Neighborghood- West Village?

Tony, congratulations on your purchase as well as your successful first lease.

How much did you pay for the place?
What are your monthly maintenance costs and taxes?

We paid $575k and the monthly maintenance/fees are 1K

havent dont the math vs your outlay but 3500 for a 600 sf west vil 1BR taint bad at all.

meaning, you are certainly not getting ripped off. unless of course this is some kinda crazy luxury pad with a car garage or what have you.

Looks great. vs other areas of the city I am familiar with, the price is lower, the maintenance fees lower and the rent higher.

If its the building I think it is there is no doorman or garage. Its a perfectly nice elevator building that if it located anywhere else would not be getting anywhere near that price for a 1 bedroom. I'm a little surprised the coop board let you rent it out immediately after purchase unless it is a different building or they have changed/loosened the rules. But $3500 rent sounds about right, crazy but right. Recognize that (if it is the building I am thinking of) there are still rent controlled (pre 1971) and stabilized tenants there who are paying less than a third of that but their units have not been renovated ever and there are fewer and fewer of them each year.

Not to be rude or overly practical, but shouldn't you have asked these questions before you did the deal?

"I'm a little surprised the coop board let you rent it out immediately after purchase unless it is a different building or they have changed/loosened the rules."

If it's 295 West 11th Street, sponsor units have been selling in that building. Those often can be rented immediately.

I think it's 281 West 11th.

If it is 281 its a walk up building. Depending on the floor $3500 may be a challenge and even on a lower floor, people who are willing to may that rent for a lbr may not want to schlep groceries and have delivery hassles. A more realistic rent may be $3200 or so. I know a 1br apartment at 295 W 11 went for less than that and its an elevator building. (Don't know the condition of the apartment but I assume it was not in original or estate condition)

The OP said they already got $3500 for it. That's the median for a West Village one-bedroom, so makes sense. Second-floor walk-up.

buster2056, right, it's 281. Everything matches.

Sorry NWT I misread and didn't realize it was already rented. $3500 for a walk up 1 br...okay I guess I underestimated yet again the power of the West Village address. Personally, I am glad to have left that area...too many tourists, too much pretension. But I know I am in the minority with that opinion and will not judge or denigrate those who disagree with me.