I am very lucky to have a large rent-stabilized 1 bedroom in a coveted neighborhood in Manhattan. My unit is one of the biggest one-bedrooms in the building which was just purchased for serious money (tens of millions). The owners are converting units left and right to higher end rentals and will begin renovating the lobby soon. I have no intention of moving right now but I could consider it for... [more]
I am very lucky to have a large rent-stabilized 1 bedroom in a coveted neighborhood in Manhattan.
My unit is one of the biggest one-bedrooms in the building which was just purchased for serious money (tens of millions). The owners are converting units left and right to higher end rentals and will begin renovating the lobby soon. I have no intention of moving right now but I could consider it for the right price.
I love it here and would only move if they could give me enough to buy a place in a comparable area or out of state (but that would be a huge life change and I am relatively young). I could never afford to rent a unit of my size in this area.
Some of my neighbors in studios have been offered up to 100K. An older man left for 80K and retired out of state. They have started by offering me just half of that, which after taxes makes no sense to move.
Could I ask for 400K? To buy in this area would be nearly 800K - 1M.
I wonder how much I could reasonably ask for? I also realize that I am incredibly lucky to be in this position.
Any real practical advice is welcome. Thank you!
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Any update to your situation?