Entire Harlem Condo bldg forclosed

i think this is an extreme example in harlem. I have no idea why anyone would even think to build a building with a pool, a track, etc, up on 130th street. First if you were doing this why not do it around an express train stop or even a stop in general, it is in the middle of two stops.

But forgetting all that the prices they were asking were just insane. Sounds like they did not even run the job right and cut off the GC from the money they were due.

But it does seem that a lot of the other buildings are still selling quite well.

look at the developers in the pic.. are you surprised??

they look happy and stress-free...

never trust a man who leisurely attempts large doings.

find the guy ready to jump off a cliff from working too hard. his building's financials will probly be in order.

As if you could sell "things like this" between 110th and 125th. There is no difference between 110th-125th vs 125th-135th....just those hoping the divide will boost property values. As most buyers note, the only real difference is the amount of new stock on a small stretch of FDB. Otherwise, things within a few blocks above and below 125th are the same....some blocks better than others.

"There is no difference between 110th-125th vs 125th-135th"

Not true based on crime rates, income levels, PPST, average education levels per cenus data, or even plain old LOOK WITH YOUR EYES at how much shittier things get above 125th. Even in the 1890s, when they thought Harlem would be the new Luxurious Place to Live in Manhattan, the developers built nicer buildings below 125th than above, in general.

Plus there is the simple fact that its closer to "normal" Manhattan in every way.

Ergo, there are simply far more new market rate developments per square mile below 125th than above.

jason: Ergo, there you go...

The 1890's were the good old days. These days, you're right; not so good.

Nobody moved into WA!
[Not surprising given that its across the street from the massive St Nick projects!--not the worst but its still a massive amount of public housing across the street from Lux-Condos!!??]

Folks live in WA-2, which is a couple blocks down the avenue.
What happens to these folks?

And when this foreclosure activity hits some more of these un/undersold condo projects, what happens to those in contract and/or closed and moved in?
Dafina and St Claire immediately come to mind!!

Well, below or above 125th, there are a LOT of condo projects tertering in Harlem, especially ultra-luxury ones like this or 5thonthePark (where the price to rent ratio is like 30X based on the units that have rented - ouch!)

Clearly there is lots of delusional pricing in Harlem, including on FDB, but this place takes the cake. The one at 5th ave and 110th is the next to fall, I think. I spoke to an utterly delusional Citi broker who said because this new one had art and a gym and blah blah ITS IN HARLEM BITCH!!!!

Now, reasonably priced places - ie below 500-600 PSF with doorman or below 500 (or even 400) without can move. But this sort is riduculous.

too expensive too late

I agree with you Jason. A plus for Harlem is there is still movement on some of the more reasonably (sic) priced units on FBD. The Douglas and Parc Standard had a lot go into contract quickly, lets hope this continues and the Livmor also starts to fill up. Some of the buildings are a joke, I mean 2280 wtf. That one at 5th and 110th is in a shitty area compared to FDB (imo). I am suprised the Lore is not moving as the prices are not that out of step with others on FDB. Maybe its the school. As for the trouble someone mentioned on other threads about 114th between 8th and 7th, I spend all my time near here, day and night and never felt threatened or bothered. The other night I heard a crazy loud commotion outside Melba on 8th and 114th and went to have a look. It turned out to be a group of young 20something blond female German tourists dancing in the street with the locals and having a blast. It was after midnite. Who would have guessed!!

Price them below $600 psf and they'll start to come and make offers. Price them around $500 psf and they will sell out almost immediately. Anything above and watch them sit and stagnate.