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Old 09-02-2017, 04:53 AM
 
105,674 posts, read 107,645,851 times
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Quote:
Originally Posted by rubygreta View Post
Lot's of life's LOSERS are living in Manhattan rent stabilized apartments. I'm talking about people over 65, but mostly over 70.

They had the opportunity to buy as insiders something like a 2-bedroom apartment on the Upper West Side for maybe 75K in the late 70's or even early 80's. But they decided they preferred rent stabilization. Today those apartments could be worth $1.5 million.

How would you feel if you were living in Unit 4D in an unrenovated rent stabilized apartment with the cheapest fridge and stove (the sponsor chooses the appliances, not you) for the last 40 years, while your neighbor in 5D, who purchased the apartment in 1979, has a gorgeous modern apartment that he/she renovated and is worth $1.5M? And likely with no mortgage.

And your rent in 4D is not that much lower that the monthly maintenance the coop owner in 5D pays.

Has to kill you. And there are thousands of people like this who are stuck in their rent stabilized apartment, who think about their blown opportunity everyday.
we live in a beautiful stabilized building where my wife has been for 35 years . new appliances , tennis court ,pool ,etc .

in fact i have been living here since we got married 15 years ago .the fact we rent and not tied up our money in a place has given us the capital to invest elsewhere in some fabulous deals .

today those deals would allow us to buy multiple apartments if we wanted instead of just the one .

so not all renters got nothing or are losers . some just choose to do their investing elsewhere .

in my first marriage we were lucky and bought as insiders in a co-op that was converting . insider deals were sweet but no one knew that back then . in fact we bought as insiders the last possible week . we did not feel it was worth even the insider price because it was so much more than rent .

we own stabilized apartments by central park . we have two left we want to get rid of but the tenants do not want to buy nor take a lease buy out offer . we offered them 1/2 market price and we would finance but they have no interest . rents are break even at this point .

so we put them up for sale for investor groups at 1/2 price . anyone here want them?

we don't want to play the game of trying to outlive the tenants at this point in our lives .

Last edited by mathjak107; 09-02-2017 at 05:02 AM..
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Old 09-02-2017, 05:03 AM
 
Location: New York, NY
12,740 posts, read 8,157,945 times
Reputation: 7045
Quote:
Originally Posted by NYC refugee View Post
None of us needed handouts early in life, either. Just wait till you pass that 40 and find out no one wants to give you 10 jobs, or any jobs, because they can get some stupid young kid with twice your energy to do it for half the cost. Some things you only learn by living long enough. I wish I could be there when you remember I told you that.
Oh I dunno about that. Cannot find a way at 40 or whatever if you didn't make a way from the beginning.
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Old 09-02-2017, 05:06 AM
 
Location: New York, NY
12,740 posts, read 8,157,945 times
Reputation: 7045
Quote:
Originally Posted by mathjak107 View Post
we live in a beautiful stabilized building where my wife has been for 35 years . new appliances , tennis court ,pool ,etc .

in fact i have been living here since we got married 15 years ago .the fact we rent and not tied up our money in a place has given us the capital to invest elsewhere in some fabulous deals .

today those deals would allow us to buy multiple apartments if we wanted instead of just the one .

so not all renters got nothing or are losers . some just choose to do their investing elsewhere .

in my first marriage we were lucky and bought as insiders in a co-op that was converting . insider deals were sweet but no one knew that back then . in fact we bought as insiders the last possible week . we did not feel it was worth even the insider price because it was so much more than rent .

we own stabilized apartments by central park . we have two left we want to get rid of but the tenants do not want to buy nor take a lease buy out offer . we offered them 1/2 market price and we would finance but they have no interest . rents are break even at this point .

so we put them up for sale for investor groups at 1/2 price . anyone here want them?

we don't want to play the game of trying to outlive the tenants at this point in our lives .
With all the bragging you do about how much property you own and how lucky you are or whatever, should be able to sell the things in no time given the location. Am not sure why you need to.*advertise* them here.
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Old 09-02-2017, 05:09 AM
 
105,674 posts, read 107,645,851 times
Reputation: 79318
not advertising , no one here will buy them . just reinforcing the fact that we will take 1/2 from investor groups at this point and even that can be very hard . investor groups usually want distress sales at 20-30 cents on the dollar .

individuals are not going to generally wait decades to profit as it is a waiting game . if you scoop up a lot of them odds are you will get enough who will take buyouts so what you do sell will net nice profits . but when you get down to 1 or 2 who already said they are not leaving , selling even at 50 cents on the dollar can be tough .

but the good news is even if we don't sell them our kids will outlive them and benefit .
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Old 09-02-2017, 05:12 AM
 
Location: New York, NY
12,740 posts, read 8,157,945 times
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Quote:
Originally Posted by mathjak107 View Post
not advertising , no one here will buy them . just reinforcing the fact that we will take 1/2 from investor groups at this point .

individuals are not going to generally wait decades to profit as it is a waiting game .
Point is am confused why they aren't already bought. Some developer should've snatched them up, flipped them and went on to the next thing. Must not be worth the headache or not enough of a money-maker despite the location. Most buyers in such areas want the best of the best in amenities, not patch work of this and that. With so much new inventory these days, the buyer has all the power.
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Old 09-02-2017, 05:17 AM
 
105,674 posts, read 107,645,851 times
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the apartments are bought . we own them with our partner and got them from the sponsor directly as he owned the building and all unsold apartments with stabilized tenants left were his as the conversion was non evicting .

the stabilized rents are so low that while 98% of the apartments are sold and no longer stabilized you still have a few original tenants from the conversion decades ago who just never bought and at this point in their 60's they have no interest in buying and increasing expenses drastically since they have no kids to even pass these to.

so they remain on as stabilized tenants and until they are ready to free up the apartment they are like your family . lol .

in a co-op someone always owns the apartments . it is either the sponser or investors if there are rent stabilized original tenants still in them .

investors buy them at a discount and hope they either take a lease buyout so you can sell , move , or die eventually . we got 9 for a ridiculous price .
our thinking was many were baby boomers and reaching retirement age and were thinking of leaving eventually .

those who do this like our partnership count on the bulk taking lease buyouts so we can flip them . 7 out of 9 tenants did just that , but 2 remain . no big deal in the scheme of things but at this point they do us no good so we would just as soon dump them at a minimum price , otherwise our kids will eventually win so we don't really care either way .

the building is a very well known one right on the corner of central park south and 7th ave opposite the park . it is considered an architectural landmark and resembles the Fontainebleau Hotel and has had many famous people live in the building .

Last edited by mathjak107; 09-02-2017 at 05:44 AM..
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Old 09-02-2017, 05:43 AM
 
Location: New York, NY
12,740 posts, read 8,157,945 times
Reputation: 7045
Quote:
Originally Posted by mathjak107 View Post
the apartments are bought . we own them with our partner and got them from the sponsor directly as he owned the building and all unsold apartments with stabilized tenants left were his as the conversion was non evicting .

the stabilized rents are so low that while 98% of the apartments are sold and no longer stabilized you still have a few original tenants from the conversion decades ago who just never bought and at this point in their 60's they have no interest in buying and increasing expenses drastically since they have no kids to even pass these to.

so they remain on as stabilized tenants and until they are ready to free up the apartment they are like your family . lol .

in a co-op someone always owns the apartments . it is either the sponser or investors if there are rent stabilized original tenants still in them .

investors buy them at a discount and hope they either take a lease buyout so you can sell , move , or die eventually . we got 9 for a ridiculous price .
our thinking was many were baby boomers and reaching retirement age and were thinking of leaving eventually .

those who do this like our partnership count on the bulk taking lease buyouts so we can flip them . 7 out of 9 tenants did just that , but 2 remain . no big deal in the scheme of things but at this point they do us no good so we would just as soon dump them at a minimum price , otherwise our kids will eventually win so we don't really care either way ..
Guess you misunderstood. Know that you own the things but am thinking no one wants them with tenants living there already. Have heard of such situations in NYC, but not that common and is always awkward. Usually some weird long-term situation where the tenant will *never* leave until it's *their time* (literally).
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Old 09-02-2017, 05:50 AM
 
105,674 posts, read 107,645,851 times
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yep , that is the deal and the tenants make it known to investors inquiring that they have zero interest in leaving so it is really a tough sell despite the fact it is considered the #2 rated co-op building in midtown manhattan and #13 in all of manhattan .

lots of the apartments were scooped up by investors through the years but most had the tenants eventually free up the apartments . we were lucky as 7 did in the first 8 years we were involved with them . but we understood that there would be a few that would not leave , there always is . .
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Old 09-02-2017, 05:56 AM
 
105,674 posts, read 107,645,851 times
Reputation: 79318
there is always a lot of money to be made in these kind of special situation deals but it is tough to be privy to them without the contacts . usually it is the big players that get involved with all these special situation stuff . the man on the street will likely never run in to the situation .

we were only privy to it because of a contact we had who was tied in to bernie spitzer other wise deals like these rarely present themselves or at all .

Last edited by mathjak107; 09-02-2017 at 06:12 AM..
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Old 09-02-2017, 06:42 AM
 
Location: NuYawk
46 posts, read 84,379 times
Reputation: 18
Nope.... my landlord wants to raise it to $1400 from 1350
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