Sale at 133 West 119th Street

I think this is a great deal although I have not seen it in person. It's a 4-family building not SRO and all violations are dismissed.

Houses are way more complicated than apartments.

Buying without a certificate of no harassment would, I think, open you up to the possibility of significant legal judgments afterwards; significant tax risk in buying a four-family, so when it's restored, taxes jump by thousands annually; possibility that neighboring structures somehow have created a foundation risk; significant restoration costs... am I missing anything?

I can imagine a world in which you lovingly restore this for ten years, and prize the home you've built out of sweat equity, and I can imagine a world in which the odometer on this runs hundreds of thousands past the purchase price. I mean, five bathrooms without working plumbing? That alone can easily be a six-figure problem.

I would do this only with patience and deep, deep pockets.

ali r.
DG Neary Realty

Karhu - It's an SRO, that is 100% confirmed with HPD & DHCR. Violations are not dismissed. Your information is flawed.

My guess is 3-4 years before you can convert it to class A apartments, plus $500,000 in taxes, insurance, pulumbing / electric, etc. The wild card is past tenants and the last owner.

Has anyone heard of SRO tenants who moved out of a unit regaining tenancy by right?

Oops my bad, I was looking at 113 west 119th.

sounds like this was used as a hostel, possibly the worse in town

http://www.tripadvisor.com/Hotel_Review-g60763-d1738091-Reviews-Explorers_House_Upper_Westside-New_York_City_New_York.html

only one of the bathrooms was working apparently

is this gangster-style RE broker poetry? what does C/O's stands for? Violations!? what is this!?

Sold “As Is”. All Info Deemed Reliable But Not G’teed. Buyer To Verify Taxes/C/O’s, Violations.
For The Savvy Buyer Who Knows Their Way Around The New York City Building Departments Rules & Regulations.

there is an accepted offer close to ask. consider this vs. 246 lenox.

wow, that's a courageous buyer!

I think the cost was low enough that it made sense. 246 lenox, on the other hand, is an overpriced POC.