Another SRO adjacent to the Mount Morris Park Historic District has arrived on the market for the asking price of $785K but is only advisable for those who are familiar with this type of building transaction. The broker apparently has the 20-foot-wide building listed on Streeteasy with the caveat that the townhouse located between Lenox and ACP/7th Avenue will be sold as is. All certificates appear to be missing or questionably lacking so only those who understand the complexities of SRO purchases should check out this property which reportedly has quite a bit of original details inside to restore:
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The selling broker (Cruse Real Estate) said that this property has 4 tenants in the system in addition to being shut down as an illegal youth hostel. He added that it received violations fo rewiring and sprinkler systems and owners will have to pay for all of the transfer taxes, fines etc. The agent (Steve) said the tenants were offered $100,000 by the bank and refused and then added that the old owner and tenants are waiting for the new owner to take possession and they will resurface. The broker is very forthcoming about the problems attached to this building when you speak to him, he said he does not want buyer not familiar with SRO, HPD, tenant issues as it would make him look bad if the deal fell apart. He said he doesn't want a buyer get this property only to find out they can't live in it or work on it for 4 years. He then added that the extension in the back had to be removed or reduced in size like a property on 120th had to do recently (he did not say what property) he went on about 4-6 other things so just call him and ask if you feel you are interested in this one. He's happy to tell you the details. This one does have some nice details but its still a gut.
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