Shell Coming On The Market South of 125

I know some of you who read the blog are looking to do a project similar to what Dan and I have done. The problem is finding shells south of 125 that aren’t ridden with problems (legal, structural, etc) is easier said than done.

Just today I found out about a place in the Mount Morris Park historic district that’s about to go on the market. It will need a total gut renovation – so it’s a similar sized project to ours. It’s a good sized place (I estimate it to be over 4,000 sq. ft.) so the asking price is a bit higher than some other shells, but it’s got the square footage to justify the price.

There is a Certificate of No Harassment in place, so financing is an option, but even so you’re looking at a total investment (purchase + renovations) of around $2M for moderately high-end finishes. While you could do the project for less, that level of finish will result in the place being worth a bit under $3M when you’re done (assuming the market doesn’t drop) – so the project should be profitable.

If you’re interested and want to know more, send me an e-mail – jay@beatingupwind.com

One thought on “Shell Coming On The Market South of 125

  1. This is fantastic: http://harlembespoke.blogspot.com/
    Is there any way you might have time to do one of your market analyses right now of how different blocks/regions of Harlem are currently performing re. sales? I realize you guys are just moving in, but it seems the market has really changed in the past four months??? It would be fantastic to get you opinion in relation to previous market posts you have made?

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