The Real Deal New York

The Apex condo From the June issue: Robb Pair, president of the brokerage and development firm Harlem Lofts, had an uncomfortably close-up view of that neighborhood’s tumbling sales market in recent years. He estimates that the three-family townhouse that he owns at 119th Street and Lenox Avenue, where he lives with his family, has lost about a million dollars in value since its peak in last decade’s boom.
Among Harlem’s woes has been a glut of new condominium units, many of which were located in troubled buildings that just missed the boom years or suffered during the downturn. The number of new condo and co-op units in Upper Manhattan — Harlem and neighborhoods to the north — has risen steadily since 2008, with an accompanying slide in average sale prices. [more]