We covered the brownstone at 525 Manhattan Avenue between West 121st and 122nd Street, last September when it was first on the market and now the final selling price has been revealed. The 16 foot wide, 3,874 square foot, 4 family brownstone is only a block from Morningside Park at the western most border of South Harlem. The original asking price was at $1.25 million and the listing went into contract at the end of January.Unfortunately, the updated interior was all exposed brick, drywall and some truly cheap finishes in the kitchen and bathrooms, so we were curious to see what the house actually sold for. This property was move in ready, in a four family layout, had close access to the park and the A,B,C,D express train at 125th Street and three current market rent apartments leased out. The latter combination of factors must have been a winning one since the seller apparently received the full $1.25 million asking price when the final deal was closed. Thoughts on the final price? Photo by Ulysses
I actually think this went for less than I would have imagined. $324 sq. ft for me is a bargain. At $400 sq. ft it would have been a good deal considering the location. Not everybody wants to have all original details OR an all modern condo which can look rather generic. The combination of the original exposed brick with a modern interior works quite well. Most people tend to get the kitchens renovated after moving in anyway.
ReplyDeleteQuick question. Does the listed sq. ft. typically include the garden area? Trying to figure out what the sq. ft is for the actual living area. Thanks.
ReplyDeletethe houses in this section of Harlem are not as fancy as over by Lenox or Hamilton Heights, but as the saying goes -- Location, Location...
ReplyDeletethey seem to get more than one would think for what you get.
I am not into the SoHa vs xxx debate. Just as a practical matter, if you seed any of these areas with some better amenities and subway access, people will see the value.
It is all a very nice area, and a good balance of people of all classes is good to see
The lisited square feet should include the garden level but not the cellar level. The cellar is typically sold as a "bonus room".
ReplyDeleteI dont think this home got a penny less than it was worth. This was probally an investment purchase since the location and finishes will appeal to students.
Cheers Corey. I was just wondering how this place got to be 3,874 feet. Even if it was 1600 sq. ft. per floor, that only works out to be 3,200 in total for all four floors.
ReplyDeleteChris,
ReplyDeleteIt's four stories, divided by 3874, equaling 968 sqft per floor, no? Sounds reasonable to me.
Sorry, brain not in gear..shocking maths ;) Just thought the sq. ft. per floor looked more like 700-800 sq ft as opposed to 968 sq ft.
ReplyDeleteThese buildings are typically 50’ deep so that would be 16’w x 50’d x 4 floors = 3200 square feet plus a 800 square ft bonus cellar. However with these brownstones a lot of the floor plate is lost to stair well which is not really livable space, so it could not be compared to a 3200 square foot apartment in terms of livable space.
ReplyDeleteThanks westsider. So when buying a brownstone apartment, is the cellar typically included in the square footage? Our apartment has a shared cellar with the other two building tenants, but it isn't finished (i.e the gas and electric are down there and room for boxes, but it isn't habitable).
ReplyDeleteIt would be an understatement to say square footage in the real estate world is somewhat open to interpretation. As the real estate industry has no well defined rules so the numbers are open to much abuse, fuzzy logic and skewing of numbers higher. The good news is a brownstone is easily defined by its number of livable floors and overall building rectangle size. The question, is a cellar included, if it is finished and livable space then I guess so, but most often cellars are not finished so the term “bonus space” is accurate but I would not let that get in the way of a brokers fuzzy logic.
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