Johnny Closes on 1.1 Million Dollar Condo

[Cheylana]

Oh wow, I heart Madison Square Park and the surrounding area!!! But such a lot of money... I recall Johnny saying just over a year ago at the Brooklyn documentary screenings that he was living paycheck to paycheck....

Buying real estate, especially a 2-bedroom in Manhattan, is generally a reasonable investment that usually appreciates in value. I think he could sell it for a profit after a few years, so long as he has the $$ to keep up with the payments. Maybe the show is chipping in a bit, a la Jon & Kate.

[Auntie]

Maybe the show is chipping in a bit, a la Jon & Kate.

[sk9tingfan]

We know that $1.1 million was paid for the condo.We're not sure if he paid cash or he has a 30 year mortgage, and we don't know how much of a down payment was made. Perusing the real estate listings, it sounds like he could have gotten a lot more for his money potentially in another Manhattan neighborhood and that he may be paying top dollar for his new abode

Hypothetically, if he put down 20%, he would be left with an $880,000 mortgage @ around 5% or more as of today. With a mortgage of around $4700-$5000 + NYC tax rate for 2010-2011 of 13.241% or another $1225 per month + condo fees similarly around $1225 per month, Johnny is looking at between $7000 and $7500 per month.

http://www.citi-habitats.com/344549-...t-12C-New-York

Here's a similar apartment to what he may be buying. I just hope that he can forsee paying more than $7000 per month for the next 30 years. That is, unless he was able to buy the unit for cash. He's still looking at paying at least $2500 per month.

[sk9tingfan]

http://ny.curbed.com/archives/2011/0...rk_madison.php

We know that $1.1 million was paid for the condo. We're not sure if he paid cash or he has a 30 year mortgage, and we don't know how much of a down payment was made. Perusing the real estate listings, it sounds like he could have gotten a lot more for his money potentially in another Manhattan neighborhood and that he may be paying top dollar for his new abode. Less than 900 square feet!

Hypothetically, if he put down 20%, he would be left with an $880,000 mortgage @ around 5% or more as of today. With a mortgage of around $4700-$5000 + NYC tax rate for 2010-2011 of 13.241% or another $1225 per month + condo fees similarly around $1225 per month, Johnny is looking at between $7000 and $7500 per month.

I just hope that he can foresee paying more than $7000 per month for the next 30 years. That is, unless he was able to buy the unit for cash. He's still looking at paying at least $2500 per month.

[merrywidow]

My guess as to where the money came from would be his judging stint on "Skating with the Stars". If contestants on "Dancing with the Stars" make $100k for one episode, then I'd guess that those judges make as much or more. Then there are the proceeds from his book's sales. He has a lot of irons in the fire.

[Prancer]

One would have to assume that a bank has given him a loan so there is some evidence of the ability to pay his mortgage.

ITA. It's not easy for most people to get a mortgage these days and I don't think Johnny is enough of a celebrity to get away with a smile and a handshake, especially not in Manhattan.

[Rex]

How close is it to Central Park? Just wondering.

[Jenny]

How close is it to Central Park? Just wondering.

About 32 blocks, or a half hour walk.

[mmscfdcsu]

http://streeteasy.com/nyc/sale/57520...south-new-york

I wonder if anyone regrets donating to his training fund.

Map:

http://www.twenty9th.com/

[marbri]

http://streeteasy.com/nyc/sale/57520...south-new-york

I wonder if anyone regrets donating to his training fund.

Map:

http://www.twenty9th.com/

He's going to need that money to convert the bedroom into a walk-in closet because the current one isn't going to work I can imagine the moving in episode already, Johnny squealing at the inadequate storage space for his furs and shots of him sleeping in the tub as his wardrobe take over the bedroom

[Hannahclear]

Are people offended by this? If so, why?

[Tinami Amori]

Had no idea he had that kind of money. Wonder how long it will take for him to run through it.

So much for his claims of poverty... Gues all those shows in Japan pay pretty well...

i am sorry, i am not nice, but now hopefully he can stop complaining about needing money.
if he needs it now he can just sell his condo.
i know petty. but i think he had money before just not what he wanted, now he got want he wanted.

I wonder if anyone regrets donating to his training fund.

Back in USSR!

I am having a charming deja vu ……… It’s the 1970’s…… Our apartment building across the street from Izmailovsky Park

…… 5 babushkas and 3 retired drunks sitting on a bench in front the house and chatting about the neighbors: where did Mrs. Volkova got the money for a Crimea vacation…… where did Mr. Ivanov got the money to buy a new Volga sedan…… which “secret lover” bought Miss Semenova brand new fur coat….. And what-ever the scenario is about the "acquisitions and the methods" for these babushkas and drunks it is all about the anger at “evil Capitalists” who dared to acquire something these losers can’t afford or don’t have the brain to acquire……

[BittyBug]

I wonder if anyone regrets donating to his training fund.

Why? He needed the money then; he apparently has plenty of income sources now. I don't see how the two issues are related.

I was not one of Johnny's sponsors, but I have donated to other skaters over the years. I did not expect that any of them should take a vow of permanent poverty. Quite the contrary, I have always hoped that each of them would enjoy success in their future.

[kwanette]

Are people offended by this? If so, why?

I'm not offended.I say good for him..he's been working non-stop since the OLY. One would think and hope that he has a financial advisor. Is it really any more our business than Sarah's employment?

[IceAlisa]

Back in USSR!

I am having a charming deja vu ……… It’s the 1970’s…… Our apartment building across the street from Izmailovsky Park

…… 5 babushkas and 3 retired drunks sitting on a bench in front the house and chatting about the neighbors: where did Mrs. Volkova got the money for a Crimea vacation…… where did Mr. Ivanov got the money to buy a new Volga sedan…… which “secret lover” bought Miss Semenova brand new fur coat….. And what-ever the scenario is about the "acquisitions and the methods" for these babushkas and drunks it is all about the anger at “evil Capitalists” who dared to acquire something these losers can’t afford or don’t have the brain to acquire……

[orbitz]

Hypothetically, if he put down 20%, he would be left with an $880,000 mortgage @ around 5% or more as of today. With a mortgage of around $4700-$5000 + NYC tax rate for 2010-2011 of 13.241% or another $1225 per month + condo fees similarly around $1225 per month, Johnny is looking at between $7000 and $7500 per month.

Anything more than 1200 per month is way too much for me ... but I'm poor .

[Willowway]

Buying real estate, especially a 2-bedroom in Manhattan, is generally a reasonable investment that usually appreciates in value.

This statement is correct but Johnny bought a one-bedroom.

As those of us who know the Manhattan market understand, two-bedroom apts. in NYC appreciate well and sell well (given a good neighborhood profile, etc. etc.) but one-bedroom apts. can be a tougher sell and are not the 'slam dunk' investment that a two-bedroom often are.

$1.1 m for a one-bedroom in a not-very-neighborhoody part of town (not a part of town with a clearly defined neighborhood character e.g. Tribeca, Soho, UWS, UES, etc.) is a risk of sorts. Well, any investment is a risk of sorts but owning your own place is great. Shiny new building with good amenities - hopefully it ages well (some do, some don't).

One thing I think this does say - no competitive future (as if we didn't know that). Although one can always cab it southwest to Chelsea Piers, that's the only full-sized skating surface anywhere nearby. I also don't think one takes on a substantial mortgage or if he paid cash, substantial monthly charges when one's time is devoted to competitive skating. He will also now be an NYC resident which means additional income taxes (in addition to his real estate taxes on the apt.) and in general, it is an expensive place to live.

Like others, I hope this is the end of the whining about how he is just scraping by, doesn't have what other people have and on and on. All that may have been true way back when but I don't think it has been true for a while now. I think his future is a little clearer than it has been of late - reality-based entertainment plus the guest spots he has been landing. What he does need to do is establish a marketable persona beyond skating because the skating context that grounded his reality shows is gone. Without that, does he needs more of a hook than Snooki has? Maybe, maybe not.

[BYTCH]

Any chance an SD (Sugar Daddy) bought it for him?

[Cheylana]

This statement is correct but Johnny bought a one-bedroom.

Oh, my bad! Why did I think it was a two-bedroom???

Well... $1.1 million is a lot to pay for a ONE-bedroom apartment, though if the building is sufficiently upscale, it still will probably appreciate in value, albeit more slowly. I wish him the best of luck with it.

[orbitz]

Any chance an SD (Sugar Daddy) bought it for him?

...Not that there's anything wrong with that.