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East Harlem Dossier: Crown Condo Update

A Curbed reader buying in East Harlem emails an update of sorts on a previous Development Du Jour:

Recently you posted the below about a new development, The Crown Condos at 110th & 2nd Ave. I am in the process of purchasing a unit there (737 sq ft, $403,500, 2 bed/2 bath) and I would like to know if you have any new information about it. I have learned The Crown will be ready for move-in in Feb/March 2006 and they are about 20% sold right now. 31 units total with 3 commercial spaces on floor 1. They have applied for a 10 year tax abatement, but the final approval has not gone through yet. The top penthouses are being kept by the owner, 1 for personal use and 1 for rental. I was also approved for a 4.75% 30-year mortgage through Manhattan Mortgage for new developments in that zip code. I have looked at several other condos in the area and it seems like a decent area. There are other condos in the area (Senecca Terrace at 112th and Roosevelt Lane at 110th st) that have gone up in the last year and I know Senecca Terrace is at least 80% sold (and people started moving in Nov 1). Any idea about how soft or negotiable prices are right now in that area?

· Development Du Jour: The Crown Condos [Curbed]