Invictus Property Advisors is pleased to announce the closing of 546 West 148th Street, a vacant Single Room Occupancy (SRO) property delivered with a Certificate of No Harassment.
The building, which contained 9 “B” units and 1 traditional unit, required a full gut renovation. Despite its current condition, the property represents an increasingly rare opportunity in New York City’s housing landscape.
SRO properties have long been synonymous with shared bathrooms, small rooms, and crowded living conditions—features often seen as outdated or undesirable. Yet, as we highlighted in a recent article, these assets have historically played a critical role in addressing the city’s affordable housing needs. From housing industrial workers in the early 20th century to serving as refuge during the Great Depression and again during the homelessness crisis of the 1980s, SROs have consistently adapted to New York’s evolving housing challenges.
Today, their relevance is resurfacing in unexpected ways. With the passing of Local Law 18 in 2023, most short-term rentals in NYC were severely curtailed, but Class B SRO dwellings remain exempt. This unique regulatory advantage provides owners and investors with alternative use cases that could reinvigorate this long-neglected asset class.
At 546 West 148th Street, the combination of vacant delivery and a Certificate of No Harassment positions the property as a prime candidate for creative redevelopment—whether through traditional multifamily conversion, programmatic housing, or short-term rental strategies.
Invictus Property Advisors generated significant buyer interest and successfully identified an investor with the vision and capacity to reposition the building.
546 West 148th Street’s closing underscores both the challenges and opportunities presented by New York City’s SRO housing stock, and reflects Invictus’s ability to navigate niche asset classes with deep market expertise.
