Real estate: Not bad if you do it right

New York magazine has one of the most incredible real estate stories I think I’ve ever read: the story of 190 Bowery, a stately old brownstone bank building with six floors and 72 rooms, right at the corner of Spring Street. It looks abandoned from the outside, but not inside — photographer and artist Jay Maisel lives there with his wife and daughter. The Maisel family have been the only occupants of this 35,000 square-foot building since Jay bought it in 1966 for just $102,000. They live on several floors, cook in the old bank kitchen, and Maisel has turned several floors into a gallery for his work (he stores the rest of it in the old bank vault). The estimated value of the building now? Anywhere from $30-million to $70-million.
(hat tip to Kottke for the link)

6 thoughts on “Real estate: Not bad if you do it right

  1. Even if you factor in inflation ($102,000 in 1966 is equivalent to about $670,000 in 2008 dollars) that's not a bad return at all.

    Although keep in mind that you could also have invested been one of Warren Buffet's original Berkshire Hathaway investors not too much earlier, which would have turned that $102,000 into well over $1 billion…

  2. Bowery, a stately old brownstone bank building with six floors and 72 rooms, right at the corner of Spring Street. It looks abandoned from the outside, but not inside — photographer and artist Jay Maisel lives there with his wife and daughter. The Maisel family have

  3. The Maisel family have been the only occupants of this 35,000 square-foot building since Jay bought it in 1966 for just $102,000. They live on several floors, cook in the old bank kitchen, and Maisel has turned several floors into a gallery for his work

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