Plaza

$6K.... where do I sign? I had my prom there! Hmmmmm.. pay $6K/month or buy or $3MM... that's a tough call.. better get my HP.

Yep. Apply Steve's 12 X annual rent...

hmmm, 12 * 12 = 144

($6000 - $1800 Maintenance) = $4200
$4200 *12 = $50400 (minus regular repairs, but let's ignore those)

$50400 / $3100000 = 1.62% CAP RATE

where do i sign up?

love the plaza beautful

and by the way, that's a 1.62% cap rate if and only if they actually rent the place for 6k.

i've been reading all the horror stories about the plaza, but only recently did i realize that those people in the plaza are going to lose more or less everything. pick a random unit in the building, say unit #603. It is a 4 room apartment with well under 2000 square feet (including a veritable warren of windowless hallways and bathrooms taking up over a 3rd of the space). windowless kitchen. common charges of $4000/month. the only distinguishing feature of this apartment is the central park view, which is clearly spectacular. but even so. this apartment sold for over $9 million. when you start imagining a major crash in nyc real estate, it's not at all hard to imagine it selling for $3 million (still over 1.5k psf plus high maintenance) or even $2 million, or even less than that.

they are currently asking $10 million.

happyrenter
about 5 hours ago
ignore this person

and by the way, that's a 1.62% cap rate if and only if they actually rent the place for 6k.

touche!