After Landmarking, 70 Lefferts Back in Play
After its surprise eleventh-hour landmarking last month, the Italianate manion at 70 Lefferts Place (which hasn’t always been yellow, as the photo from NYC archives shows) is back on the market. Unable to proceed with the condominium development he had been planning, developer Chris Morris (who, to be fair, got pretty shafted in all this)…
After its surprise eleventh-hour landmarking last month, the Italianate manion at 70 Lefferts Place (which hasn’t always been yellow, as the photo from NYC archives shows) is back on the market. Unable to proceed with the condominium development he had been planning, developer Chris Morris (who, to be fair, got pretty shafted in all this) is looking either to sell the property outright or partner with someone with the vision to do something profitable within the envelope of landmark rules. Given that he’s got a $2 million mortgage, the house is probably costing him $12,000 to $15,000 a month to carry — reason enough to seek a swift solution. We looked at the house last Spring but were unable to convince a developer we know to put up the dough to buy and renovate it. And while the potential returns of dividing the existing structure into a handful of condo units may not provide the sky-high returns that many pros target, we still think there’s decent money to be made from doing a historically respectful conversion. You know, if 100 readers put of $10,000 each, you’d have more than enough equity to see this through.
1854 Italianate Villa [Craigslist] GMAP P*Shark
BREAKING: 70 Lefferts Place Landmarked! [Brownstoner]
Potential for landmarking is cost of doing business. As to threat of place turning into an eyesore, well that is what a lot of developers do to avoid landmarking or to fight against it. Mega bad karma. And we shouldn’t afraid to say it to them. Building a community is not about maximizing every dollar.
i have no pity for this developer. he used some pretty nasty tactics to force the previous owner to sell it to him. besides, why doesn’t he just build his condos on the large vacant lot next door? for those of you who wish there were condos available in that area, just wait a few years and get in line for your place at atlantic yards.
and mr. philly, unlike nyc’s neighborhoods which have changed enormously over the past decade, philly has changed remarkably little. the block i grew up on in west philly is essentially unchanged since the late 70s. i think that’s a great thing, however none of those homes are going to double or triple in price anytime soon.
watch this thing turn into a eyesore and the new owner really got shafted!
there should be something in place to protect buyers from sonething like this. that is terribly unfair for him to have to pay (literally) for a choice that was made beyond his control.
why do people selling expensive property put it on craigslist? why not with a reputable broker? so stupid no wonder he bought it thinking he could tear it down.
If the buyer wanted to build a condo development, he is not going to be interested in a bed and breakfast for God’s sake. I also think he got the royal shaft and said so when everyone was opining on this issue with the last minute rescue action. Where was Landmark’s before this deal was done? It shows how unsystematic and arbitrary the whole Landmark’s process is. I am not a developer, broker or in any way involved with this — just a homeowner not far away.
anon 11:03am again.
Some of the inner rooms could also be used to host small receptions, conferences, meetings, etc. I would imagine that those rooms could also generate monthly income.
It would make a nice bed and breakfast (similar to the Akwaaba mansion in bed sty). If it was well run, I’m sure he could generate enough income plus more to cover his $12000/mth mortgage.
The house looks like it could support at least 10 bedrooms (without modifying the original layout).
10 furnished rooms at $100/night each = $1000/night total for all rooms = $30,000/monthly for the house.
I don’t see why he’s in such a rush to unload this property.
I got to get you White folk out to Philadelphia. There are Brownstones and some of the finest historical townhouses that can be had for CHEAP!!!!
(I’m talking less than $100K)
The city is so backwards that they labels these gems as “blighted” and knock them down.
True, these properties are in the HOOD, but wasn’t CH and FG and Harlem. All I need (for my property value to go up, so I can cash the hell out) is a few well meaning new-comers and rabble-rousers to take on some physic connection to the area.
If I can get critical mass these suckers can sell for 3x’s the value in about 2.5 years and 7x’s in about five years.
I’m talking N.Philly around Temple University.