Harlem's most illustrious mansion has finally sold this week but well below its asking price. Originally on the market at the end of 2008 for the asking price of $10 million, then reduced six months later to $3.5 million, the house would eventually sell for $1.4 million in a cash transaction. As a sign of a tough market, this building with its intact interior, probably needs a million or so in renovations, and financing may have been hard to acquire. Therefore, the cash offer seems to have been made for a quick sale with a hefty 75% discount. Hopefully the new owners will be able to handle this type of restoration so that one day, a reborn Bailey Mansion can be unveiled in Harlem. See more on the Bailey Mansion in our past post: LINK. Interior photos courtesy of Stribling and Associates.
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