One bullish Harlem stories, one bearish

another bullish...

http://ny.curbed.com/archives/2010/06/24/columbia_cleared_for_total_manhattanville_domination.php

Its so confusing!!!! Is it a ghetto or gentrifying!!! Discuss.

There's no way things aren't black-and-white in this world! What are you talking about?

I'm so excited about CU's expansion I can hardly contain myself!!!!

OMG bjw2103 you are so racist!!!!!!!!!!!!

JK obviously on both counts.

Just confounds the mind how slick willie can hang with his 5 and a half.

Interesting tidbit about the Gateway and Lore financing. Lore had a 13.5M loan, apparently. Offering plan values the condos at 19+M. No profit for the poor developer? Really?

The lore developer also put in 4mm of his own cash. The $19mm assumes all units are sold at offering plan prices. then there's debt servicing and common charges for all unsold units. I see no opportunity for profit.

They are all struggling in harlem. Check out all the comments on Harlem bespoke these days. Lots of discussion about prices, empty condos, and the problems with the neighborhood. The neighborhood needs the people these condos would bring. What is a reasonable price per square foot in this market to move these places?

3 Real Bedrooms at 500K with Maintenance under 700 will get at least ONE sold!

That's a little extreme, plus what kind of square footage. Also, make a distinction on the section of Harlem. It sort of matters.

Extreme or not, it will get that ONE sold, and probably a few more than that!

So a few million less for a Developer or Broker!!--OK . . . . .

Doesnt have to be 2000 sq feet . . . . 12-13 hundred would work . . . .

The particular area is negotiable too; workable for fam with kids . . . . .

Someone on SE recommended Wash Heights way back when, and we had never really thought about it till we saw In The Heights, liked the show, and began to look up there a lil bit more seriously as the prices are even less than Harlem with some real nice and large prewar style Units!

I do not know if 500k for a 1300 sq three bedroom apt in, lets say central Harlem is reasonable? Maybe 600k? Depends on the ammenities, tax abatement? It seems like the developers are sticking at the 600 ppsf as a minimum. The problem is that many of the "sales" in some of the buildings are simply in contract and have been for 4,5, and 6 months, so it is hard to really see what apt's are selling for because they are not actually closing. I am trying to get a reasonable value for ppsf at current market rates in the FDB corridor.

you can use the livmor as a current comp in the area. Apartments started closing last month and all contracts were signed since January.

Not sure what is going on at the Douglass as those apartments should have started to close already and have not. Also Parc Standard should be closing soon i believe also.

I think based on all these the comps are somewhere between the 500-700 psf area.

FYI- Initial closings at The Douglass happened this week. People already moved into a couple of the apartments and I would guess the other sold units will be occuppied within the next few weeks.

I think about 70% of the building was in contract, so would assume it will be pretty close to fully occupied by the end of the summer. Not sure how long it takes for the data on the sales to show up online.

didn't realize people finally got to close. I saw the messages last week that people had been told they could close weeks ago and had not been able to because no TCO.

Well then now you have two comps of buildings to look at.