A 15 foot townhouse SRO will be sold without the certificate of no harassment. It is currently vacant and the asking price is $1.3 million. The property needs a complete gut renovation but considering the recent asking prices in and around the Hamilton Heights Historict district, this is a tremendous discount. The property is owned by a bank and as such will be conveyed subject to the buyer assuming responsibility for all violations, liens and their monetary fines as well as the NYS and NYC transfer taxes.
522 W 142 street-Least expensive vacant SRO on the market in Harlem at $1.3 million.
Lila Maron and myself Brian Silvestry of BSRG Inc. are handling this listing. Lila has set up open houses already and bidding will be competitive and it is anticipated the property will be transferred at or above asking price.
In general, most of Manhattan has appreciated over the last several years but some areas have outpaced others in terms of appreciation and residential development. Harlem is one of those areas. In 2010, I was looking at townhouse on West 136 street which could have been purchased for just under $1 million intact. Now those same buildings, a mere 5 years later are double the price.
The NYPost profiles 3 micro nabes and details what’s going on in terms of development and why the market is heating or already hot. They are not suprisingly:
1- Harlem
2- Fidi but more specifically Park Place
3- The Highline
The former rental of former New York Knick Iman Shumpert is on the market as of yesterday for $3.8 million. The property in the Hamilton Heights Historic district is 20 feet wide with high ceilings.
If sold at asking price this would set a record for Harlem where the previous record for a townhouse sale was the one purchased by Neil Patrick Harris. With low inventory and this home’s high end finishes you never know….
The SRO at 2299 Adam Clayton Powell Jr blvd is remaining an SRO. The owners bought the property for $1.4 million and then spent approximately $500k renovating and kept it as an SRO. The building contains a mix of rent stabilized tenants and renovated SRO rooms which will be rented out for as much as $1500 per month.
An SRO is a single room occupancy and typically has a layout of 2-4 rooms per floor with shared bathroom and kitchen. Layouts vary. When someone purchases an SRO they either receive a certificate of no harassment or apply for one if they would like to convert the building to another use like a 1 family. In cases where the building is occupied, some savy investors will continue to operate the building as an SRO sometimes waiting for tenants to move out or paying them to leave.
In the case of this property in Central Harlem, the owner kept it as an SRO and renovated the vacant units. Read the full article below and see an SRO for sale example. The SRO is a property that I am representng the owner. It is a vacant SRO sold without the certificate of no harassment. The asking price is $1,550,000.
The City has published a list of vacant lots that are available for developers to make a proposal to build affordable housing. Unfortunately, some of these “empty lots” are being used for community gardens which may be lost soon. There is a petition circulating to save the community gardens and it has garnered over 1500 signatures.
Harlem Bespoke reported earlier that there are over 1300 signatures on a petition to save the Renny which is a theater located near the landmarked Striver’s Row in Harlem. Earlier this year, the building was sold for $10 mm to a developer who has plans to demolish it and put up a new building which will also be titled the Renny.
According to historian Michael Henry Adams, the developer could save the building. I believe that it’s worth the effort. I think we need to preserve Harlem’s and NYC’s landmarks. New architecture can be at times beautiful but what makes Harlem attractive is the beautifully preserved townhouses and also architecture that you find throughout the neighborhood. What do you think?
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
