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http://streeteasy.com/talk/discussion/37106-the-adeline
Talk » Sales » Discussing 'The Adeline'

The Adeline
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what do you think about this building , priced 800-1000$/sq/ft,

no comments?

9 inch ceilings, huge windows, 25 y tax abatement, low CC
priced almost 50 % less thn one morningside park

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Kalahari -8 inch

are they starting to sell the units? did anyone check it out? do i need to make an appointment to go see it?

its okay i am SUPER short, i'll deal with - 8 inch ceilings :)

private sale is going on

you can make an appointment
800-1050/sq ft, some units are in a contract already

any thoughts about The Adeline?

9 units officially released

12

Seems interesting but somewhat expensive. What's 9" ceiling?

agree , expensive,
but look at one morningside park - 1.6-2.0 mln for 2 br 2 ba?
I know location is the key but .....

do you know any new condo in manhattan priced lower thn The Adeline?

Muromec, You seem to be quite a cheerleader for The Adeline. One downside is that, unlike the Kalahari across the street, the Adeline is the condo part of a complex that also includes a rental building. That could have enormous negative impact on the value of the condo units. Quite frankly, compared to other condo buildings in Central Harlem (the only relevant market comparison), it's hard to avoid the conclusion that The Adeline is overpriced; it is quite likely that those buying units in the building before the construction is even completed (bubble anyone?) are going to find out that they overpaid.

The Kalahari has 120 affordable units on all floors but 11 and 12, the Adeline has none , but there is a rental on 117th str - two separate structures with no common access( the courtyard is not accessible for rental building).Also you can check the sales @ Kalahari , with the last 2br2ba(and its a restricted/affordable unit)in a contract for 975k. After pricing release for the Adeline you not going to get old pricing @ Kalahari anymore ( 700-800s k for 2 br).The Adeline has fresh tax ab for 25 years with better finishes and Kalahari has 19 y left. BTW , I own 2 br @ Kalahari and LOVE it.

I think One Morningside is overpriced - 1500 $ /sq ft ,
The Adeline- 800 $ and above.
The Adeline has very low CC and 25 y tax ab - it will attract some buyers....
I am planning to buy @ Adeline for an investement , and just want to make sure I am making a right decision because I am not sure about "bubble anyone?"

Already price increase? within 5 days ? Units were just released! This is the third price increase...wowww

It shouldn't sell for less than the Kalahari.

there is w/d in each apt

Amenities are not as good as the Kalahari but still a very solid and great looking building. I would say the apts at the Adeline are nicer than the Kalahari, but the amenities at the Kalahari are better than the Adeline. Kalahari Amenities: party room, library, large and well equipped gym, sound proof musician room, two roof tops, huge garden, free wifi in common areas and apartment, huge lobby, library, garage w/ zip cars and LEED GOOD certified green building w/ 25% lower energy cost. Adeline amenities: much smaller gym, no party room, no library, no sound proof room and smaller lobby. Kalahari Apartments: heated "nuheat" bathroom floors. Adeline Apartments: Washer/Dryer and Floor to Ceiling Windows. I guess you can't go wrong w/ these two building. These are across the street from each other and in one of the most developed blocks in Harlem. Not to mention the huge convenience of having the 2,3 express trains on the block.

agree ,
you could buy 2 br 2 ba @ Kalahari 5 y ago for 650-720k , now I don't think any of 2 br will be priced below 1 mln

21 apts are in contract as per Halstead website

Muromec, you seem to be experienced - what would you say about purchasing a storage bin in this building? they sell them around $10K, approx. 15SF. do you think that would be a good investment?

The Adeline website is working now

guys-do you think it would be a good investment to buy a storage bid in that building? they are asking $10K for 15SF area.

it was 5k $ @ Kalahari , you can rent it for 100 $/mo , you will need 8-9 years to get even closing cost and annual fee

Agreed - thanks for the feedback.

Any feedback about the area in general? Have you guys experienced anything bad in the vicinity?

I live in the area with two yound kids, no problems at all! we love it there! easy access to the whole city!

great to hear, thanks.

here comes price increase again!

An other price increase today , not reflected on streeteasy.com yet,
check Halstead for new pricing , price increase 50-100K !
25-30% price increase within 1.5 mo

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just an info

Wow!

28 apts in contract within a month.......many of them went into contract at much lower price point , before price increases... also most of the contracted units are lower priced apts( 1 br and 2 br).Interesting how the sale will go after that....

33 apts in contract.....

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42 apts in contract

50 % sold within 2 mo !
"Bubble"?????

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apts selling pretty fast...

Seem a bit too epensive.. they have hiked the price by more than 30 %..

there are two vacant sites on 116th str for possible construction- by the 116 str @ park ave( empty corner lot) and Conway site- huge corner lot 116 @ Lenox. Any info if the new construction is being planned?

One more price increase today... third one since january.. not reflected on streeteasy yet but there is a new pricing on halstead ....
CRAZY>>>>>

The Adeline is great, but if you like the Adeline, you’ll probably like the Kalahari across the street as well (same developer, just a few years older). Also beautiful apartments with great amenities and there are still some bargains there like a 3 bedroom-2bathroom listed this week for 1,100,000…Much cheaper than similar apartments in the Adeline. Who knows what it will actually go for though…

http://streeteasy.com/nyc/sale/1063977-condo-40-west-116th-street-central-harlem-new-york

60 % sold....
7th price increase ....
new pricing tomorrow...( not on streeteasy or halstead yet)
almost 40-50 % price increase since units were released in december.....

When I first started posting back in 2007 (before you were required to have a screenname) most people on this board thought Harlem had no chance at improving. I had put my money where my mouth was (though I selected Hamilton Heights over Central Harlem)- now look how things have changed.

Semerun, what do you think about NYC, Harlem and Manhattan market ( pricing) for the next 2-5 years?
Thx

Over the mid-term of the next few years, I am bullish on Manhattan real estate. I think most of Central Harlem will increase significantly, but East Harlem and Hamilton Heights will likely appreciate at a greater rate. That said- I am still not really crazy about East Harlem- way too many housing projects a too few large influences from within the neighborhood (though that section on 125th and 2nd ave is promising). Hamilton Heights has the greatest potential with Columbia coming up on the edges and City College expanding and becoming a much stronger school. It's only in the last couple of years did we start seeing better retail start to enter Hamilton Heights- and this is still in the early phase...but a year or two from now, things will look very different. I remember Amsterdam Ave like this during the mid 1990's,

I am extremely concerned about our new mayor's upcoming dealings with the unions- expired contracts with potential for retroactive pay increases. Long term it could be a disaster for the city if handled incorrectly- but this won't likely impact real estate pricing until much longer than your 2-5 year horizon.

Thank you,
my point regarding Adeline was that 40 % price increase happened over few months not over 5-6 years.
Even @ Kalahari 1.5-2 y ago you could buy 2 br 2 ba for 700k and now one on sale for 1.19 mln

Yeah, that isn't sustainable and the reason why I said most of Central Harlem will continue to see significant increases. I think the Adeline has already priced in much of the growth and is due for a breather while other buildings in the neighborhood will start playing catch up.

The appreciation you have noticed is the delayed reaction as Central Harlem retail has really started to shine while you see an increase of wealthier buyers tickle in.

New pricing just released... increase 55k-100k depending on a unit.

Hmmmm, what does this do to property values? Low income housing right parallel to the condo.

http://www.nyc.gov/html/hpd/downloads/pdf/harlem-117-street.pdf

nothing.....
it would be selective lottery .... its not program 8 or project... i know lots of people who are planning to apply ... they all great people.... look at kalahari - 120 affordable units... still value is the same....
here you have 2 separate buildings- master condo /same structure as 540 west 28th str- master condominium/the only common area is garage.....

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51 apt in contract within 2 mo......
lots of apartments priced above 1.4 mln...
looks like wealthy people are moving to Harlem....

They're selling the expensive units at a very good pace...

UU61 , which unit did u get 1 br 2 br or 3 br?

1 br

Nice

I think its going to be very nice building

Our only concern is the area; however, we are getting positive feedback for the most time. It is very convenient for commute though.

5 blocks to central park , 2, 3 train, low CC , tax abatement ... the area is changing.... I live in Kalahari.....yes , its not UES or UWS, but this area has lots of potential... north of central park - this is the only area that "not developed" yet... to get a condo around central park - east , west , south you have to pay 2000 $/sq ft.......lots of people with money moving to Harlem.....6 years ago @ Kalahari you coud buy 2 br 2 ba for 650k , and now the unit that was listed for 1.19mln is already in contract in 30 days.... do you think its because of the one crazy buyer??? i dont think so.....
Lots of potential for new developments/buildings in the area- African market , Conway site, corner of 116 and 5th ( across 1400 fifth ave), 116 and Madison ( already cleaned up and ready to build)

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Muromec - Thanks for all the insight.

Everything about the Adeline looks awesome. I love style of the building and the state of the art finishes. Can't wait to see it done and what new commercial options the commercial space brings. That being said, if you're looking to buy, make sure you check out the Kalahari across the street too. Also a great building.

Any word about what's coming in place of the Conway that closed?

Hey Muromec,

Do you work for the developer or the marketing team?

Nope. I do not. Just in a contract for one of the apt @ Adeline. I am making sure the price goes up @ Adeline so i can make $$$$.

Just promoting it. Do you think i have some RE talent so i can try to get RE license?

Muromec, I actually think about getting a RE license myself : ) did you buy 1 or 2 bdrm?

2

Good investment.

i think so , i paid 800/sq ft

also , its good to have 50 % apts priced above 1.4 mln

800/sf sounds pretty good.they never had that for 1 bedrooms. Even on the 1st day, it was around 900/sf for 1 bedrooms.

UU61, read my first mssge , it was posted in December when they had first sales( if you went directly to them) .The first January pricing you can see on streeteasy was already after 2 price increases.

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Muromec, do you have any update with the closings date?

not really ,
i was told November

looks like sale is slowing down .. especially for expensive units.... one 1 br is back on a market @ new price (220k more thn original 605K)

$605 was a great number for that unit. Too bad we didn't know soon enough.

Anybody has any updates regarding this building?

Last I have is they're still planning to start the closings in October;however, they are at the mercy of DOB at the end of the day.

Looks like not all the latest price increases are on Street Easy yet.

latest price increase can be seen only for units that are not in a contract yet ,
price was not updated for units already in the contract...
but sales are slowing... new pricing is somewhat expensive for the harlem

Muromec - you have a ton of posts on the adeline and kalahari - how long have you been living in Kalahari? Do you feel that the neighborhood has changed since you've been living there? Does it feel safe to walk around at night?

Since 2008, i am an original owner... extremely nice building.. nice friendly professional neighbors , lots of kids , great maintenance....lots of amenities....It is safe and the neighborhood is changing..extremely convenient for commuters- 1,2,3,6,B trains and Manhattan buses 116th str and 5th ave.
BUT STILL- its not the same as UWS or UES .
Also you are getting fresh 25 ( not 10) year tax ab for Adeline and 19 years left for Kalahari. Low maintenance. So your expenses for 2 br 2 ba apt incuding RE tax -750 $/mo for Adeline and 850$/mo for Kalahari.Can you bit that for full svc building in Manhattan with gym , play room , garage , doorman/concierge, courtyard , rooftop deck etc ( both buildings), 5 blocks to central park and 15 min walk to Madison ave shops and Broadway/Columbia?

just updated.... 55 contracts......28 apts left.....24 of them priced above 1.3 mln$

57 apts in contract .... 26 apts left..... still selling pretty good even at the new pricing....looks like it will be completely sold prior to closing in November

59 apts in contract and 2 4 left

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Muromec, your posts are very informative and helpful. I'm sure a lot of people benefit from those.

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C'mon, give the guy a break; he is so jazzed about his investment. It's like Walter White Jr watching online donations . Bet he doesn't get any work done during the day with all these real time contract updates

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