A new 88-unit condo conversion is about to come on the market in Central Harlem with an even split of studios and one-bedrooms. The Real Deal reports that all units will be 400-square-feet or less, and priced at $249,000, on average. The six-story building, located at 48-54 West 138th Street was constructed in 1940 as a rental building, but G4 Development bought the site in August for $8.3 million with the intention to convert it to small condos aimed at first time buyers. G4 believes "it was an 'opportune' time to convert the building because of a lack of this type of product in the area and a newfound demand for it."
Currently, 30 apartments are vacant, and half of those will be hitting the market as condos in the beginning of December. As tenants move out, the other units will be renovated and put on the market. The renovation exposed brick walls and steel beams, and restored original prewar details in the lobby and hallways. Rubicon Property and Harlem brokerage Bohemia Realty Group are marketing the development through an on-site sales office, and the brokers are " anticipating a 'run' on the apartments." While we wait for the listings to appear, do you think these condos will be as popular as the developer is projecting?
· Harlem Condos to Court First-Time Buyers With 88 Small Apartments [TRD]
· 48 West 138th Street [StreetEasy]