Just a couple of days after we posted on 8 West 127th Street last month, the 5-story restored townhouse with contemporary finishes went into contract. The 4-family, 19 foot wide, 6,563 square foot, Central Harlem building just west of Fifth Avenue appeared on the market in January and went into contract within 3 months at the asking price of $1.7 million (the listing had briefly appeared for $1.775 million). All systems have been upgraded and there's a bit of exposed brick but some of the kitchen finishes look a little severe. In any case, most of the units will probably be rentals so at least everything is new.
That's a very strong price for a property that is primarily rentals. I would not have expected the rental income to support a $1.7M price point, even for a 19-footer. A very encouraging market signal.
ReplyDeletethat moved quickly and for some serious $. Hope they threw in the fire extinguisher.
ReplyDeleteAlthough, at $259 sq. ft., it is still a pretty good deal isn't it? Assuming of course that 6,563 square feet of space is correct.
ReplyDeleteWell, for a 5-story 19-footer, that 6,563 would be correct if the building were nearly 70 feet deep on all 5 stories. I suspect it includes some cellar space.
ReplyDeleteStill, how can this $1.7M contract price be reconciled against the $1.325M closing price for that beautiful Strivers Row place at 221 West 138th Street from a post last week? From the pictures the 138th St. place looks magnificent, and it too is very large. I can't see why it shouldn't be fetching a higher price than the 127th St. 4-family.
ReplyDelete@Coopster—it certainly confuses me that these Strivers’ Row homes go for comparatively low prices given that there is limited inventory and they are unique and historically important. But yet they do.
ReplyDeleteAnyone know why?
Anything within a few blocks of 125th has a massive advantage in terms of transportation. Also, isn't there a bit more in the way of amenities around 125th? Not knocking Strivers Row, just haven't been up that way too much.
ReplyDelete@Sanou's Mum- It makes sense why a legal 4 family would fetch more more than a legal 1 or 2 family house. More tenets+income=higher property value.
ReplyDeleteThat should hold true for any neighborhood, but the lucky buyer of a legal 4 family pays mega bucks in city and state taxes!!
@Harlem Cubano, is there quite a big difference in taxes between a legal 3 and 4 family home?
ReplyDelete@Harlem Cubano, yeah sure, but that doesn’t really answer the question of why Strivers’ Row goes for so little. . .
ReplyDeleteNot true. I own a 4 family off 128th and 5th. The taxes are 4000 a year. My sister who owns a 2 family in astoria ny pays 5000 a year.
ReplyDelete