Wiechert Properties has the listing for the building between Avenue B and Avenue C.
GREAT INCOME PRODUCING APARTMENT BUILDING: 20 Units, 5 newly renovated vacant apartments, New electrical throughout building, New video security system, upgraded roof, gutters, heating system.
The listing also includes the annual expenses for No. 605, which is interesting to note, though the punctuation appears to be off. This is exactly as it appears:
Current Expenses Inc. 14, 562-Taxes 77, 394 Fuel 35, 403-Water Sewer 3, 939
In any event, the asking price for the building is $16 million.
Image via Streeteasy
The 'current expense' numbers tellingly tell why rents are where they are. Your rent pays for all that.
ReplyDeleteThe EV real-estate market appears to be a game of musical chairs, someday some sucker landlord will be stuck with a building(s) which even with maxed out rents will not be able to pay all the taxes and associated costs of running these buildings. That day cannot come soon enough.
ReplyDeleteI think I attended a party in that building when it was abandoned sometime around 1992. Or maybe it's the drugs talking...
ReplyDeleteThe opening price was 25 mil, dropped to 22 within 4 days, then 16 only 9 days later. Recent lawsuit in favor of overcharged tenant 40k.
ReplyDeletehttp://law.justia.com/cases/new-york/other-courts/2009/2009-51528.html
Anon 2:11: Page not found.
ReplyDeleteAnon 2:26—try this:
ReplyDeletehttp://law.justia.com/cases/new-york/other-courts/2009/2009-51528.html
https://www.padmapper.com/listings/13061584.-2-bedroom-1-bathroom-Apartment-at-605-E-11th-St-New-York-NY-10009-in-East-Village
ReplyDeleteLots of construction still going on in the building directly behind this one that runs along Ave B.
ReplyDelete^ that bldg on B was sold to developers by greedy nephew after owner died. Owner wanted a church and community center for kids. Nephew took the money for a tiny basement public room and a small amt of "affordable" units.
ReplyDelete