The condominium known as Brownstone Lane I and II is located on West 118th street, West 119th street and West 120th street between Frederick Douglass boulevard and Morningside avenue adjacent to Harlem’s Restaurant Row and a short walk to Morningside Park. In addition, with the express subway at 125th street it’s easy commute to Midtown. But why are so few apartments for sale? Currently there aren’t any apartments for sale and only 3 for rent. There can be several reasons for this.
Price is very attractive at around $1200 per sqft. Recently, a 3bd/2ba 1419 sqft apartment transacted at $1,740,000 and was in the market for less than 2 months before it went to contract. Brownstone Lane I does not allow subletting so that may explain the less transitory nature of the buildings. With the neighborhood amenities plus the architectural aesthetic of the Brownstone facades which fit well in the neighborhood, it is not surprising that some buyers may eschew the fancier glass buildings on FDB in favor of the more traditional look and feel of this complex. Also, the common courtyards give children and families a chance to get to know their neighbors.
Since the buildings are tax abated until 2033, that may also explain a lack of willing sellers. Upgrading to a larger apartment is difficult when you have a nice amenity package, convenient location and very low monthly charges.
Brownstone Lane I on the left on West 119th street where there aren’t any apartments for sale currently. Prices are around $1200 per sqft and the complex is tax abated until 2033.
Seems like not that long ago (2004) when I was selling SRO homes in Harlem for just north of $400k. Well those days are long over as the same homes go for nearly 4 times that amount now. With Whole Foods coming to 125th street, prices figure to rise even more in the next several years.
Curbed compiled a list of the 10 most expensive homes on the market right now in Harlem. Several are not surprisingly coming from the Circa Central Park condos as well as beautiful townhouses in Harlem’s historic districts.
Circa Central Park, the FXFOWLE designed condo at the Frederick Douglass circle is progressing with it’s construction. Currently, the South Harlem condo has 21 apartments on streeteasy of which 13 are in contract. The building will have 38 units total, many with views of Central Park.
Prices start at just over $1 million to nearly $9 million for a 3348 sqft(311m2) 5 bedroom/4bath aerie with outdoor space.
Circa Central Park South Harlem’s newest condo will have 38 units
According to listing site streeteasy, 13 of the 21 apartments on the market are in contract.
Early next year, Whole Foods will open their much anticipated store at 125th street and Lenox avenue. The store will carry local vendors products including from Sylvia’s Restaurant. According to real estate brokers in the area, landlords are already gearing up to raise residential rents in the area as a result. The new store may also attract more retail tenants as well. Prices have appreciated substantially in Central Harlem in the last several years since the store was announced. 4 years ago, $2 million would have bought a nice townhouse in the West 130’s and now you are probably looking at a fixer upper in that range now and need to spend close to $3 million to get something move in ready. Below 125 street, you will spend another $500k to $1 million to find that dream brownstone.
So which came first? Is there really a Whole Foods effect on real estate values or is it that Whole Foods chooses areas where values are on the rise and it continues to be that way. I think it’s a mixture of both. What do you think?
If you are looking for an apartment with a view of Central Park and also do not want to spend super luxury prices of $10mm or more, then perhaps looking at the northern edge of the park in Circa Central Park would be a good move. Circa Central Park is at the Frederick Douglass Circle and the north west corner of the park and will have 38 units. Many of the units will have views of Central Park views in this FXFOWLE designed building. The developer is the same one who did One Morningside Park aka 321 W 110th street which sold very quickly and had just short of 60 units.
Current availabilities range from just under $2m for a 2bd/2ba to $7.477 million for a 5bd/4.5ba with 2771 interior sqft plus a private terrace. The amenities include on-site parking, a study and tween room with Macs and game station plus a roof terrace and fitness center.
20 units are posted on streeteasy.com, 11 of which are in contract. Occupancy is expected in early 2017 for the tax abated condo located in South Harlem. Brown Harris Stevens is handling the marketing for the developer.
On West 123 street near Morningside avenue, a brownstone homeowner will soon have their home dwarfed on either side by a new condo. Their relationship has been amicable with the developer and at one point negotiations went on for about 1 year to see if they could be relocated. In the end, they decided not to sell but did sell their air rights to the developer and have an arrangement whereby the developer has to make repairs to their home due to any damage due to the construction which is taking place on both sides of them.
Somehow the developer would only offer them about $1.8 million for their home which is the same price they paid for the homes on either side. Probably their home could be worth as much as 2.5- 3.0 million in the fair market. Due to the properties lying outside of any historic district, the construction of the new condo is as of right and does not require any review or public approval.
Circa Central Park- the new development condo being constructed by Artimus Construction at 285 West 110th street is progressing along in the construction stage. Sales have not begun yet at the 48 unit building located at Frederick Douglass Circle. For market rate apartments, prices will start at about $1 million. 10 units will be sold below market via a lottery system in the building being designed by FXFowle Architects. It will reportedly have 3 penthouses, high end finishes and a 2 story lobby as well as a common rooftop deck. Prices for a few 2 bedroom/2bathrooms on low floors are reportedly around $1.8 million with carrying charge of around $1100 per month not including the taxes which will be abated.
PC Richards is opening a 20,000 sqft store in Harlem on 125th street at 309 West 125th street. The store will have both frontage on 125th street and 126th street which will make access and pickups easier for customers. The chain is family owned and was founded in 1909.
According to LINK, the 2nd avenue subway will finish late next year but the prognosis for the extension to 125th street is not good. Construction will not start until at least 2020 thanks to a $1 billion cut in the project’s budget. Local politicians are irate and trying to get the project back on track for an earlier date to extend through Harlem.
The Pathmark on Harlem’s 125th street is closing by this Saturday. The store which opened with much fanfare in 1997 has little left on its shelves at this point. It is unknown whether the closure is a result of Extell’s purchase of the site for $39 million or the bankruptcy of the Pathmark’s parent company-A&P. Representatives of the former owner and the new owner have said it was not a result of the sale however.
This closure though leaves many residents with no supermarket to do their shopping. It was estimated the store served 30,000 customers per week. A new Whole Foods is opening up late next year or early 2017 but that will a long walk for residents of East Harlem and the prices may not be affordable for many in the area.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
