clock menu more-arrow no yes

Filed under:

Converting Commercial to Residential; Renter Looks to Buy

New, 1 comment

Welcome to It Happened One Weekend, our weekly roundup of The New York Times real estate section...

1) Rich people. What are they spending millions of dollars on? What are they complaining about? This is What's Up With Rich People?
Rich people in New York City are now buying commercial real estate and converting it into residential. Refusing to hear the word "no" in a marketplace deprived of expensive lofts, some buyers have taken to simply conjuring their own out of thin air, navigating a perilous swamp of zoning loopholes, city bureaucracy, and millions of dollars spent on renovation. Yes, it is true what they say: anything is possible . . . for the right price. ["How to Land a Loft"; photo by Several seconds/Curbed Photo Pool]

2) Every "The Hunt" column begins with the Hunters describing the apartment they want, and ends with them rationalizing whatever they came away with. This is The Hunt: Dreams vs. Reality
The Hunter: a longtime renter looking to buy a one-bedroom
Price
Dream: up to $500,000
Reality: $438,000
Neighborhood
Dream: Brooklyn Heights
Reality: East Harlem
Amenities
Dream: quiet, "neighborhood feel," square footage
Reality: quiet, "neighborhood feel," square footage
Summary
This seemed like a mostly painless hunt. Citing rising costs and a desire for change, a longtime renter decided to leave the hustle and bustle of Midtown for gentler climes. Starting in Brooklyn Heights, he looked at two places, but they were quickly snatched up. He then decided to focus on size and price, rather than location, and found a nice 725-square-foot one-bedroom in a co-op on the cusp of East Harlem. He loved the place and, apparently, bound and collated all of the paperwork, spending a hundred bucks at Kinko's (wow, fella!). His unbridled enthusiasm paid off and he bought the apartment for $438,000, with a monthly cost of $2,300. [The Hunt/"The Wind Shifts to 'Buy' and East Harlem Beckons"]