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At that point you're so far from the action of hipster Williamsburg and Manhattan that you might as well live in Jersey City. You'd probably be closer that way
The rent in JC(non-ghetto part) is arguably more expensive than southern Brooklyn. If it's not mandatory to be that close to the action, don't do it.
Those changes to RS laws for LL taking units for his or family use are recent changes that came in 2019.
Prior to 2019 law wasn't exactly so precise and you had LL's of say a brownstone or townhouse seeking to get four, five or more apartments out of RS. Most owners stated they wanted to turn a property that once was a single family home but subsequently chopped up into apartments back again.
What happened often enough is after RS tenant was gotten rid of said apartment never was occupied by LL or member of his family as was let on.
these laws i spoke of where in place a lot longer …we looked in to it back around 2006 and non evicting co-op conversions were already exempt from the sponsor or owner taking an apartment as well as it had to be in personal name as corporations and LLCS can’t have family
Gotcha, that makes sense. Should have known there was a catch somewhere!
if you really wanted to dabble in stabilized co-op apartments you need a broker who is involved in getting the listings and not just an ad on line as the good stuff goes out to the pros who are known players .
there are brokers who are the go to brokers that sponsors utilize to sell off apartments …they then have a calling list of players so the real deals never are in an advertisement…no reason to .
the investors who took our remaining two already owned 3 or 4 in the building so there are ways of searching a building for investors if you are a broker and calling them .
one phone call and we were in negotiations.
so playing this market really is a good ole boys club that is closed to most amateurs .
it is usually big investor groups or corporations that play in this area since corporations have an infinite life time to wait for an opportunity to cash in
People need to start taking accountability for their life choices.
Agree.
I know folks getting by on half of this amount.
Sacrifice , sit there and whine or just pack up and go.
The next bus out of N.Y. leaves in 5 minutes.
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