Friday, December 19, 2014

Make millions on this East 7th Street townhouse

The circa-1860s townhouse at 189 E. 7th St., on one of our favorite blocks here between Avenue B and Avenue C, returns to the market.

RE/MAX Midtown has the listing, though you need to register on their site to browse the properties. So here's the thumbnail description via Streeteasy:

This townhouse is the lowest price townhouse in East Village and requires TLC. Renovated townhouses in East Village sell between $5.5- $7.0 million dollars so there is an opportunity to make millions on this property. Currently owner occupied and will be delivered vacant.

The asking price is $3.75 million.

The rendering shows the potential... of turning it into something looking very Upper East Side-ish...

The asking price was $3.2 million in 2008. It looks as if it sold in 2011 for $3.3 million, per Streeteasy. Apparently the seller didn't see the potential to make millions off the home. Apparently the home never sold in 2011.

Top image via Streeteasy


Gojira said...

What's wrong with the way the building looks now? It's perfect as-is.

Ken from Ken's Kitchen said...

Matt LeBlanc where are you?

Anonymous said...

The problems are probably internal since it looks perfectly fine from the outside. If the broker is saying that it needs work, it probably has some exceedingly serious problems or else they would be trying to claim that fat commission themselves with a higher price. If they showing you the sunken bathroom floor (which is pretty damn serious!), then god knows what they aren't showing you. I do agree though that it has great potential and probably would turn a profit even after a massive renovation bill.

Anonymous said...

From the (rather limited) pictures and the floorplans, it appears that the assertion of "owner occupied" is at least misleading. It looks like this was run as an SRO or a rooming house. The floors are carved up into odd and numerous rooms, and the stairs are walled off from the rooms. (and, there are a number of DOB complaints about this being a hostel dating back 10 years or more, and several open DOB violations). This probably needs to be gutted no matter what use it might be put. It is also a very odd piece of property, very shallow, little or no yard.