A building in New York City could see rent on the land it sits on soar to tens of millions of dollars, according to Realtor.com.
Buying property is a complicated endeavor.A recent example of an apartment in New York City is a case in point. The unit is found in a building that real estate analysts say is part of Billionaires' Row—a cluster that neighbors Central Park in the south. Property prices there can cost up to a cool $100 million for a penthouse, according to Property Club.So, when a one-bedroom at the Carnegie House building in this neighborhood sold for less than $200,000, it raised eyebrows.
'Those who can't afford it could lose their apartments or be forced to sell at deflated prices.'Already, it appears that apartment owners are looking to offload their properties. There is a one-bedroom unit for sale for less than $400,000, according to realtor.com.The situation suggests how careful buyers have to be when looking to acquire properties.
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