Evaluating the right time to sell NYC real estate

[Lyle Cooper]

I have a condo in Manhattan that I rent out.  My R/E agent has been pushing me to sell the property b/c he says the market is hot, rates are low, and demand is high.

They suggested an ask price of 2.7mm.  I rent the place for $10,500/mo, and I net $1700/month after all expenses (including 3k/mo. of principal on my mortgage).  From a cap rate perspective, its a terrible investment.

I bought the place many years ago.  If I were to sell, I'd walk away with 1.3mm after commission, taxes, lawyers, etc.

A little background on me: I don't have a job.  I'm renovating a 3 family building in the area.  I occupy one unit.  I had one tenant but they left during covid.  So the property isn't making me money right now.

If I were to sell I'd incur a decent sized tax bill.  I'd like to 1031 exchange it, but I'm so swamped with my 3-family renovation project.  If I were to 1031 exchange it, it would be for a turnkey investment(s).  The only problem is I doubt the bank will give me a loan, b/c I don't have a regular source of income.  My thought process is wait until the my 3-family building is cash-flowing  and then sell the condo.  At that point, I think the bank will lend me money for a 1031 exchange.

Any advise or suggestions are welcome.  Thanks