In Upper Manhattan, two units sit empty in two well-maintained, century-old midrise elevator buildings. One, a four- or five-bedroom unit with a large kitchen and midday light spilling through the back room, would be the perfect space for a family with young children or for a group of roommates; it would rent for about $3,700 on the open market. The other, a ground-floor one-bedroom, would make a cozy home for a single adult or a couple and would command about $2,500 on the open market.
But the units aren’t for rent and probably won’t be anytime soon. After decades with the same tenant, the large apartment needs a full overhaul, at a cost probably exceeding $150,000. The smaller unit was packed to the ceiling with the belongings of a deceased tenant; after I visited, the landlord spent about $3,000 to clear it out. It, too, needs a gut renovation.
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Nicole Gelinas is a senior fellow at the Manhattan Institute and contributing editor at City Journal. Follow her on Twitter here. Nicole is the author of Movement: New York’s Long War to Take Back Its Streets from the Car, available now.
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