Julia, how about a one bedroom in an ultra-prime location?

$646 psf. Without a crazy maintenance.

Is there something I'm missing?

Or are we at a new low?

I called about this apt... it has a rent stabilized tenant in place.. you'd have to wait it out and current the rent is somewhere in the 950 range

Hahaha, what a joke, and the only tip off you get to this fact in the listing, from what I can see, is the title: "Rare Opportunity Investment!" This is so rare, you'll want to pass it up.

The French have a program where younger people can sign up to pay for all of the housing costs of an older person, with the agreement that the younger person will get the apartment, as long as the older person does not die under suspicious circumstances. There was an article in the Time a while ago about a doctor who tried to buy an apartment in this way but was outlived by the tenant, a 90+ year old woman.

Look elsewhere.

bb10024: I live right around the corner. For the right price, I could take care of your little problem for you. ;o)

This is one of my favorite blocks on uws.

bb10024, how old is the tenant?

How terrible to go around wishing somebody else dead. Just buy a stupid one bedroom at the market price. You'll sleep better at night.

I hope the current tenant lives another 50 years and is the picture of health.

I wouldn't say it's wishing someone dead. More like, not being real disappointed about it. I would still send flowers.

happyrenter...I love the layout, how old is the tenant, any health issues??? only joking but the location is perfect, my lease isn't up until Oct.

julia, this MY hood. it is a decent place to live. Plus the added bonus for YOU..Matt Dillon lives in the building next door.

gotta love brokers. there;s this one in the same building, not quite the same price category but it looks nice:

http://www.streeteasy.com/nyc/sale/375658-coop-51-west-81st-street-upper-west-side-new-york

A friend of mine purchased one of those "rent-controlled tenant in place" apartments in Chelsea back in the late 80s for practically nothing. The tenant, a sick-looking single old man, had been there since the beginning of time, so my friend was "optimistic."

However, the tenant is still healthy beyond belief, and my friend has been trying to get rid of it for the longest time. He is apparently losing quite a bit of $$$ in the difference between maintenance/expenses & rental income. Apparently, the tenant is paying around $500 for a 2BR, and the maintenance is around $1500.

yeah, buying with a tenant in place in the hope that the person dies just never works out. you have to buy it as an investment--as in, an investment assuming the person continues to live in the apartment.

in all seriousness though, julia, i really think you should by a one bedroom rather than an alcove. this one, after a total gut renovation, is now asking 40k above its 2005 asking price, and you could probably talk them down from there:

http://www.streeteasy.com/nyc/sale/317542-coop-438-west-49th-street-clinton-new-york

If you buy with the intent of moving in, as long as the person isn't a senior citizen, you can take over after the lease ends....

I smell screenplay!

"it has a rent stabilized tenant in place.. you'd have to wait it out and current the rent is somewhere in the 950 range"

I know a guy named Mario in Jersey. He can get the tenant out for you in 10 minutes. Just keep your mouth shut and don't ask questions, you got it? And if the police come, you don't know nothing, capish?