Tuesday, September 1, 2009
☞ DWELL: The Bailey Mansion Sells Below Asking
Harlem's most illustrious mansion has finally sold this week but well below its asking price. Originally on the market at the end of 2008 for the asking price of $10 million, then reduced six months later to $3.5 million, the house would eventually sell for $1.4 million in a cash transaction. As a sign of a tough market, this building with its intact interior, probably needs a million or so in renovations, and financing may have been hard to acquire. Therefore, the cash offer seems to have been made for a quick sale with a hefty 75% discount. Hopefully the new owners will be able to handle this type of restoration so that one day, a reborn Bailey Mansion can be unveiled in Harlem. See more on the Bailey Mansion in our past post: LINK. Interior photos courtesy of Stribling and Associates.