Another former SRO building on West 119th Street is in the process of being sold. Number 40 West 119th Street went into contract earlier this month for the asking price of $799K. The 18-foot-wide townhouse located just West of 5th Avenue is an official landmark in the Mount Morris Park Historic District but appears not to have a Certificate of Non Harassment in place. A buyer would probably have to go through a gut renovation for this property so it will be interesting to see where the final selling price lands. Another notable point about this townhouse is that it went into contract in a little under a month of being listed:
LINK
glad to see it sold but boy, this is going to take a lot of work. It was a crack house, had, possibly still has, squatters.
ReplyDeleteA number of buildings have been sold on this [my] block in the last nine or so months, people come around and putter in them for a bit, maybe hook up some power and then the buildings simply lie fallow and forlorn. Odd
Somebody told me foreign investors are buying them as long term investments (safer than buying stocks I suppose). Wish I had that kind of $!
ReplyDeleteNot such a great investment if you don’t bother to maintain them.
ReplyDeleteSanou's Mum, any idea what the law is here regarding squatting and adverse possession? I'd be happy to move in to one and do a bit of DIY. How long do I have to stay until I claim it as my own?!
ReplyDeleteNew York requires that you take it under color of title, i.e., that you think you own the property (but don't). So you have basically no chance.
ReplyDeleteThis is a pretty recent change; until 2008 you did not need color of title. http://lawoftheland.wordpress.com/2008/07/11/new-york-enacts-changes-to-adverse-possession-law-to-require-claim-of-right/
Ah, Chris. Ben has set you straight. This ain’t the UK, mate, where my late former father in law fixated on the possibility of someone squatting on his property
ReplyDeleteThe property is wrongly being sold as vacant. Apparently, these squatters have tenancy rights.
ReplyDelete