Central Park West

NEW -> Contingent Buyer Assistance Program
"Anybody I know who has that type of liquidity is not that stupid."

It is my guess that they are just betting on appreciation to make the numbers work.
 
Or they could be betting on future rent increases. Also, paper depreciation is one of the reasons it might make more sense to park money in an investment property. You can't write off the cost of treasuries every year. Of course, the numbers have to make sense, but there's more to it than a straight up cap rate vs. treasuries comparison. Not to mention the unlimited deferral of capital gains under IRC Section 1031.
 
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