715 Park Ave #8AB - what am I missing?!

Check that place out to rent!

That's a great deal for rent if there's no fish smell.

So I have that level of rent vs. price for what I rent without any catches. Sometimes there's a catch, sometimes there isn't. The only way to find out is to go see it. The sorts of "catches" I've most typically heard of generally involve minor owner access in some way. Given that it's for sale, I can imagine the catch here being "only a 1-year lease" or "showings while you live there" (which I consider very major access). But it could be "no catch".

Good luck!

The other possible catch here is hinted at by the floorplan. Could be a "you need to change the layout" type place.

I saw the same thing. I just assumed that the number was missing a "1" since that line usually rents for 18k

What do you mean "that line usually rents for $18K"? It's a one-off combo, and it has never rented.

Condition may be decent. The current listing claims updated bathrooms, a past one claims new kitchen.

Also, I think $4.1M is a stretch. It sold for $4.025M in 2008 with a pre-Lehman contract. So should be more like $3.5M.

Look at the rental history last time it rented it rented for 18K. I apologize I should have said similar combos have recently gone in that price range. Listen if that is an accurate rent it is an amazing deal.

it only means that it was listed for that amount. no way to know if it rented or was removed without renting and if it did rent, no way to know what price.

actually it shows the rented amount

>no way to know

columbiacounty, always a defeatist

>actually it shows the rented amount

oops, columbiacounty wrong again

where do you see the amount it rented for?

Mary, the apt was listed in Sept 2006 for 2 years starting at $4.5M and going up/down between $5M and $4.25M for 2 years, when it sold for $4.025M:

http://streeteasy.com/nyc/sale/45849-condo-715-park-avenue-lenox-hill-new-york

During the last several months of the sale listing, they tried to rent for $18K, then $16K, then $18K again. It came off the market when the sale went into contract:

http://streeteasy.com/nyc/rental/354690-condo-715-park-avenue-lenox-hill-new-york

Given that no one took it for $18K, nor $16K, during prime summer months pre-Lehman, it probably does not usually rent for $18K. At the end of the day, it's a $3.5M apt. I would say that such a place, assuming no catch, typically rents closer to $12K. So a good price, but not by a factor of 2.

Looks like good value.. great address and space..

sonnynyc you are now officially on columbiacounty's stalk list. Or as inododo calls it, the "shit list".

inonada, look at other similar size rentals in the building. I agree $18K is a stretch, but would think $15-16K, rather than $12K. Also, I have a search for rentals at/under $12.5K, and even at $12K, this would still be far better than anything I've seen.

I also initially thought the $9500 was a typo, except the sale listing says "also for rent for $9500", so it looks like they mean the price.

I absolutely would go see it, the problem is that the listing says no showings until 11/28. Listing also says "come create your own space" which doesn't make a lot of sense for a rental. If the idea is that it's $9500 but renter pays for renovations, that might be interesting for a sufficiently long lease.

I've seen much, much better for $15K. The outliers there are $6M apts. This is a trash-bin listing at $16K IMO: see what happened in 2008 pre-Lehman. Brokers will list it, but will anyone take it?

When is your lease up? You can always contact the broker sooner to get the story on the place. If you're not interested, report back and tell us the deal.

I am baffled by the listing price and other sales prices in this building. In a post-war apartment (low ceiling, lack of any interesting architechtural details) needing renovation in a premium location, why would any one pay more than 1200-1300 per sq ft. Max $3mm for 2350 sq foot. The place is for rent for $4 per sq ft per month but I suspect layout does not work for most people and condition of the apartment is not great in addition to max 1 year lease, which can be extented. For a nice full-renovated apt in this location without any catch, I can see rent at $6 per sq feet as there are very slim pickings for rentals. That would still put this at $12K. I can not believe that I just came with the same rental number at Nada.

>I can not believe that I just came with the same rental number at Dodo.

You are twins

hburg, I am generally much higher than Nada on rental price estimates.

Inonada, if you're seen much, much better for $15K, have you seen anything comparable for $12K or less? I have not, but if you have, I would be seriously interested...

Mercer, I think you don't "get" Park Ave. This apt sold for $4M in 2008. Not my preferred venue for $1700 a sq ft (or maybe $1500 a sq ft nowadays), but that's what it is.

Newbuyer, depends on what you mean by "comparable". If you mean $3.5M apts at a price-to-rent of 25 (i.e., $12K), I think the best of the bunch will be listed at that level with lots more $1-2K (negotiating distance) behind. If you mean Park Ave apts, not a market I've ever followed. I get paying $2000 a sq ft for a view of Central Park. I get paying a premium for Park Ave over Lexington. I don't get that premium costing $2000 a sq ft.

I guess I am looking at it from a buyer's/renter's perspective. $3.5MM is well outside my range as a buyer, so that price is irrelevant to me, as is the price/rent ratio.

So what I mean is an apartment in a doorman building, approximately this size, in a location roughly comparable to this one on the UES or UWS (doesn't have to be Park Ave, Third or Broadway or Amsterdam would work just fine, but in a good school zone) with outdoor space, for $12K or less. I have not see one. You said "I've seen much, much better for $15K", so I was just curious if you've seen comparable for $12K.

Newbuyer: It's renting - what catch can there be, other than price?