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Let's get this straight: We do not have a townhouse fantasy. We lack the cash, have no desire to scrub our stoop of every excretion known to man, NYU student or animal, and have seen one too many of our townhouse-dwelling friends show up on crutches. Also, security is a bitch, and life is too short to spend half of it on Brownstoner comparing fireplace trim or waiting for a handyman/electrician/plumber/roofer/etc to fix a chronically ill piece of real estate.
On the other hand, a bargain is a bargain.
Following a bitter family dispute, a recent court order has forced this 25-foot-wide townhouse at 3 East 10th Street into auction set for October 21st. Though the townhouse was recently listed for sale at $9.5m (close to the $10m sought for a renovated townhouse nearby), the opening bid is set at $3.5 million. Broker-blogger Malcolm Carter, who attended the third of five inspections (the final two are scheduled for Oct. 17 and Oct. 19), says interest seems quite high.
However, the future buyer will need vision, patience, a good lawyer and the proceeds of a small oil well to optimize the potential of this 8,825 square foot former mansion, which includes 12 wood-burning fireplaces, along with one rent-stabilized and one rent-controlled apartment. Carter notes: “The building has been unfortunately carved up, now configured as a 12-unit rental that includes four medical offices, four studios and four one-bedroom apartments” Further, the condition of the spaces ranges from poor (mostly) to good (for just one of the units).