Owners: $5.4B NY housing complexes go...

Owners: $5.4B NY housing complexes go to creditors

There are 1 comment on the Marin Independent Journal story from Jan 24, 2010, titled Owners: $5.4B NY housing complexes go to creditors. In it, Marin Independent Journal reports that:

The financially troubled owners of two massive apartment complexes that sold for a record $5.4 billion a few years ago said Monday they're turning them over to their creditors.

Join the discussion below, or Read more at Marin Independent Journal.

Mark Winshel

El Cerrito, CA

#1 Jan 25, 2010
If there was nothing major in that complex other than the 11,000 apartments, than 11,000 apartments for 5.4 billion dollars would have meant a purchase price of approx five hundred thousand dollars per apartment. In such a case, it would be mindboggling that anyone would think they would be able to collect enough in rent for middle class housing so as to justify paying 500K per unit, or in fact anything even remotely close to 500K per unit.

Or as a friend of mine, and who over the years had bought and owned a few small apartment buildings, used to repeatedly say, they call it income property, so therefore if there is no income (by that he meant positive cash flow) refuse to buy it, in other words refuse to purchase those properties which have absurdly high prices.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

BlackRock Discussions

Title Updated Last By Comments
News Investors Real Estate Trust (IRET) Insider Buys... (Sep '16) Sep '16 zanezebediah 1
News UPDATE 3-AT&T top buyer at U.S. airwaves auctio... (Feb '15) Feb '15 Willsonjohn90 1
News Insight: U.S. early warning system for financia... (Dec '13) Dec '13 Le Jimbo 1
News AIG argues against $8.5 billion settlement with... (Jun '13) Sep '13 dariusrickard 4
News Blackrock Says It Added to Bets on Yen's Declin... (Jun '13) Jun '13 williamscharles71 2
News Bank of America Corp (BAC) News: Courtroom Batt... (Jun '13) Jun '13 Jesse 1
News Citigroup Awards EO Corbat $11.5 Million After ... (Feb '13) Mar '13 nevermind12345 4
More from around the web