$2,758,000
Updated 4 years ago
Off Market

1991 Madison Ave

East Harlem, Manhattan | East 127th Street & East 126th Street

19 Rooms6 Beds5 Baths5,986 Square Feet4-6 Family House

$2,758,000
floors / apts4 / 4
Lot Size19'x76'
Built Size19'x76'
ZoneR7-2
Building TypeTownhouse
RE Taxes$122,352
Price Per SF
$461

Listing Features

  • New Windows
  • Original Details
  • Restored Details
  • Spiral Staircase
  • Baseboard Heat
  • Window AC Units

Outdoor space and views

  • Patio
  • Terrace
  • Central Park
  • City Views

Property Description for 1991 Madison Ave

Turn-key free-market townhouse with cash flow from day one! 1991 Madison Avenue is an extraordinary find in today's market: a beautiful corner multi-family in prime Harlem which maximizes income-producing space. Renovated and meticulously well-maintained and well-operated, this four-unit townhouse has three exposures (north, east and west) and is overflowing with windows that flood all apartments with light and a fresh cross breeze. Its exceptional bones combined with great location and access to transportation make this property perfect for any of three uses: 1) PRIMARY RESIDENCE: Call this property home, live in one of the four units and rent out the other three units to cover your monthly expenses and produce excess income. 2) INVESTMENT: Rent out all four units and enjoy high cash flow and long-term capital gains. 3) CONDO CONVERSION: Maximize the buildable SF and number of units and create a boutique condominium that capitalizes on the property’s dormant value and produces an outsized return on investment. Building highlights: -All units free market -Low taxes + 2A protected tax class -5.5% cap rate (with all units rented) before value added. -Nearly 20 ft. wide building -Triple exposure + three units with BOTH corner bedrooms AND corner living rooms -Light-filled spaces with scores of large windows everywhere -Four stories + a full height basement -Building SF ~ 5,000SF (not including basement) -Extra high ceilings -Hardwood floors -Two potential outdoor spaces -Laundry in the building -Renovated -New roofs Apartments & sizes: 1 - “L” shape Studio (Jr. 1BR) ~ 550SF 2 - Duplex 3BR, 2 Bath ~ 2,130SF 3 - Oversized 1BR with E.I.K. ~ 1,100SF 4 - Oversized 1BR ~1,050SF This location is ideal for commuters with the express and local subway lines 2, 3, 4, 5, 6 and Metro North only blocks away and LaGuardia airport just a 20-minute drive across the nearby RFK Bridge. 1991 Madison is also situated between Marcus Garvey and Harlem River Parks for outdoor lovers and within a short distance of some of the best restaurants, museums, and stores in Upper Manhattan. To schedule a private showing of this outstanding property please call us today!

Listing History for 1991 Madison Ave

Now
11/11/2022
TOM by Ellie Wald
Compass
10/03/2022
$2,758,000 [-$167,000] [5.7%]
Price Drop by Ellie Wald
Compass

Building Details for 1991 Madison Ave

Ownership4-6 Family House
Building TypeTownhouse
AgePre-War
AccessWalk-up
Year Built1930
Floors/Apts4/4
Learn More About the Building

Transit and Citi Bike

Subway

125 St
0.22 miles
125 St
0.31 miles

Railroad

Harlem-125 StMetro-North Railroad
0.12 miles

Citi Bike

E 128 St & Madison Ave
0.05 miles
5 Ave & W 126 St
0.11 miles

Contact Agent

Contact Agent

Ellie Wald
Compass

East Harlem | Manhattan

Quick Profile

Take a stroll through East Harlem and you’ll find a vibrant, culturally diverse neighborhood, which is evident no matter which direction you look. East Harlem is also known as Spanish Harlem, El Barrio, and “The Neighborhood,” as it is home to a population that represents Hispanic immigrants, primarily from Puerto Rico, as well as from Mexico, Cuba, and the Dominican Republic. These immigrants brought their cultures with them, in the form of music, dance, art, and food. During the day, you’ll find the neighborhood filled with opportunities to experience Latin culture. Both the salsa dance craze and the graffiti style of art were born right in East Harlem. There are many great places to sample authentic cuisine, from Rao’s (where you cannot get a table unless you inherit one, and any reservations must be booked years in advance) to sidewalk carts, where you can get the best “street meat” to be had in NYC.

In East Harlem you’ll find a number of innovative educational opportunities in the form of specialized and charter schools that are considered top-notch. Many of these have very competitive admissions criteria and offer curricula that focus on creativity and social awareness. Such schools are a draw for young families that want to raise their children in an educational system that goes above and beyond the standard.

The vibe of East Harlem is one of community and neighbors that interact with each other routinely. There are many small, family-owned and -operated businesses and restaurants that have been neighborhood anchors for years. As you stroll through East Harlem, you will be immersed in sights, sounds and flavors that are straight from Latin American or the Caribbean islands, sometimes both at once. You can sample Puerto Rican-inspired plantain mofongo, which is mashed plantains with garlic and pork rinds, from local sidewalk carts. Or if it is a hot summer’s day, you might enjoy a Mexican-inspired licuado, which is a blended drink similar to a smoothie, made with milk, fruit, and ice. Sometimes, spices, citrus juices, and sugar are added. Although you will find an abundance of authentic cuisine and music no matter where you look in East Harlem.

Prefer to cook at home? East River Plaza offers Target, Costco, and Aldi stores, all of which offer fresh food at reasonable prices.

East Harlem housing consists of more affordable walk-ups, low-rise pre-war buildings, brownstones, and is dominated housing complexes. You can find some comparatively large apartments at reasonable price points, and even some rent-stabilized apartments. Luxury co-op and condo units are being built on the southern boundary of East Harlem. 

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: 26631TH