2064 Fifth Avenue, a 7,569-square-foot, five-story Harlem townhouse, was listed last year for $1.6 million by the estate of its previous owner and purchased last month by an LLC for $956,000. As you can see from the listing photos (and photos from a previous listing) the house is a complete wreck. Normally, what's customary in this scenario is for the new owner to renovate and re-list, hoping for a big profit. These owners, however, have decided to skip the renovation step and just re-list it as is ... for $3.5 million. It might seem crazy, especially considering that you can buy a fully renovated Harlem townhouse for way less than that, but the house's broker tells us that they've already received an offer "in the high $2 millions." He went on to explain that the inventory for +7,000-square-foot townhouses in the area is very low. We'll concede that point.
· Listing: 2064 Fifth Avenue [Miron]
· The 10 Cheapest Manhattan Townhouses For Sale Right Now [Curbed]