Located just west of the most notable block in Hamilton Heights, one can find a replica of the Romanesque and Flemish styled townhouses that 144th Street is famous for, but for half the price. What is different about the block is that only this grouping of houses remain from what was probably a townhouse street, and taller, prewar buildings take up most of the surrounding lots. Number 505 West 144th Street, between Broadway and Amsterdam (at center, with yellow bricks) seems like it's in okay shape, but we are told it is not habitable and it definitely needs a lot of work. For the price of $679K, it might be manageable if only one could get a loan on it. It's not the best area as far as amenities are concerned, but there are the usual taqueria and shops to be found in this latin quarter of West Harlem. Closest train is the 1 local at 145th Street which is a good half hour to midtown if you make the transfers to the express at 96th Street. Photo by Ulysses
I've been inside twice. The building is not habitable, but that's reflected in it's price. The large floor to ceiling triple mirror just inside the front door is nothing less than wonderful if you like original details.
ReplyDeleteFrom what I can tell the block was never a townhouse block - the apartment buildings have been there nearly as long as the townhouses. Gershwin apparently lived for a time in one of the apartment buildings (#520) across and down the street a bit from 505.
The biggest issue is the block. Some of the buildings are rough, but 3 or 4 large ones are being completely gut rehabed which is the result of a special tax break where they pay no taxes for 10 years and then lower taxes for another 10 years as an incentive for getting them rehabed. One of the buildings on the block has become a coop, and another was gut renovated and is now a condo. So the block is improving.
Okay, so no financing on this one if it's not habitable. Cash only. That changes things around a bit. It's probably going to have to go down a bit to move at all.
ReplyDeleteIt does have a certificate of no harassment, so rehab and FHA loans are a possibility. Doesn't have to be cash only.
ReplyDeleteThat's good to know. So maybe the price isn't so bad? The word on the street was that most banks did not want to give out any mortgages to non-habitable apartments i.e. those that do not have working kitchen and bathrooms.
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