Good Price Data Point

Also, not sure why the broker is not putting this on the "featured" listing on Streeteasy to get more eye-balls.

Price per square foot is certainly compelling. However light appears to be a bit challenged.

Yes, you can tell from the listing there will not be a lot of light, and the single windows in each bedroom are small--kind of depressing. That's why it's priced as it is.

Hallway heavy layout.

Um...every photo the window blinds are closed...very horrible photos!!! Only 20 people saved it after 16 days on the market...total bust!!!

I didn't notice the carrying costs. $15K/month w/mortgage is pretty steep for this, must be a cap rate nadir.

Chasing, How much monthly with 5/1 arm 3 percent interest only without tax deduction?

CC, Light in the back bedrooms is indeed low. Middle bedroom should have better light.

Elleinad, Horrible pictures indeed from some no named broker.

Did not even occur to the broker to put lobby and building photos which looking at the other listings and building photos are spectacular. Also not sure why some would make the front windows opaque rather than using sheers / other window treatment.

What's your opinion on what this would rent for? Maybe 7K? So using the 10 x rent method, it produces about 10K a year in income after the 60K of maintenance /taxes/vacancy.

That would put the cap rate under half a percent.

Chasing, Min $9k if not 10k. Min for a door man is $4 per d Condo in nyc do not trade based on the commercial real estate method

Sorry hit reply accidentally

Chasing, Min $9k if not 10k. Min for a door man is $4 per sq ft with a doorman after adjusting for light etc. Condos in nyc do not trade based on the commercial real estate method. For this type of condo, you will get 1% cap rate using the commercial. What do you think the new developments are trading at in terms of cap rates?

Chasing,
What is the cap rate here (1-1.25%) and why is it trading there?
http://streeteasy.com/sale/1132756
http://streeteasy.com/building/30-park-place-new_york/62d

$15K with mortgage is not pretty steep. With 20% down , to round off the numbers, let's say $2M loan, payment comes to about $10K a month plus cc and real estate almost $5K. $10K a month for a $2M loan, is very good.

With 5/1 I/O, 3% you are paying only $60k per year less appx 10k tax deduction. Principal payments are just savings. So real mortgage interest payment is closer to $4.5k even if you end up paying 3.25% I/O. Most people will put 25% or more down at this price point to get the best rates.