Having the Aloft chain of the W Hotel franchise as part of condo development appears to have helped sales along for one new construction. The development known as Apex condos on FDB/8th Avenue at the corner of 124th Street started initial closings about a year ago and now only 1 of the 44 available units is left on the market according to Streeteasy:
LINK. Average recorded sale prices are approximately at $566 per square foot which seems to be right for the going rate of condos uptown. This location is right in the South Harlem corridor's bustling retail row and located a block away from the express train on 125th Street so buyers must have noticed the convenience of living in the area.
We were the first people to move into the Apex. I've been keeping track of all the registered closings-- so far, 40 of the 42 closings have shown up in ACRIS, and the average price per square foot has been $589 when averaged over the number of units. When averaged over number of square feet, it's $595 per square foot.
ReplyDeleteSeveral of the first few units closed in the $490psf range (a lot of people were spooked off early by the old common charges, which led to them making some deals early on), so I'd say the going rate at the Apex is well $600 SF now. For example, I've been told that the sponsor has turned down offers on the last remaining unit in the building at $900K (at least) -- which is about $675psf.
I hope folks are prepared to pay the extremely steep RE taxes when the abatement starts burning off!
ReplyDeleteI have a feeling most buyers of new build condos in Harlem give little consideration to the whopping tax bills -- and potential implications for re-sale value -- that will have to be paid one day.