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
How exactly does this “letter of non-harasment” work. And what would be the difference if the building was vacant? Not too familiar with the RO issues?
Thanks in advance.
That’s a great area?
Eviction is NOT something anyone wants to go through — from either side. However, realize that you can’t evict people for no reason — or even, sometimes, for a good one — especially people in “precarious” living situations, like SRO residents. Where else are these people going to go? It’s all very well and good to talk about getting people out like you’re ridding the building of mold or vermin or something, but these are people we’re talking about, and unless you’re prepared to assist them in finding alternate (and at least comparable) accommodations, I’d beware of bad karma (not to mention legal nightmares).
Isn’t it 6 months max to evict people through the court system? What if they don’t agree to the letter of no harassment? Are they in there forever?
We haven’t really spoken about tenants issues much on this blog, which factors into buying an investment property assuming you’ll have help with the mortgage. What happens when the tenants stop paying! ;-(
I’ve always liked this place and thought it had a lot of potential. Who knows what the inside is like. If there were no tenants, then this would be an unbelieveable deal, even with 400K of gut reno. However, if you cannot get SRO tenants to leave, it might not be worth the trouble. Not for the faint of heart if that is the case.
yes it is a good deal vacant. but with tenants…things change drastically
Sigh, just when I thought that their were deals out there. guess i better make nice with my landlord.
sounds like it’s an $800,000 headache.
It’s in a gray area legally. It was an SRO but never had the sign offs on the C of O to change it to a three family. Look at the C of O on BIS at DOB.