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okaycuckoo

I Used To Live Here

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Beat this!

I was in Manhattan on green card in 1988 - had an interesting few months sub-letting an apartment in this block on Mulberry St. Little Italy. The sole tenant was a social worker who quit the city for the summer. The building owners were an Italian construction family.

I think there were 12 apartments - split between 1- and 2-beds.

Four of us paid $400pm all in for 2 beds. We were each earning about $400pw as unionised contract cleaners on night shift. Used to walk home through the Bowery. It wasn't a bad place - no aircon, the odd cockroach - but we didn't get our deposit back. :lol:

IS5eeaanhcsl7z0000000000.jpg

The Zillow page is an amazing read, little chart and everything:

For Sale: $16,900,000

  • Bedrooms:6 beds
  • Bathrooms:8 baths
  • Townhouse:7,300 sq ft
  • Lot:2,450 sqft
  • Year Built:1900
  • Last Sold:Jan 2013 for $650,000

http://www.zillow.co.../31497237_zpid/

Looks like property tax stopped in 2007.

Based on rent I'd say the building was valued at about $600k in 1988 - 3000% increase. Although it's just asking price.

edit: pic

Edited by okaycuckoo

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Last Sold:Jan 2013 for $650,000 ?

Yeah, but looks like property tax stopped in 2007 - so maybe bankruptcy/administration resolved through a buyback. Or maybe kickback on "insoluble" planning conundrum.

Who knows? I guess it will be worth following up to see if the Asian/Russian/Saudi $ feeds back into the system.

Anyway, It made me laugh. Manhattan was already an expensive place to live but poor people could still get by on a 4:1 gross income to housing cost ratio. Just get by - I made it home broke (really needed that deposit).

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Could removal of Rent Control have something to do with this? (its something I've only heard about from 'Friends')

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Yeah, but looks like property tax stopped in 2007 - so maybe bankruptcy/administration resolved through a buyback. Or maybe kickback on "insoluble" planning conundrum.

Who knows? I guess it will be worth following up to see if the Asian/Russian/Saudi $ feeds back into the system.

Anyway, It made me laugh. Manhattan was already an expensive place to live but poor people could still get by on a 4:1 gross income to housing cost ratio. Just get by - I made it home broke (really needed that deposit).

Not familiar with US property tax (in fact i know nothing about it) 16 million in just over a year just looked crazy

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Could removal of Rent Control have something to do with this? (its something I've only heard about from 'Friends')

No, I think that mostly applied to the Stuyvesant Project (which was sold a few years ago) and some select places. Didn't apply to this place - more to do with family buying out the places their immigrant parents used to rent, then milking it.

New York 1900-1970 did have a lot of social planning about it, and the labour unions were way over the top.

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Those figures are all over the place - wouldn't read much into that.

The only figure that makes any sense is the first one:

07/21/98 Sold $1,150,000 $157 Public Record

Still a 17 fold (ish) increase in 16 years though!

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Could removal of Rent Control have something to do with this? (its something I've only heard about from 'Friends')

Really? I had no idea they touched on such issues. Must've missed that episode.

friends-cast.jpg

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Really? I had no idea they touched on such issues. Must've missed that episode.

friends-cast.jpg

There was an episode where the janitor threatened to grass on Monica for having Rachel as a tenant.

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