450 East 83 - is there a dead animal in the walls on 3?

Wow! This is a beautiful new building in a great family neighborhood. What is happening on the 3rd floor. So many trying to get out it looks like a jail break. These units only recently closed. And look at 3A listed at $1,289,000 bought for $1,015,000 on 4/4/07. Available for rent at $5,100 per month. furnished? Monthlies on the original pruchase price with 20% down were $6,700 and at the offer... [more]

Wow! This is a beautiful new building in a great family neighborhood. What is happening on the 3rd floor. So many trying to get out it looks like a jail break. These units only recently closed. And look at 3A listed at $1,289,000 bought for $1,015,000 on 4/4/07. Available for rent at $5,100 per month. furnished? Monthlies on the original pruchase price with 20% down were $6,700 and at the offer price would be $7,500. Is this the big winner cash flow negative trade all the smart real estate investors have been waiting for? Who cares if we paid the mortgage tax, new development tax, mansion tax and have let the apartment sit empty for 16 months - I have a large paper profit if I can offer it for more than I paid for it. Oh yeah never mind the broker's comission because I didn't pay it - it comes out of the proceeds of my big win. And $5,100 a month for a 3rd floor 1 BR? In that neighborhhod that is not a good deal. Maybe that's why no takers. They changed agents in April and dropped the price from $1,350,000. The first agent's ad says "don't hesitate in making this your next home". And we are still trying to get rid of that furniture. Looks like the rest of the floor is not hesitating either - to get the hell out of there! SAVE Active Listings (12) ↓ $6,250,000 450 East 83rd Street, #PH2B 3 beds 2,697 ft² $2,810,000 450 East 83rd Street, #14B 3 beds 1,866 ft² ↑ $2,100,000 450 East 83rd Street, #9B 2 beds 1,420 ft² ↓ $1,995,000 450 East 83rd Street, #17C 2 beds 1,527 ft² ↓ $1,890,000 450 East 83rd Street, #11B 2 beds 1,409 ft² ↓ $1,800,000 450 East 83rd Street, #7B 2 beds 1,420 ft² ↓ $1,595,000 450 East 83rd Street, #3H 2 beds 1,250 ft² Open House: Sun, Aug 03 (3:00 - 5:00) $1,450,000 450 East 83rd Street, #3FG 1 bed 1,238 ft² $1,300,000 450 East 83rd Street, #3E 1 bed 1,000 ft² $1,289,000 450 East 83rd Street, #3A 1 bed 1,100 ft² $1,100,000 450 East 83rd Street, #3C 1 bed 901 ft² $735,000 450 East 83rd Street, #3F 626 ft² [less]