1400 Fifth Ave.

There are six superblocks of NYC public housing right across the street from 1400 Fifth Avenue running from 115th to 112th Street and Fifth Avenue to Sixth Avenue. The area clearly has a sketchy vibe. If you are trying to save money by looking in Harlem you need to stay further west, like west of 8th Avenue (Frederick Douglass Blvd.)

I saw the construction site in early May - it seems like a very large project and could become a sort of neighborhood transforming landmark if done right. I don't entirely disagree with #2 about the public housing, but I also saw lots of regular families in the nearby park.

Any opinion on the building now? A condo with a 15% flip tax they want the buyer to pay? Going for about $500 per sq. ft. give or take...

Looking at the townhouses that are part of the building. One sold recently for under $1,300.000K while there is another on sale for $2million (which they will never in the next five years get close to). Both sold in 2006 for $1.395.000.00. As we know, we are below 2006 prices, especially in Harlem. We're closer to 2004. So that's where you should shoot for in Harlem $400 to $500 psf.

A condo with a 15% flip tax is a red flag. Weak financials with a low reserve perhaps or not so unusual. Anyone know?

15% flip tax plus 6% brokers fee plus 3% of random fees and taxes = WHAT THE $&(@!#*$?!

This should sell for nothing, which is what you will get if you ever sell!

I must have been out of my mind. My apologies. It is a 3% flip tax.

This building an has income cap of $192K. Any thoughts on buying into such a building over the long term?