Harlem - Townhouse vs. Condo

It is true almost everywhere in NYC. Mtce free vs. not.

As for townhouse condos, the market is simply bigger for that product bcs of the price point and you also have to factor in the difficulty of getting loans for a whole TH depending on C ofO, whether rental income is taken into consideration, etc.

Taxes are a factor. Nearly every condo in Harlem is tax-abated, many for 25 years. Townhouses, on the other hand, can carry a relatively heavy tax load, especially once you jump from 3-family houses to 4-family ones.

ali r.
DG Neary Realty

taxes are single-family homes are less than $5000 per year, almost universally (ex. 4 fam homes), so I'm not sure taxes really are a factor.

Most Harlem townhouses need substantial renovations... even if they are currently 'liveable'. New wiring, new plumbing, heating, repairs to staircases that are falling down, new a/c, restore or new flooring & woodwork, dirty/damp basements, old roofs, legacy legal issues with SRO status.

If you look at the price of fully modernized townhouses, the discount is not so great.

PH, I show taxes on 243 West 120th as $8,900 a year, which would make a difference to my clients looking in the $700K price range. Where are you looking, in the 140s?

ali r.
DG Neary Realty

porch. 243 is a 4 family, i believe. 4 fams are considerably higher in taxes. single family houses have low taxes. Even 2-3 fam houses have low taxes. 4 families are more expensive.

Jer is probably closer to the truth...

It's kind of strange that NY draws the line at 3 units (for taxation) ... nationally, programs like FHA draw the line at 4 units (for SFR-like mortgage); only above that number is a property considered a "real" multiple dwelling.

Its also frankly the fear factor. People feel safer in a doorman building in general, but in Harlem the safeness of doorman versus non-doorman is magnified. You see it in rental prices too. People will be more of a premium in Harlem for a doorman than in Lennox Hill.