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Sale at 2150 Broadway #7D

Started by NWT
almost 15 years ago
Posts: 6643
Member since: Sep 2008
Discussion about 2150 Broadway #7D
This is the Laureate's first resale listing. Bought for $5,463,929 by the David's Cookies guy on a November 2010 contract. That included a separate storage room down the hall, which this listing doesn't mention. If an intentional flip rather than a change of mind, doesn't seem worth the trouble, what with paying NYC/NYS taxes and all the other incidentals twice. Also, if sold within a year, half of any profit goes to the developer.
Response by Bill7284
almost 15 years ago
Posts: 631
Member since: Feb 2009

"if sold within a year, half of any profit goes to the developer."

IMO, it could be something life changing for the seller to want out on those terms. It kind of reminds me of that old thread about the Harrison a couple of years back.

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Response by NWT
almost 15 years ago
Posts: 6643
Member since: Sep 2008

I'd googled them when the closing was recorded a few weeks ago, and no sad stories. Looks as if it was just an investment, but no telling. The other member of the LLC is a finance guy with a finger in all kinds of stuff. They took out a $2,683,000 five-year interest-only mortgage at 2.75% for the first year.

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Response by Bill7284
almost 15 years ago
Posts: 631
Member since: Feb 2009

Glad that it appears to be an investor and not something horrific. Now, given the details such as half profit to the developer, how much do you think they stand to make on this deal? Tax break? Perhaps they thought they could get more when then entered into this last year?

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