Park Slope townhouse bought for $20,000 in 1966 now on the market for $4 million (New York: real estate, 2014)
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Just to put in perspective - the annual appreciation for the 48-year period was 11.6%. Doesn't sound like a lot, but at 12% your money doubles every six years - like this:
Thats nothing compared to 190 Bowery st. One family has lived there since 1966 and paid $106k and now is worth $40-$70million. Its six-story, 72-room, 35,000-square-foot
Thats nothing compared to 190 Bowery st. One family has lived there since 1966 and paid $106k and now is worth $40-$70million. Its six-story, 72-room, 35,000-square-foot
If you have been down that area you know exactly what building this is.
Two different animals.
The Brooklyn home in OP is a purpose built residential building on a townhouse block. OTOH 190 Bowery is a large commercial building (former bank) located on prime Manhattan real estate.
You probably cannot tear down the Park Slope and build a huge new building, so land value is not that big of an issue. OTOH you most certainly can do so with the Bowery Street property and as such a large part of it's value is the land, something that is in short supply in Manhattan.
Any person purchasing 190 Bowery would weigh what they could get for a gut rehab and selling the place as condos, versus tearing down the place and building a huge new residential condo building.
Considering how NYC is on a landmark or historical district tear these past few years, if the property were mine I'd cash out now before some bluestocking liberal decides the building should be "preserved" for some reason or another.
The Brooklyn home in OP is a purpose built residential building on a townhouse block. OTOH 190 Bowery is a large commercial building (former bank) located on prime Manhattan real estate.
You probably cannot tear down the Park Slope and build a huge new building, so land value is not that big of an issue. OTOH you most certainly can do so with the Bowery Street property and as such a large part of it's value is the land, something that is in short supply in Manhattan.
Any person purchasing 190 Bowery would weigh what they could get for a gut rehab and selling the place as condos, versus tearing down the place and building a huge new residential condo building.
Considering how NYC is on a landmark or historical district tear these past few years, if the property were mine I'd cash out now before some bluestocking liberal decides the building should be "preserved" for some reason or another.
Dude the 190 bowery is residential, only 1family lives in all that space and never plans on selling. Look at the website, its even listed as any real estate related questions will be ignored.
Dude the 190 bowery is residential, only 1family lives in all that space and never plans on selling. Look at the website, its even listed as any real estate related questions will be ignored.
*DUDE* The building is zoned for C6 and is L9/loft. Therefore is not strictly a residential building.
Building could be returned to commercial use and is not strictly "residential". Only cap on how much the property would fetch is it's landmark status means it cannot be torn down easily if at all by a developer.
Sorry but there is nothing lucky about making an investment and now cashing in to make a huge profit. In fact it was inevitable.
If you invest in something now, especially real estate, 50 Years from now I'm sure that value will increase drastically.
Sorry to go on a tangent but I just don't want you to honestly think this had anything to do with "luck" or whatever that means.
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