Number 152 is a 15 foot wide townhouse (which is on the narrow side) located between Lenox and ACP/7th Avenue and it first arrived on the market for the asking price of $795K over two years ago. Prices were steadily going down for the property for some time due to lack of interest and the lowest asking at $595K appeared sometimes in summer 2010. The listing was pulled off the market a couple of months later and January sales records now show that it eventually closed at $510K. Things haven't been moving so quickly in the shell market for the past 3 years but there seemed to be more interest by the end of 2010 and this most recent sale might be a sign of things to come. This particular block has a few properties that need work done on them so anything getting fixed up will help the neighborhood come along.
Does anybody know what a reliable price per square foot estimate of renovations costs would be?
ReplyDeletecoopster, such a metric does not exist (in the real world). the term 'renovations' is overly broad and general - and may or may not include HVAC or updated electrical - for just an example. the 'renovation' metric number you are looking for may be flawed by a factor of 2 or 3 times, depending on what's included in your version of 'renovation'.
ReplyDeleteWell, seeing how this is a shell I'd figure full HVAC and electrical installation, in addition to plumbing, joists, floors, walls, etc. Assuming all that, and if we're talking about decent though not necessarily luxury finishes, what might a minimum price per square foot be?
ReplyDeleteI know of a similar size brownstone, gut renovation including new plumbing, electrical, joists, basically everything, into four new basic grade apartments, approx $400k
ReplyDeleteI know of two brownstones (a little wider then this one) both sold for around one million about 2 years ago and both needed another million for decent upgrades.
ReplyDelete