☞ DWELL: 121 West 122nd Street in Contract

An avid reader pointed out to us recently that a house on West 122nd Street, between Lenox and ACP/7th, just went into contract back in February. The bankrupt property, which is a converted 8 unit townhouse at number 121 West 122nd Street, was listed in January of this year for $699K and was quickly reduced to $650K less than a week later. That must of worked since it went into contract in only a month. So what's up with this property?

Records show the 19 x 60 building, which has 3,239 square feet, was sold for $1.2 million only a year ago. The brownstone is classified as a rooming house, consist of 5 studios and 3 single bedroom apartments. The rents on the studios are in the $700 range and only one of the three 1 bedrooms has been rented out for $1,123 per month. The property was chopped up, has tenants and the owner was bankrupt so this was probably a short sale by the courts with a limited time line to get the house off the market. If the new owners did get it for $650k, then would it be a good investment property? Sounds kind of tricky. Photo by Ulysses