There's a couple of brownstones new to the market on West 127th Street, between Lenox and ACP/7th Avenue. The location isn't so bad since it's a quick walk to the 2,3 express train at 125th Street but the block itself is just average in appeal. Numbers 118 and 120 are 17 foot wide, north facing buildings that are each going for $499K. What's the catch? The block that they are on consist mostly of taller buildings so it doesn't really have the best residential feel to it. Then there's the missing certificate of occupancy, the open lot next door and the homes seem to be occupied SROs. On top of it all, an all cash transaction will probably be needed to buy either property. Photo by Uysses
Tuesday, April 20, 2010
☞ DWELL: 118 West 127th Street Brownstone
There's a couple of brownstones new to the market on West 127th Street, between Lenox and ACP/7th Avenue. The location isn't so bad since it's a quick walk to the 2,3 express train at 125th Street but the block itself is just average in appeal. Numbers 118 and 120 are 17 foot wide, north facing buildings that are each going for $499K. What's the catch? The block that they are on consist mostly of taller buildings so it doesn't really have the best residential feel to it. Then there's the missing certificate of occupancy, the open lot next door and the homes seem to be occupied SROs. On top of it all, an all cash transaction will probably be needed to buy either property. Photo by Uysses
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Hi Ulysses:
ReplyDeleteIs a missing cert. of occupancy a bad thing? What does the c of o actually mean?
Great location but with SRO tenants it is a hard sell as the tenants will have to be bought out. The tenants have likely been here a long time so even without official SRO status and New York’s tenant friendly laws the residents will be hard to move. These two buildings along with the vacant lot may be of interest to a developer. Either way, at 499k it is priced to sell.
ReplyDeleteUnless you are keeping it as an SRO, you have to change the C of O to reflect the new house use. This can take a lot of time and money.
ReplyDelete