The story of the Lotta Condominiums at 1961 ACP/7th Avenue (AKA 159 West 118th Street) has once more taken another turn in the past few months. Sales did not pick up for the 35 units at the adaptive reuse condo so the owner had converted the building into a hostel back in 2008. That popular hostel failed to be up to code and was shut down in early 2010 so the Lotta reportedly would be reverting back into a condo:
LINK. Checking on Streeteasy, it appears that the development is now called The Morellino and all the units available are currently offered as rentals:
LINK. Several of the condo units were up for sale back in January but now it seems that the building has changed over once more. Note also that the ground floor commercial space is also available for lease. UPDATE: It appears many of the units have gone into contract and have been rented at this point.
Whoa, based on Streeteasy, those prices seem way out of whack for the nabe...
ReplyDeleteThose prices are insane. I've seen rentals for less way farther downtown.
ReplyDeleteI thought they were still until I looked at the median on Streeteasy for Central Harlem and it appears the going rate is approx. $3000 for a 2 bedroom. The 2 bedrooms here are not that far off the mark.
ReplyDeleteA new condo 2-bedroom rental is around the $2800 - $3000 mark (esp. when offered as 'no fee.') In a buffed-out townhouse, perhaps 2nd or 3rd floor slightly less in the $2650 range. It's not crazy to think that a 3-bedroom 1200 - 1800 square foot NEW condo rental can go for $4500 - $5500, when a townhouse 2-bedroom duplex garden rental -- also about 1800 ft sq-- could get about the same amount. The luxury rental market in Harlem beneath 125th street is on fire. Believe it, folks! Now...if we can only work on those sales prices.....
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