It’s all about the roof, no apartment

Original listing: https://streeteasy.com/building/87-st-marks-place-new_york/4c

Property’s been on the market since July 6, 2022 and lowered from $190,000 to $160,000 in August.

Listing Agent’s Description

Investors only. All cash only. The apartment cannot be shown. This top floor studio has a rent stabilized tenant in it. He is an original renter. The apartment itself has its own approximately 400 square foot roof deck. a skylight, a wood burning fireplace and three windows facing a charming garden.

A buyer will have access to the roof deck but not the actual apartment. Tenant paying $505 rent per month. This could be the one.

Discussion

Facts & Features

Type:

Coop

Year Built:

1940

Building:

25 Units / 4 Stories

Apartment:

1 room studio / 1 bath

HOA:

$1,408

Taxes & Life Insurance:

???

Rent:

$505

Monthly Cash Flow:

-$900 – taxes – life insurance premium

Crowdfunding

How It Works

We’re raising $200,000 to fund the $160,000 purchase, cover closing costs & administration fees, and establish reserves. If we’re able to raise the amount while the property is on the market, we will purchase it and create an LLC. Minimum investment is $1,000 which will made through the purchase of a digital token or NFT. Interested investors can submit their interest using the button below.

200 tokens will be minted initially, for a price of $1,000 each. In addition to membership interest in the LLC, tokens will grant holders’ access to the roof 24/7 through a passcode mechanism. Reserve funds will be used to ensure the roof doesn’t run out of beverages. Tokens will also grant holders voting rights on major decisions such as leasing, selling the property, issuing more tokens and any changes regarding the tenant. Tokens are re-sellable as soon as they are issued at any price the holder wishes. If and when the property is sold, net proceeds will be distributed pro-rata to the wallet addresses that hold the tokens at the time of closing.

Tokens will be serialized and issued in the order of submission of interest. In the event of a dispute over usage between two members, preference is given to the holder of the most tokens, then oldest holders.

More details to come. All terms subject to change.