askLaLa » I am currently living in a rent stablized studio apartment in the West Village, New York City. I am the original tenant living here from when the apartment building went coop about 10 years ago but was not in a position to purchase the apartment at that time. I am the lease holder and can legally continue to live here indefinetely. My current rent is only $675/ month. It usually goes up about 6% to 7% for a new two year lease. The sponser of the building owns this apartment. The current maintenance is aprox. $550 per month so he is not earning much on this space. My question is, with all the news about the downturn of the real estate market they forcast, what would be a reasonable price to offer to buy the apartment I currently live in. It would be in an ‘as is’ condition. A similar apartment on a lower floor was sold about 6 months ago for 350K. I am not looking to pay market value. Any chance that this may ‘fly’?

Posted by LaLa on 20 May 2005 | Tagged as: Do Not Display

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