East Village Studio
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Description
Minutes walk to Tompkins Square Park, Union Square and loads of restaurants and bars. There is only one problem. The apartment is not livable in the current condition.
This unit has been occupied for more than 30 years, became vacant, and and is not habitable because the old tenant didn’t give the owner access to the apartment over the years to make improvements. The landlord needs significant updates including new frame and sheetrock throughout apartment; installation of a new kitchen; installation of a new bathroom; updated plumbing; new oak flooring; electrical rewiring including new switches and outlets, installation of new doors, windows and closets; new radiators and upgraded ventilation.
The apartment is not livable in the current condition. The state and city cannot force a building owner to rent an unsafe apartment. They also cannot force the owner to spend money to fix up the apartment and rent it out. For this reason, it is likely to stay vacant.
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Cost
The legal rent is $730.
Market rate is $2,500 to $2,800
The cost of renovation is at least $80,000
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East Village Studio
Minutes walk to Tompkins Square Park, Union Square and loads of restaurants and bars. But the apartment is not livable in the current condition.
