Wow, W81 is famous

nice!

Great for him. That's an authentic real estate junkie! I was glad to see his thread today.

Well done, W81!!

Sounds like good p.r. Who contacted who?

Love it!

and dressed so snappy....
Now everyone knows who you are at the OH.
Gail Green would hide her identity.
Too late for you.

Congrats W81!
But, I wasn't prepared for this shocker: "His aunt...bought her classic-nine on Riverside Drive for $26,000." omg

Erratum, isn't it a 10:)?

If it's an F, then nine, unless you count the gallery as a room, which you very well could.

It's his mother's, not his aunt's.

(There I go, not giving him a chance to speak for himself....)

"He has toned down the criticism somewhat since becoming an agent, and he says he does not review properties that his clients might pursue."

..................

Huzzah!

Great to see your face! Very dapper. I waited for you to post your open house reports on Monday like child waiting for Santa Clause!

Congratulations!

>"He has toned down the criticism somewhat since becoming an agent, and he says he does not review properties that his clients might pursue."

Your point being that journalism and being a broker don't mix?

check out where columbiacounty calls inonada an idiot:
http://streeteasy.com/nyc/talk/discussion/30081-what-cost-more-feeding-the-car-or-the-family

Super-cool, W81st. You emerged unscatehd from a Times profile. You must be doing something right.

>Super-cool, W81st. You emerged unscatehd from a Times profile. You must be doing something right.

But first, w67 should tell us that his wife is a doctor.

Funny! You're one of the few i respect the expertise and you never appeared to be a broker...That's probably why! Don't let the douchebag syndrome get you! Most other brokers are already contaminated by it!

It's a very nice piece, and Liz Harris was great. I had hoped the article would focus less on me and more on Keith's business model, but that would be a story for the Real Estate section, not Metro. So all the information about commission rebates, unbundled services and zero overhead wound up on the cutting room floor. Can't complain. Liz was more than generous.

Very cool and fun. ditto Graffiti's comment above.

yes great piece.. agree about KB business model. I still find it refreshing that you have not compromised much if anything when you write your open house reports after going to the dark side ;)

Woohoo! Love it

Congrats and keep up the good work.
Let's also thank Streeteasy who helps makes all this possible.

Oh and Sledgy,
> Don't let the douchebag syndrome get Most other brokers are already contaminated by it!

If you read the article, you'd know W81 is NOT a broker! :)

That's what i meant trusk10! I guess i should have written "most broker", not " most other broker".

Congrats W81 and keep up the good work. Glad to hear you stay at your apt and now you own it!!!! It was great reading about you on NYTIMES you are an asset to me as an agent. What to meet for coffee? Leila Yusuf Stribling & Associates

“Oh, I’ve always wanted to meet him!” Sofia Song, vice president for research at StreetEasy, said of Mr. Waxenberg. “West81st is a well-known persona on our site.”

So why didn't she invite him to the swanky holiday party?

Congrats, W81!

Tina Fallon
Realty Collective

> Last summer, the Waxenbergs finally bought their stabilized apartment, for the toe-curling figure of $1.32 million, but he continues to post on StreetEasy

WTF!? how is paying $1.32M for a rent-stab he's already living in smart!? well, his mom did much better it seems, but no idea what part of Riverside she bought into.

congrats w81.

I do sorta get why you want or are hoping that the bottom was in on 2009. Fk, if my mom had a C9 on the UWS that she bought for $28K, believe me I'd be on the RE Bulls side on SE. NO doubt.

@notadmin... if you look at w81's point of view. The $1.32MM is NOT REALLY $1.32MM... he's thinking it more of a "combined" family NYC RE purchase. IF you take the $1.32MM and the $28K and add up the rooms and the sq footage.. it probably comes out to $100psf... for the entire extended family.

It makes perfect sense to me why he'd buy at $1.32MM and it makes perfect sense why he loves the UWS and the largish PW coops.

FULL DISCLOSURE.. .I RENT. But I DO OWN A COOP that I keep my parents in.

"I do sorta get why you want or are hoping that the bottom was in on 2009."

Where'd you read that one?

you cannot escape your destiny....

and great to see your face :)

best!

West81st Good on you!

Loved reading the article. Also I second that Woohoo!

notadmin: Our net monthly cost of ownership is slightly lower than our stabilized rent would have been on the 2011 lease renewal. There's a widespread misconception that all stabilized rents are dirt cheap. That's often true, but not always. Even if you throw in the opportunity cost on our downpayment (assuming a low-risk investment alternative), the monthly numbers are basically a wash. We also wanted to shed the political risk of extreme action (or inaction) in Albany. Plus, it's nice to be able to maximize our income instead of managing it against a cap.

WTF? "maximize income instead of managing it against a cap?"

You gave up going to Harvard med and becoming a surgeon bc you were afraid of losing your rent control? You married an under-achiever to keep the rent control... YOU stopped your kids from working retail to stay in a rent control apartment?

I FKING TRIED NOT TO TYPE THIS but mother of GOD WTF?

You and your family ARE ALL THAT IS WRONG WITH THIS BUBBLE... your MOM buying at $28K and getting the greatest RE BUBBLE known to MAN was not ENOUGH? You are 49... just pray tell.. .WHEN did you DECIDE to make REAL MONEY?

JUST FKIING SHOOT ME NOW!

>>I FKING TRIED NOT TO TYPE THIS but mother of GOD WTF?<<

What, W67th, you have tourettes now too?

67 has to prove that he started life with nothing but 81 had a big apartment, so 67 is better. Except no one is interested in 67s story and 81 gets a feature article in the Times to show his mom. 67s mom had been sent off far away to a nursing home so 67s doesn't have to bother and gets revenge on her and his father too.

what is it that you are trying to prove?

Certainly I don't have to come on streeteasy to tell everyone about my expensive car.

what is your point?

Columbia can you get 67 a feature article in the Columbia County Times, something he can show off?

why have you made this your life's work? how many different identities have you used? why? why do you endlessly say the same thing over and over and over again?

Its a shame, I thought you had clout up in Columbia County and could help your buddy 67 out, but all you can do is spout off a near endless series of questions like a 7 year old.

Did you see your shadow today, is that why you are so upset?

however this ends, i blame the Times.

New York Times or Columbia County Times?

It's the Times to blame.
They print a photo of some beef cake and the boards go wild.
Lucky for us, he had his shirt on.

congrats w81, w 67th is jealous...lol@huntersberg....but I fear this may lead more SE posters into thinking that they too are straddling the line btwn "Professional and Hobbyist" . All we need is more SE posters thinking the actually know something about the market or sales...

Let me sandbag my earnings until I am 49 to really start earning my keep. I tried it on. The pants don't fit bksfonest. Flmoazzz.

It's not like you get two lives. It's not like Steve jobs was famous bc when given a chance to start a computer company, he said 'fk it, it's gonna mess up my unemployment benefits. Pass the bong!'

Jealous, nah. Just 'understanding w81 a lot better.' I could go off but I won't.

Interseting that 67 keeps his parents in a co-op. Since he's not a NYC buyer, one has to wonder what area of Siberia he's sent them in anger for having to have made beaded jewelry when he was a child.

More significantly than his parental relationships, is how 67's reality contrasts with his streeteasy image:
- Claimed to be entirely in cash, no stocks, but has revealed recently he owns stocks
- Claims to be prudent, but is pumping penny stocks he owns
- Claims to be a renter, but, while he rents, he also owns a co-op
- Cites a real estate bubble, but owns commercial real estate
- Cites his honesty in real estate dealings, but moved out of a prior rental apartment without paying last month's rent
-Previously a residential landlord and was involved in litigation with his tenants
- Supports columbiacounty, but when it comes to sharing financial information, will only share with inododo and falcogold
- Said his wife was "touched by thousands"
- Supposedly pro-family, but keeps his parents at a significant distance
- Plans on giving his son a diaper with a snicker's bar in it for a future birthday

oh sorry, does some of that make no sense?

67 - i'm pretty sure it was LSD. no bong involved.

"WTF? "maximize income instead of managing it against a cap?""

I actually agree with 67th here - W81st, I assume that was a bit tongue-in-cheek?

Right, great analogy, w67thstreet smoked pot in school and bought some real estate = Steve Jobs who took LSD, "borrowed" the mouse, and invented the iphone.

but bjw, hope you realize that your support of w67 comes with the baggage of you actually stating on streeteasy that people can take a tax deduction on their mortgage principal paydown.

Nicest guy in SE.

uh oh, mimi supports 81, what does this mean for 67?

Huntersburg,
I got to say it. I see a real mellowing here. There was a time were such a thread might stimulate all kinds of 'crazy ape' stuff banging off your keyboard.
I must admit, I like what I see.

Now back to W81's bask in the sun, victory lap, tip off the hat, birthday cake flavored day!
Feels good to be the King.

Oh piss boy!

me ape.. you jane.... tarzan, three way?

tongue in cheek, welfare check in pocket i say ; )

bjw2013: My wife left the workforce in 2002, when we were expecting our second child. Without getting into medical details, let's just say the decision was a clear one under the circumstances. I don't think we had ever even heard of high-income decontrol; it certainly wasn't a factor in the choices we made at the time. Giving up the second paycheck wasn't exactly painless, but we've never regretted it. And, by pure, dumb luck, that decision also enabled us to keep our lease a few years later, when the landlord started pursuing decontrol in preparation for the sale of the building and the eventual condo conversion.

Fast forward to 2011. Our middle daughter is a healthy eight-year-old, and our youngest is in kindergarten - the first year with a full school day. You can connect the dots from there. Maybe our accountant could have found a way to keep our AGI under the cap in alternate years. (Call it "gaming the system" or "responding rationally to perverse incentives", depending on whether you want to blame the tenants or the Legislature.) Instead, we had the option of buying, with little or no change to our monthly nut. So we did.

We were lucky, plain and simple. My parents' purchase was a different story. If you know the history of the Upper West Side, and of coops in general, you know that there are good reasons why their apartment cost what it did 40+ years ago. Their attorney was distinctly lukewarm on the deal. They were lucky in the sense that they were in the right place at the right time to make a risky investment that turned out well. You can say the same thing about people who invested early in Apple or Walmart. Lucky? Smart? The two aren't mutually exclusive.

40 yrs ago, rsd was death wish (1!) territory. Add to lucky and smart....guts.

columbiacounty
about 1 hour ago
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>40 yrs ago, rsd was death wish (1!) territory. Add to lucky and smart....guts.

Unfortunately, just 1 day after calling inonada an idiot for his statement on car leases, your position on having guts to live on Riverside Drive is inconsistent with w67thstreet's position on w81st's family.

Zero for Two columbiacounty.

i now blame semantics. who needs atomic bombs when we have language.

keepin' it light folks, keepin' it light....

West81st, thanks for the backstory - obviously, that makes a lot more sense, and very glad it all worked out for you guys.

> notadmin: Our net monthly cost of ownership is slightly lower than our stabilized rent would have been on the 2011 lease renewal. There's a widespread misconception that all stabilized rents are dirt cheap. That's often true, but not always. Even if you throw in the opportunity cost on our downpayment (assuming a low-risk investment alternative), the monthly numbers are basically a wash. We also wanted to shed the political risk of extreme action (or inaction) in Albany. Plus, it's nice to be able to maximize our income instead of managing it against a cap.

I see! thanks for explaining it. i always equate "rent stab" with awesome deal, no doubt it's not the reality for some units. guess that in general, the older the original lease is, the better the deal?

the cap is an issue, no doubt. what about property taxes? how do you see those going forward? in a way, weren't you protected from those by having a rent stab?

> You and your family ARE ALL THAT IS WRONG WITH THIS BUBBLE... your MOM buying at $28K and getting the greatest RE BUBBLE known to MAN was not ENOUGH? You are 49... just pray tell.. .WHEN did you DECIDE to make REAL MONEY?

hey, this is a bipolar type of attack. well, not an expert on bipolar, but how can you flip so quickly? there's a cap on income level, cannot be above $250k for two years in a row. and if you are close to that, it can be a pain. that's all.

back then when his mom bought in Riverside for $28k, entire townhouses could be had for that amount in Harlem. we might return to that if NYC / NY state goes bust (say, thanks to public pensions). but it's gonna take a while if it happens.

>>My parents' purchase was a different story. If you know the history of the Upper West Side, and of coops in general, you know that there are good reasons why their apartment cost what it did 40+ years ago. Their attorney was distinctly lukewarm on the deal. <<

Yep, my in-laws had a similar situation. Classic 8 on the Drive with full river views purchased for a song back in the early 70s. It was *gasp* north of 86th street and their friends at the time thought they were nuts. Fast forward to today--you cannot get one of those apartments for less than $4m, if one ever even comes onto the market.

> very glad it all worked out for you guys.

second that! even remember that many years ago i thought you were female... asked you who you were and you came up with "No one of consequence, get used to disappointment!". very funny!

getting off track but this could be (maybe) an interesting thread; "I know someone who bought a ___________ in _____________ for ___________." I like looking through the old classifieds of news papers at such things.

My in-laws bought a Brownstone on West 22nd Street (9/10) in 1963 for I think $25-$30K, I may have said more at one point, like $35K.

Keith Burkhardt
TBG

W81,
So, you we’re facing high-income decontrol & the bld was being converted to condo. You definitely made the right move. As an insider, you knew the bld, had lived in the apt & probly bought at a discount. Plus, the floor plan & location are great. Good move dude!

were, not we're

hilarious... the only RE pumpers are bramster and w81, both of whom apparently bought their $4MM C8 for $28K.... actually it wasn't even them.. it was their parents.

So w81 partakes of the rent control laws, ever so mindful of the $250K income ceiling... and I'm supposed to feel sorry for him bc "life" happened to him and he "HAD" to stay in manhattan?

Give me a break, my wife is treating a 45yo guy who's anal spinchter can't hold his shit back bc he was raped repeatedly while in HS and now has cancer (guess what kind of cancer he's got => cosmic Fked up karma)....

What's even funnier is that the VERY SAME RE BUBBLE that gave his mother the $4MM coop is the same forces putting the yoke of a $1.1MM mortgage on his young family.. and almost forced him out the manhattan EXCEPT for his rent controlled apartment, which BTW probably increased the very rents which fed into this massive BUBBLE....

-shrug- for me, I like to imagine RENT CONTROL helping out a 80yo war vet with limited mobility and $2K/month pension... not some $249,999/yr income sandbagging RE borker... BUT I'M THE fking azzhole... for pointing out WE ARE STILL IN BUBBLE TERRITORY.

FKING shoot me NOW.

How about the bubble deflates and your mama gets to keep $2mm and you get to buy your condo/coop for $850K or $500 psf.. .deal?

CHEAPER housing MORE IN LINE WITH INCOMES and MERITOCRACY than " I CAN LIE BIGGER ON MY MORTGAGE APP" m'okay.

Notadmin: In general, you're right that rent-stabilized tenants of longer standing have better deals. Rent-controlled tenants tend to have the best bargains of all. There's some noise in the numbers, but that hierarchy holds up pretty well.

With regard to RE taxes, I think taxes are a major component of the formula the Rent Guidelines Board uses to set periodic increases for stabilized lease renewals. There may be some indirect protection, but when taxes go up, stabilized rents do reflect it..

Westie, anyone, when a rental building converts, and there are no stabilized or controlled tenants, what is the scenario for current renters? Is there still a desirable insider price? How would someone normally find out that their building is converting? If it seems like empty apartments are being hoarded, not shown., is that a sign?

OK, settle down.
We all know the advantage of being a townie. The upper west still has the highest % of townies that I know of. They are just part of the fabric that makes this city the great equalizer that it is. For just staying put and working the system, making brave decisions there are those who have profited when it comes to re. Then, there are those who have not. Suck it up.

falco.. I got no beef... but please, w81 is sitting around like this cerebral observer of the BUBBLE. He is in fact a HUGE HUGE BENEFICIARY.

He called bottom in 2009. I never wavered. He has made his bet by buying.. I guess that's ok even with the fact he saved tons of money as a rent stabilized tenant for at least ten years... his mom made millions off the bubble... well not quite... she hasn't sold yet....

Alright let the games begin anew.... has the BUBBLE popped and have we bottomed?

And my personal experience with a Rent stabilized family in the UWS. They owned like 4 homes in israel, did all their business in cash so as to stay in their apartment (now mind you it was the late 80's- 90's)... and this is the kicker... the dude's family sued the LL ALL THE FKING TIME for stoopid shit.

The rule are the rules, but seriously... begging your boss to take $5K off the bonus to stay in their rent control apt.... come on! And here be my wife and I, paying every last nickle... and I really don't complain (part of being American, a great fking country)... MILK the system... pump the bubble.. and then say the bubble is done deflating.... NAH, I'll stick by my guns... $500psf... sweet justice...

W67, buddy - there is no justice in America. What about the poor Native American tribes who sold Manhattan for a string of beads?

The archives of the Netherlands and the United States contain no receipts or deeds of transfer that might serve as proof of purchase. In the National Archives in The Hague, however, there is a letter that refers to the purchase of the island. The letter was written by the merchant Pieter Schagen and is dated 5 November 1626. He addressed the letter to the directors of the West India Company, which had been granted ownership of the entire area of New Netherland by the States General. Schagen wrote about how the Dutch men and women living on the island had been faring up until then. He also reports: have bought the island of Manhattes from the savages for a value of 60 guilders.

"With regard to RE taxes, I think taxes are a major component of the formula the Rent Guidelines Board uses to set periodic increases for stabilized lease renewals."

I disagree. IMO, RGB does not take rising RETx into account. IMO, RGB really takes fuel price into account. But, the RGB is very political, so increases rarely take into account actual increases in cost of running a bldg.

Regarding Rent Control, according to DHCR this year, price of gas fuel decreased in 2011, so DHCR is decreasing rent control rents in 2012. But, DHCR does not take into account that the weather was cold in the beginning of 2011, so boilers had to run longer & harder. So, even tho cost of gas fuel may have been lower, more fuel was used due to cold weather.

I don't think there's very much fairness (to L or T) about how either RGB calculates RS increases nor how DHCR calculates fuel increases for RC tenants. Sometimes RGB will issue a 2% increase & some fixed income &/or poor Ts can't even afford that. Some RS & RC Ts can barely afford what they currently pay, let alone any increase. On the other hand, RS & RC increases usually do not allow an Owner to cover the costs of running a bld. RS & RC are both F'up systems, but the issue of affordable housing is complex.

nyc23.... comez on, do we take lands from indigenous ppl anymore? NO bc we evolve. Do we make 8 yos work in factories anymore, NO we evolve. Do I teach my kids to step in to help a kid getting beat up bc 5 on 1 is wrong... I was raised to jump in. Don't be a bystander to the injustices of the world.

So a bubble steals from the hardworking and I shouldn't bitch? Should I rejoice in my $3K SS checks when my kids' tax burden is too great?

Should I take my ding letters from Harvard and Princeton and say, that REVERSE quota is correcting the prior injustices and I should rejoice... should I gird my kids to accept more rejections and to achieve higher than the normal population? WTF?

BELIEVE ME I'M NO FKING ANGEL... I've done and been bad... but now that I have children and I understand the world a little better... I just wanna give them a fair shake... no advantages... just a fair shot.

> What's even funnier is that the VERY SAME RE BUBBLE that gave his mother the $4MM coop is the same forces putting the yoke of a $1.1MM mortgage on his young family.. and almost forced him out the manhattan EXCEPT for his rent controlled apartment, which BTW probably increased the very rents which fed into this massive BUBBLE....

yep. it's the government picking winners and losers: individually the old lady is a winner, w81st a loser. that's how it is, till the bubbles completely deflates, which will happen. the gov can just delay it. within a family though, a way to "smooth" who's the winner and who's the loser is for the older people to move to a smaller placer and the young family to the bigger. at least, that way, the exposure to the bubble is minimized. but hey, that works when the old people only have 1 kiddo. with several kids, how do they protect the others?

in a fabricated RE bubble like this, elderly w/out kiddos or with only one are the winners. those with many kids lose, as family exposure to bubble-size debts go up.

gaongaon, here's an overview: http://www.nytimes.com/2005/12/25/realestate/25home.html

There's also http://www.ag.ny.gov/bureaus/real_estate_finance/pdfs/Coop.Condo%20Handbook.pdf

"yep. it's the government picking winners and losers: "

Oh yeah. Like the RC T paying $630 for a 1 BR in GV, but the rent decreases this year cuz DHCR found that the cost of ConEd gas decreased in 2011. NYC's rent regulatory system makes no sense.

W67: same old, same old. If there weren't the same quotas at HYPS, would you still want to go there?

There's no fair shot, no level playing field - your kids and my kids already have so much more than most, why isn't it okay to handicap them a little? If you believe all the press, 8yos are probably working for you indirectly making your iPhone.

Sometimes others are dealt a better hand. Play the hand you are dealt.

"yep. it's the government picking winners and losers: "

Oh yeah. Like the RC T paying $630 for a 1 BR in GV, but the rent decreases this year cuz DHCR found that the cost of ConEd gas decreased in 2011. NYC's rent regulatory system makes no sense.

------------

the gov of a country that prides itself from being capitalistic and meritocratic shouldn't be in the business of choosing winners and losers, but that's what's all about. the only thing one can do imho is to make sure you are positioned well (anticipate who the loser is, and don't behave as such). what else?

dwell, i'm totally with you about property taxes and rent regulated apartments, they are not a main part of the increases and many of the apartments that have regulations have good property tax deals. so property tax increases going forward will be much higher than rent increases. somebody has to pay for the unfunded public pensions (so owners are the losers imho).

w67thstreet
>What's even funnier is that the VERY SAME RE BUBBLE that gave his mother the $4MM coop is the same forces putting the yoke of a $1.1MM mortgage on his young family.. and almost forced him out the manhattan EXCEPT for his rent controlled apartment, which BTW probably increased the very rents which fed into this massive BUBBLE....

uh oh, columbiacounty, your friend doesn't agree with you on the benefits of rent control.

w67thstreet
>And my personal experience with a Rent stabilized family in the UWS. They owned like 4 homes in israel, did all their business in cash so as to stay in their apartment (now mind you it was the late 80's- 90's)... and this is the kicker... the dude's family sued the LL ALL THE FKING TIME for stoopid shit.

I knew we'd finally get more detail on the litigation between you and your residential tenants.

w67thstreet
>BELIEVE ME I'M NO FKING ANGEL...

oh?

"property tax increases going forward will be much higher than rent increases. somebody has to pay for the unfunded public pensions"

For sure. Anyone who owns RE (a bld, a coop or condo) in this city will see a big jump in RE tax, unless we protest &/or elect officials who practice fiscal responsibility. For one thing, wish we could nix that program (Assurance wireless) that gives cell phones to people who receive food stamps. http://www.assurancewireless.com/Public/Welcome.aspx

My blood boils when I see those Assurance wireless ads on TV. I'm paying astronomical taxes (city, state & local) so somebody can get a free cell phone?????? WTF!!!!!!!!!!!!

Or, how about NYC teachers sitting in the "rubber room" still collecting salary at taxpayer expense????
http://www.huffingtonpost.com/2009/06/22/new-york-teachers-paid-to_n_219336.html

As far as Ls losing, the only hope is to de-control apts becuz RS & RC increases will make them go broke.

(city, state & local) shold be (city, state & fed)

>My blood boils when I see those Assurance wireless ads on TV. I'm paying astronomical taxes (city, state & local) so somebody can get a free cell phone?????? WTF!!!!!!!!!!!!

Horrible. Horrible.

How about young girls in Afghanistan and Pakistan who are victims of Baad - they get taken from their families to "pay a debt" and end up as slaves and rape victims in another family?

come on, huntersburg, I am not equating the two.

dwell: Rent Guidelines Board deliberations are more in your wheelhouse than mine. My understanding was that taxes are one of the landlords' biggest expenses, and that all the big expense items are in the RGB formula. Maybe I was wrong, and taxes are treated differently, or maybe they've just exerted less influence on the results than energy costs because taxes have been much less volatile than oil prices.

I definitely agree with your larger point: the whole process is so politicized that the "formula" is less a formula than a rough framework for deal-making.

great article!

no biggie, W81! yeah, my wheelhouse. Sorry for the rant, but it's a frustrating, out dated system that makes little sense.

hey congratulations w81st! well deserved to say the least.
how's everyone doing? miss you guys.
i still think someone should do "SE BOARD - THE MOVIE"

Ok sorry dwell. How about Annie George who kept a slave from her home country in her home in upstate New York for 6 years probably thinking it was ok

http://www.newsday.com/news/nation/upstate-woman-accused-of-keeping-illegal-house-servant-1.3572296

great piece!

ali r.

Super positive write-up westie, and so very deserved. We, the SE audience, applaud you.