Advertised as an investment opportunity, the 39' x 84' lot currently used as a parking space off of 4 Hancock Place on the southwest border of Harlem is asking for $1.7 million. Zoned for non-residential use, suggestions include a garage, restaurant or commercial space. Since the asking price is pretty much what folks are getting for bigger plots of land with move-in ready buildings in South Harlem, the lot sale will need a very ambitious developer to get things off the ground. Any thoughts out there on what it's worth? The lot at 4 Hancock Place is right next to the Faison Firehouse Theater on roughly what would be 124th Street, between Amsterdam and St. Nicholas, with the nearest subways the A,B,C,D on 125th Street.
Monday, November 16, 2009
☞ DWELL: 4 Hancock Place
Advertised as an investment opportunity, the 39' x 84' lot currently used as a parking space off of 4 Hancock Place on the southwest border of Harlem is asking for $1.7 million. Zoned for non-residential use, suggestions include a garage, restaurant or commercial space. Since the asking price is pretty much what folks are getting for bigger plots of land with move-in ready buildings in South Harlem, the lot sale will need a very ambitious developer to get things off the ground. Any thoughts out there on what it's worth? The lot at 4 Hancock Place is right next to the Faison Firehouse Theater on roughly what would be 124th Street, between Amsterdam and St. Nicholas, with the nearest subways the A,B,C,D on 125th Street.
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Don't waste your time on this lot as we tried to buy it from another Real Estate Broker about 4 years ago but in doing the paper work we found out that the owner lied about the possible use of it.In fact after wasting more than $10.000 in legal fees we were told that there a permanent,non-removable, restriction to build on the lot.
ReplyDeleteNobody can build on the lot. Apparently it has very limited commercial value. The amount being asked is ridiculous. Nobody will buy. BEWARE.