☞ DWELL: The Sedona at 346 East 119th Street

Last months The Hunt article in the Times featured the condo development called the Sedona in East Harlem and we decided to take a closer look at the new construction for the Thursday condo review. One of the major issues for  the former Upper Westsider was a budget of $500K and a need for space.  The nearly sold out Parc Standard on lower FDB/8th Avenue fit the price range but the size of the remaining unit were an issue.  So the Sedona at 346 East 119th Street, which has all 11 units priced under $500K, ended up being the one: LINK.

In our opinion, the area just below East 120th, between 1st and 2nd Avenue kind of looks like the East Village before it was gentrified. If one is not into old New York tenement buildings in a low-rise neighborhood that's still up and coming, then East Harlem probably isn't a good fit. As far as the Sedona is concerned, 4 units are in contract and the 1 sold unit has been listed on Streeteasy: LINK. The initial asking price for the 730 square foot condo was at $445K and the final selling price was at $425K which makes the average square foot price at around $582.

The plus to the area is cost of living is cheap and the new Target seems to be the one-stop-shop for folks new and old.  This development is also FHA approved so down payment is as low as 3.5 percent. On the downside, there's only one major train line towards Lexington so be prepared for a long commute (with a couple of transfer points) if you need to be in midtown. www.SedonaNYC.com