515 East 72nd Street - Investment

Asked by Investor, Upper East Side, New York, NY Mon Apr 23, 2012

What is considered a reasonable price for a 1 bedroom condo (about 685 sq ft) in 515 E 72nd st? How much a 1 bedroom condo in this building can be rented for? How much is the management fee and insurance, etc.? Is the condo price in this building higher or lower than other buildings in the surrounding area? If so, why? Anything else I need to be aware of as an investor?

Thanks a bunch!

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Ronnie Shuma…, Agent, New York, NY
Wed Apr 25, 2012

This building offers a wealth of amenities in the building. There is little in the ENTIRE city that compares in that respect. With that being said, what it will get on the rental market is a tricky question because of it's distance from the subway system right now.

That is always a huge factor for renters. If you are focusing on renters that work nearby (Medical professionals) than perhaps less so. Either way, you will need to be very educated on the market for rentals here. With vacancy rates so low, it is a very important thing to consider.

With the location as it is, it's still probably better to err on the conservative side with projected rental income for a few years, at least until that Second Ave subway is operational.

Best regards,
45 Horatio street
New York, NY 10014
Office: 212 604 0300
Mobile: 917.423.5004
Fax 646.738.7415
E: rshumake@townrealestate.com
W: http://www.townrealestate.com
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Bruce Silver…, Agent, NY,
Mon Apr 23, 2012
Dear Investor, I have had a number of rental and sales listings at the builidng and am thoroughly familiar with prices there and am happy to share this information with you. Rental fees at the building are quite reasonable, approximately $860 plus credit/background check fees and refundable move-in and move-out deposits. I look forward to speaking with you. Regards, Bruce Silverman, Halstead Property LLC, 917-375-4750, bhsilverman@halstead.com
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