this HUGE building is owned and occupied by only 1 family....in NYC..and was bought for only 102K in

[ninjahood]

While on the topic of that neighborhood. I cannot wait for hipsters to find another place to deem "cool" and move the F out. Single-handedly ruined the communities. Opening up galleries and BS boutiques that employs no one that makes no money when it could've been local owned stores that can support a family and supply goods.

true, most of those spots fold up though once da trust fund runs out.

chinatown isn't getting smaller though, da chinese have expanded da hood and have basically swallowed little italy whole and have expanded as far east

as da LES.

 

[obina]

That building could be transformed into a walmart

 

[3am scholar]

That's a lot of square feet. Apartments in that location + it being a landmark a 2,500 sqft apartment would go for an easy 6000.

 

[the hater boxden]

i aint see the art tickle when you posted the thread b. i know they go for a lot b. not surprised this happened in the 60s, though b.

You'd be funny if that was actually funny, but it wasn't funny, so you're not funny...

you right.

 

[mitchellicious]

If dude had the money, he should just live on the top floor and renovate/turn all the other rooms on the other floors into apartments to rent.

 

[oh you mad]

Property tax on that thing

 

[send one]

They could've gotten paid if it weren't classified as a landmark.

Seems like a real burden too.

 

[wr]

Now that my friends is the time value of money.

a $102,000.00 investment that equals cash flow for life.

 

[alan713]

42yrs ago, the average income was $5,315.00 and the cost of a new house was roughly $12,700.00. I'm talking about a 4 room apartment was $70 a month in that area. Meaning, he was well off to invest that much cash in that property, that in that time was a bad neighborhood. Up until, I'd say late 80's Bowery was notorious for poor drunks and crime. He just happen to be real lucky, that's like taking a gamble with buying property in South Bronx or East NY, hoping in 42yrs it would be what Soho is today. Lucky SOB.

 

[dmbrhs]

true, most of those spots fold up though once da trust fund runs out.

chinatown isn't getting smaller though, da chinese have expanded da hood and have basically swallowed little italy whole and have expanded as far east

as da LES.

Stop saying "da" as if that is a real word.

 

[ricky409]

It seems like new York real estate is such a friggin hassle.

If you not somebody that's been there for years and inherited some floor / rent controlled spot our clocking 120k, you're going to live in a box or have a roommate.

seems like you gotta spend minimum 30k a year on rent alone.

That's just from the outside looking in...

 

[ninjahood]

If dude had the money, he should just live on the top floor and renovate/turn all the other rooms on the other floors into apartments to rent.

This.

Son could probably make a killing converting da building into rental properties.. but like

Someone said, dealing with tennants is a hassle. Part of da charm is its landmark beaux style

With voussoir siding from da time period.

 

[jjs07]

Think about that location 42 years ago - also...think about the fact it was 42 YEARS AGO!! Price that dude bought it for isn't that astounding with all things considered. Just my .02

Sitting on a gold mine today tho.

 

[jhawk826]

Chinatown is filthy. It would be a pain living down there for me. However that is PRIME real estate.

naw, chinatown got wild hipsters who are getting priced out of soho living out there...honestly doesn't look any worse then NoHo or LES.

Hipsters getting priced out . That trust fund paper doesn't last forever. NoHo has never looked as bad as Chinatown has and as far as the LES goes, above Delancey Street and below are night and day although they are cleaning that part up.

 

[hometownhero]

no, more like a huge historic beaux style building in NYC went for that cheap, even in 1966.

hello, you forgot penthouses in this town go for MILLIONS of dollars? yet this guy bought this entire building for 102k.

i knew things were going cheap back in da day in NYC (brownstones were going on da thrift in harlem) but damn..a entire building for less then what

a ZR1 in 2012 goes for now.

crazy...that place is worth at least 15 mill now.

I'm thinking it's worth more than that. 15 mill for an apt in new york isn't absurd so an entire building can get 10 times more. Rich foreigners are paying 20 or 30 mill 6,000 sq ft. For 35,000, they'd pay 100 mill, even if it's not in manhattan. 

 

[beh235]

I passed this building so many times and wondered what was in it, why wasn't it torn down, and who sleeps on the steps. One of life's mysteries unlocked. Thanks Ninjahood

 

[41239]

I always wanted to buy an old building and turn it into a loft

The building is its own mini-frontier, and, as of 2005, an official landmark. “Here’s the deal,” Maisel says. “If you have a window that needs fixing, you fix it. If I have a window that is broken, I have to repair it, with approval, the way it was done in 1898.” Upkeep is constant. “A typical day is first we might have to clean the sidewalks,” says Linda. “Because we’re responsible for the sidewalks in front of our building. Or the fire department comes for a walk-through, or the meters need fixing, or the boiler. Or the graffiti police come by.”
That’s another headache. The city wants the exterior graffiti-free, but it’s impossible:

I wonder how much it costs them to own that place though

THIS, they are probably getting raped to keep/maintain it, are NYC property taxes high? do they have all stories functional? did they get a deal with gas/electric/water?

 

[ninjahood]

I always wanted to buy an old building and turn it into a loft

The building is its own mini-frontier, and, as of 2005, an official landmark. “Here’s the deal,” Maisel says. “If you have a window that needs fixing, you fix it. If I have a window that is broken, I have to repair it, with approval, the way it was done in 1898.” Upkeep is constant. “A typical day is first we might have to clean the sidewalks,” says Linda. “Because we’re responsible for the sidewalks in front of our building. Or the fire department comes for a walk-through, or the meters need fixing, or the boiler. Or the graffiti police come by.”
That’s another headache. The city wants the exterior graffiti-free, but it’s impossible:

I wonder how much it costs them to own that place though

THIS, they are probably getting raped to keep/maintain it, are NYC property taxes high? do they have all stories functional? did they get a deal with gas/electric/water?

That's a great question...gas & electricity barring any sort of subsidies must be a

Fortune... its no wonder da first floor it sounds like gets rented out regularly to galleries.

 

[wallyhopp]

They ask where would they go? Is life in NYC jading people that much?

 

[solo polo]

naw, chinatown got wild hipsters who are getting priced out of soho living out there...honestly doesn't look any worse then NoHo or LES.

hell nah!!!... your buggin'!!

China Town is and will always be the dirtiest and most cramped spot in NYC..straight like that

you ever walked thru those blocks at NIGHT??  not down the nice blocks either, fam...

 

[ricardo malta]

hell nah!!!... your buggin'!!

China Town is and will always be the dirtiest and most cramped spot in NYC..straight like that

you ever walked thru those blocks at NIGHT??  not down the nice blocks either, fam...

Yea, Ninjahood buggin' on this one. No way you can compare China Town to LES, let alone NOHO of all places.

I don't traverse that far downtown way too much so never seen this spot but that thang look official. It's probably doing him more harm than good to continue living there though.

 

[ninjahood]

Chinatown's only fault is it sits on da old york wit its old small blocks modern

Day New York spouted from...

 

[weekz]

Talk about amazing investing skills

 

[acemaster193]

It seems like new York real estate is such a friggin hassle.
If you not somebody that's been there for years and inherited some floor / rent controlled spot our clocking 120k, you're going to live in a box or have a roommate.
seems like you gotta spend minimum 30k a year on rent alone.
That's just from the outside looking in...

You right.

 

[djaward]

I'd make the top floor my home and rent out the other floors.