Rental unit (already) at 70 Washington
One not-so-savvy investor who bought in at 70 Washington has ostensibly closed on his purchase and decided to rent it out, possibly due to the gaudy entrance door?
This Elliman listing, on the K line, has one bedroom and 2 baths spread out across a spacious 1,560 square feet.
According to our estimates, this investor may hardly be making his carrying costs back by renting it for a paltry $5500 a month. The three units in this line that are still available are asking $1.145MM, $1.165MM, $1.185MM and $1.4MM for the top floor unit. Conservatively estimating that he got in early and paid $1.145MM, put 10% down and is financing the rest at 6%, his gross monthly costs are over $7,000 a month.