Here is actual correspondence between myself and an investor
*******,
I need to go see the attached property before i can give my opinion,
however this was forwarded to me by my Business Partner. I will take
pictures upon your request.
In order to stay within your scope a single family home would be a
great option. the profits would be over $1 million; however, with the
air rights/FAR, profit potential and also based on location near
Columbia University, you can't go wrong as a hotel.
See attached and below:
Price $3,650,000
Real Estate Taxes (per annum) $9,285
Property Details
Type Multi-Family Townhouse
Service Level Voice Intercom
Block / Lot 1881 / 53
Age / Built Post-war / 1988
Square Feet(Approximate) 5065
Lot Size 25'x70'
Built Size 25'x70'
Building Size 4 Floors / 4 Apts.
Building Access Walk-up
This is a 25' wide, four (4) story modern townhouse built in 1988 by
Smith and Thompson Architects. Currently configured as 4 floor-through
apartments and a penthouse studio, the building could easily be
converted to a single family residence or expanded to accommodate a
larger structure. Plans have been prepared to construct two additional
stories and the building is framed to allow for the addition of an
elevator.
Alternate plans have been approved pursuant to NYC’s quality housing
regulations to construct a 13 story building which would expand the
maximum FAR of 7.20 or approx. 12,765 Sq. Ft.. The property benefits
from a tremendous amount of light, two south facing gardens, a
significant supply of excess air-rights, and excellent access to all
forms of transportation. The property will be delivered vacant and is
ideal for either conversion to a single family home or redevelopment
to a larger building.
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