The new, eco-friendly, green condo building at 51 East 128th Street (just east of Madison) might just have a positive selling tool going for it since seven out of the thirteen units are apparently in contract. The six story building in the upper triangle of East Harlem has one and two-bedroom units ranging from $350,000 to $485,000, "solar hot water heating and green roof technology," along with some sleek minimalist interiors. Units that are selling have a ballpark asking price of roughly $600 per square feet so maybe green is the way to go? The other factor might be that the building was FHA approved back in May which lets the buyer place 3.5% down to secure a mortgage. The immediate block has a low level school facing the building, more than a few nice brownstone side streets, and not much else as far as amenities. Otherwise, the 4,5,6 train is about a five minute walk away at Lexington and 125th Street. Does the asking (per square foot) seem just about right for what's going on these days? Any thoughts on what units will sell at? Check the Metropolis site for more details:
LINK. Facade photo by Ulysses.
The new, eco-friendly, green condo building at 51 East 128th Street (just east of Madison) might just have a positive selling tool going for it since seven out of the thirteen units are apparently in contract. The six story building in the upper triangle of East Harlem has one and two-bedroom units ranging from $350,000 to $485,000, "solar hot water heating and green roof technology," along with some sleek minimalist interiors. Units that are selling have a ballpark asking price of roughly $600 per square feet so maybe green is the way to go? The other factor might be that the building was FHA approved back in May which lets the buyer place 3.5% down to secure a mortgage. The immediate block has a low level school facing the building, more than a few nice brownstone side streets, and not much else as far as amenities. Otherwise, the 4,5,6 train is about a five minute walk away at Lexington and 125th Street. Does the asking (per square foot) seem just about right for what's going on these days? Any thoughts on what units will sell at? Check the Metropolis site for more details: LINK. Facade photo by Ulysses.
Must admit, I'm a little skeptical of the whole LEED drive. I went to look at a place called The Observatory in East Harlem and the prices were pretty astronomical, one reason being the LEED status of the building. The apartments were quite nice, but paying a premium so you can use the herb garden just seemed a bit of a stretch. Give me a nice old school stoop any day. (Just my personal preference, I can of course see why people would want otherwise).
ReplyDeleteSide topic, all of these people buying on 2nd ave. in anticipation of the 2nd avenue subway, what is up with that? I read yesterday only the first phase has been funded, which won't even be done until 2016. Is this correct?
im not 100% on the math but i think the per square foot price is more like 650, no?
ReplyDeleteChris, you mean you want the government to be proactive? Ha! Look, they will definitely fund the next phase of the 2nd Avenue subway (taking it to 125th Street). There will be no stoppage in work from Phase 1 to Phase 2. The fact that Phase 1 won't be complete until 2016 tells you that they are in no rush, particularly given other fiscal constraints. That's just the way things work in New York State, unfortunately. Anyone that wants to see price appreciation from the 2nd Avenue subway should feel free buying now while prices are low, as long as they can hold the property for 10 years.
ReplyDeleteThat is the ugliest school on the planet across the street, no windows, they built a building with zero windows, it rises up about 3 floors and looks like some kind of military bunker.
ReplyDeleteBest thing about this place? Take a look at that photo, that's pure unobstructed Souther exposure = a ton of sun, play with window coverings as you like.
It's a very small %,the number of people in Manhattan that have unobstructed full blown Southern Exposure.
The rehab place is actually a fine neighbor (I live a block away), and agree that the school building is soul-destroying. But this is such a nice neighborhood, and yes, the southern exposure, unobstructed views are splendid.
ReplyDeleteSo, Anon @4.44, I suppose hoping to see it extended to 125th & Lenox (to meet with the 2/3) is asking too much? ;) I feel like that would be a great link up though. Thought I read somewhere that this may be an option.
ReplyDeleteChris,
ReplyDeleteThere have been discussions about extending the 2nd Avenue subway all the way across to Broadway to connect with the 1, which would alleviate much of the crosstown traffic congestion along 125th Street. The problem is that there are no existing tunnels and infrastructure underground along 125th Street (but there is along 2nd Avenue). So I think it's unlikely that 2nd Avenue is extended that far anytime soon. Another discussion has been building an elevated crosstown train system along 125th Street, which would likely be less costly but more disruptive to the commerce and architectural integrity. Ultimately over the long term, I think they will have to provide a better way to get crosstown on Harlem's main thoroughfare, and all things considered, a crosstown extension of the new Subway line probably makes the most sense.
Either that, or we could bring back the streetcars...
ReplyDelete