Mini house: 369 Manhattan Avenue

It will depend on several factors: does it have a nice outdoor space with good light? Does it have an ugly wall on the back? Many houses that are 50 are in corners, too. Is it subdivided in apts? How much in taxes, do they have a Certificate of Occupancy?
I prefer a smaller bedroom and light and air from both sides.

mimi, any update in your searching?

Harlem is not going up anytime soon. I am still waiting, looking in Brooklyn as well.

mimi commenting about the mini house!

Harlem is on the rise - recent sales have been higher than sales from last year.

The house I'm considering is not a corner, but it is broken into a few units. I feel like there is a small premium for the small house on a psf basis. Would you agree?

Harlem is on the hype again because flippers find good income source for SROs now. the government is sending tons of housing checks for veterans, so we'll see more SROs again

I can't speak to Harlem comps, but in general, say UWS or UES, price/sqft goes down with smaller houses and/or smaller lots. There is a premium on wider lots and square footage. Also, in general (it's a niche market), a full-service, luxury, white glove prewar apt (not on Fifth or Park or CPW), no views, but good light and exposures, will go for more /sqft than an equivalent sized townhouse.

> government is sending tons of housing checks for veterans

are you seriously thinking this will affect Manhattan's RE? how many locals went to Iraq/Afghanistan?

notadmin, do not make judgment if you are just guessing

the fact is, i saw couple flippers start converting their un-sold brownstones to SRO in harlem to host veterans. i never said this will affect Manhattan's RE. but this may create another hype in harlem as Pawn_Harvester already observed.

not all of them are local, many desperate veterans come to ny to try their luck. they are not welcome in most of manhattan, but harlem flippers love them.

Veteran-filled SROs? That is not accurate at all.

First, SRO is a regulatory categorization. The city is not allowing any more SROs to be created.

Second, why in the world would a flipper want to fill a house with SRO tenants? Single family houses acheive teh highest prices.

Third, this is the most rediq statement I've read in a while.

Pawn_Harvester, be realistic.

I'm not saying the flippers file with DOB to change their buildings to SRO. In fact, many of their buildings are already SRO. But most are vacant for sale, so the current usage is 'for sale' other than 'SRO'. by SRO, I mean the usage much more than the DOB fling category.

Some flippers are doing cheap renovations and change the usage from 'for sale' to 'SRO'. thus, flippers can have a positive cash flow after paying mortgage. in some cases, it's too difficult for them to hold on to the house without the nice housing check from government, because the profit from veteran is higher than regular rent. this is the reason you want to know.

Still, not accurate.

its right next door to a church - not sure that is operational. the church building recently sold (i think) and may be redeveloped, so i would find out about that before making any moves.

Church is in contract, but not yet sold.

Church is in contract, but not yet sold.