OPEN HOUSE: Sunday, March 13th, 2:30 PM-4:30 PM. A brownstone at 141 West 119th Street (just east of ACP/7th) newly arrived on the market and one of the first open houses is this weekend. On the plus side, the 20 foot wide, 3,646 square foot townhouse is right at the border of the Mount Morris Park Historic district and has a bit of details. The minus is a big one since it is an SRO without a Certificate of Non Harassment in place and the chopped up interior will probably need a near gut renovation. With all that said, the initial asking price has been set at $1.1 million.
It's SRO restricted with tenants currently in the building. One of the tenants got HPD in there last April to do an inspection and the building was levied with 54(!) building code violations. All in all there are 92 open violations on the building. Given that there isn't a certificate of no harassment and they'll apparently be kicking out a tenant who's already pissed off, I'm thinking there's a good chance the new owner will need to wait a full 3 years before applying for a certificate of no harassment. Because there's no certificate of no harassment, banks won't give a residential loan on the property - not even a rehab loan. So that means the building must be bought all cash (or with a commercial loan). How many people with $1.1M in their pockets what this type of building? The size, condition, the lack of a CoNH, etc. remind me a lot of 1990 Madison (which finally went into contract after 2? years on the market and significant price reductions).
ReplyDeleteAnd suddenly it seems a whole lot less attractive.
ReplyDeleteSROs on my block, one block south/one block east have been going in the seven hundreds.
Saw the place today. The seller has an incredible print shop in the back of the building. A couple of those machines are 30+ years old. Amazing stuff. Definitely a gut renovation job though.
ReplyDelete@Chris - Someone put in a complaint about the print shop a few years ago saying it was illegal commercial/manufacturing use in a residential zone. It got dismissed apparently 'cause the inspector didn't see it. We saw the building on Sunday as well. It didn't show as well as 1990 Madison did when we went through it. Most of the rooms were closed off so you couldn't really get a sense of what the building was like. I know the building is massive, but it didn't feel like it 'cause you couldn't see much and what you could see was messy and crowded. One good point was that unit 5 (where the problem tenant had lived) was empty.
ReplyDelete