Here's a nice one

Listed before Memorial Day, still unrented this week before Labor Day.

Whenever the listing is nothing but brand names like Arabescato, Gaggeneau, and Roberto Stern... hold on to your pocketbook.

I mean Robert Stern of course, not his non-union Mexican equivalent

Those price points (buy and rent) don't resonate with me for that location, about which I admittedly know nothing. Who is the targeted market for this product? Please describe and include nationality, family status, children and employment, if any on all of the above.

@MCR - yes. I used to live not too far from there, and $5.5M for that is.. insane.
You have your pick of location at that price point and theres 0 reason to be up there with that budget unless you are some overpaid Columbia admin. (Oh wait.. maybe I get it now).

But I guess it fits the pattern of cap rates being better in more marginal areas?

I think it's a great place for a naive 1%er to find out exactly how safe NYC is.

It’s been 7 weeks at the $20k/mo , so unlikely to fetch that. Perhaps $15k/mo and a 2% cap rate?

>> Who is the targeted market for this product? Please describe and include nationality, family status, children and employment, if any on all of the above.

I don’t know the target market generically, but the specific buyers here seem to be:

- A doctor & a scientist
- Chinese born, late 50’s
- Immigrated to US ~25 years ago
- Moved to NY suburbs ~15 years ago
- Bought a primary residence in Hudson Yards in early 2022
- Signed contract for this new dev in late 2022, closed Dec 2023
- Sold suburban house ~1 year ago

@30 - my thoughts, yes. One of my good friends lived in the area, 6ft+ tall black belt in martial arts. Didn't make much difference when he got sucker punched out of nowhere walking to work in broad daylight by some local teens and woke up in a hospital an hour later.

>6ft+ tall black belt in martial arts. Didn't make much difference when he got sucker punched out of nowhere walking to work in broad daylight

uh ...

It's a lot better ten blocks south.

you have to agree that the building looks great by the Riverside Church

Yes they did a very good job.

another one right in that area, started earlier, perhaps not as exciting any more
https://streeteasy.com/building/vandewater-condominium

oh and the original apartment keeps chopping the rent
https://streeteasy.com/building/claremont-hall/35a

If other apartments that rented are any indicator, this one needs another 20% chop after 2 months at $18K.

The owners put $2.5M down, are paying $200K/yr in interest, and $70K/yr in cc+taxes. They’ve had it empty for a year, and the hope is to find a tenant paying $180K/yr so they can cut the annual bleed from ~$270K to ~$90K. This pretty clearly seems like an investment, I do wonder what they were thinking…

really nice terraces, question really is if families want a 3br in this building & area