Familiar with market in NYC?
Hey BP community and RE pros
What is going on in the NYC market? I’m having a hard time getting a sense of how things are moving.
I ask because i own a 1br apt in the east Village that i have used primarily as a rental- it has no subletting limits. I’ve owned it for close to 15 years now and have lived there myself about 6 of those 15 years.
I’m cash flowing at $900 a month right now. i consider myself very lucky to have gotten through COVID while keeping a tenant in place. The current tenant is definitely paying above market and lease renewal is coming up quickly. If i go beyond the 2.5 years and want to sell in a year it will be taxed differently.
Okay the question: should i sell this unit or hold on to it? I still have 200k on the mortgage. A few years ago i was told i could list it for 700k but now (?)
On about every other forum here i would be advised to sell and split the equity over 4 new properties. I totally see the value in that but I’m home for some RE professionals perspective here.
Thank you!