Day Deux of the Duplex Dilemma and we're doggone ready
Solving the Duplex Dilemma
Welcome back to “Day Deux” of the Duplex Dilemma, as we join Jamie, Morgan, and their “furrocious” fivesome of dogs and cats, who are on the prowl for a home on the Lower East Side.
If you’re just tuning in, Jamie and Morgan are the proud pet parents two Shih Tzus — Sun Tzu and Bronx Tzu — and three Scottish Folds — Fuddy, Duddy, and MacGillicutty .
They’ve decided the way to make their home both people- and pet-friendly is via a staircase offering two floors: one for the two-legged creatures, and the other for four-legged creatures.
Money-wise, they have options. With 20% down and a target of under $15K/month (all-in) for carrying costs, they’re feeling good. Their credit is strong, and they’ll look to lock in a 6.19% 30-year rate .
They’re looking exclusively within 10002. Why? Well, they love the Lower East Side (and they’re devoted More For LES readers).
Last time, we saw the below five properties:
Today, we’ll see the next round. Ready for some stairs?
The 2-bedroom, 2-bath duplex penthouse features solid white oak herringbone floors, crown moldings, high ceilings, and floor-to-ceiling windows. The kitchen includes honed charcoal granite counters, espresso-stained oak cabinetry, brushed bronze hardware, and Wolf, Sub-Zero, and Bosch appliances. The unit also has a roof deck, a separate terrace, a walk-in closet, and a 5-fixture en-suite bath. Woof.
List Price: 2,395,000
Bedrooms/Bathrooms: 2 BR/2 BA
Monthly Carrying Charges: $2,631
Monthly Taxes: $1,583
Monthly Mortgage Payment: $11,727
Total Monthly Overhead: $15,941
Does this unit qualify? No, as it’s slightly above budget. However, getting in under the $15k threshold is possible with a strong but below-list-price offer and/or more than 20% down. If we’re allowing for some flexibility, this unit actually *should* qualify.
This 920 SF, 2-bedroom, 1.5-bath duplex unit has a private garden, a chef’s kitchen with Sub-Zero refrigeration and Bertazzoni Range, custom cabinetry, a modern bathroom with heated floors, a custom dressing foyer, and an in-unit washer/dryer.
List Price: 1,435,000
Bedrooms/Bathrooms: 2 BR/1.5 BA
Monthly Carrying Charges: $600
Monthly Taxes: $1,000
Monthly Mortgage Payment: $7,028
Total Monthly Overhead: $8,628
Does this unit qualify? Yes, it comfortably meets budget parameters.
150 Rivington Street CPENTHOUSE
A 3-bedroom, 3-bath duplex penthouse that features 13-foot floor-to-ceiling windows, custom-brushed oak flooring, two private landscaped terraces with electricity/irrigation, and a Joseph & Curtis temperature-controlled 600-bottle walk-in wine cellar. (Stay out, Shih Tzus!)
List Price: 3,795,000
Bedrooms/Bathrooms: 3 BR/3 BA
Monthly Carrying Charges: $2,816
Monthly Taxes: $2,149
Monthly Mortgage Payment: $18,560
Total Monthly Overhead: $23,525
Does this unit qualify? No, this unit is well above the budget parameters.
Architect-renovated 4-bedroom, 2.5-bath duplex features wide-plank oak flooring, custom lighting, energy-efficient air conditioners, and numerous windows. The 17th floor has a glass-enclosed balcony and an open kitchen with Bosch Benchmark appliances; the second level includes a primary suite with a kitchenette and a 300 sq ft terrace.
List Price: 2,195,000
Bedrooms/Bathrooms: 4 BR/2.5 BA
Monthly Carrying Charges: $2,871 (includes taxes)
Monthly Taxes: N/A, re: co-ops include taxes in the carrying charges
Monthly Mortgage Payment: $10,756
Total Monthly Overhead: $13,627
Does this unit qualify? Yes, it meets budget parameters.
This mixed-use building contains a ground-floor commercial space and two residential units above: a 4-bedroom duplex and a 4-bedroom triplex, both featuring multiple outdoor spaces and free-market designer finishes.
List Price: 4,495,000
Bedrooms/Bathrooms: 8 BR/4.5 BA
Monthly Carrying Charges: N/A, re: these would be passed on to the tenants (or absorbed by the owners); as is, these fees are TBD
Monthly Taxes: $1,804
Monthly Mortgage Payment: $21,999
Total Monthly Overhead: $23,803
Does this unit qualify? No, this unit is well above the budget parameters. It’s unique, though, as it is a multifamily unit with a commercial space on the ground floor. Unless Jamie and Morgan want to be landlords — or open a pet store — this is not a fit. (Plus, we have more questions about the building costs and operations.)
Join us for the next edition, as we answer the Duplex Dilemma for Jamie and Morgan.
