Edit* Please see the comment section below for accurate information regarding this building. The roof caved in last winter. Here is a handsome warehouse for sale on the corner of Edward and Renwick Street. After some digging I was able to find an interior photo of the warehouse on Loopnet. The upper floor is gorgeous! The location is 100% right if you are interested in buying a warehouse in Newburgh that is close to the waterfront and Liberty Street/Washington’s HQ. The listing says that the building will have some repairs made and there are river views from the upper floors. This would be great as a work co-op space or anything else your imagination can conjure up. We would all love to see something creative happen here! Details below:
1 Edward St Newburgh NY (Kathy Dawson, BH&G Rand Realty)
Asking Price: $150,000
Year Built: 1920
Size:Â 8,508 sq ft
Taxes: N/A
Neighborhood: Waterfront
Distance to NYC: 57.9 mi, 1 hour 2 mins
Public Transportation: MetroNorth to Beacon, then take ferry, Transit Orange Bus Service
Closest Roadways: 9W, I-87, I-84
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Love the building and the open floorplan. Sadly, what they neglect to show or mention is that the entire back section of the roof has collapsed and the exterior brick wall on the opposite side has also collapsed. Unless they are planning to address this issue, there’s easily a few 100k in steel structural work and roof repair before you could even do anything inside. I wish these listings would be a bit more forthcoming with issues like this.
Joe, thanks for mentioning that. I totally forgot the roof caved in with a heavy snowfall last year. Maybe the right buyer can get the price to come down to make the roof project worth their while. I remember hearing last year that they couldn’t even find the owner to contact them to let them know the roof had collapsed, so to see the building is on the market to get it out of disrepair is a step in the right direction to save this building.
Yes, cupojoe is right. It is a waste of time not to present the back of the building..but I guess one must always do due diligence. Caveat emptor and all that…I guess advertising it this way at least gets people calling; let’s hope the realtor provides more information over the phone when the call comes in. http://www.recordonline.com/apps/pbcs.dll/article?AID=/20130213/NEWS/302130322/-1/NEWS
The realtor would have to disclose that there were structural issues to the property…it is ehtical due-dilligence prior and/or upon showing it. But posting a picture of it is an entirely different story and honestly does a TOTAL DISSERVICE to the property, the owner, the location and the city. Someone may inquire to see that property and arrive to see it and actually end up purchasing it because of many other reasons after physically seeing that location or end up falling in love with the city and utltimatley purchasing an entirely different property here.. Showing a BIG GAPING HOLE as a preview serves no purpose and could totally turn off a potential pioneer to even contact the realtor( because of that photo) and they would have missed seeing so many other amazing properties and being introduced to aspects about Newburgh that they may feel is just right for them!!
While I agree that showing a big gaping hole wouldn’t be a selling point, in all fairness there should be some disclosure about the issue. This isn’t a crack in the wall, the roof has literally collapsed and the side of the building is bowed out.
Mike- if one photo turns off a potential pioneer in Newburgh…well…they’re not like you 😉
There are many ways to market a property in disrepair. When listing a property the photos tell the immediate highlights of the property. When discussing the property with verbiage it would be easy to disclose that the property had issues without chasing away a potential investor before he has a chance to understand the value. Pricing a property appropriately for the condition tells part of the story. If a property is priced too low, then condition or location would the next guess. Of course due diligence is on the buyers side of the purchase. Getting someone to look at the property, while being fair about the details of any property for sale is important.
Janis, very fairminded comments. But this is a property that requires a SIGNIFICANT investor. This is unusual. To me, it seems there is no point to advertising the property as being in need of ‘repairs’ when, in fact, it is in need of MAJOR restoration. (Unless the agent wants to field hundreds of calls from interested parties without the ability to undertake this type of project. I have already been asked about it by two artist friends…clearly, the way this building is represented will create lots of interest but few who have the means…)
Very true Janis. Plus many times with real estate listings there may be “private remarks” in the listings that are privey only to those who belong to that particular local MLS or I have also found detailed conversations between the listing agent and buyers realtors and brokers describing the pluses and minues of the property will take place PRIOR to an actual showing (or before the realtor sends the listing to a particular client) of the property by an agent. Lastly, the truth is commercial properties market very differently than residential properties. Many of those that persue commercial properties are savvy to dealing with a larger range of issues and have strong stomachs and bigger budgets than the average buyer of residential properties!! 🙂
We went to see this building today. To say it needs an enormous amount of work would be an understatement as most of the roof has collapsed and it has water damage and mold all the way down to the ground floor, with a lot of instability because so much damage has occurred from this cave in. The picture of the beautiful top floor is obviously before this damage. Sad to see another really gorgeous building become an almost insurmountable task. Good luck to whoever takes this on!!
Doesn’t seem to be on the market anymore. Anyone know if it was sold and if so who bought it?
Hi JR, you are correct. I know who bought it. When they are ready to share we will be posting all about their home renovation adventures.