127 West 82nd Street - Apt: 8B - possibility 3b

The link doesn't work.
According to ACRIS, the owner has a zero basis. he or she bought, sold and bought the property in the past 15 years. why would someone buyback the property? Anyhow, the owner paid $215k in 2004 then took out a mortgage a year later for nearly $360k. The property appears to be a rental.

It's a small 2BR/1BA in a thrid-rate condo with a lot of holdover regulated rentals that the sponsor dumped as a block sale.

$1.1M is a price only a seller would call "a perfect buy".

Thanks. I was just looking at the photos and was wondering if it could be converted to a 3 bedrooms. It was listed also in the printed Corcoran "Properties for Living" magazine. Just curious why is bad to buy in a regulated rentals condos, is it from a financial point of view?

Wow, West81st, you're good. I want you in my corner. ;-) Keep in touch.

Having a building with a lot holdover regulated rentals (rent stabilized) means you have to try to figure out if the owners can carry the place based on what they pay in charges plus the rental income, or whether the owners will keep getting socked with special assessments to cover maintenance and capital improvements. Not easy to figure out, hire a lawyer.

I don't like these 10% down deals. Not enough skin in the game. I think the 10% deal encourages frothy prices. 25% down coops helps keep things more real, in my opinion.

7B sold last year in an estate sale at $860k. It was on the market for about a minute.

Those were the days, my friend
We thought they'd never end
We'd sing and dance forever and a day
We'd live the life we'd choose
We'd fight and never lose
For we were young and sure to have our way

I'd pay 550K for this apt.

West81st,

Just curious, how did you happen to know about the regulated rentals? Without you, how can us mere mortals find similar information?

Thanks!

I don't think West81st is revealing sources, which is probably a good thing.

No sources to protect, other than maybe Google.

Ah, that's good to know, we'll just have to google better next time.

Google "Greystone" and 127 west 82nd. If you look at the number of rent-reg. apartments vs. not, it's a fairly high proportion.

It's a well laid out 2 bed/1 bath with good lights and views. However it needs a decent amount of work. Kitchen needs to be gut renovated. Small bathroom with a cheap renovation. Bedrooms are on the small side. Only 4 closets in the entire apt so there is a storage issue. Building feels kind of dingy like the owners haven't been taking care of it. It makes sense if most of the apts are primarily regulated rentals.