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Sale at 125 Barrow Street #3A

Started by ximon
almost 8 years ago
Posts: 1196
Member since: Aug 2012
Discussion about 125 Barrow Street #3A
Anyone familiar with thes eincome resitrcted properties? The listing cuts off the income data but this is from another source: Currently new shareholders are subject to the following income guidelines for their 2017 Income Tax Return Adjusted gross income, by household size: 1 - $110,220 | 2- $126,060 | 3 - $141,735 | 4 - $157,410 Does anyone know what are the risks and rewards of purchasing one of these units? For 2017 tax year, I may qualify but for 2018 and beyond perhaps not.
Response by 30yrs_RE_20_in_REO
almost 8 years ago
Posts: 9877
Member since: Mar 2009

I'm not familiar with the offering play on on the property, but a lot of these in the past did a phase in going to full free market. I have been in this complex several times in the past and will note that it's a walk-up and the stairwells are fairly "project like".

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Response by ximon
almost 8 years ago
Posts: 1196
Member since: Aug 2012

I used to live just a few blocks away and walked past it a lot. I think you are right about the ambiance. I spoke with the broker who said that they recently converted to free market prices subject to the income limits. he said that once you qualify based on a single recent tax return, you are qualified as long as you own the unit. Also, there is a 25% flip tax. There has been only one closed sale in the complex under the new policy, an 800 sf two bedroom at 121 Morton Street facing West Street with river views that sold for $1,494,000 or $1,867 psf about 8 months ago.

Not sure exactly what to make of this either but for $1,900 psf I will pass.

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