Calling NYC dwellers
- Thread starter Harriet
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ammayernyc
Brilliant_Rock
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My FI looked at the buliding when he first moved about five years ago. I don''t remember that building in particular, but he remembers it as being small. Solow is definitely a reputable company. I don''t know what your transportation needs are like, but it''s FAR from the subway. The good thing about Glenwood is that there''s a shuttle three times an hour to the subway.
Related Rentals is also a good company.
I wish that we could buy our apartment we love it so much. But... it will never go condo. The only downside is that when the city open the garbage transfer station again it will be across the street... but that won''t happen for many years and we''ll probably be out of here by then.
Related Rentals is also a good company.
I wish that we could buy our apartment we love it so much. But... it will never go condo. The only downside is that when the city open the garbage transfer station again it will be across the street... but that won''t happen for many years and we''ll probably be out of here by then.
ammayernyc
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If there are B lines available in my buliding and you''re interested in seeing one furnished, I''d be brave to venture to show you... I know that helped a lot more than seeing an empty place.
Beacon
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Harriet, are you talking about the Solow One ER project that would rent for 9K, or your own apartment once it goes condo? What I am curious about is, how much is the Solow property, assuming that is the 9K renter? I am curious about purchase price vs. rent. That is one way you can calculate how good an investment it is. From a rough calculation, the price should be around 1.9 -I am curious where it really is.
Amanda you are bringing back my memories. I used to live at 1175 York Ave - York River House. Not exactly where you are, but the same street. I loved it there.
Amanda you are bringing back my memories. I used to live at 1175 York Ave - York River House. Not exactly where you are, but the same street. I loved it there.
ammayernyc
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We have to renew our lease this year otherwise we''d have to move two weeks after we come back from the honeymoon. We''ve looked at some buildings and we really liked an apartment in the new building on 96th street. We really want to stay on the UES. I grew up on 84th and Madison so I obviously love the area. We''re looking to buy a three bedroom somewhere since my FI (and I to some point
) are on the baby train.
I am in agreement with you on the UES. Which new building on 96th are you referring to?Date: 5/21/2007 1:48:34 PM
Author: AmandaPanda
We have to renew our lease this year otherwise we''d have to move two weeks after we come back from the honeymoon. We''ve looked at some buildings and we really liked an apartment in the new building on 96th street. We really want to stay on the UES. I grew up on 84th and Madison so I obviously love the area. We''re looking to buy a three bedroom somewhere since my FI (and I to some point) are on the baby train.
ammayernyc
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It''s 215-217 East 96th Street. It''s a Condop and also includes rentals. It''s a Related property. The H line is very cool. We looked at an empty apartment there. It''s really nice... but so hard to compare to what we already have.Date: 5/21/2007 1:51:12 PM
Author: Harriet
I am in agreement with you on the UES. Which new building on 96th are you referring to?Date: 5/21/2007 1:48:34 PM
Author: AmandaPanda
We have to renew our lease this year otherwise we''d have to move two weeks after we come back from the honeymoon. We''ve looked at some buildings and we really liked an apartment in the new building on 96th street. We really want to stay on the UES. I grew up on 84th and Madison so I obviously love the area. We''re looking to buy a three bedroom somewhere since my FI (and I to some point) are on the baby train.
We are also watching the two buildings going up on 86th Street but already the prices look like they are out of our league.
ammayernyc
Brilliant_Rock
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When my parents moved to 84th Street they thought they were at the ''upper level.'' Now it''s the fancy place to live!
Beacon
Ideal_Rock
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I thought the Solow was for sale? My mistake. It''s an apartment building then?
I like to look at the theoretical "rent" I could get vs. a purchase price. You calculate a relatively risk free rate of return, like 5.5 -6% and figure you should be getting that for a rental amount. So, 2MM unit yielding about 10K/mo rent. That is how I backed into the the 1.9 figure - of course, different markets will require different multipliers. On top of that you need to guesstimate what kind of appreciation you can expect. This way you can justify the purchase price based on a total rate of return.
If your own apartment would rent for much less than $8400, you need to consider that as you observe the purchase price. Prices often reflect a speculative premium, especially in hot markets.
In a city like NY, where there are many rental alternatives, the comparisons are quite easy. It''s important to look at the total return, cause you end up tying a lot of capital up in a property and that capital could be earning returns in an alternative investment vehicle. I bet that is very much on the mind of your FI!
I like to look at the theoretical "rent" I could get vs. a purchase price. You calculate a relatively risk free rate of return, like 5.5 -6% and figure you should be getting that for a rental amount. So, 2MM unit yielding about 10K/mo rent. That is how I backed into the the 1.9 figure - of course, different markets will require different multipliers. On top of that you need to guesstimate what kind of appreciation you can expect. This way you can justify the purchase price based on a total rate of return.
If your own apartment would rent for much less than $8400, you need to consider that as you observe the purchase price. Prices often reflect a speculative premium, especially in hot markets.
In a city like NY, where there are many rental alternatives, the comparisons are quite easy. It''s important to look at the total return, cause you end up tying a lot of capital up in a property and that capital could be earning returns in an alternative investment vehicle. I bet that is very much on the mind of your FI!
ammayernyc
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It''s sold out through the building, but people who have bought the apartments are selling them already. We''ve met one couple who worked for Related and bought an apartment on the H line but aren''t living there... they just got a good price so they''re turning it over.
One good site to look at is http://www.streeteasy.com. It''s pretty accurate.
ammayernyc
Brilliant_Rock
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Harriet -- any updates?
Hi Amanda,
Thanks for checking in.
Last weekend, we looked at all 3 Solow buildings. We decided that we liked the 66th street one best (park and river views, we wouldn''t have to leave the ''hood). However, it is quite a bit more expensive and we''d like a unit higher up than what''s available. So, we''ve decided to wait to see if we even have to move. We''ve asked the owner to let us out of our lease, but have not heard. I think that''s an indication that the conversion isn''t progressing well -- if it were, they''d be in a hurry to get all of us out. Also, we''ve only heard of 2 of our neighbours wanting to buy. Everyone else the doormen and we have spoken to are refusing to buy. As you know, 15% of the building must be pre-sold for the conversion to go through. So, hopefully it won''t!
Thanks for checking in.
Last weekend, we looked at all 3 Solow buildings. We decided that we liked the 66th street one best (park and river views, we wouldn''t have to leave the ''hood). However, it is quite a bit more expensive and we''d like a unit higher up than what''s available. So, we''ve decided to wait to see if we even have to move. We''ve asked the owner to let us out of our lease, but have not heard. I think that''s an indication that the conversion isn''t progressing well -- if it were, they''d be in a hurry to get all of us out. Also, we''ve only heard of 2 of our neighbours wanting to buy. Everyone else the doormen and we have spoken to are refusing to buy. As you know, 15% of the building must be pre-sold for the conversion to go through. So, hopefully it won''t!
I just received some bad news, and am extremely stressed out. It looks like the conversion is going ahead: The owners are stripping the hallways; sending out non-renewal letters; and nixing month-to-month leases even though the conversion has not been approved. Do we jump ship now or wait till our lease is up and hope that something suitable is out there?
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