Sale at 65 West 87th Street #3

In other words you have to pay cash and not have a well paying job.so basically you have to come from money.

Guywithcat, congratulations on your recent purchase.

are those linoleum floors?

Don't you have to be making at least $200k to qualify for a mortgage here with 20% down ?

It's for a Lotto winner: cash but low-income.

The apartment is in classic HDFC style and should be preserved as a museum of old New York. Bordello curtains and all that vinyl tile.

If it weren't so big and didn't have all those extraneous bedrooms, it would seem to appeal to retirees or near-retirees who only make upper-middle-class money but have saved all their lives and now have a big nest egg.

As it is, I could see it selling to someone who worked for a startup and was heavily rewarded with a huge post-IPO bonus but now makes an ordinary income. The $770 maintenance is pretty reasonable for someone who "only" earns five figures.

The maximum-income requirement does go up pretty quickly as the number of occupants increases, though. A couple with 4 kids can earn up to $164k and still live there. If they make that much and have four years' salary banked (not easy with 4 kids, but let's imagine), they have a $450k mortgage, which should be obtainable. And the asking price is virtually screaming to be lowered to $999k so that the mansion tax goes away.

There are several apartments in this profile currently listed in Midtown west.

Can someone just be unemployed part year then get it? How long do they usually go back?

How much is the mansion tax ?

Pier, I believe they go back and look at two years' worth of taxes.

ali r.
DG Neary Realty

Saw a few rental listings. I take it the building policy is lenient with that?

MIB, the mansion tax is 1% of the purchase price if the price is over $1,000,000. Not the part over a million; the tax is on the whole price. Thus the advantage of a $999,999 listing.

http://www.urbandigs.com/2008/05/the_million_dollar_mansion_tax.html

Lets say a single person will buy this apartment, then get married. At that time, the combined income will exceed the income cap. will they get kicked out?