Wither the Harlem investment property market? That's a question we're mulling after receiving an email from our buddy Matthew Haines, cofounder of real estate research hub PropertyShark. He writes, "It's official. I've lowered the price on my brownstone (birthplace of PShark) from $1.675M to $1.49M. The market is incredibly slow. The buyers just aren't out there. Nothing is moving."
The property, located on West 123rd (between Seventh and Eighth Aves.) boasts one of the most PropertySharkeriffic write-ups we've ever seen on an Elliman listing. For example: "A 16x51 Built, 16x100 Lot five-unit brownstone with career-oriented tenants and a 6.02 FAR gives you a unique opportunity to receive payment for your sought after air rights. This is 6,200 sq ft of air space that is worth $300,000 in today's market to the neighboring property." Uh, duh.
· Listing: 205 West 123rd Street [Prudential Douglas Elliman]
· PropertyShark Profile: 205 West 123rd [PropertyShark]