Posts Tagged buildings fort lee
As I sit here thinking about retirement, I can only wonder if I have made the right investment choices throughout my working career. Is investing in IRA’s and contributing to my companies 401K plan going to be enough? Is it too late to look at investing in real estate as a source of income after I retire?
If I purchase a condo or co-op now, it would likely take me 15 years to pay it off. That would be just in time for me to retire. Depending on my purchase price, and the condition of the area that I purchase in, I could likely get $2000 a month in rental fees.
With the money coming in from my fort lee rentals, plus my retirement benefits, I think I could just barely squeek by. Keeping in mind, I would need to put away 10% of the monthly rent I receive from a tenant, and put it towards maintenance and upgrades to my property.
Now, granted, my investment property isn’t going to be anything like those new Bergen County luxury buildings that are going up in Fort Lee. If I would have invested properly from the time I was in my early 20’s, maybe my retirement benefits could get me a year at The Modern in Fort Lee. That place is like a luxury vacation rental. I was checking it out, and am impressed with the how they incorporated all of the exterior amenities into the cost of the apartment.
Modern luxury apartments
Just in case you are unaware, The Modern is a brand new luxury hi-rise at 800 Park Ave in Fort Lee. The 47 story glass tower offers studio, 1-, 2-, and 3-bedroom apartments for rent. The apartments have open floor plans with 9 ft ceilings, floor-to-ceiling windows (with solar shades), white oak hardwood floors, large kitchens with stainless steel appliances and quartz countertops.
As if the units are luxurious enough, the benefit package you get will astound you. Starting with the interior amenities, you have a resident lounge with 2 large screen TV’s, a mini movie theater, a golf simulator (which I don’t understand), and a fitness center with spin bikes, Life fitness equipment and free weights.
Outdoors they have a swimming pool, a playground for kids, basketball and volleyball courts, and a large green lawn with a giant screen tv.
Studio apartment rentals start around $2400, 1-bedrooms for just under $2900, and a 2-bedroom will cost you a minimum of $3990 per month.