OPEN HOUSE: Sunday, May 9th, 1:00 PM-4:00 PM. On the market since last September, the townhouse at 111 West 122nd Street just recently had a price cut to make things more interesting. The 19 foot wide brownstone, located a couple of buildings west of the Mount Morris Park Historic District on Lenox, was renovated after it was bought in 2005 and was on the market for $2 million last year. Currently the price is at $1.925 million and that includes a three family layout, which includes 4,788 square foot of total space and two rental units. There's original details, modern appliances and one of the nicer back yard renovations to be found in South Harlem. This one is right by all the small boutique shops on Lenox and the 2,3 subway lines are just a couple of blocks away on 125th Street. Has anyone been inside? Thoughts? House photo by Ulysses
OPEN HOUSE: Sunday, May 9th, 1:00 PM-4:00 PM. On the market since last September, the townhouse at 111 West 122nd Street just recently had a price cut to make things more interesting. The 19 foot wide brownstone, located a couple of buildings west of the Mount Morris Park Historic District on Lenox, was renovated after it was bought in 2005 and was on the market for $2 million last year. Currently the price is at $1.925 million and that includes a three family layout, which includes 4,788 square foot of total space and two rental units. There's original details, modern appliances and one of the nicer back yard renovations to be found in South Harlem. This one is right by all the small boutique shops on Lenox and the 2,3 subway lines are just a couple of blocks away on 125th Street. Has anyone been inside? Thoughts? House photo by Ulysses
Have been in side - reno is a little cheap I think. Looks better in pics than in person. Beautiful facade though. I also think when you are looking at buyers in the $2 million mark, given the liquidity you need to have to buy this kind of place, the buyers who can afford this kind of place want a single-family or two family (with the ground floor as the rental unit). If you rent out the top two floors, it sort of chops up your space, and you have to live on the ground floor which is the least desirable part of a townhouse.
ReplyDeleteYou'd easily spend $200k converting this place to a 2 family, and that's without upgrading the fixtures.
The total sq ft is misleading. 4,788 sq ft is including the cellar, which is not usually included in usable sq footage. This will not move at $1.9MM. I'd say $1.2-$1.4MM. Great block though.
ReplyDeleteAnon 3:31,
ReplyDeleteI'd have to disagree with you. This will get more than 1.4 m. This is a beautiful house. It is atleast 3800sqft( 19' wide). Now that Red Rooster is opening up on Lenox and 126th and the Hyatt is coming to the area, this place is moving on up quickly.
I have been searching for places like this for some time and believe the fair price lies somewhere in the 1.7-1.8 range. Perhaps pre-9/2008 you could fetch 2M but certainly not now.
ReplyDeleteI still maintain that the buyer who can finance a $2 million purchase in today's market (with tougher standards) wants a triplex not an owner's duplex if they are living in Harlem. Think about it this way - $2 million dollars can get you a decent 3 bedroom in a neighborhood with more amenities. I love Harlem but am realistic about the tradeoffs ...
ReplyDeleteYes, you make some of the rent back by renting out the upper floors, but a buyer with $500k + in the bank may not get that excited about the $3-4k/month the rentals bring in, particularly when they know you need at least 4 years ($50k x 4 years = $200k) of this to pay for the conversion to an owner's triplex, which is what you need to make the space nice. And that buyer could make half of that $3-$4k/month if it were already an owner's triplex. I do think the reno is somewhat on the cheap side as well. Certainly has the bones to be a beautiful place. This would sell at $1.8-$1.9 easily if it were already an owner's triplex but I think the current configuration is an issue.