Yesterday, blogger Jeremiah Moss at Vanishing New York penned an elegy for East Harlem, as the neighborhood clings to what's left of its rough-and-tumble character in the face of mounting commercial and residential development?over-development, some would say. Today, the other side of the coin. The Post has a long feature on all the exciting new condo opportunities for investors and those looking for Manhattan starter homes. The boutique buildings?including (on top, L-R) Conrad, 119th & Third, Mirada?all seem to be doing well in light of the flattening of the Central Harlem market. The formula is simple, Max Gross writes.
The developers are targeting first-time buyers and favoring 1-2BR apartments, because it's the larger family-sized units and penthouses that aren't selling in Harlem. And then there's the real secret weapon:
Current Upper East Side renter Karim Lopez, who had come to the open house with her husband and daughter, was on the lookout for a two-bedroom: "We've been looking in Brooklyn - we went to [new buildings that included] Toren and Oro and Isabella - but the prices are really very high." In East Harlem, prices are much more reasonable, which might help explain why the area isn't in free fall.
Reasonable, indeed! In fact, prices start in many of these buildings below $700/sqft, unheard of in Manhattan during the dearly-departed boom. Investors are betting that the East 125th Street redevelopment project and the East River Plaza megamall will send property values skyward. Crazier things have happened, right? Ponder that question while you gaze out at Long Island City and its $1,000/sqft apartments. What a strange little city we're living in right now.
· Go East [NYP]
· Broker Says East Harlem 'Finally Becoming Residential' [Curbed]