If you have $45,000 in cash laying around this cash-only offer has some of the best river views Newburgh has to offer. This is a large property that will likely need an immense amount of work. Neighboring properties have seen some restoration work on the left and right of this home like 109 Montgomery. It might not look like much, but these houses are a pretty big deal, as they barely survived the destruction of urban renewal. You can read all about Libby Lyon and Newburgh’s first urban pioneers that saved seven buildings north of here. The 2nd oldest home in Newburgh, the Selah Reeve House, is just a few houses down at the corner. It would be great to see a preservation minded person buy this property who is willing to live in it. There’s a lot of history on this block. No interior photos but there is a driveway that may or may not belong to the property.
121 Montgomery St Newburgh NY (Valeria Rios, John J. Lease)
Asking Price: $45,000 – cash only
Year Built: 1850
Size: 4,124 sq ft
Taxes: $8,852.00
Neighborhood: MGL
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
Google Map
(Urban renewal destroyed the properties directly in front. You can see the turned up earth here)
I’ve been inside the building. The plumbing is kaput, and the place needs a fair amount of renovation. But the view of the Hudson is spectacular, and converting this place from three tiny apartments to 1 1/2 apartments makes this place enticing. I have my eye on this one.
I was inside this property yesterday. First, the bad news. The plumbing is kaput, the roof leaks, a back door was kicked in, windows are broken, old ceramic fuses, and tiny apartments.
Now, the good news. STUNNING view of the Hudson, changing layout from three apartment to one small unit and one large unit makes it very livable, place could be up and running in weeks with the right crew, gorgeous wood work on stairs and fireplaces, and the price! $45K ?!? How could you go wrong? I definitely have an eye on this one. Hope to be a landlord soon here.
Best of luck putting the heart and soul back into the building.!
Caveat emptor, these Montgomery St. buildings overlooking Varick Homes according to the proposed zoning will fall into the form based zone ‘Waterfront Gateway’. This zone allows the potential of ‘Mid-rise’ structures up to eight stories. It’s curious that this development is included in the new zone…
http://www.cityofnewburgh-ny.gov/rezoning/files/draft-newburgh-form-based-code-article-xv (pg. 19)
Let me reword that, Varick Homes will fall into the zone, Montgomery St. will not.
I wouldn’t worry about that. I’ve talked to Mayor Kennedy about the steep grass fields where Clinton Square used to be. Keep in mind that this area used to be zoned out individually into lots (like the rest of the city is) which made purchase, construction and taxation moderately affordable. The Mayor told me that the entire area is being sold as one unit for a couple million dollars. Foolish, foolish, foolish if you ask me. I strongly believe that the area could look like North Montgomery if sold off as 0.5 or 1 acre lots, but I just don’t have the sway to do that.
Either way, unless the area is divided and sold, NOTHING will be built there anytime soon. I wouldn’t sweat it. Thanks for the advice, though. I’ve found nothing helps in this city like a good knowledge of zoning and code regulations.
My point is that, if rezoned, Varick homes has the potential to expand skyward, hence encroach on the view currently afforded to this section of Montgomery street. The area in the least, is not to be left R-3 nor will not be part of the view shed. Residential property taxes are Newburgh’s bread and butter… air space is cheaper to develop. One counter measure if need be, there is the potential to add a story to 121.
Premium buyers will NOT pay for luxury housing next to a bomb train, so relax.
City of Newburgh will go nowhere until the railroads are forced to stabilize the liquified gas they are shipping through this area day and night. Note the number of waterfront homes for sale right now on on the West side of the Hudson. No one wants to live next to the bomb blast area no matter what the view. Maybe some people are there already so they will try to sell and move away.
There is no other issue that is more important than the bomb trains and their chilling effect on land values unless it is the aging plumbing infrastructure in City of Newburgh; a most relevant danger that affects the population as well as development plans.
This Varick Homes…http://www.lowincomehousing.us/NY/newburgh.html
I think one is more likely to suffer harm from an Amtrack derailment than a “bomb train” and the former hasn’t seemed to deter commuters. As per stabilization of the oil…http://www.ogj.com/articles/uogr/print/volume-2/issue-6/bakken-producers-face-possible-new-vapor-pressure-standards.html I’ll add that it was/is cheap credit that made shale oil economically viable for producers. That bubble is bursting with too much supply & too little demand, yes we’re still in a recession.
Btw, Newburgh is working on its infrastructure as well, the City’s Work sessions are an excellent resource for info, so expect an increase in taxes to pay for it.