The Bridges NYC is a former Curbed Development Du Jour at Third Avenue and 124th Street in East Harlem, two new-construction buildings comprised of 31 total condo units. The Bridges NYC is also East Harlem's newest rental property. According to the Sun, the north building?consisting of two- and three-bedroom apartments ranging from 1,200 to 1,700 square feet?failed to attract a single buyer. The developer will now charge rents starting at $4,000 per month, and bring on Wachovia and a government agency to occupy retail space in the building (the building wasn't supposed to have commercial space). The south building has sold some units, per the report, and the website and listings are still active. So why the failure up north? According to Halstead broker Stephen Kliegerman, the apartments were too big and expensive for the gentrifying East Harlem 'hood: "Studios, one-bedrooms would have been fine. The trend in East Harlem is affordability, and the building just missed the mark a bit."
· Credit Crunch Turns Condos Into Rentals [Sun]
· Development Du Jour: The Bridges NYC [Curbed]
· The Bridges NYC [thebridgesnyc.com]