Number 2289 Adam Clayton Powell has been one of the least expensive, moderately renovated homes on the market for quite some time and has just sold for below asking price. Originally purchased back in in 1997 for $13K, the narrow building located by 135th Street would eventually be up for sale for $1.3 million but just sold for $637K last month. This number is shockingly low for a house in Manhattan but a few factors should be considered.
One of the major issues from what we can see is that there is a long term tenant in place which would make it difficult to convert the home into a single-family configuration. From just walking by the address, we would guess that the dimensions are under 14-foot-wide out front so this is really a narrow building that has been chopped up into 2 units. Home owners can legally convert a brownstone into a single-family, primary residence and ask tenants to leave but those who have been renting for longer than 20 years at the same address apparently have the right to stay from what we understand. One such tenant might be in place and thus a lower sales price would be justifiable.
In many of these situations a buyout will be offered but will be at the expense of the owner. With that said, the interior is also just white walls with lower end finished so a complete renovation will probably be needed here. More details on Streeteasy:
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