A Manhattan loft has been listed for $4 million, but you have to take on a tenant who's paying well below the area's average and has been there for decades
, the tenant is allowed to keep renewing the lease, even if the condo is sold. There are limits to how much the landlord can raise rent each year, too.
The current rent doesn't even cover the maintenance and common charges for the property, listed as $2,802 per month. Monthly taxes are around $5,500. The current tenant is paying about $40.50 a month per square foot, which is less than half the average for Manhattan rentals, perSteven Hochberg, an attorney at Golenbock Eiseman Assor Bell & Peskoe who is representing the sellers, told Bloomberg that the tenant had been there since at least the building's conversion to condos in the early 1980s.
The 5,800-square-foot condo has three bedrooms and three bathrooms, according to the listing, as well as"open views to the north, south and east," though no internal pictures of the property or its views are included. With its $4 million price tag, the condo works out at about $690 per square foot. Douglas Elliman and Miller Samuel put the average selling price for condos in Manhattan atThe property has been listed for more than two months and is available for"investors only." The realtors describe its listing as a"rare opportunity."The sixth-floor apartment in the same building with five bedrooms sold for $9.
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