Case Study

Single Room Occupancy to Blank Slate

134 West 121st Street, New York, New York 10027

 

Introduction

This case study illustrates the expertise that Harlem Lofts Inc., a premier Harlem realtor, applies in our tailored approach to our listings, using as an example our recent exclusive, 134 West 121st Street, a beautiful twenty-foot wide Single Room Occupancy (SRO) Harlem townhouse in the Mount Morris Park Historic District built-in 1890. Here, we will discuss the stages of the listing process for this property, which sold for $2,700,000 on November 19th, 2019.

Stage 1: Preparation for Sale

Preparatory to launch, Harlem Lofts Inc. conducted extensive due diligence and researched the history and architecture of this lovely Upper Manhattan townhome. We then tailored our approach to fit the specific needs of the listing.

In this case, it was especially important to ensure that legal documentation was optimized to generate the maximum sale price for this beautiful Harlem townhouse.

 

Documentation

Of critical importance, our due diligence confirmed that 134 W 12st Street was an SRO property.

  • SROs were boarding houses in the early 20th Century but now struggle with low occupancy and low rents.  
  • As such these lovely Harlem townhouses are attractive to investors who reclassify and renovate them.

To protect tenants, New York City requires owners of SRO Harlem townhouse to obtain a Certificate of No Harassment (CONH) prior to applying for permits to re-configure them.

  • If there is reason to believe that harassment has occurred, the CONH is denied.
  • Denial prevents the owner from obtaining permits to alter or demolish the building.

For these reasons, Harlem townhouse SRO properties sold with a CONH are more valuable to investors than those without.

  • In 2019, the difference averaged $138/square foot and $850,000 per sale.
  • A CONH application is time-consuming and has statutory requirements, and processing takes months.

Harlem Lofts Inc. therefore immediately applied to HPD for a CONH for 134 W 121st Street.

  • The application was successful, and the CONH was granted on February 22nd, 2019.

Preparation for Launch

Harlem Lofts created an extensive database of the architectural and design features and due diligence for the house.

  • This was used to produce a detailed description of this lovely Harlem townhouse for the listing,
  • We also generated a marketing folder containing property information including a show sheet, floor plans, tax valuation highlighting the low taxes, CONH, and additional property documents.

This Harlem townhouse was professionally photographed to highlight its elegant façade and interior features.

  • These included original mahogany staircases, screens, fireplaces and doors, ceramics and mirrors.

All of these components were then used for a boutique-quality custom listing on the Harlem Lofts website.

 

Stage 2. Launch and Showing

This beautiful Upper Manhattan townhome was launched on the Harlem Lofts website for sale.

  • We marketed the property to over 1,800 unique Harlem Lofts clients and customers via an email campaign.
  • We sent out a postcard mailer to over 6,000 homeowners and buyers, highlighting the features of the house.

Harlem Lofts released the listing to the Residential Listing Service (RLS) and to all marketplaces.

  • These included consumer-facing marketplaces including StreetEasy, Trulia, Zillow, Realtor, and others.

Harlem Lofts also targeted public relations websites with our marketing materials for this lovely Harlem townhouse:

  • This resulted in 134 West 121st Street is featured on web pages including HarlemBespoke.

We hosted open houses/private showings for this Upper Manhattan brownstone at a rate of 2-4 per week.

  • All guest contact information and comments were entered into the Harlem Lofts buyer database,
  • We supplied all guests with the previously prepared marketing folder for this beautiful Harlem townhouse.
  • Additionally, they each received an automatic thank-you email with a link to due diligence on our website.

May 30th, 2019 – Harlem Lofts received a high offer from a very well-qualified buyer. The offer was accepted.

  • Harlem Lofts continued to show the property until contracts were signed, and secured backup offers.
  • In this period, we also secured backup offers from well-qualified buyers for this lovely Harlem townhouse.

July 19th, 2019 – Contracts were signed by the buyers and the owners, and preparations for closing began.

  • We strategically held off closing until the owners (our clients) had found a property to purchase.

November 19th, 2019 – The sale of the property closed for $2,700,000, to the satisfaction of all parties involved.

Summary

This case study highlights the modern approach that Harlem Lofts Inc. applies to preparation, launch, and post-launch marketing.

  • In this case, in order to maximize interest and value, it was important to obtain a CONH for the property.
  • This process was initiated immediately and resulted in a highly successful sale.
  • We carefully tailor each of our listings to fit the needs of each property.

Harlem Lofts will be delighted to apply our expertise to your property. Please contact Harlem Lofts, the number one real estate broker in Harlem, at sales@bfd50dc80f.nxcli.net to arrange your private appointment to discuss your real estate needs, or call our founder Robert ‘Robb’ Pair at 917 790 6986, or at robert.p@bfd50dc80f.nxcli.net.