Native New Yorker, Long Time Gramercy Park Resident Shows Her Apartment

[Dangerous-Boy]

Never sell!

Rent it out.

That's prime real estate.

Her daughter would be stupid to sell that apt.

[BugsyPal]

Originally Posted by LOVEROFNYC

And this too! I wasn't thinking about that. The two people I know who bought in now prime Manhattan neighborhoods in the 80s bought for $65 to $100k. Most don't have $150k cash now to put down on a house. She could sell for $2 mill. Buy a nice house in queens for $700k cash and give her daughter $1mil to help her own property ladder journey. She could turn her entire basement into an art studio.

I wonder if the daughter resents her stubbornness. I am just here for her windows and collection of books, not her woe is me stories.

Daughter likely received her shares via the father as a result of divorce. Thus while yes she technically owns half, it isn't as if she put up any of her own money.


Anyway these sort of conflicts happen all the time in even best of families. Guess because so much of NYC (at least in Manhattan) are renters and have come from that background, they just don't know.


Coming from Staten Island am here to tell you have known of and know plenty of people who own co-own property with family members. Usually as the result of inheritance or perhaps a divorce; but things by and large don't always go smoothly.


Mother of a good friend of mine died > ten years ago (the father had been dead for over twelve by then), and the siblings co-inherited the house. They are *still* squabbling over selling or whatever that property.


There also have been some very horrible outcomes when a child "forces" a parent to sell property so they can realize their inheritance or whatever. Seniors have found themselves shut away in a nursing home or some squalid small apartment somewhere. This and or also being diddled out of whatever portion of money came from sale. This is often because the children or child will use *that* money to pay for nursing home or whatever.

[Aeran]

Originally Posted by BugsyPal

You don't know that.....


First and foremost there will be a financial hit for selling (capital gains).

Yeah. Real estate is one of those assets that look good only on paper because once you sell...
Didn't Roosevelt (Theodore, I think) say that the secret to wealth longevity is to seldom sell & just hold property for as long as you can.

[BugsyPal]

Originally Posted by Dangerous-Boy

Never sell!

Rent it out.

That's prime real estate.

Her daughter would be stupid to sell that apt.

This is a co-op and again thus there are likely restrictions on renting.


Given what this woman has said it is also likely her neighbors/the board aren't going to do any favors by allowing long term rentals.


Long as you are staying in your apartment and having "guests" there isn't much a LL or even co-op/condo board can do. Well long as you and or the guests aren't violating any building rules.


For the record this explains why condo sales/developments are booming while co-ops are cooling. Many condo buildings have far more lenient owner rental policies than co-ops.