Bailey Mansion sells for almost 90 percent below original asking price
September 01, 2009 03:00PM
The Bailey Mansion at 10 St. Nicolas Place
Details regarding the sale of Harlem's famed Bailey Mansion at 10 St. Nicolas Place emerged this week. The property, which went into contract in late July and saw a deed transfer Aug. 19, sold at almost 90 percent below its original asking price. The mansion originally went on the market at the end of 2008 for $10 million, and had its price slashed to $3.5 million sixth months later. The mansion, which is reportedly in need of a significant restoration, eventually sold for $1.4 million in a cash transaction. Stribling & Associates handled the transaction. The Bailey Mansion had been the home of Barnum & Bailey entrepreneur James Bailey. The 12-room property's interior was designed by Joesph Burr Tiffany. [WSJ] and [Curbed] and [Harlem Bespoke]
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Comments
Anonymous
how could nobody have outbid an offer of 1.4 mil, hell i would have.
Comment #1 Posted By: Anonymous 09/01/09
Aisha
Amazing that Bailey mansion sold for so cheap!!! this is up by my. My Goodness! Meanwhile 2br condos are listed @ $530K just one block away...
Comment #2 Posted By: Aisha 09/01/09
Anonymous
Low price with big upkeep
Comment #3 Posted By: Anonymous 09/01/09
Anonymous
Still, again I say, who in their right mind would pay $1.4M to live on that corner? My guess is that it's bought by a 503C. It would be a good space for a not for profit - perhaps some sort of homeless shelter???
Comment #4 Posted By: Anonymous 09/01/09
Anonymous
The upkeep is well worth the price. It can't be millions, because that's what the savings are. Its great deal.
Comment #5 Posted By: Anonymous 09/01/09
Anonymous
a few people have paid up to 3mil for old world mansions on convent ave in the mid 140s, this seems like a bargain compared to those. Granted, i have no idea how much renovations will cost on this.
Comment #6 Posted By: Anonymous 09/01/09
Anonymous
#6 - are you really comparing Convent to this corner - really?
Comment #7 Posted By: Anonymous 09/01/09
Anonymous
Steal of the century!! Beautiful old place regardless of how much work it might need. Commentor #4 is an idiot. Obviously doesn't know the neighborhood.
Comment #8 Posted By: Anonymous 09/02/09
Anonymous
#8 - doesn't know the neighborhood? What?? Hotel's rent by the hour across the street. Babies walking around at midnight. Please. If someone bought that place to live in it are they going to furnish it with the rent a center furniture a block away?
Comment #9 Posted By: Anonymous 09/03/09
Anonymous
wake up people - minimum renovation cost to bring this to modern standards would cost $1,000,000. Full, proper historical restoration would easily cost $1,500,000 to $2,000,000....sale price still seem cheap #1,2,5&6?
Comment #10 Posted By: Anonymous 09/08/09
Samoys
lot about you
Comment #11 Posted By: Samoys 10/03/09
Anonymous
I spent hours in that house over the summer--to restore it would cost quite a few million--ceilings are caving in all over--plumbing leaking like crazy--parquet floors that were pissed on by dogs for years and years--it's truly a mess. However, the details that are there are amazing extensive, and while not my taste, are pretty.
Comment #12 Posted By: Anonymous 10/07/09