Sale at 284 Fifth Avenue #7E

And tenant-occupied. Maybe over 62, with a younger spouse, on fixed income and paying less than the maintenance?. You're buying an unknown liability. Some listings say bring your architect, this one should say bring your actuary.

There is a rent stabilized version 4 floors up, same line, for about $100K more.

>Maybe over 62, with a younger spouse,

If rent controlled, the tenant is likely over 62: to qualify for rent control, a tenant must have been living continuously in an apartment since July 1, 1971

Oh so that's how it works? You buy the place, hoping the current tenant is about to meet his maker. :-)

What's up with comment about younger spouse? Dude prob doesn't have money if he's living in a place like that.

Younger spouse "inherits" the apartment. In fact any "family member" living in apartment for, I believe, two years prior to primary occupant's death has the right to remain with rent stabilized status.

2,787 open houses FLMAOz

It could be a child who lived with his/her parents until they passed away, "inheriting" the apartment. If this person is married or has a child or companion living with them, they might "inherit" the place in time. Depending on the circumstances, it could be an OK deal for a long-term investor, if you're buying for your kids, or it could be the sort of deal you'd pay money to get out of.

It's also only a good deal if the rent is covering your monthly maintenance payments. Otherwise you're losing money every month for years.

here is your comp...83k for another rc in building...just need to see medical records for true comparison, maybe send them a carton of cigs every week to help them along

http://streeteasy.com/nyc/sale/561892-coop-284-fifth-avenue-midtown-south-new-york