NYC: Coop [possible] first deal

6 Replies

NYC Property [not on MLS]: 7th Ave near 110th Street [across from Central Park]

COOP

4 bedrooms / 1.5 baths

2500 sq ft

move-in condition

could use updated appliances

Asking $910,000.00 [non-negotiable] owner wants out NOW

Comps at $1.2 million

Seems like it's good for a retail buyer - not sure comments welcomed!

Thanks

Hi Claudette,

What are you looking to do with this property? Is the co-op investor friendly? What is the monthly maintenance fee? Do you know the reason the owner wants out?

Michael Slabitcher

Hi @Michael

at this price I"m thinking a RETAIL BUYER or INVESTOR for RENTAL. I'm getting the maintenance fee today. Apartment too large for her now, was renting it out but doesn't want the headache anymore. Investor friendly, yes.


Hi Claudette,

How much can the apartment be rented for? Do you have a buyer in place? How are you planning to fund this transaction?

Michael Slabitcher

Right now I have 3 people that have expressed interest. Waiting for property to be cleaned out before I give the potential buyers pics. We are giving them 10% down - short term hard money. Looking to assign contract OR double close. Should be signing purchase agreement by Monday, April 21

Congats. I look forward to seeing how this deal goes for you.

Good luck @Claudette K. Please let me know how this deal works out.

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