Harlem condo sales drop sharply

October 29, 2008 11:12AM

Condo sales in Harlem dropped 76 percent in the third quarter of this year, according to PropertyShark data. The number of deals that closed plunged to 57 in the third quarter of this year from 237 in the third quarter of last year. Nonetheless, prices increased 3 percent compared to last September, reaching a median sales price of $598,000. Price cuts, however, are likely to hit the area soon. Luxury projects like Graceline Court at 106 West 116th Street are set to open for sales and are expected to crowd the already-soft market. Prices could fall as much as 20 or 25 percent, and gentrification in the neighborhood could slow.

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