The townhouse at 294 Manhattan Avenue (second house from the right of photo), at 112th Street, has a great location facing Morningside Park but an eight unit rooming house is a hard sell at the higher price tiers these days. We saw the 4,550 square foot townhouse up on the market in September last year for $2.4 million. Three months later, it was reduced down to $2.1 million and the price has not moved since. Not only is the location great but the house is the golden 20 foot width that is quite elusive. On the down side, the length of the lot is only 70 foot deep so the back yard is the size of a small room. From the interior photo, the rental units all look quite lackluster, even though there are a couple of fireplaces to be found. A reader had mentioned that they live in this building so it apparently is rented out. Has anyone seen this building? House photo by Ulysses
The townhouse at 294 Manhattan Avenue (second house from the right of photo), at 112th Street, has a great location facing Morningside Park but an eight unit rooming house is a hard sell at the higher price tiers these days. We saw the 4,550 square foot townhouse up on the market in September last year for $2.4 million. Three months later, it was reduced down to $2.1 million and the price has not moved since. Not only is the location great but the house is the golden 20 foot width that is quite elusive. On the down side, the length of the lot is only 70 foot deep so the back yard is the size of a small room. From the interior photo, the rental units all look quite lackluster, even though there are a couple of fireplaces to be found. A reader had mentioned that they live in this building so it apparently is rented out. Has anyone seen this building? House photo by Ulysses
On the inside, this house looks disgusting. 1.5 mil tops.
ReplyDeleteI live in this building. The above photo is actually my apartment. The building is not maintained and that is probably why they are having a hard time selling it. Word of advice to the realtor, owner & landlord: take care of the building and MAYBE you'll be able to sell it!
ReplyDeleteGREAT LOCATION - but SRO is risky. I say $1.6MM.
ReplyDeleteI don't think its the greatest location. I prefer to be next to 125th by the major transportation and the retail. I don't understand why this place commands a premium to central harlem. I don't mean to beat a dead horse on this subject, however, I'm curious.
ReplyDeleteCould it be that Morningside Park is your front yard at this location? The B,C train is just two blocks south. Oh yeah, then there's Central Park that is also two blocks south.
ReplyDeleteAnon 4:16pm - "whatcha talking about Willis?" Closer to 125th street versus Morningside Park?! Why it’s a premium....besides the proximity to the Central Park and Morningside Park?!
ReplyDeleteGo figure - to each its own.
If you're madly in love with parks, move to Monticello, NY. Nothing but parks up there. I want to live in a vibrant neighorhood thats conventient with plenty of retail. If Morningside Park or Central Park are only a 10 minute, no biggy.
ReplyDeleteAnonymous 5:40pm you're in the extreme minority. In this concrete jungle it's a major perk, premium, and asset for example to have a dwelling with windows with unblocked SOUTHERN EXPOSURE. That means lots of sun and light. Most in Manhattan do not have this and would prefer it. Sure, some might argue a preference for not having the option of direct sun and unblocked Southern Exposure and indeed prefer having "shadow", darkness, or prefer having a brick or concrete building blocking their access to direct sun. Like you, they would be in the minority.
ReplyDeleteA Park = lower density = green space & a bit of open sky. To have this in Manhattan across the street from your dwelling is fantastic. You would be shocked to learn of the dog owners in this town that pay more for property and or rent because a park is across the street.
You don't really sound like a New Yorker (a Manhattan person). I say that because to say "...only a 10 minute walk, no biggy...". No. That is a biggie on a Manhattan standard. Lots of New Yorkers would NEVER buy or rent on York, First Ave, etc. on the East Side because it's a 10 minute walk to the subway station. In fact that's been a major issue over there for decades.
And again, it's not a sole issue of the walk - you live across the street from a park and you have less congestion - in fact in a Manhattan standard, that's a nice quiet street. If you want noise, traffic, and the sounds of Manhattan congestion?...well it's only a 10 minute walk away....
Again, the fighting! Obviously some people would prefer park access (which is why places on Central Park are expensive) and others retail (which is why SoHo is expensive).
ReplyDeleteI definitely hear the advantage of being near Central Park North - it's close to THE park people think of when they picture Manhattan and physically closer to the Upper West Side - but also think people have a good point about the retail/amenities on 125th street ... esp when/if it's built out and a Whole Foods, etc. arrive (also more charming housing stock between 116th-125th and North of 125th near 5th). Not sure there is a right or wrong here, just depend on one's preferences ...
GreenGirl, chill out. Its not fighting its an exchange of ideas.
ReplyDeleteI do agree with green girl about the weird fighting that goes on about which part of harlem is superior. i guess people like to argue about real estate and property values. from my point of view harlem has too many socio-economic problems overall for anyone to be playing tit for tat. we should just be thankful for any development anywhere that creates jobs and stability.
ReplyDeleteThat's more my point - yes, NYC is about micro-neighborhoods, but still, Harlem's various neighborhoods are somewhat tied together. That's not to say that all of Harlem will command the same prices ... but development that brings retail, job, and foot traffic anywhere in Harlem benefits the whole area. Everybody want the new restaurant on their block, naturally, but I try to patronize place throughout Harlem, not just what's within a 5 block radius.
ReplyDeleteWow, this has really sparked some discussion. Well, as someone who lives in this building, having the park across the street is pretty amazing. It's nice to still be IN the city but when I look outside my window I see soccer games, kids on playgrounds & guys playing basketball. It's the best of both worlds.
ReplyDeleteI feel like all of Harlem (concrete, park, whatever!) is my playground.
And as I stated before, regardless of its locale, this building will never sell because of its poorly maintained condition.
People buy shells, so there is always a price... the all in cost of reno + purchase price needs to be less than what a finished brownstone would cost, that's all, since the reno requires cash upfront
ReplyDeleteCorrection: people BOUGHT shells. How's the market been in the last 18 months?
ReplyDeleteShells are clearing again, just at lower prices. The advantage to this vs. a shell is that it is at least financable. Townhouse market is picking up ... a lot of stuff going into contract over the last 4 months.
ReplyDeleteThe problem with shells is people are still pricing them for pre-bubble prices.It is also nearly impossible to get a construction loan in todays market. If you have 7-800K it is a great investment since a completed building would sell for 500k more.
ReplyDeleteThe house has since been marked down to $1.4MM, but I believe even that it still too high. We saw it recently and the place is truly disgusting on the inside. It'll need to come down another $400K before anyone would consider touching it, imo.
ReplyDelete