Harlem market hurting

March 30, 2009 11:12AM

While prices in Harlem seemed to be on the rise a year ago, that market is now suffering with transactions down 60 to 90 percent in East Harlem, Central Harlem and Hamilton Heights, according to Streeteasy.com. The first quarter saw 32 new contracts as of March 18 in the area, down from 136 new contracts during the same time last year. Brokers say the Harlem market is hurting because high-priced condos are driving away buyers and causing a glut in the market, and because the new apartments are two-bedrooms or larger, while studios and one-bedrooms are more in demand.

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