Harlem townhouses, new condos surging post-downturn

October 13, 2011 01:51PM

Residential property in Harlem is getting more attention after the
downturn with new buyers of century-old townhouses and new
condominiums, even though less established neighborhoods are often
hurt more than prime locations, the Wall Street Journal reported.

Three Harlem townhouses have recently closed at prices ranging from $2.3 million to $2.85 million, the highest prices since the spring of 2009. The most
expensive single townhouse sale since 2007– a renovated loft-like
house on West 122nd Street — closed Sept. 30. In the third quarter,
the number of Harlem apartment sales rose to the highest level since
September 2008, according to an analysis of city records, though they
were only slightly above sales reported in the same quarter in 2010.

Stephen Kliegerman, president of Halstead Development Marketing, said
that in the last few months, the backlog of unsold new condos in
Harlem has also fallen. Real estate in that area “is an easier sell
and the new commercial development has also opened people’s eyes up to
see the neighborhood in a different light,” he said. He added that sales
were particularly strong at 88 Morningside, a 12-story building at West
122nd Street and Morningside Avenue, with a rooftop deck facing
Morningside Park, a building that attracted a mix of buyers, including
several from mainland China. Sales have also been strong, he said, at
the Gateway Tower on Frederick Douglass Boulevard, where 55 condos in
a seven-story addition went on the market in April.

As The Real Deal reported, MNS data on new development sales showed that the median sales price in Harlem for the third quarter was just under $650,000.

[WSJ]