308 West 78th Street
Enjoy this owner’s south garden triplex after its renovation has been completed by the current owner! This big handsome five-story Upper West Side townhouse is in the middle of a renovation that will be completed by closing. The expansive space with extra tall ceilings will be stunning when finished. The grand entrance stairway has an ornate built-in bench adjoining the entrance to the Parlour floor. Fabulous fireplace mantles were preserved when the owners enlarged the square footage to include a double extension. The basement was dug out and new steel beams have been installed throughout the lower floors. Rental income from the upper floors will make this an excellent live-with-income opportunity. The fourth floor front and fifth floor rear studios are vacant.
Rental income makes this property a best buy! If you live in the garden triplex, there is rental income from the upper floors of potentially $8,000/month. Depending on your tax situation, at 5% interest amortized over 30 years this could pay for $1,400,000 to $1,500,000 of your mortgage! Therefore this is like paying $2,700,000 to $2,800,000 for a finished, south-garden triplex! (This assumes rental income is applied to the mortgage and not to building expenses.)
Are you interested in buying a New York Brownstone? For more information on NY townhouses and New York City Brownstones for sale , contact Vandenberg — The Townhouse Experts TM. We specialize in townhouse realty.