Monday, October 20, 2008

Listing of the Day: Fedders for Sale on the Cheap

167th Street, 12 unit apartment building, -$2,999,999

This listing of the day is for the dreamers. Imagine being the owner of an entire poorly constructed and heavily leveraged Fedders building. This seemingly new construction in Morrisania is listed for a mere $2,999,999 for all 12 units in the building.

When you do the math, that is close to $25oK for each unit. If each unit is a 2 bedroom, you're still not really getting a deep discount for buying in bulk. You would think that this thing would be the real estate equivalent of Costco, but it seems to be more like the real estate Fine Fare, not over the top expensive, but certainly not a deal. If each unit were a 3 bedroom, then we'd be talking.

On the bright side, there seems to be some sort of green space (i.e. a yard) that comes with this monstrosity. I wonder why they just don't rent these puppies and sell them individually when the market turns in the near post-apocalyptic future. The proles like Fedders.


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