Monday, November 18, 2013

Real Estate Monday: Opportunity Knocks

219 13th Street

A non-Times listing today. TerraCRG, a company handling many large-parcel developments sales, including the recent $20 million sale of a site at Fourth & 11th (see below)

has a multi-family building for sale at 13th & Fourth, for $12,950,000.

"There is considerable upside in the offering as the seven rent-stabilized units pay an average of $811 per month for two and three bedroom apartments worth approximately $2900 and $3900 per month. This property also presents a near-term opportunity for condo conversion as eighteen of the twenty-five units will be destabilized by the end of 2013. The demand for condominium units (sic - the sentence remains unfinished) "


R_P said...

I love Real Estate Monday and was looking forward to this week's issue. But wow, that is a sad listing. You can just see the vultures licking their beaks over this one. :(

Peggy said...

Exactly how/why will 18 of the units be destabilized by the end of 2013? The majority of tenants all at once, suddenly, decided to give up their rent-stabilized apartments? Must be because there are so many other affordable apartments to move to.

There is a special place in hell for bad-actor buyers of buildings filled with rent-stabilized tenants.

onemorefoldedsunset said...

Yes, this one is despicable. It makes me so angry that the "considerable upside" is the imminent ouster of lower/middle income people who have lived here for a long time. Of course there's been wealth around here (especially further north and east) for a long time now, but the neighborhood I moved into was a diverse one, both ethnically and economically, and I was happy to be a part of such a mixture. Now it's condo condo condo mania, and such absurd all cash offers on row houses built for people of modest means. The schools are overcrowded, and now newer residents are (gasp) even overcoming disdain for a local, underenrolled gem of a school which is largely Spanish speaking in population and underenrolled. Why is it underenrolled? Because it's too fucking expensive for lower income residents to live around here anymore. Without economic diversity, neighborhoods are sterile, sad places.I wish the wealthy families would take off to NJ or Westchester the way they used to.