Tuesday, January 22, 2013

☞ DWELL: 353 West 120th Street in Contract


Number 353 West 120th Street is the neighbor to the home formerly owned by Marcia Gay Harden in South Harlem and went up on the market last July for $2.55 million but was reduced eventually to $2.325 million. Marcia Gay Harden's house sold for $2.75 million in 2012 and the brownstones on the block located just east of Morningside Park have since been trying to reach that lofty price range.  It now appears that this block might just be successful at selling townhouses over $2 million since Number 353 is now in contract

What is the difference between the two properties since the location is pretty desirable for transportation and retail?  It's all basically the interior renovations that separate this 17-foot-wide home from that of the notable actress.  The house at Number 353 has been chopped up into a 3-family home and the interiors are on the moderate side with basic finishes. On the other hand, the Harden House interior looks like a decorator with an eye for historic details designed the place: LINK.

Check out more details on 353 West 120th and get contact information on Streeteasy: LINK
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2 comments:

  1. KathleenJanuary 22, 2013 at 6:54 PM

    I wonder how much the real estate tax from one to the other house makes all the difference?

    How is it that the tax on the house sold by Marcia Gay Harden is only $1,345/annually? It would be fascinating to discuss real estate tax valuations/fees in greater detail.

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  2. Paul SmithJanuary 22, 2013 at 8:31 PM

    It's just math. $5,000 per year forever at 4% interest (30 year mortgage rate) should equate to $125,000 in value. In practice, people probably assume some convergence of tax rates, so the real impact may be less - maybe $100,000.

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