The property at West 118th Street offers a golden opportunity for buyers seeking a unique and historic home in one of Harlem's most desirable neighborhoods. Situated in the heart of Central Harlem, this Renaissance Revival townhouse, designed by renowned architect Alfred H. Taylor and developed by James E. Crawford in 1899, exudes charm and character. With over 4, 700 square feet of living space spread across four floors, the 20-foot-wide and 52-foot-deep layout provides ample room for comfortable living and entertaining. The three-floor additional extension further enhances the property's appeal, offering flexibility for various uses. Located on one of Harlem’s most sought-after blocks, the townhouse is surrounded by numerous other beautifully restored homes and benefits from the neighborhood's vibrant atmosphere. Residents will enjoy easy access to major landmarks such as Morningside Park, Central Park, Columbia University, Whole Foods, Trader Joe's, and Harlem's renowned Restaurant Row. The area’s excellent transportation links make commuting to other parts of New York City convenient and hassle-free. It is important to note that the building is currently an SRO with two occupied units on the 3rd floor of the property, several open violations, and a vacate order. This presents both challenges and opportunities for the discerning buyer. The property is being delivered as-is with no contingencies, offering the chance to restore and customize this historic gem to your exact specifications. Despite these challenges, the property's historic significance and prime location ensure that there is tremendous upside for the buyer and that it will remain a valuable asset in the years to come. Whether you are looking to create a luxurious single-family home or a distinctive multi-family residence, West 118th Street offers an exceptional chance to own a piece of Harlem's rich history and vibrant future.
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William Raveis Real Estate
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VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 347.223.0992
Sarah.Alvarez@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $880,000 | $880,000 | $880,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.375% | 6.250% | 5.750% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.850% | 6.360% | 5.930% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $4,928 | $5,418 | $7,308 |
Total Monthly Payment | $5,053 | $5,543 | $7,433 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.