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The High Price for Cheap Rent

On a nearby street, a line of ugly, cheaply built, 1980s-vintage row houses stand on a plot of land where there was once a neglected old Victorian. The six houses share a communal front "yard" -- a quarter-acre concrete pad that gives the place all the charm of a New Jersey strip mall. To complete that grim visual, cars are illegally parked on it, usually double wide, often obstructing the sidewalk.

In fact, there are more cars than one would expect from six single-family homes. A couple of months ago, I deduced why that was when I saw a small "For Rent" sign hanging from the railing in front of one of those row houses. The answer: because they've also got illegal apartments. A visit to the Department of Buildings' information system confirmed that all of those houses lack a Certificate of Occupancy to permit rental apartments.


NYC's Most Expensive House

I don't know which is more remarkable: the price tag or the appreciation.

The 18,500-square-foot, 103-year-old Henry T. Sloane Mansion at 18 East 68th Street just went on sale for $64 million, the most expensive officially listed house ever in New York. I thought that rocker, Lenny Kravitz, had set the unbeatable bar a couple of years ago when he paid a reported $40 million for the Duke-Semans mansion on Fifth Avenue. But since then there have been several townhouse sales in the $50 mil range. Not surprisingly, many of them are owned by weasels financiers, probably paid for by fat Christmas bonuses.

Since none of us will probably ever set foot in a house this expensive, let's take a virtual tour of this joint.

The outside is nice. Okay, it's a mansion. Maybe it's not the largest or most impressive crib in the neighborhood but, hey? No garage? Where do you store the garbage cans? And for $64 mil I want a second floor deck overlooking the peasants so I can pose like Mussolini. Something maintenance-free, maybe Trex. A few potted plants. Some string lights. Yeah.

The limestone could use a good cleaning. For this scratch, don't you think the sellers could invest in a little curb appeal?


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