Buyer is found for bankrupt Harlem church

227 Lenox Avenue

That Harlem church in a brownstone building on Lenox Avenue has found a buyer prior to its scheduled auction.

Vice President Richard Maltz of the David R. Maltz & Co. auction firm told me in a telephone interview that a purchaser offered $1.166 million, including a 6 percent buyer’s premium, on Jan. 18, the first day that the property was available for inspection.  He declined to identify the buyer in what he described as company policy.  Continue reading

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The High Road: ‘Renovated’ is like grade inflation

To paraphrase Crocodile Dundee, that’s what I call a renovation. (Flickr photo by Zusjes Weblog)

In the incendiary days of our overheated market just four or five years ago, you couldn’t give away renovated properties.

Flush with Wall Street largesse, seemingly all buyers wanted to impose their own taste on any apartment or townhouse they considered.  So what if it took wads of cash, endless frustration and overwhelmingly large pools of patience?

Buyers wanted to do their own thing.

Those days are pretty much in past, and I imagine they’ll be back.  But the properties that sell quickest of late Continue reading