House of the Day: 147 St. James Place
Holy Moly! This house on St. James Place between Greene and Gates looks like a screaming buy to us at the low, low price of $800,000. This is one of those listings with a minor-league broker where you have to wonder how well they know the market. Even if this place is a complete dump,…
Holy Moly! This house on St. James Place between Greene and Gates looks like a screaming buy to us at the low, low price of $800,000. This is one of those listings with a minor-league broker where you have to wonder how well they know the market. Even if this place is a complete dump, it’s still selling at a 2003 price. The three-family has been owned by the same person since 1988, so we suspect they’ll do pretty well on the sale regardless, but still, $800,000? What gives?
147 St. James Place [Flateau Realty] GMAP P*Shark
for what it’s worth – DOB site does not indicate SRO.
Here’s how a certificate of non-harassment works. You apply for a certificate. If anyone comes forward and tells the DOB/HPD they were harassed to leave the building at any point(and the definition of this is BROAD) and this harassment is found to have occurred you will need to wait 36 months before you apply for another certificate and without the certificate you can’t get a building permit to do any construction. It’s very difficult to try to remove tenants from this situation because any kind of sour feelings or missteps are likely to lead to you holding the building for three years.
You know I’ll bet if someone made an SRO that wasn’t an awful rundown piece of crap I’ll bet they could rent the rooms and do a brisk business in a neighborhood losing it’s affordable housing.
I wonder how much faster you’d get tenants out if you offered them 25k each.
How do you know there are existing tenants and really is SRO ‘status’?
I think CofO does say 3 family. Maybe everyone here is jumping the gun….wouldn’t be the 1st time.
I agree, pretty lame not to disclose SRO status and existing tenants.
Are these brokers deperate to hear their phones ringing? Why not make the status of this property known at the outset? IMO, that is a rather important info to leave out of an ad. All those calls and each time, the same explanation and status disclosure. How lame!
Have any of you folks ever been inside an SRO? They’re usually disgustingly dirty and clearly lots of illegal activities are occurring inside them.
I don’t advocate making anybody homeless, but I’m all for buyout situations where these guys are relocated to CLEAN AND SAFE housing so a building can be renovated and a neighborhood can be revitalized.
Regarding an earlier comment, the hold period will be a year and a half minumum to get the renovation done, deal with all the C of O issues, and get the place sold.
Getting rid of regulated tenants can be an impossible headache. I’d say $800k is market rate for this place given the tenant issues, but I still wouldn’t touch it with a ten foot pole.
Well said CHP.
Your choice if that makes you concerned. Most people who work in Manhattan use the C train. G and C have always been fine for my lily white self. All of Clinton Hill is not far from Bed Stuy (heck, FG is not too far then either at 2 subway stops), so might as well look elsewhere.