We were curious today when we received an email pointing us to this new "for sale"
listing at 75 Wall Street, a building that we thought had converted it's copious unsold units to rentals about a month ago.
The listing that we received is for unit #30G, a 675 sq ft 1 bedroom, 1 bath apartment on the market for $875,000 ha ha ha ha. "Wow, that's overpriced" we said, as we pondered the more than $1200 per square foot ask, which is high even in an amenity rich building like 75 Wall St (which shares hotel-like features with the Hyatt suites downstairs). But wait, it gets even better. As we continued to read the ad, we noted with some amusement that this apartment is in fact part of 75 Wall's infamous rent-to-own deal.
In fact, #30G, a 675 sq foot apartment, can also be yours for the low, low price of $3295 per month (huh?!). If you've got that much money to spend on a one bedroom, you should head over to just about any other new construction building in FiDi, including
20 Pine,
56 Pine and
15 Broad. Heck even the
incredibly overpriced William Beaver House will give you a more spacious 1BR with a view and
a bathtub that will hold four small strippers people for less money per month.
But wait, it gets better. After you've overpaid for rent for just 9 short months at 75 Wall, you will then qualify for their "rent-to-own"
sucker punch deal. If you decide to buy, they will credit you 1 year of rent plus take another 5% off of the purchase price, bringing your
net purchase price to just $875,000 (huh?).
Want to know what the "gross" (no pun intended...ok, maybe just a little) purchase price is? Yep, it's $970,000, the exact price at which Corcoran originally listed the sponsor unit for back in May of 2008. Anyone ready to sign up? We've got a bridge and an apartment at the Beaver House to sell to you too.
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4 comments:
Why is 88 Greenwich excluded from your list of other high end condo's? I think it's the best one out of all of those with better prices, finishes and location (closer to the water, the new W hotel and the hopefully eventually rising WTC towers). I keep looking for more blog posting abuot 88 Greenwich and can't find any here! Am I the only one who thinks that John Street and Pine street are so caustrophic that I think lower FIDI West is a better area?
Hi CriticalKatya - we visited 88 Greenwich but haven't gotten around to writing about it (yet). In a nutshell, we think it's a nice building but the price point is way too high given the location and size of the apartments. It's definitely not a great area of FiDi - there are fewer bars and restaurants around 88 Greenwich and the subway access is worse. It's closer to the water though, which is nice but not enough to warrant over $1000 per sq ft.
Were you hired by 88 Greenwich? Usually buyers (and even sellers) are never THIS enthusiastic about any property :)
So which of the FiDI/Tribeca area condos do you think are the best rental right now?
PLEASE STAY AWAY FROM 75 WALL.
This building may seem nice, but the management is horrible. The appliances in the building are flashy, but they don't work properly. I lived in an apartment in this building for over a year, and I think my washer and drier were working for maybe a week while I was living there. Management continually blew me off in coming in to fix. I must have complained upwards of 50 times.
Oh yeah, one other small detail. They took almost my entire security deposit when I moved out - over $4000 in "claimed damages."
I guess it's the price I paid for faux-luxury.
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