Monday, June 16, 2014

REVIVE: HOUSING OR PARKING LOTS?

There are quite a few former brownstone-sized lots on side streets in Harlem that were bought inexpensively years ago and have now just been used for parking.  The one shown above at 113th Street just east of FDB is a good example of this trend that might just be reversing since land is so valuable now in the city.  As one Bespoke reader mentioned, the new Mayor is now going after land owners who are paying relatively nothing for property purchased decades ago because the taxes are still calculated based on the initial sales.  A parcel meant for a townhouse is now worth closer to $1 million these days in Harlem so land owners will have to start paying more for not making good use of this limited commodity.  As for the said lot shown above, a construction fence is now up on site now but we have yet to see what will arrive.

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