Gentrification full speed ahead!
A townhouse on E 134th Street has been listed for sale by Corcoran for $995,000 and other than a major renovation, there is nothing special about this home to justify such an outrageous price way above actual market value.
The home was purchased in August of 2003 by the current owners and sellers for $205,000 and has front row seats to the chaos that is the Major Deegan Expressway isn’t even one of the desirable landmarked homes in the general area over in Mott Haven. Oh, and did we mention that the home sits in front of an exit ramp to boot?
With a sales price that works out to $444 per square foot, it is well above the average for the area during the past two years of $240 per square foot.
If someone really wants this home, they’ll have to put down a significant deposit because the home is not worth it based on the market data.
Although the renovations look great, not sure who will be crazy enough to purchase a home for just shy of $1 million to live directly in front of a major (pun intended) highway.
The listing for the property says:
Up the stairs, on the top floor, is an airy 3-bedroom layout, featuring a massive, master suite with an en suite bathroom and more access to out door space- your very own, finished, private roof deck! This level of craftsmanship and access is rarely seen in the city at such a price! Don’t miss the wave of development flooding the Grand Concourse area.
So basically a million bucks for a roof deck on top of the Major Deegan? No Thanks.