This NYC wholesale property is a townhouse currently classified as a vacant eight unit SRO being sold in as-is condition. Currently this 17ft wide townhouse is 4 stories and approximately 3,200 square feet with additional air rights of approximately 2,400 square feet, giving future ownership the opportunity to build up to 5,600 square feet.
This 3,200 sqft Town home needs a full renovation of about $300,000 to $1,000,000 just depending on what you want to do to it. If you leave it as is then a $300,000 rehab is sufficient but if you really want to max it out and put 6 condos in and use up the air right going up 3 additional floors you can max the building out at about $5,500,000 to $6,000,000. The townhome 2 doors down is in process of a condo conversion and he has pre-sold 4 of his 6 units 6 months before completion and will max his building out at $6,000,000. In this area as you will see from the comps everything is going between $975 per sqft to $1,356 per sqft.
– Full Demo
– New flooring
– New Kitchens
– New Bathrooms
– New Exterior and Interior doors
– Min splits in each unit
– Refinish all existing wood work (interior and exterior)
– New windows
– Refinish exterior brick work
– Refinish front steps and all masonry