505 West 47th Street Apt 4GN

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.