Dumbo Clocktower Close to a Deal, But It's a Try-Before-You-Buy Situation
David Walentas confirmed that the $25 million listing had been pulled from the market while he hashed out a rent-to-own deal with an interested party. More details at The Real Deal, which broke the story yesterday.
David Walentas confirmed that the $25 million listing had been pulled from the market while he hashed out a rent-to-own deal with an interested party. More details at The Real Deal, which broke the story yesterday.
“Try-Before-You-Buy”
I’d call it a short.
***Bid half off peak comps***
Right, tybur6? Stigma like a mofo.
Ask > 2x highest Brooklyn comp. Almost 3x highest Brooklyn condo comp.
“Abehsera declined to state the terms of the deal, but offered, ‘it would be easy to rent it for $60,000 [per month], I’ll tell you that much.'”
10 x 60K x 12 = $7.2M. -71.2% fundamental re-valuation. Ouch! 25 mil = 35x annual rent, twice prevailing of 16x.
This mystery on-the-fence-RTOer is no fool. Otherwise he would have chomped into that 25 mil lure (outlier, right?). He knows where the market is headed. He’s smart $.
***Bid half off peak comps***
Hee hee. You can rent-to-own ANYTHING these days! Love it.