An occupied SRO brownstone (with one tenant apparently okay with vacating) at 220 West 137th Street has just arrived on the market for the asking of $1.5 million. There are a lot of original details within and the block is quite intact but the lack of the legal certificates makes this one a harder sell at the higher price point. Then there is the issue of the house being chopped up into a lot of units so the cost factor is probably going to be on the higher side for a full renovation. More photos and details via Streeteasy:
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Link and address has been updated.
ReplyDelete1.5M is too much for an SRO with no Certificate of Non-Harassment. Even if the current tenant is fine with vacating, presumably without additional financial incentive, the new owner will still have to find ALL the previous tenants for the last 5 years and get them to sign off as well. Good luck trying to get 5 years worth of people to sign off without any financial incentive, that is assuming you can find them at all. If you can't, worst case scenario is that the house must sit vacant for 5 years from the time of the last known tenant that does sign off. Too much hassle for a shell at $1.5M.
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