An 8 family home has entered the market just outside the Striver’s Row historic district. The building is 17.5 wide by 51 and has a lot that runs just shy of 100′ deep. There are 5 studios and 3-1 bedroom apartments. The cap rate is 5.1 % for this rent stabilized building located around the corner from St.Nicholas Park and the B,C subway stops. There is plenty of upside as nearly every tenant has been in place for at least 4 years. One apartment will be delivered vacant.
If you are considering renovating a NYC brownstone in Harlem, Brooklyn or anywhere in the city, take a look at this article from Brick Underground. Granted it is a little bit of an adverticle but it does give you the basics as far as timelines, potential costs and pitfalls.
Not that long ago, I came into contact with a contractor who renovates Harlem brownstones and he told me that $175 per square foot would be a very middle of the road renovation. A property that I sold in Hamilton Heights achieved a full renovation for $400,000 and it had about 3200 square foot but she was a seasoned investor and was very hands on in the project.
Another investor that I am dealing with from out of state hired contractors and each succeeding one had to redo the mistakes of the previous one and that ended up being costly. So, I would say if you are seasoned investor you are obviously going to spend less and if you are rookie might be better to pay more and have the process managed by someone that you can trust.
In a 100 year old brownstone on West 126th street, entrepreneur, philanthropist and living legend Vy Higgensen produces here latest success Mama’s One Sauce. Through the joint efforts of Harlem non for profits, Whole Foods, Columbia and lots of sweat equity of Higgensen, Mama’s One Sauce is flying off the shelves at Harlem’s Whole Foods location according to CNBC.
The garden level condo which features 1 bedroom and 2 full bathrooms, washer/dryer and fireplace plus a huge private yard has entered contract. The last asking price was $999,000.
The Mt Morris landmarked townhouse has now entered contract. The asking price was $2.2 million for this home which needs a complete renovation. The current status of SRO will likely undergo a change by the buyers who will convert to 1 or 2 family most likely.
The sale price was over the asking price and occurred quickly despite the typical seasonal slowdown.
146 West 121st street, which is in the middle of the Mt. Morris Park Historic district has entered the market. It is an 18′ wide, 5 story townhouse with a cellar. The home which has many original details still intact, has been in the same family for more than 70 years. It is located 1 block away from the Marcus Garvey Park and right in between the A,B,C,D and 2,3 subway stations as well as very close to the recently opened Whole Foods. In addition, Restaurant Row is nearby. The home will be delivered vacant with the certificate of no harassment .
The asking price is $2.2 million.
Take a look inside this 1018 sqft condo with private yard and working gas fireplace in Harlem located within walking distance of Whole Foods, and Harlem’s Restaurant Row.
The Hip Hop Hall of Fame will open a museum and center on 125th street in Harlem. It could be part of as large as a 20 story building featuring a Hotel.
Hip Hop Hall of Fame wins bid on Harlem building, preps campaign
According to signage on the building that Whole Foods will occupy in Harlem, the opening will take place this summer. No specific date is visible on the signage.
The site also already has a Burlington Coat Factory, American Eagle and Olive Garden but Whole Foods is the anchor tenant.
If you are thinking of selling your Harlem townhouse one of the first things you should verify is your certificate of occupancy. A certificate of occupancy tells a prospective buyer what the legal use is. The challenge is that the certificate of occupancy rules came about in 1938 and many homes were built before that. As a result, you may have a building without a certificate of occupancy. Department of Buildings site Go to the DOB site and enter the address of the property then click on certificate of occupancy link. Many properties will not have a certificate of occupancy on file. In some cases the CofO may contradict the actual use. Consult with your lawyer and architect and your real estate broker to see what would be required to modify the CofO and if it can be sold without bringing the C of O inline with the actual use.
If there isn’t a CofO on file then it may get even more complicated. Consult with your attorney/architect to see what the DOB records indicate. Sometimes, it can be confusing due to different NYC agencies classifying your Harlem townhouse as different usages. Recently, I met a homeowner who said his building was “registered” as a 4 family with the City. Upon initial research he was being taxed as a 4 family by the NYC Department of Finance but his CofO says 3 family home. If your CofO says 3 family, you have a 3 family.
As always, this blog is intended for informational purposes and not as a substitute for legal advice so please consult your attorney. Your real estate broker can normally recommend an attorney for you who specializes in real estate and hopefully can shed some light on any CofO issues that you might have. Additionally, an experienced, Harlem townhouse broker can advise you on what is customary as far as paper work and what would cost you money in terms of marketability.
Brian Silvestry
