PRESS RELEASE: NEW YORK, NY (11/25/2013)- David Shavolian, New York City real estate developer purchases a New York City residential building that saves the deed owner from a potential foreclosure and building from lethal health hazards.
Shavolian is known for successfully identifying prime New York City neighborhoods. Shavolian purchased the residential building located at 369 West 126th Street, New York. The real estate purchase added an additional title to his name; real estate savior.
The building was leaking with a deteriorating roof and needed major repairs. However, the deed owner lacked the necessary finances to amend the building’s problems.
In December 2012, Shavolian stopped the foreclosure action on the property after purchasing the note. Shavolian declined to elaborate on the purchase price.
In May 2013, Shavolian arranged a meeting with the property’s deed owners. During the meeting, the deed owners expressed the inability to repair the building and the foreclosure’s impact. Shavolian stepped in, made a deal with the owners and purchased the deed for more than the asking price.
Shavolian who recently signed the contract of sale for $ 3.4 million, completed all emergency repairs. The next steps for renovations include cosmetic changes to be completed by the new owners.
According to Shavolian, the building’s vicinity to Columbia University illustrated a profitable future. The building’s location attracts younger residents as it is filled with numerous students. Harlem is growing more popular due to its cultural history as Harlem was home to Harlem Renaissance novelists Langston Hughes and Louis Armstrong.
Many in the real estate industry thought the building was a disaster. “Sometimes you have to look beyond a problem to envision a lucrative opportunity,” says Shavolian.
The residential building, 369 West 126th Street, contains eight units along with an elevator. Once the new owners complete the necessary cosmetic rehabilitations, the building will be placed on the market for rent.
About David Shavolian: David Shavolian has an extensive set of expertise in identifying neighborhoods with a lucrative future. He has an innate ability to readily determine up-and-coming areas. Once that determination occurs, Shavolian rehabilitates the property, which radically transforms a neighborhood. Shavolian is currently involved in real estate projects in the Manhattan and Queens area.
Phone: (516) 829.1317