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Old 01-31-2014, 07:40 PM
 
31,762 posts, read 26,716,490 times
Reputation: 24641

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This is how you roll!

To persons not understanding "income equality" this is a clear example of how to go about building wealth! *LOL*

Am sure this house will probably go for more than the asking price in the current market.

Limestone Goldmine: Park Slope townhouse bought for $20,000 in 1966 now on the market for $4 million * - NY Daily News
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Old 01-31-2014, 07:51 PM
 
2,440 posts, read 6,241,560 times
Reputation: 3076
Quote:
Originally Posted by BugsyPal View Post
This is how you roll!

To persons not understanding "income equality" this is a clear example of how to go about building wealth! *LOL*

Am sure this house will probably go for more than the asking price in the current market.

Limestone Goldmine: Park Slope townhouse bought for $20,000 in 1966 now on the market for $4 million * - NY Daily News
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:

1966 - $20,000
1972 - $40,000
1978 - $80,000
1984 - $160,000
1990 - $320,000
1996 - $640,000
2002 - $1,280,000
2008 - $2,560,000
2014 - $5,120,000
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Old 01-31-2014, 07:54 PM
 
Location: Manhattan
2,498 posts, read 3,762,499 times
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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

Is 190 Bowery the Greatest Real-Estate Coup of All Time? -- New York Magazine

190 the Bowery

If you have been down that area you know exactly what building this is.
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Old 01-31-2014, 08:09 PM
 
31,762 posts, read 26,716,490 times
Reputation: 24641
Quote:
Originally Posted by silverbullnyc View Post
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

Is 190 Bowery the Greatest Real-Estate Coup of All Time? -- New York Magazine

190 the Bowery

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.
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Old 01-31-2014, 08:13 PM
 
Location: Manhattan
2,498 posts, read 3,762,499 times
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Quote:
Originally Posted by BugsyPal View Post
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.
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.
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Old 01-31-2014, 09:14 PM
 
31,762 posts, read 26,716,490 times
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Quote:
Originally Posted by silverbullnyc View Post
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.
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Old 01-31-2014, 10:53 PM
 
917 posts, read 2,002,184 times
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Lucky family....
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Old 01-31-2014, 10:58 PM
 
Location: Not where I want to be
4,829 posts, read 8,711,155 times
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$20,000.00 in 1966 had the same buying power as $146,571.70 in 2014.

$106,000.00 in 1966 had the same buying power as $776,830.00 in 2014.

Annual inflation over this period was 4.24%.

(source = Dollar Times website)

They made out BIG time!!!! Good for them!!!!!!
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Old 01-31-2014, 11:05 PM
 
Location: Gods country
8,094 posts, read 6,718,732 times
Reputation: 10414
I was thinking of selling my Brownstone in Bed Stuy, but after reading this I think I will wait a couple more years. Thanks for the read Bugsy!
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Old 01-31-2014, 11:17 PM
 
Location: Brooklyn, NYC
1,405 posts, read 2,444,339 times
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Quote:
Originally Posted by hershey48 View Post
Lucky family....
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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