Wednesday, April 9, 2014

DWELL: AN AFFORDABLE BROWNSTONE SHELL?

So how much are brownstone shells in Central Harlem going for these days?  Number 242 West 132nd Street just arrived on the market for $250K but we expect bidding to increase that number since a portion of the renovation has been finished. From what we can see when walking by, all the new floor infrastructure and even updated windows are in place but the facade still has to be restored.  All of the drywall and final finishings also need to be added in along with some majorly missing roof elements.   This is one of those blocks that have great potential but a couple of abandoned townhouses still remain: LINK

As we mentioned in the past, it is possible to replace a cornice in a cost effective manner but some reason, most developers fail to understand how essential this is for a building's overall finished look: LINK

8 comments:

  1. We received an inaccurate tip on this building so walked by today to take current photos. It looks to be a partially finished project that installed windows before they even finished restoring the facade. Windows usually are installed later on in the game from what we have seen in the past.

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  2. Thanks. What do people think this place will sell for as is? Why is the ask so low? Aren't shells typically priced higher in Harlem? Also are you looking at a million+ to renovate?

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  3. It is not partially finished. It's basically a blank slate. The house has a roof but it's bare bones, mostly for security from the top. All plumbing and electrical systems have been gutted from the building. The cornice was removed but it is in the house if a buyer wished to restore the facade. But...there are new steel beams. They built out the back to expand the square footage with two decks. One looks like it could be a deck and an enclosed room. Additionally, they poured a concrete stair from the cellar up to the garden.

    Anyone who gets house would be getting in on a great spot. The block is a brownstone block pretty much intact. There are two churches. One is a landmarked, beautifully tiled Catholic Church. The other is a very simple understated building. There are no churches, funeral parlors, or run down businesses in any of the brownstones.

    The block association is active. On May 31st there will be a block planting to spruce up the tree pits. If the house hasn't sold by then, potential buyers might want to drop by that day to meet the neighbors.

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    1. What you describe sounds partially finished. A lot of money spent on demo and adding infrastructure already such as beams and floors. This is not just a demoed interior.

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    2. thanks for the informative details, Anonymous. My wife emailed an offer as instructed by the broker (after reading this post) but now that I read your details, looks like there is no shot for someone like us to get the place given some pretty heavy lifting has already been done on the renovation front. Probably will go WAY over ask? How would one go about getting access to see it the way you did?

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    3. Hi Stam, we are going to end this part of the thread here because it is only meant to be used for general discussion and another individual had already sent us some false information directly to our inbox. These reviews are generally to be taken in a broad manner and we give our own opinion on the blocks from what we know. With that said, a reliable, licensed broker should be your contact for any further information on property transactions and you should definitely see the building and walk the block before you make any offers.

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  4. ask does seem low compared to other shells / empty lots

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  5. Wonder if anyone was able to get in touch with an agent at all. We emailed and called - no answer whatsoever.

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