With only a single competitor, a Long Island man won a two-bedroom, two-bath condo at 27 N. Moore St. for the favorable price of $3.15 million at the city’s auction of nine apartments in Manhattan today.
Public Administrator Ethel J. Griffin had set the minimum price at $3 million for the more than 2,000-sf loft, which had been owned by one Veronica Lee in a building called the Ice House. According to Curbed.com, Lee paid $774,000 for the unit in 1999 and died owing JP Morgan Chase $1.9 million left on her mortgage.
“I feel good,” successful bidder Mario Montoya told me after the auction, adding that he had been prepared to offer “a little more.” Continue reading
The sale of a condo with a minimum bid of $3 million is the highlight of a new estate auction scheduled for June 28 by Public Administrator Ethel J. Griffin.
Among the eight other apartments to go on the block starting at 11:30 a.m. are three income-limited units, a co-op in the Kips Bay neighborhood and one on the Upper West Side in the Lincoln Towers complex.
The $3 million unit is in the Ice House, at 27 North Moore St., in Tribeca. It was owned by one Veronica Lee, but I have been unable to find verifiable information about her.
What I know is that Continue reading
The city’s unemployment rate in June went to 8.7 percent from May’s 8.6 percent, the state Department of Labor reported.
The one-month rise was not itself a significant increase, but after falling consistently each month for nearly a year starting last spring, there have now been four consecutive months without a noticeable decline in the city’s jobless rate.
Most of the drop in the rate from its 10 percent peak has come not from significant job gains but as a result of discouraged job seekers leaving the work force.
The city added 51,400 private sector jobs in the 12 months ending in June. The 1.6 percent growth rate, “is pretty good by historical standards,” according to James Brown, principal economist at the labor department.
Rental rigmarole challenges prospective tenants
With a vacancy rate in Manhattan of under 1 percent, apartments sometimes rent in hours, not days or weeks. Good tenants are not that hard to find. On top of that, evicting problem tenants can be expensive and time-consuming.
So, as the New York Times observes, most landlords here require a lot of information.
They want to see a prospective tenant’s tax returns, pay stubs, bank statements, proof of employment, photo identification and, sometimes, reference letters from previous landlords.
Everyone will run a credit check (many Manhattan landlords look for a score above 700) and just about all, from big management firms to small-time landlords, want to know that your gross income is somewhere between 40 and 50 times the monthly rent.
Luxury sales in the East End Continue reading