Sale at 420 East 51st Street #8DE

Maintenance includes basic cable televison, water, gas and ground rent and around over $3psfpm before an unknown assessment. Less than 30% tax deductible. Land-leased until 2070. Buyers may be required to deposit a few months maintenance at closing. Sellers are offering maintenance and assessment rebates to buyers. 3 personal and 3 professional reference letters. Looks worse than the typical coop nightmare. Good access to East River promenade.

Realestate19, What are the escalations in the rent of the lease? You could probably rent it for 8.5k due to not so desirable location.

Yes it's "cheap" but is your potential downside greater than potential upside? This is the type of apartment who's value can approach zero in a market correction.

30, Do you happen to know what the lease escalations are?