Thursday, September 27, 2012
☞ DWELL: Better Times for New Developments
As most know by now, church owned land was sold off in a deal that would incorporate a new place of worship within the condo development and eventually a 28-story building towered over a neighborhood used to brownstones or low-rise tenements. This all came about when the real estate market crashed and the Times even reported on buyers trying to get out their contracts in Harlem with Fifth on the Park as the prime example. Naysayers even speculated prices dropping below $300 per square foot or "ghost towers" of finished buildings popping up all over uptown.
Fifth on the Park has now had 142 recorded sales and only has 6 units left with the average price selling at $686 per square foot according to Streeteasy: LINK. Much of the larger constructions of the past 5 years have sold out or basically have one or two units left. The challenge now for condo development in Harlem is to find out larger portions of unused land since much of it has been sold off in the past decade. Open lots on 125th Street are prime areas but probably meant more for commercial and hotel use. There are also a few condos that have not been completed such 220 St. Nicholas which succumbed to financing problems so these might be a good option to investigate for new investors: LINK