The latest press release for the boutique condo development called Five West at 5 West 127th Street has announced that the building has 75% of its units in contract after just being on the market for less than three months. This new six-story, 13-unit residential development had a soft opening in June before completion and the high foot traffic apparently brought in several interested parties to this section of Central Harlem located between Fifth and Lenox. The three remaining units include one 1-bedroom, one 1-bedroom duplex, and one 2-bedroom home ranging in size from 698 – 978 square feet and in price from $425,000 – $615,000.
Location wise, this area just north of 125th Street is within a five minute walk away from the express trains at Lenox and all of the new restaurants that are opening in that part of Harlem. Other condos in the area such as the neighboring
St. Claire have also recently sold out. More details will be up on the official website:
5WestCondos.com
I wonder what the RE taxs are on those units. The new build projects in Harlem seemed to get slammed (after the abatement burns off).
ReplyDeleteIf the abatements are like the one in my gut-renovated building, they don't "burn off" for more than 20 years.
ReplyDeleteEven buildings with no taxes have relatively low taxes when compared to other neighborhoods and especially surrounding states.My current tax bill is almost 7k for a 3 family for wish I gladly pay to live in such a wonderful city. I could pay treble to live in Jersey.
ReplyDeleteWith that said I imagine the taxes would still be fairly low in 10 years