Desperate at Chelsea Stratus!

Here we go: 9D StreetEasy History 03/25/2007 Listed in StreetEasy by Elliman at $1,485,000 08/21/2008 Sale closed for (insiders only) 09/05/2008 Price increased to $1,880,000 Closed: 101 WEST 24 STREET, 9D Manhattan 8/21/2008 $1,512,101 So they paid more than asking, and now want a 24% profit in 3 months. Alas, 19D is asking less: $1,705,000 and it's a sponsor unit (meaning PLENTY of room for... [more]

Here we go: 9D StreetEasy History 03/25/2007 Listed in StreetEasy by Elliman at $1,485,000 08/21/2008 Sale closed for (insiders only) 09/05/2008 Price increased to $1,880,000 Closed: 101 WEST 24 STREET, 9D Manhattan 8/21/2008 $1,512,101 So they paid more than asking, and now want a 24% profit in 3 months. Alas, 19D is asking less: $1,705,000 and it's a sponsor unit (meaning PLENTY of room for negotiation!). So let's say you buy 9D. It will cost you $11,656 a month (increasing over time as the tax abatement amortizes leaving you with probably $2,000 a month in extra charges). But then you try to rent the sucker: StreetEasy History 09/17/2008 Listed in StreetEasy by Elliman at $8,800 11/05/2008 Price decreased to $7,800 But why would it when you can get a bigger one for less: StreetEasy History 08/27/2008 Listed in StreetEasy by Elliman at $8,995 10/31/2008 Price decreased to $7,750 11/20/2008 Price decreased to $6,950 And they can't get that either. http://www.streeteasy.com/nyc/rental/406684-condo-101-west-24th-street-chelsea-new-york They can't even rent one slightly smaller for much less money: StreetEasy History 09/20/2008 Listed in StreetEasy by Elliman at $5,950 10/21/2008 Price decreased to $5,500 11/04/2008 Price decreased to $5,350 http://www.streeteasy.com/nyc/rental/414933-condo-101-west-24th-street-chelsea-new-york What's this tell you? Because here's what market-rate rentals across the street are going for: $4,495 2-Bedroom at Chelsea Centro $4,638 2-Bedroom at Chelsea Centro $4,966 2-Bedroom at Chelsea Centro $5,300 2-Bedroom at The Capitol $5,695 2-Bedroom at 777 Sixth Avenue $5,695 2-Bedroom at Chelsea Landmark $5,795 2-Bedroom at Chelsea Landmark $5,900 2-Bedroom at The Capitol $6,625 2-Bedroom at Archstone Chelsea $6,645 2-Bedroom at Archstone Chelsea With no fee. And - these rents are coming down. http://www.streeteasy.com/nyc/sale/76874-condo-101-west-24th-street-chelsea-new-york [less]