There was a lot of nothing happening with new construction Windows on 123 at 117 West 123rd Street (just west of Lenox) last year except some flashy car giveaway stunts (see Curbed): LINK. So we took a look to see if any of the recent price cuts have really made a difference to one of the notable Harlem developments that has not seen much action in the previous year.Surprisingly, a few units (including a penthouse) have closed as of June and July along with several contracts out as noted on Streeteasy: LINK. Prices appear to have been chopped over 10% on the 6 units that have closed completely and 3 are currently in contract. There's 26 units altogether so there's still some ways to go. Common charges are around the mid $500's on average depending on the size of the unit and selling prices seem to all be in the mid $500 per square foot range for the moderate sized condos. This block adjacent to the Mount Morris Park Historic district is definitely on the shabby side still but has obvious potential since it mostly consist of classic townhouses. So does this mean the price is finally right for this new Harlem development? www.WindowsOn123.com.
Check out the old wood frame houses that used to be on this lot decades ago in our past post: LINK.
I think the pricing is about spot on. The PH went for $600+ per sq. ft and the lower floors in the $500s. Fair enough. Let's get these apartments filled. Not a bad block, but a few empty townhouses along the way. I think the location is just about perfect. Walking distance to the A,C,B,D and 2,3 and close to both FDB and Lenox.
ReplyDelete'Fair Enough'? and what is, 'let's get these apartments filled' all about? who is the 'us' in 'let's'? This and most of the inventory is still seriously overpriced, hence why it sits. For example, how's this sound, "Washer/Dryer and Stainless Steel appliances, Oversized-Insulated Windows, Granite Countertops and Marble Baths".
ReplyDeleteThat's what you can get in Harlem today for UNDER $400 ppsf. $399ppsf to be exact w/an open house this weekend.
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=1221721
Many here have laughed at the notion of these plush condos selling for under $400ppsf, laugh no more, that day is here, and that's the asking price, they'll probably take $375 ppsf.
And did you see the 1 bedroom HDFC W 119th St. co-op that can't sell at $130,000K to anyone making less than $93K? They LOWERED the price to attract a cash buyer.
http://online.wsj.com/article/SB10001424052748704868604575433690548860052.html
Just like in the plush digs above, most of this inventory will be selling in 2011 and 2012 below $400 ppsf. Which is more accurately 'fair enough'. I think it's fantastic as more middle class people will be able to afford a home. All these new plush digs will ultimately be just like the listing above, asking $399ppsf, prolly happy to take $375ppsf.
Reynolds93, you sound strangely similar to the other 'my friends' guy who posted comparable nonsense. Probably the same guy ;)
ReplyDeleteYour link is to a first floor apartment (nobody ever wants those) in a completely different part of town. Not a fair comparison. I can't be arsed to go over the sales in other buildings, consistently at $500+ per sq. ft, but it would seem that this is the price point where sales are occurring. Oh, and the 'us' in 'lets'...let me explain it to you...slowly. Apartments sold/filled = people with more disposable income & higher foot traffic at some of the establishments opening in and around Harlem. Simple eh?
Chris, I was not comparing anything. I was illustrating what many said was impossible and would never happen, specifically, plush upscale harlem condo digs under $400/sq' asking price. You seem to be making a great effort to marginalize this reality.
ReplyDeleteThe building is this blog has property at $516ppsf that has not sold
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=1536444
I have no doubt this building will sell out, however it will see sales in the mid to upper $400 range before it does.
Give it some time Chris, it all moves in cycles and we've got about 2 more years of downward going forward. The sub $400ppsf plush condo digs will be on FDB in short order.
Sometimes it's interesting to see what the insiders said a year ago. About 18 months ago Barron’s Leslie P. Norton said, "High end NYC apartments and townhouses could fall by another 30%-50% and recovery will be protracted. Housing expert Ivy Zelman says NY’s housing bubble was particularly frothy. Zelman foresees a 46% decline before prices become “normalized” again. Goldman Sachs predicts condo price declines of 35%-44%."
http://seekingalpha.com/article/121917-luxury-manhattan-real-estate-could-fall-another-50-barron-s
18 months later and they've pretty been right on course, and I don't think we're even mid-way through their forecast. But then again, who are these knuckleheads, you obviously have a better feel for this stuff Chris...
Reynolds93, I am not an expert by any means, but bloody hell, cherry picking listings to make a point is a complete waste of time. Again, you are highlighting one of the worst units in the building.
ReplyDelete#7B sold in the same building at $661 sq.ft. How do you explain that one? And your "18 months later and they've pretty been right on course" comment gave me a good laugh, so cheers for that! Yes, some high-end insanely priced townhouses on the upper east side may have sold for 40% less than they were LISTED for initially, but they are all a bit mad to begin with.
Come on...looking forward to seeing some more cherry picked 1st floor listings.
Amen, Chris. I'm not trying to take sides (though I am), but Reynolds93 is out of his/her mind! I deplore reading comments peppered with this or that sale (or non-sale). It's misleading and disingenuous.
ReplyDeleteBack to the discussion. I too am looking forward to the building getting some residents. And I frequently walk on 124 when I'm heading to the A train on the weekends (damn the 2/3 track work!) and it's a decent block even with a couple of boarded up buildings. I think once that building gets going we can look forward to more establishments and stronger existing ones.
And, no, I don't care about the color or background of the buyers.
I think the issue for this development in particular is its exterior. It just doesn't fit in with the rest of the block. In addition to the fact that it hit the market when the bubble burst.
ReplyDeleteThis developer also built 50 West 127th St, the carriage house enveloped by Aloft, and the building right across from the carriage house....these structures fit in with their surroundings and sold well.
I don't agree with the blog's characterization of the block as being "definitely on the shabby side". It' s a shame to characterize it so dismissively. A couple of boarded up buildings should not detract or distract us from the fact that the vast majority of the buildings on the block are beautifully kept, the community garden is well cared for and the block has a wonderful and vibrant sense of community.
ReplyDeleteI love the fact that it doesn't "fit in with the rest of the block." Juxtaposition is a good thing and I think this is a very attractive building. In my opinion, far more appealing than any of the new developments on FDB.
ReplyDelete