QUOTE(lapuwali @ May 23 2006, 09:08 AM)
What suprises me, and would anyone who knows the NYC real estate market, is how CHEAP he did this whole thing.
$880K to buy the building, and $500K to renovate it. Now, $1.4M may not be "cheap" to most people, but that price will just barely buy you a decent 2-bedroom apt in Manhatten (with no garage) totalling maybe 1500 sq ft. Jerry's garage building (including the office space) is 2500sq ft. An 830 sq ft apt with two floors of garage space below it SHOULD cost way more than $1.4M in Manhatten. I suppose commercial space is a LOT cheaper than residential space there.
I think your're right, it does seem "cheap" per Manhatten $$$. The key is probably that the building is zoned commercial and couldn't be rezoned for residenial space for some reason. It's only wide enough for a garage door anyway.