The Catch, in which we present everything-looks-good-except listings, needs you! Send your nominees to firstname.lastname@example.org and we'll consider them for public shaming.
What/Where?: 20' wide, four-story, 3,200-square-foot two-family townhouse on East 18th Street between First and Second Avenues.
Looks Good, Right?: It will when you hear the asking price...$1,550,000! Sure, you're living in the shadow of Stuyvesant Town, but a 20-footer priced under $500/sqft below 96th Street? Unheard of! Plus, there's the rental income from the other unit (or combine into a one-family), and there are even some air rights leftover to sell off to the highest bidder. Sure, we don't know the state of the place inside, but the outside looks somewhat spiffy.
The Catch: You can't see the inside of the house before buying it. Oh, and you need to kill someone before you can live there.
From the Massey Knakal listing:
The Vested Remainder Interest for the real property located at 313 East 18th Street, currently held in a life estate is for sale...This interest is not entitled to occupy the premises or collect any rents nor is it responsible for any expenses including but not limited to real estate taxes, assessments, insurance, mortgage interest and amortization (if any), repairs or maintenance to the premises. The property cannot be sold by the Life Estate Owner without the written consent of the Remainder Interest Owner. The seller will provide a deed for the Vested Remainder Interest of the property enabling a prospective buyer the ability to purchase title insurance. This poses an excellent opportunity for an investor or user to purchase a townhouse at an approximate 50% discount today, knowing that upon the death of the life estate owner the Remainder Interest Owner will own the property 100%. Due to the nature of this sale, the property is not to be inspected nor should the life estate owner be contacted for any purpose.That's right, you can't even threaten the person! As a Curbed tipster put it, "Wouldn't you want to size up the life estate owner? Healthy and spry versus sickly and decrepit would seriously affect the valuation of a remainder interest." Hey, that's what private investigators are for!
· Listing: 313 East 18th Street [Massey Knakal]