Good looking home

which one of the 29 active listings (complete with outrageously high mtc.) are you referring to?

aboutready is going on vacation this summer: (three countries, two villas, mediterranean beach, three major cities).

Wow 17L was sold in May for 1.3M. Pretty good job on the seller side.
https://streeteasy.com/sale/1446208

17cd is selling for 600K now and it's bigger. Tons of other apts too.
https://streeteasy.com/building/the-excelsior/17cd

What's the deal with the land lease here? Maintenance is already very high, like $4/foot high.

George, Are you looking for land lease trouble or just bored in your hideout away from NYC?

George, Are you looking for land lease trouble or just bored in your hideout away from NYC?

Notice 17cd was available for rent for $7,500 (mtc $6,840).
https://streeteasy.com/rental/3012205

Apparently it's pretty similar to another building on 57th St... 6% of the land value every year, resetting every year that ends in "8".

https://streeteasy.com/building/the-excelsior/9h

https://streeteasy.com/building/the-excelsior/6d?featured=1

https://streeteasy.com/building/the-excelsior/28b

Wow. At that price level, someone in the market for a long term rental might be well-advised to consider buying this. If you had a five-year horizon, even if you assume the $300k purchase price is a total loss, $70k /yr in annual maintenance costs (increasing $4k/yr per above comment) likely would leave you materially ahead of what you would pay to rent an 1800 sq ft apartment in a full service building over the same period, with perhaps some tax benefits and a capital loss along the way.

What do you think a comparable rental would cost per month (in this condition)?
Also, missing from the analysis are renovation costs, unless you are happy with the design choices and condition?

Looks like the land owner extracts 6% cap rate from the land. Given roughly 3% cap rates on residential properties in Manhattan, it is tough to get any good enough deal on this (as compared to other non-land lease properties)?

Never mind. I had assumed that a rental unit of this size in rental-like condition would fetch about $10k/mo. But looking at the rental listings in this building suggests that rent is not remotely achievable. It looks like the asking rent for the same unit in decent condition on a higher floor equaled its common charges. Can't really make this math work at anything like those rents (or perhaps some tax law change to restore deductibility of a material portion of the maintenance).

I was thinking 1M to renovate but maybe I'm way off base.