Harlem Lofts, Inc. Closes Occupied SRO & Legal 4-Family Townhouse, Both at Record Sales Prices; Robb Pair Elevates to #1 Spot in Volume Sales in Harlem
NEW YORK, Sept. 20, 2013 /PRNewswire-iReach/ -- Robb Pair, president of Harlem Lofts, Inc. has moved up 10 spots to take over pole position, representing more sellers (by sales volume) than any other broker in Harlem according to Streeteasy.com (a Zillow Company, No. 1 Real Estate website, nationwide).
On Friday, August 9, 2013 the SRO Townhouse located at 239 West 120th St. closed at a purchase and sale price of $880,000.
This SRO has been widely regarded as one of Harlem's most troubled properties as it is currently an occupied SRO with four tenants. A review of the history of this property on Property Shark, StreetEasy and DOB will reveal Lis Pendens, foreclosures, open violations, complaints, tenant issues, tax liens, a 7-A administrator, and dissolved title companies to name a few. Over a 3-year period, other brokers have failed to successfully complete a transaction, but Harlem Lofts, in coordination with Richard Roth, Esq., were able to successfully bring Buyer and Seller together at a record price.
While this sale represents a record price for the Seller for an occupied SRO, it simultaneously represents an incredible opportunity for the buyer who plans to occupy and renovate. Townhouse shells or SROs for less than $1 million, particularly on 120th St. in West Harlem, are almost impossible to come by these days.
In another recent record, on August 28th Harlem Lofts, Inc. closed a deal on 261 West 121st Street for $2,075,000. This is a record price on a price-per-square-foot basis (currently 3332s.f. as built; ~ $623/s.f.) for a 4-family townhouse in Harlem and is a post-2006/2007 bubble record based on price. While it is currently a 4-family townhouse, it has great potential as a spacious 1-2 family home. This conversion potential was highlighted in all Harlem Lofts, Inc. marketing materials.
ABOUT HARLEM LOFTS
Harlem Lofts, Inc. was established in 1999 with the specific vision of developing Harlem townhouses into convertible loft style spaces. In 2013, the company spun off two affiliates: Harlem Property Management, Inc. and Harlem Property Re+Development, Inc. which were historically part of Harlem Lofts, Inc. These two companies specialize in and focus on property management and property re+development respectively while Harlem Lofts, Inc. remains focused on being the premier real estate brokerage in Harlem. All three companies combined specialize in assisting homeowners and investors to take full advantage of the real estate opportunities in Harlem.
Media Contact: Anita Brehaut, Harlem Lofts, Inc., (212) 280-8866, email@example.com
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SOURCE Harlem Lofts, Inc.
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