceiving, correct"

Not necessarily. Depending on your income and other deductions your regular taxes will eventually exceed the AMT and taxes will become deductible again. A single person with the income to carry this comfortably would likely be in that camp.

> There is a second bigger one upstairs, 12 x 11.

yep, that's like a small bedroom. the pic they are showing seems much bigger than that to me.

Interesting. Can anyone please explain to a novice like myself why the monthly maintenance is so high? Thanks.