The Real Deal featured a story on the two townhouses which went into contract recently that we have been following for the past couple of months. Number 466 West 144th Street (top photo) apparently was owned by the video game designer of Grand Theft Auto and now reportedly will be closing for the asking price of $2 million (after being reduced from the previous year at $3.3 million). The house had $2 million in renovations done to it so there wasn't any profit made on this one. On an up note, this would then be the second $2 million house sale in Harlem this summer if all goes through: LINK.The other house discussed, 423 West 141st Street, was owned by a notable local condo developer and is in contract for $1.1 million (asking was $1.3 million) after being reduced from $1.75 million four months ago. Read more in the Real Deal: LINK. Check out our original post on 466 West 144th Street for more interior images: LINK. Both houses coincidentally are being bought by French buyers. All facade photos by Ulysses
Wow, that guy lost a ton. Bought for $1.85 in 2005 w/ 2 mill in renovations?
ReplyDeleteJoe H has really made is mark in Harlem. Months ago on this blog I said, "the guy behind this effort (Gospel) thought and thinks he's a genius because he has a Harvard JD. This is one of those cases of a egomaniac not respecting the restaurant profession, assuming he knows the market, Harlem, etc. and playing with OTHER PEOPLE'S MONEY. He brands himself as a 1) Minister, 2) attorney, 3) developer, and 4) playwright. I am not kidding here and he's been branding himself "restaurateur" to all of this as well. His restaurant failed, his condo developments bankrupt, now his place sells 37% lower than he expected target. Joe's on quite a roll, isn't he? I'm thinking Joe needs to get out of a mortgage at all costs.
ReplyDeleteThe lesson? It's nice to have a Harvard JD. You can always re-market and re-brand yourself as some sort of visionary, and I am sure Joe H will. And as usual, it will all be done with other people's money.
For those keeping watch, Harlem real estate values are on a steady decline with no end in site. People who bout in '05 - '08, this is getting to be similar to the rest of America, with the underwater mortgages. This weekend I was talking to a real estate professional, the word I hear is that people are simply taking 25%, a whopping 25% of all asking prices, and doing deals, just as the way of 423 W 141.
Must ignore...must ignore.
ReplyDeleteSteady on, Chris.
ReplyDeleteSanou's Mum, this guy is a liability. Isn't anybody else p****d with the misinformation that he is constantly putting out (i.e claims of 25% off all asking prices)? Alright, back to work.
ReplyDeleteI wouldn't call him a liability. A joke and a caricature, maybe.
ReplyDelete@Chris A correction is in order. You know how things can get misquoted in the press. The owner of 466 W144 St bought at $1.85M and has since injected a couple of hundred thousand into the townhouse, so along with the purchase price he has over $2M invested into the townhouse. He did not invest another $2M after purchasing at $1.85M.
ReplyDelete@Reynolds93 and @Gattopardo Let's not poke fun at anyone. Everyone is having a tough time in this market. Buyers are not taking 25% off asking prices unless they want to insult sellers. Real sellers have already reduced their prices 20-25% since the market fell 2.5 years ago. Instead what savvy buyers and investors are doing in order to justify prices is they are looking at what has sold similarly in a 1/2 mile radius during the last 6-12 months. Appraisers are doing the same. You can do this easily on Property Shark if you are a subscriber. 466 West 144 St & 423 West 141 St are selling at or slightly below the fair market value taking into consideration the condition of each townhouse. Neither are being given away. Although both sellers started out at higher prices both townhouses are selling for what they should in this market.