Several top real estate executives were interviewed and one of the fascinating questions that they asked was where they would invest $10 million dollars. The answers varied including the Kips Bay neighborhood and other up and coming areas. They didn’t mention Harlem which was a surprise and may still indicate that there is time to invest in the neighborhood where big money is quietly pouring in including Extell and other real estate heavyweights.
Read the full Gotham article here
Circa Central Park, the building that is being constructed on Frederick Douglass Circle, is progressing nicely. Built by the same developer that brought to the market the successful One Morningside Park at 321 West 110th street, there will be a total of 78 units ranging from 1 to 5 bedrooms. Prices will start at $1.1 million and many of the homes will have panoramic views of Central Park.
321 West 110th street had 55 units and 2 bedroom/2bathrooms were sold for north and south of $2 million. Currently, there is one apartment available of just under 1400 sqft and it is asking $2.5 million. There are also two small studios for sale. One Morningside is just one avenue west of Circa Central Park and will directly influence the prices at the new building. Expect prices in the vicinty of $2000 per square foot.
Circa Central Park will benefit from proximity to Central Park and Morningside Park, subway access and Harlem’s Restaurant Row.
Here are some pictures taken yesterday of the Whole Foods on 125th street and Lenox avenue in Harlem. Seems to be moving along well.
The Mount Morris Historic district has now expanded to include practically all of the buildings from Adam Clayton Powell boulevard to Lenox avenue from 118th street to 123rd street. The expansion includes many beautiful brownstone homes as well as some apartment buildings. Homes that fall within a historic district need the LPC approval to do work to their exteriors. Over the last few years, historic districts are attempting to expand to preserve the character of neighborhoods.
Typical brownstones within the Mount Morris Historic district ask over $3mm and it’s only a matter of time before one sells for over $4 million.
What do you think of the expansion?
A new restaurant is coming to the corner of 115th street and Frederick Douglass boulevard in Harlem’s restaurant Row. Work can be seen from the outside and an opening according to signage will be in the Fall. The restaurant will be an American eatery and is from the same owners of the Harlem Tavern.
Does anyone else have information about this restaurant?
A homeowner, Nina Jusiniano, who resides in Queens bought her Astor Row townhouse 28 years ago for just under $30k. Since then the house has laid vacant, cemented shut and may be causing issues for the neighbor’s home attached to it. According to DNAInfo, the owner is selling a home in South Ozone Park, Queens to raise funds to complete a renovation. The house in Queens, according to the article has been for sale for about a year. The Landmark Preservation Commission is asking a judge to fine the owner $5,000 per day until she renovates the home. The owner believes the home is worth as much as $900k. Given that homes on Astor Row would probably go for close to $3 million or more if in good condition, that $900k is low. The owner believes that $300,000 will be enough to renovate the home. That number seems low as well to do a proper renovation in a historic district given it has been abandoned for nearly 30 years. What’s your opinion? Should the LPC be suing owners to get them to maintain their properties or are they overstepping their boundaries?
The Whole Foods coming to 125th street and Lenox avenue is progressing towards completion. The 6 story structure will include a Burlington Coat Factory, and Olive Garden and over 160,000 of retail. All spaces are already leased.
According to NYPost, Steven Pasquale best known for his role in Rescue Me has purchased a penthouse in Harlem’s 1 year old building Uptown 58 for $1.56 million. The aprtment located at 58 West 129 street just off Lenox avenue has 3 bedrooms and 2.5 baths and was on the market for a little over a year. The 7 story building features only 19 units and has a bike storage, package room, a garden and roof deck.
Recently as well Alex Trebek of “Jeopardy” bought a $2 million Harlem brownstone for his sone Matthew, who plans to open a restaurant there. That townhouse located at 310 West 140 street sold for $1.92 million. The townhouse had a 2bd/3ba duplex plus 2 floor through one bedroom apartments for rental income.
What is widely considered the oldest house in Harlem has sold for $3.6 million to Jack Stephenson who will lease it to a friend who will use it as a practice facility for musician. The famed opera singer Lauren Flanagan will operate the not-for-profit Music & Mentoring House at the location. The house is a clapboard house, landmarked in 1982, and believed to have been built in 1864. This sale while not a record, is one of the most expensive residential sales in Harlem to date. See NYDN.
Due to a dearth of inventory in Harlem,prices have continued to rise for townhouses. Recently, our brokerage went to contract on 517 W 179 street and 522 W 142 street. 522 W 142 street was an SRO in shell condition that went over the asking price of $1.3 million. It will be conveyed without the certificate of no harassment which is needed before a purchaser can get their building permits. Interest was instense and it went to a CASH purchaser. Similar SROs are trying to push even higher than $1.5 million depending on width and condition of the building.
Basially, in Manhattan’s real estate market, there are two markets- the world’s elite led by high net worth individuals both domestic and abroad and the affordable luxury purchasers. New construction is really only being built with the former market in mind. Many of the shiny midtown towers inlcuding 432 and 520 Park avenue, 157 W 57 street, 220 CPS as well as their downtown counterparts are focusing still on the large luxury apartments with scant offerings under even 2000 sqft.
Continue reading Manhattan Real estate prices continue to increase
