CASE STUDY

Introduction

This case study illustrates the approach that Harlem Lofts Inc. applies to Single Room Occupancy (SRO) townhouse listings, using as an example 134 West 121st Street.  SROs were previously boarding houses and are now attractive to investors who renovate them.

• For SROs, documentation is key. It is important to obtain a Certificate of No Harassment (CONH), which is required to apply for permits to re-configure SROs.

Stage 1: Preparation for Sale

We conducted due diligence, and researched the history of the townhome.

• In this case, it was important to ensure that a CONH was obtained to allow a new owner to renovate the property and thus generate maximum sale price.
• Harlem Lofts immediately and successfully, applied for a CONH for the property.
• The townhouse was professionally photographed to highlight its façade and interior.

• The property was launched on all platforms and was marketed to over 6,000 clients via email and a mailer, and to public relations websites.
• We hosted private showings at a rate of 2-4 per week. All guest contact information and comments were entered into our database, allowing us to monitor response.
• Harlem Lofts received a high offer from a very well-qualified buyer, and the property closed for $2,700,000 to the satisfaction of all parties involved.

Summary

This case study highlights the approach that Harlem Lofts Inc. applies to marketing of an SRO property.  Here, it was important to obtain a CONH for the house to maximize value.