Back in February 2016, the long neglected four-story brick townhouse at 351 Union Street right next to Smith Street Deli was being marketed by Douglas Elliman as a handyman special and "an investors dream come true."
It had first come on the market for $2,8000.000 a few months earlier, before the price was lowered to $2,6000.000 and then $2,5000.000. It finally sold a year later for (only) $995,000, according to Zillow. That is quite a steep discount.
The new owner has begun renovation on the townhouse. According to the permit, the work involves a "gut renovation to turn the existing building from a four family to a two family with a new rear extension and deck."
It's nice to see this old home get the attention it needs.
What do you think of the discounted price?
It's nice to see this old home get the attention it needs.
What do you think of the discounted price?
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5 comments:
What are we supposed to think of the price? It was a private transaction, seller met buyer.
Most likely each unit will sell for $2.5M.
4 units ---> 2 units = lost density for the neighborhood. Not good for local businesses, although everyone just buys everything on Amazon (and then complains about lack of local businesses).
I'll say. That is quite a discount. Should pay for at least most of the renovation. Hope they don't find any very expensive must fixes when they get into the guts of the building.
I'll say. That is quite a discount. Should pay for at least most of the renovation. Hope they don't find any very expensive must fixes when they get into the guts of the building.
It probably needed a couple of million in renovations alone so I can see why it sold for so much less.
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