Number 195 Lenox Avenue at 120th Street (brownstone at right) went up on the market in January, raised its asking price from $1.57 million to $1.65 within two weeks and then went into contract in May. So what was the final selling price for this 4-unit rental building with a vacant storefront within the Mount Morris Historic District?
The 18 foot wide, 5-story building with reportedly 6,600 square foot of space initially appears to have all the basic upgrades in place and the interior is pretty straightforward. All of the units are apparently rented except the aforementioned commercial space at street level. When the sales finally finished up, this landmark brownstone eventually closed for $1.525 million.
That works out at $231 a sq. ft. Doesn't that seem really cheap?
ReplyDeleteChris...we are in a DE pression !! It is amazing who things have changed !
ReplyDeleteHa, well, that is true msciara, although, I was wondering if there was another reason? The commercial space making it a little more difficult to sell for example? Not much of an expert at this sort of thing :) Other properties of similar size seem to be fetching around $500 sq. ft.
ReplyDeleteYou can't really compare this to other brownstones. The financing for a commercial space is completely different. They either have to put a lot down or pay in full so the prices tend to be lower. Still they got a good deal.
ReplyDeleteCheers Corey. Learn something new and all that. Would this be financed as a commercial loan then?
ReplyDeleteYes, Corey
ReplyDeleteThe retail space does change the financing substantially. It is a good price ! Here's hoping that whatever business lands there will be successful..We need to expand on the success of 125th restaurant row.
I agree, We need this area to be the place to come for great food, love the idea,
ReplyDelete