505 West 47th Street Apt 4GN


Investment Strategy:

2009: The philosophy here is that ‘starter apartments’ in boutique condominiums are no longer being sold to the same demographic. In the very transient, in demand hotel room or pod-style living that New York City is becoming, the purchaser feels that the monthly savings value of an asset like this costs approx. 70% less than staying in a hotel.
A long-term holding strategy coupled with historically low interest rates and 421-A tax abatement makes this unit, and ones like it, the new extended stay hotel lifestyle of choice for what we consider a new intelligent buyer segment of the market.

2015: With a 150% return on equity, it was an ideal time to exit the investment and purchase a larger asset using a 1031 exchange strategy and shelter the gains.

Project Details

Building Type:
Residential Condominium

Architect:
H. Thomas O’Hara Architects

Management Company:
Halstead

Project Type:
New Development

Purchase Price:
$499,000
(purchase included deeded storage)

Rented Price:
$2700 per month

Sales Price:
$639,000 + $2700 per month
(structured sale and lease assignment)

Financed By:
Wells Fargo

Status:
Sold & Closed
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Location:
Hell’s Kitchen

Project Involvement:
Identifying Opportunity, Market Assessment, Acquisition, Financing, Interior Design Upgrades

Year:
2009-2015

Press:
New York Magazine, The Real Deal,
Wall Street Journal