Quote:
Originally Posted by Trisky
I genuinely hate everything about the NYC real estate machine.
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It certainly is one of the more unique systems …
Because of it , it does allow those so inclined , to make a lot of money with the situations created by our stabilization system .
We never could have made what we did off conventional landlord tenant style investing .
The fact stabilization gets you ownership in some of the most prestigious buildings for cents on the dollar Is a windfall if it goes to plan ..
So there is good and bad in our market from an owner perspective…
Take the investor group we sold to , they got two apartments worth 1.2 million for 360k with break even rents … corporations have an infinite life time to wait ….all future appreciation is just icing on the cake ….
Eventually situations change , it just takes time.
That being said , we don’t have infinite lifetimes so we wanted to sell all of it out and not be landlords in retirement at all .
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