Hello, A new lot has just been cleared (old house demolished) on my block. It is an almost entirely residential block, and a long one in one of the outer boroughs. The lot, now just a dirt pile, lies roughly in the middle of the long block. That's about all I know about the building so far. I have been interested in purchasing a property in this neighborhood as an investment property. What would... [more]
Hello,
A new lot has just been cleared (old house demolished) on my block. It is an almost entirely residential block, and a long one in one of the outer boroughs. The lot, now just a dirt pile, lies roughly in the middle of the long block. That's about all I know about the building so far.
I have been interested in purchasing a property in this neighborhood as an investment property. What would be the best way to approach the appropriate people, whoever they are, to see if can get a jump on finding out information about this property, and ultimately, if I could make an offer on something once it's built? Who would be the best person to get in touch with about making a purchase, and how would I contact this person? I have already seen the project manager at the site; is he a valuable person to talk to and get in good with?
Thanks!
[less]
Go look up the lot on ACRIS to see who owns it, and then track them down. If the address on the sale documents is a dead end, try the lot's tax bills.
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Response by UE98
over 13 years ago
Posts: 100
Member since: Jan 2013
Is the owner the same as the developer in such a case ?
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Response by NWT
over 13 years ago
Posts: 6643
Member since: Sep 2008
Should be. The actual person to talk with might be buried under layers of LLCs, though. May as well just get a name from the project manager, or see who's listed on job-site sign.
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Response by UE98
over 13 years ago
Posts: 100
Member since: Jan 2013
OK, so...
I haven't had time to investigate via ACRIS, but at the job site, there is an owner listed, which is just the address followed by "owners corp, LLC." There is ALSO a developer listed on the sign, which is different than this owners name (it actually has a real name, I think it something called Tan Development or something).
Which would be the best to contact and how? Who would be best to get information from regarding a future sale?
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Response by kharby2
over 13 years ago
Posts: 279
Member since: Oct 2009
Forgive me for this, and I sincerely don't mean to sound snobby, but if you have to ask questions like that here, you are no where near informed enough to reasonably consider a high risk investment like this.
I mean, this are very very beginner questions.
I own vacant lots. Investors call them "dead money." Because vacant lots have a return in the negative numbers--you have to pay property taxes, maintenance and liability insurance on vacant lots. They might still be worth owning, but you'd better have the finances to do it.
Much better is to buy an improved lot, or even just a condo to get your feet wet in the business, and rent it out.
Fools rush in where angels fear to tread. If you don't invest more than you can afford to lose, then you will have an interesting time, maybe even some fun, and you might even make a little money.
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Response by UE98
over 13 years ago
Posts: 100
Member since: Jan 2013
kharby2,
Maybe I gave the wrong impression.... I didn't mean that I wanted to buy the lot, or even the whole building once completed. I am only interested in a single apartment as an investment property. I just wanted to get a head start, and know the pertinent players as soon as possible.
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Response by columbiacounty
over 13 years ago
Posts: 12708
Member since: Jan 2009
no, you stated clearly what your interest is.
"I could make an offer on something once it's built? "
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Response by greensdale
over 13 years ago
Posts: 3804
Member since: Sep 2012
C0C0 finds a way to sound argumentative even when he is on your side.
http://streeteasy.com/nyc/talk/discussion/34560
Go look up the lot on ACRIS to see who owns it, and then track them down. If the address on the sale documents is a dead end, try the lot's tax bills.
Is the owner the same as the developer in such a case ?
Should be. The actual person to talk with might be buried under layers of LLCs, though. May as well just get a name from the project manager, or see who's listed on job-site sign.
OK, so...
I haven't had time to investigate via ACRIS, but at the job site, there is an owner listed, which is just the address followed by "owners corp, LLC." There is ALSO a developer listed on the sign, which is different than this owners name (it actually has a real name, I think it something called Tan Development or something).
Which would be the best to contact and how? Who would be best to get information from regarding a future sale?
Forgive me for this, and I sincerely don't mean to sound snobby, but if you have to ask questions like that here, you are no where near informed enough to reasonably consider a high risk investment like this.
I mean, this are very very beginner questions.
I own vacant lots. Investors call them "dead money." Because vacant lots have a return in the negative numbers--you have to pay property taxes, maintenance and liability insurance on vacant lots. They might still be worth owning, but you'd better have the finances to do it.
Much better is to buy an improved lot, or even just a condo to get your feet wet in the business, and rent it out.
Fools rush in where angels fear to tread. If you don't invest more than you can afford to lose, then you will have an interesting time, maybe even some fun, and you might even make a little money.
kharby2,
Maybe I gave the wrong impression.... I didn't mean that I wanted to buy the lot, or even the whole building once completed. I am only interested in a single apartment as an investment property. I just wanted to get a head start, and know the pertinent players as soon as possible.
no, you stated clearly what your interest is.
"I could make an offer on something once it's built? "
C0C0 finds a way to sound argumentative even when he is on your side.
NWT? Anyone else?