TRANSPORTATION: Although not quite on Lenox, the express train at 125th and Lenox is just about a 5 minute walk away. Express train proximity is key in Harlem since one can get downtown within 15 minutes time.
PROPERTY: The wide building has a lot of square footage, original details and has been renovated with high end finishes. There are a couple of buildings in South Harlem that want over $3 million but the interiors look like a landlord selected out the finishes for a cheap rental. A high buyer also has a sophisticated taste level so funky finishes purchased at a Home Depot liquidation will not attract a top bid. A little architectural history mixed in with high end, modern fixtures seems to be the way to go for top dollar.
RETAIL: Numerous boutique business that attracts high end buyers are just a block away on Lenox. Red Rooster is probably the most famous and a planned Whole Foods only confirms that the neighborhood will continually increase in value.
Some of overreaching prices we have seen listed out there might be in a good location but have really cheap renovations or they just might be in an area that does not have a lot of better retail options yet. Buyers willing to spend this much money tend to have a particular eye and do their research so local brokers need to price accordingly to make sure all three points are on point when pricing in this range.
Harlem has several neighborhoods that could claim to be the most desirable, each offering competing qualities that come down to a personal preference. Proximity to transportation, stores and restaurants will command a premium, but some buyers may prefer to be right next to the hottest spots while others prefer a quieter block keeping the night life a few blocks away, Harlem can offer either. I think the more architecturally preserved historic neighborhoods are more desirable and will be even more so over time. Good to see Harlem homes commanding 3 million or higher, and deservedly so.
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