AND IT WENT FOR - 61 and 63 Madison Avenue - ANNEX

When this listing of 2 attached semis at 61 and 63 Madison Avenue in the Annex hit the market a little over a month ago, I really like it.

It is currently set up as 10 units that bring in $119,076 a year after expenses.

Not a huge amount so I thought this would be bought by a developer who would flip these into 2 large homes.  Each house is on a 25 x 126 foot lot and with an asking price of $3,250,000, that would mean that each home would cost $1,625,000 each pre-renos.

Pretty good considering the house done the street at 75 Madison Avenue that needed work (though not as much) had recently sold for $1,770,000.

But according to a reader (thanks!), apparently this house was just bought with the assurance that the new owner will assume all tenancies.  

So, they aren't going to be kicked out right away, or they get to stay for good?

Since this listing was considered a commercial property, the buyers needed to come up with 55% of the asking.  Because of that, you might think this house would sell under asking even though I think it is worth asking.

It just sold...

For $3,250,000.

Now I want to know, is this getting turned into condos Rue de Lux style?