Should I sell my New York coop

[Sherry G.]

Hi All,

My husband and I are conflicted and need some investment advice. We currently own a coop on the upper west side in new york with a liberal sublet policy. We are renting it out to tenants whose lease expires in about 3 months. We now live on the west coast. Because we lived in it for more than 2 years we have until August 2018 to sell it and avoid capital gains tax. It currently is cashflow neutral (if you do not include the assessments we've paid). With assessments its cashflow negative. We are considering putting it on the market now and taking those proceeds (we anticipate a 50% return on investment) to buy a multifamily in California. Should we sell or continue to rent it out?

Thanks in advance,

Sherry

[Steven Greenhill]

Originally posted by @Sherry G.:

Hi All,

My husband and I are conflicted and need some investment advice. We currently own a coop on the upper west side in new york with a liberal sublet policy. We are renting it out to tenants whose lease expires in about 3 months. We now live on the west coast. Because we lived in it for more than 2 years we have until August 2018 to sell it and avoid capital gains tax. It currently is cashflow neutral (if you do not include the assessments we've paid). With assessments its cashflow negative. We are considering putting it on the market now and taking those proceeds (we anticipate a 50% return on investment) to buy a multifamily in California. Should we sell or continue to rent it out?

Thanks in advance,

Sherry

SELL, SELL, SELL. Co-ops are not doing well -- especially UWS and UES. They're super safe but not appreciating. You do realize you probably need to pay 2-3% FLIP TAX to co-op board, 6% to broker who lists++++, almost 10% to sell that. I suggest moving that to a condo in an emerging area or if you think California multi families are on the rise more, go for it! Condos in South Bronx, Brooklyn (not the super hot areas -- BoCoCa, Williamsburg, etc), and Queens are skyrocketing