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.