One of the larger developments to debut in East Harlem in 2010 was Embelesar 118 and that new co-op building at 152 East 118th Street (at the corner of Lexington) seems to be making some progress since it appeared on the market last summer. Checking up on Streeteasy, there appears to be 10 units in contract and 1 sold thus far with 14 available:
LINK. The numbers don't quite add up since the 8-story building was reported to have 57 units in total and a recent press release mentioned that the development is at the 30 percent sold mark. These newer buildings in Harlem are usually mixed income so there could be a percentage that's not factored in with the open market numbers. Studios start in the $200K range and the larger 2-bedroom units are listed in the $600K price range with maintenance around $520-$1,400 per month.
Embelesar 118 has been attracting new buyers since it has been approved for a low interest, fixed-rate SONYMA mortgages that require downpayments of no more than five percent for qualified homebuyers. The building also has a 25-year tax abatement. Location wise, the development is only 2 blocks away from the subway at 116th Street and is right by all the emerging Mexican eateries in the area. The Target over at the East River Plaza is a quick bus ride or a 15 minute walk by foot. Check out more details on the East Harlem development's website:
www.Embelesar118.com
No comments:
Post a Comment