For sale: Big new rental building on St Marks, near Franklin.

Market rate.

almost fully occupied.

http://www.terracrg.com/setups/542_St_Marks_Avenue.pdf

36 units ... $14M

Think the buyer will flipped it into condos, or keep them rental units?

They tried to sell them as condos for years, but no one bought them. Weird, unsightly end of the block, weird building.

This building strikes me as being really poorly constructed. I might rent there, but wouldn't buy.

If I had $14M, I might buy the whole building and play landlord. The design and location appeals to the young, salaried couples who are flocking to the neighborhood but are only willing to rent.

...lots of construction coming to that block.

Nice tax abatement. That's what I pay for a 3-fam.

421a abatements are only temporary. I'd be worried about how I was going to pay that bill in the future, when the abatement is gone.

http://www.nyc.gov/html/dof/html/property/property_tax_reduc_421_a.shtml

Man thats rough, gotta be a developer's worst nightmare, but then again who has $500K + hundreds a month in maintenance to spend on an apt in Crown Heights????

I still think there is money to be made in bare bones buildings w/no walls or fixtures... buy & fill

The rental market continues to thrive.

....but I fear this building will need more maintenance than average as a result of cheap construction.

It should be interesting to see how much it goes for. I hope the building is not at risk of foreclosure.

Now fully rented:

http://www.brownstoner.com/blog/2012/11/former-ishi-condo-building-is-finally-full-up/#disqus_thread