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Moneywise
THIS TINY 77-SQUARE-FOOT NYC APARTMENT TRIGGERED A BIDDING WAR THAT PUSHED RENT
TO $2,350/MONTH — AND IT HAS NO BATHROOM. WHY PRIME REAL ESTATE REMAINS THE BEST
LONG-TERM HOLD
Read full article
81
Serah Louis
Thu, June 15, 2023 at 8:00 AM EDT·4 min read
This tiny 77-square-foot NYC apartment triggered a bidding war that pushed rent
to $2,350/month — and it has no bathroom. Why prime real estate remains the best
long-term hold
New York City residents may have long resigned themselves to paying exorbitant
prices to live in cramped quarters — but this recent example takes the cake.
A pocket-sized studio on West 11th Street in Greenwich Village went viral after
real estate agent Omer Labock presented a tour of it on TikTok.
DON'T MISS
* Rich young Americans have lost confidence in the stock market — and are
betting on these 3 assets instead. Get in now for strong long-term tailwinds
* Thanks to Jeff Bezos, you can now use $100 to cash in on prime real estate —
without the headache of being a landlord. Here's how
* You could be the landlord of Walmart, Whole Foods and CVS (and collect fat
grocery store-anchored income on a quarterly basis)
“This has to be the smallest apartment I’ve ever seen,” Labock, who works with
Douglas Elliman Real Estate, says in the video. The space is less than 7 feet
wide and 11 feet long, according to NYC newsroom Gothamist, and includes a very
tight closet and a little kitchenette with a mini fridge and sink (but no oven
or stove).
The bathroom lies across the hall — and is shared with four other units in the
building.
But the most shocking detail is the price tag. The apartment was listed for
$1,975 a month in December, says Labock, but several sources report it was later
listed for $2,350 a month.
“2k for a closet! nah I’m good,” writes one aghast viewer, while another likens
the pint-sized pad to a prison cell.
Here’s why this miniscule abode doesn’t come cheap — and why investors should
pay attention.
WHY INVESTORS STILL LIKE PRIME REAL ESTATE
The super-small studio reportedly sparked a bidding war. A big part of that is
due to location: you’ll find the space in the much-coveted and trendy Greenwich
neighborhood, where the median rent tracks upwards of $5,000 a month, according
to Realtor.com.
Gothamist spoke to a Pace University student who was set to place a bid on the
place, but requested to remain unnamed because he didn’t want to risk his
chances of landing the rental.
Story continues
“If you want to be on a prime block of the city, it's like, you can't have
everything,” he said.
While the stock market has certainly seen its fair share of ups and downs —
keeping many investors wary — real estate in desirable locations like NYC and
Miami are still a steady bet.
In fact, prime commercial real estate has outperformed the S&P 500 over a
25-year period.
That said, not everyone’s ready (or wealthy enough) to snag an expensive studio
downtown, or deal with the hassles of landlording and managing tenants. Here’s
how you can get into real estate without having to become a landlord.
Read more: Americans refuse to let higher prices derail their travel plans — 10
tactics to keep your summer vacation on budget
PUT YOUR MONEY IN A TRUST
Real estate investment trusts, or REITs, invest in various property types — from
residential apartment buildings to commercial spaces, like offices — and are
typically publicly traded like stocks.
They also mix assets and locations, so you’re not only investing in tiny condos
in the Big Apple, for example, and you’re not subject to any regional downturns
in the market. And if you’re looking for something more specialized, some trusts
will target certain sectors, like luxury real estate or the U.S.
government](https://moneywise.com/investing/stocks/reits-that-rent-to-the-us-government).
INVEST IN ETFS
Exchange-traded funds or ETFs are bundles of stocks, bonds or other investments,
and also trade on the stock market.
You could invest in real estate ETFs which can track real estate development
companies, homebuilders, property managers or brokerages.
POOL YOUR FUNDS WITH OTHERS
Crowdfunding platforms raise cash for investment opportunities, like real
estate. Investors can contribute their money to a pool shared with other
investors in order to purchase property or a share of a property as a group.
Some platforms are targeted toward accredited investors and require a net worth
of more than $1 million or an earned income that exceeded $200,000 (or $300,000
together with a spouse) in each of the past two years.
But others come with a much lower barrier to entry — and may even let you start
investing with $100 at a time.
WHAT TO READ NEXT
* Worried about the economy? Here are the best shock-proof assets for your
portfolio. (They’re all outside of the stock market.)
* 'Hold onto your money': Jeff Bezos says you might want to rethink buying a
'new automobile, refrigerator, or whatever' — here are 3 better
recession-proof buys
* What do Ashton Kutcher and a Nobel Prize-winning economist have in common? An
investing app that turns spare change into a diversified portfolio
This article provides information only and should not be construed as advice. It
is provided without warranty of any kind.
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