[EVG photo from last week]
While Ben Shaoul's 100 Avenue A is being sold as condos, one real-estate family plans to make money on the units by offering them as rentals.
According to an article (subscription required) in The Wall Street Journal yesterday, investors John Spahi and his son Omar are trying to make a mark in New York real estate with 100 Avenue A between East Sixth Street and East Seventh Street.
Earlier this year, Omar Spahi spent $5.4 million on three of 100 Avenue A's units.
To the Journal:
Mr. Spahi said he plans to rent out the one-bedroom units for about $5,500 a month and the two-bedroom unit for $7,500. That is high for the neighborhood, where the average one bedroom with a doorman rents for $4,525 a month and a two-bedroom fetches an average of $6,100 a month, according to MNS Capital Real Estate Impact, a residential brokerage.
“The East Village is becoming gentrified but still has a cool vibe,” said Corlie Ohl, a Citi Habitats broker that has lived in the neighborhood for 12 years. Ms. Ohl adds that while the rents Mr. Spahi is considering may sound high, they are still less than similar buildings in more established residential enclaves.
h/t Curbed!
Previously
$5,500 for a 13x12 living room and 10x12 bedroom? No sorry, won't happen, the units here are tiny. Surprised the WSJ is wasting time with such peanut investors anyway.
ReplyDelete"More established"? Is that a pedigree thing?
ReplyDeleteKind of like AirBnB for wealthy suckers.
ReplyDeleteOne thing I've learned here: there's a lot of people with more money than sense. Fortunately, that tends to be a temporary situation.
ReplyDeleteThat's fucking insane. For that kind of money, you can have an opulent house in LA with a pool and private driveway with multiple rooms and bathrooms. WTF is wrong with this picture????
ReplyDeleteMust be kind of a burden to live life as a real estate broker, all your friends and family eventually just roll their eyes at everything that comes out of your hyperbolic mouth.
ReplyDeleteDon't they have to run this by the condo board first (who ever that may be)?
ReplyDeletePeople are apparently still flocking to our city in drove for high paying jobs in finance, tech and other businesses. I read in the Times just today that the rental market is at 1% vacancy and those young professionals moving to NY want to live in the East Village because a lot of the stuff that think is cool (artisanel foodie joints and trendy chef driven restaurants not to forget mixologist lounges and sports bars). Expect the demolition of more historical buildings and new condos being built, hostile evictions of those living in tenement building, the end of small privately owned businesses (the kind without absentee backers ) more bars more noise more nightlife.
ReplyDeleteThere's a chance I can live in the Pussy G? All of my dreams just came true!!!
ReplyDeleteWith all the noise from Niagra and Black Market, and the punk shows in the summer, can't wait to read the 311 call transcripts.
ReplyDeleteWill be some of the most fun summer reading ever!
These guys are so corny and all the real East Village is going to laugh at these khaki panted buffoons every time they walk home
ReplyDelete