School's out for summer, but moving's in. Sort of. Harlem's PS90, the public school-turned-condo at 220 West 148th Street that was hoping to piggyback on the neighborhood redevelopment wave, will be opening in the next few days. The only problem? Low enrollment. The Journal's Josh Barbanel reports that only 14 of the 55 market-rate apartments in the building are in contract, as are 13 out of 20 of the apartments restricted to buyers with certain incomes. That puts the pricing at a low less-than-$520/square foot for most of the apartments. The Journal hypothesizes that's because the apartments are larger than usual, with 1,219-square-foot 1BRs and 1,452-square-foot 2BRs. But that's probably small comfort for the project's developer, who says he may barely break even on the building. You do hate to see that. But hey, at least all three of the penthouse terraces have found takers.
· Turning an Old School Into New Condos [WSJ]
· PS90 coverage [Curbed]