After our most controversial post on 2192-2196 FDB/8th Avenue (with a record breaking 124 comments) and suggestions that the just finished project was only affordable rentals, it now appears that a new condo complex has arrived in South Harlem. The adaptive reuse construction at 118th Street also takes use of air rights and maximizing the new zoning of the area by building on top of the restored originals below. The signs just went up on the windows last week (click lower image to enlarge) and there apparently exists a placeholder website page that advertises one, two and three bedroom residences starting at $299K. Stay tuned for more info. Read our past post on the yet-to-be-revealed condo that made everyone crazy (so we had to ask for user names going forward if comments are to be permanent to current threads):
LINK. Check out the BLVDcondo site here:
www.BLVDcondo.com
The referred to controversy seemed to stem around condo oversupply, declining prices, and some refusing to believe $400/sq' was the future of the harlem condo. What's changed? Well the answer to that question is the prices, they've gotten lower.
ReplyDeleteImagine if you will "American white oak wide plank floors, floor to ceiling windows, multiple skylights, an open Wenge Chef kitchen boasting a quartz caesarstone counter & Viking/Sub-Zero/Miele appliances, Bosch washer/dryer, Kohler & Toto bathroom fixtures & Italian designed faucets, on and on".
All for a whopping $390/Sq'. Correct me dear friends, is $390 under $400? Yes, this is Harlem today, and on FBD no less, when properties can't sell in a year plus on that market.
http://www.elliman.com/listing/for-sale/manhattan/harlem/one-strivers-row/2605-frederick-douglass-boulevard/bnywdbr
I just can't see there being any controversy, this time around, as the facts are rather clear. Blvd Condos? $299K sounds about right for 1 bedroom condos, assuming they are at minimum 800'- 850'.
Reynolds, your cherry picked listing is a first floor unit. Typically these do not attract the same sort of attention the higher floors get, which is often reflected in a lower price. Also, at least try to find a comparable example within 5 blocks or so. Otherwise the comparison isn't all that meaningful. Simple stuff mate. You seem to be struggling in the research department, so let me know if you need a bit of help.
ReplyDeletePrices are actually starting to rebound a little bit and having gone through a period of stability are starting to move upwards once again. That combined with the continuous flow of new residents, bars, restaurants etc. and Harlem will continue to grow.
Also, Reynolds 93, I think there is some serious issues with the apartment you cherrypicked. There are some serious water damage to the the lower floor of the unit and parts of the unit are not complete, incuding a bathroom that has no bathroom fixtures (no sink, toilet etc). I believe the buyer has to buy it as is (which may mean some tremendous money) to address the various structural problems the unit seems to have. So stop being so gleeful when the data point you choose to present is clearly not representative of the Harlem market.
ReplyDeleteIf we are doing comparisons, let's look at a few of the recent sales from The Livmor on 115th & FDB, which is three blocks away.
ReplyDeleteUnit #6K went for $720,000 at $577 sq. ft.
Unit #7J went for $740,000 at $555 sq. ft.
Unit #8F went for $1,360,000 at $754 sq. ft.
Looks pretty good to me. With a few more restaurants/cafes on the way, the new Aloft Hotel, the Hyatt on Lenox, Harlem will continue to get a lot of decent press and momentum will continue to gather speed.
Chris don't use 8F as a comparison as there is outdoor space with that one that has to be backed out making it closer to probably $650 psf. however all the later sales ont he upper floors are going for over $600psf
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