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Your buyer may not pay for it because he/she knows the tenants will not pay up in rent enough to make it a good investment.
After you click "Submit Documents for the First Time," you'll get a long string of random words like "gamble shark rent enough verify temporary regal," or something like that.
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That company said the blame for the conditions lay with being unable to raise rents enough to cover necessary improvements and upgrades, because the building is part of the city's Mitchell-Lama affordable housing program, according to a spokesman.
And, if a company rents enough space in the 1.63-million-square-foot, 16-story building, it can have its own entrance and dedicated elevator, the Newmark executives promise.
That problem, hovering over us before we even walked in the door, was that we were looking for a deal, because we didn't have the kind of money to put down for a deposit or first and last months' rent, just enough for now, for the current month — enough, we hoped, to get us out of the converted chicken coop and into someplace with heat and electricity till we could think what to do next.
Nor does the property actually have to be rented out: it need only be "available for rental", so if the owner sets the rent high enough, he gets a holiday home with half his mortgage paid for by the taxman.
"You can just lower the rent just enough for people to be less unhappy, so that they don't move out.
For $17.5 million last September, the former owners of the Florida grove bought a piece of an industrial office park with four fully rented office buildings, producing enough rent to pay off the mortgage and generate a steady source of profit, which came out to $8,000 in income for the Patakis for the three months the partnership owned the property last year.
"Basically, rents are enough to cover property taxes, homeowners' insurance and condo fees," Mr. Willis said.
Yet some planners worry that the New York City of the future envisioned by city planners and the Bloomberg administration has not embraced some issues critical to the city's future: integrating affordable housing in the new neighborhoods, for example, and preserving manufacturing zones with rents low enough to keep businesses in New York.
People have been passed around from borough-to-borough in search of rents low enough that they fit within the cap.
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