The Lore Condominiums at 261 West 112th Street (just east of FDB/8th Avenue) were sitting empty in 2009 because of financing problems that the developers faced but 2010 seems to be a better year for this building. Based on Streeteasy stats, 14 of the 35 units have closed in the past 2 months and 5 more are in contract: LINK. Price chops average from 3%-9% (with one 20% decrease) and a couple of units went slightly above asking. Sold prices appear to all be in the mid $600 per square foot range. Common charges fall in the $600 range also. There's a 25 year tax abatement on this one so it probably is attracting a lot of first time home buyers. Has anyone been inside this building? Some of the details on the facade are classic but the proportions somehow are a little off to us. www.TheLoreNYC.com
Thursday, September 2, 2010
☞ DWELL: The Lore Condominiums
The Lore Condominiums at 261 West 112th Street (just east of FDB/8th Avenue) were sitting empty in 2009 because of financing problems that the developers faced but 2010 seems to be a better year for this building. Based on Streeteasy stats, 14 of the 35 units have closed in the past 2 months and 5 more are in contract: LINK. Price chops average from 3%-9% (with one 20% decrease) and a couple of units went slightly above asking. Sold prices appear to all be in the mid $600 per square foot range. Common charges fall in the $600 range also. There's a 25 year tax abatement on this one so it probably is attracting a lot of first time home buyers. Has anyone been inside this building? Some of the details on the facade are classic but the proportions somehow are a little off to us. www.TheLoreNYC.com
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I live a few steps away on this street -- it's been encouraging to finally see moving trucks and signs of people actually living in these units.
ReplyDeleteFor the year or two that the Lore sat "finished" and empty (complete with an extremely bored doorman), I thought the developers had to be out of their minds. But after reading the WSJ article in June on the twin sagas of the Gateway & Lore, I actually felt sorry for everything the developers have had to go through (for no apparent fault of their own).
The article is linked from this earlier HB post:
http://harlembespoke.blogspot.com/2010/06/read-gateway-condos-back-in-business.html
For what it's worth, the Halstead listings now say "over 65% sold" -- which would suggest at least another 4 in contract relative to the figures quoted above.
ReplyDeleteAt any rate, I'm glad to see the place fill up so quickly. It's obvious now, in hindsight, that the building sat empty as a result of complications with financing that prevented closings from happening. But for a long while, it sure seemed like it was an emblem of overreach -- like something out of Florida real estate.
It's good to see the demand has actually been there all along. I welcome all my new neighbors to the block!
Unfortunately, this is one of the poorest exterior designs I've seen in Harlem!
ReplyDeleteThe interiors are okay - the two we saw were more like Florida vacation condos. I heard that some units were set aside as affordable ones but I don't know if it's a lottery or not.
ReplyDeleteIf you remember, they had a fire last year on the roof. Like Cool Blue, I was glad to read that WSJ article - and it's great to see kids on their scooters going in & out of there. Now that this developer can move forward, I look forward to a finished project near Society. I also live on that block.
ReplyDeleteI just moved in to this building 2.5 weeks ago. I'm in the back of the building, facing north, with a balcony. I was in contract to buy in late April and finally closed in late August. It was a very, very long process. I should have closed in late June. Thankfully, everything worked out. The building is great. I'm very happy.
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