Sale at 88 Jane Street #1RE

The CC are low because there are basically no amenities aside from the elevator and the taxes are low because I think the are misstated.

If this unit is the old E-1 then it's in the offering plan as "cellar/first rear east" and I suspect the taxes are so reasonable because the city treats the lower level space differently than the above-grade space. So I think the number listed is correct; looks like Keith is the listing agent so of course he can confirm.

ali r.

Fairly strange. Looking at past sales, all of the units in this building have ridiculously low taxes (at least comparatively speaking).

Guessing low taxes is why higher floor units sold for $2k per sq ft besides the general attractiveness of this area in the recent years. If I were to be in the market, low taxes relative to other comps are very attractive.

The taxes are correct. Like we do for all of our clients, we confirm taxes with the department of finance.

Keith Burkhardt

Keith, I saw that the listing was with other brokers before at much higher prices. The current prices seems to be fair given the very low taxes, highly desirable location, and outdoor space advantage balanced by lower floor disadvantage. As you know, I looked at a similar space but un-renovated recently in BK. Good luck.

88 Jane and 357 West 12th Street are one condo, helps keep the CC's down...

Keith

If this property is assessed as a rental building and there are many rental comps in building, I not sure why these units would be so undervalued for tax reasons. But if true, is there a risk that some day taxes could be "corrected" therefore eliminating any price premium?

Ximon, It depends on what percentage of common interest (CI) this unit is allocated. The CI is not allocated in proportion to square footage. If sq footage give say x% share and CI is x/2, the taxes will always be low. Not having a doorman also changes the comps used by the city for rental purposes and reduces the taxes. I personally benefit by say 25-40% in taxes due to similar situation. I love it low CC+Taxes. I think the market does not put enough premium on that as to me it is peace of mind.

Went into contract fast!! I guess I am not the only one who finds low taxes + CC very attractive.

Without a doubt the fastest deal I've done ever! From list to closed in less than a month. Our listing model is off to a good start.

Keith Burkhardt
Tbg

Congratulations!!

Food work Keith.

Congrats Keith! Good to see you on the board again.

Thanks Squid!