When we looked at the shell at 168 West 123rd Street (far right of photo) last summer, it already had couple of price chops and was up for $795K. Originally offered in July 2008 for the price of $1.1 million, the total gut property had gone down to $995K and then to $895K about every six months. So what was the final price? In November 2009, another $100K was taken off the price and the $695K asking price seemed to have help push the property along since it entered contract last week. The property is just on the outside edge of the Mount Morris Park Historic District but is much closer to ACP/7th Avenue. There's another abandoned brownstone two doors down that doesn't seem like it really is making much progress but the plywood fences around the property might be a sign of a restoration in process. Once the deal has been finished, it will be interesting to see what a shell is currently going for in this market. The closest train to this location is the 2,3 express on 125th and Lenox. Photo by Uylsses
Tuesday, February 23, 2010
☞ DWELL: 168 West 123rd Street in Contract
When we looked at the shell at 168 West 123rd Street (far right of photo) last summer, it already had couple of price chops and was up for $795K. Originally offered in July 2008 for the price of $1.1 million, the total gut property had gone down to $995K and then to $895K about every six months. So what was the final price? In November 2009, another $100K was taken off the price and the $695K asking price seemed to have help push the property along since it entered contract last week. The property is just on the outside edge of the Mount Morris Park Historic District but is much closer to ACP/7th Avenue. There's another abandoned brownstone two doors down that doesn't seem like it really is making much progress but the plywood fences around the property might be a sign of a restoration in process. Once the deal has been finished, it will be interesting to see what a shell is currently going for in this market. The closest train to this location is the 2,3 express on 125th and Lenox. Photo by Uylsses
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I know the sale price ;)
ReplyDeleteHopefully more details next week...
Looking forward to hearing from you and getting the news.
ReplyDeletethat whole stretch of brownstones between Lenox and ACP on 123rd , has been transfigured in the last 3 years. What with the two new large condo buildings, its been a vast improvement. Still a few left to renovate.
ReplyDeleteWell, we closed earlier today and the place is ours. It'll be public record soon enough so I don't mind saying the final price was $530K.
ReplyDeleteTownhouses are really priced based on price per square foot (unless there's significant development opportunity), so since we're at a theoretical 4,350 sq ft (there are no floors remaining since it's a total shell), then we paid $122/sq. ft. which is pretty much what you'd expect. Historic districts go for more (mid $140s/sq. ft), if you're in a sketchy area it goes for less ($110ish/sq. ft)...
Congrats Jay! We can't wait to see this building turn around and finally get restored. Best of luck!
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