Once things finally got rolling at Harlem's Gateway condo, known for its quirky horizontal expansion over the tops of its neighbors, they picked up speed fast. The project was stalled for about three years, until the developer realized he just needed to give up on making a profit, and finding the funds to finish the building would be easy. Indeed, by the time we last checked in in April, the building was already on to its second phase of sales. (Somehow, this is an example we don't think developers of other stalled projects will follow.) Now blogger HarlemGal reports that the building is 70 percent sold.
Of course, this is still Gateway we're talking about, so it hasn't all been smooth sailing on the pricing front. A handful of sales early in the year closed above ask, but recent sales have come from the bargain bin. In early April, one 1BR, 1BA closed for $266,682, a whopping 34.7 percent off the asking price. A May sale closed at 10.4 percent off the original $1 million ask. Is that coupon reusable?
· Gateway Towers seventy percent sold [HarlemGal]
· The Gateway Tower [StreetEasy]
· Gateway II coverage [Curbed]
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