$6,990,000 $12,500,000
Updated 16 hours ago
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Harlem, Manhattan | Seventh Ave & Frederick Douglass Blvd
22 Rooms8 Beds7 Baths7,500 Square FeetIncome Property

$6,990,000 $12,500,000
floors / apts4 / 8
Lot Size20'x77'7"
ZoneR7-2
Building TypeLow-Rise
RE Taxes$14,718
Price Per SF
$932

Building Amenities

  • Voice Intercom
  • Courtyard

Property Description

We are proud to bring to market 2398 7th Avenue -- an incredibly beautiful five-story corner building in the Saint Nicholas Historic District.? Currently setup as six residential units with one commercial unit, this building offers numerous value-add opportunities: 1.? Partially renovated, an investor could simply finish up the remaining units and collect income in a very quickly appreciating area by either leaving the layout as is or capitalizing on the mixed-use zoning and converting the first floor and lower level to a large retail unit; 2.? For those wanting a quicker return, a floor through-unit condo conversion in this booming area would fetch sales prices well over $1,000/SF; 3.? For end-users, a single family conversion is also possible and would result in one of the best-known trophy houses in northern Manhattan.? In any of these scenarios, you would have the possibility to utilize the existing bulkhead to gain roof permitting, as well as duplex the existing basement with the first floor while still leaving the cellar below for communal space and mechanicals.? Feel free to reach out for a setup, pro-forma, and conversion metrics.

Listing History

Now
05/17/2022
$6,990,000 [-$5,510,000] [44.1%]
Price Drop by Nathan Horne
Compass
05/17/2022
Back on the Market by Nathan Horne
Compass

Building Details

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1893
Floors/Apts4/8
Learn More About the Building

Transit and Citi Bike

Subway

135 St
0.27 miles
135 St
0.28 miles
145 St
0.36 miles
145 St
0.49 miles

Citi Bike

Adam Clayton Powell Blvd & W 138 St
0.06 miles
Adam Clayton Powell Blvd & W 141 St
0.11 miles

Harlem | Manhattan

Quick Profile

The neighborhood called West Harlem by the locals is known as Manhattanville to neighborhood newcomers. The area is culturally diverse and might be considered a microcosm of the city as a whole. 

Columbia University has recently expanded into the area, which is attracting student residents from all over the world. Together with students from the City College of New York and young professionals fleeing higher prices in other neighborhoods, this influx of younger residents has brought with it more restaurants and bars on W 125th Street to serve this clientele. There are also new ventures, like a rock-climbing gym, to cater to the interests of these students and young professionals. At the same time, there are many small, family-owned shops and restaurants that have been anchors of the neighborhood for multiple generations.

The area has been through a housing upgrade, as older properties have been renovated and abandoned properties have been razed to make room for new development. There are still reasonably priced apartments available. Young professionals are finding that there is a certain cachet to living in West Harlem. It provides a convenient commute to the city and all of its amenities, while providing a sense of escape at the end of a long work day.

While rentals are popular with the student population, the young professionals are delighted to find pre-war brownstones, pre-war co-ops (including some income-capped HDFCs for lower- and middle-income buyers), and post-war condos that they can afford, although prices are rising. Some new low-rise developments, sporting virtual doormen and desired amenities, are cropping up.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 79157TH