The NY Times has a story today about how buildings that come with rent controlled or rent stabilized tenants can be hard to sell or a bargain depending on how you look at it:
NY Times: When the Price Inclues Tenants: But prospective buyers apparently did not see such opportunities in a three-family, four-story brick town house on a prime Cobble Hill block that was listed by Brown Harris Stevens. Comparable town houses range in price from about $2.2 million to $2.5 million, but this building had a rent-controlled tenant in the lower duplex, which had exclusive use of the garden. The other two apartments were not rent-regulated, but they were occupied.
Even though the building was in good shape and the two upper apartments were newly renovated, the broker, Jill Seligson Braver, priced the house at $1.65 million because of the tenants. Still, it didn’t sell for two and a half months, and the owner decided to take it off the market in early October.
[...] NY Times: Pesky Tenants Can Slow Sales [...]