Why should not this sell for a $1?

Wow

It has a private roof terrace, so I think they could get $6,500 for it. Of course, it's still hard to sell a unit where the m+t is almost as much as the going rent.

Unlike a similar place with a higher price, a potential owner will probably get zero tax benefit from the m+t at this place.

What is going on with this building? Look how many apartments are for sale - very few have closed in recent history...

land lease hence high maint?? land-lease seems to be typical of BPC/fidi..not sure if in this case but i'd assume

Probably a land lease, and also seems to have a lot of amenities/services spread across only 163 units.

CC + taxes on the other units seem high, too, but not quite as absurdly high as this one. Seems like this roof terrace may have had a proportionally high share assigned to it in the initial offering.

Well, some moron whose job was saved by TARP, the Fed and other government policies will buy this place b/c it is certain that his $2M/yr job selling mortgaged back crap will exist for the next 20 yrs, so he can afford the CC taxes.

By the way, I am not kidding... that is the "working" type that buys into this market - especially this sort of apartment...

I like the fact that the listing says the building is "Pet Fiendly." My cat is a total fiend. But what put me off of this unit was that additional monthly assessment of $141.57. Otherwise, I would of bid over ask, for sure.