Sale at 14 Morningside Avenue #23

The beauty of Streeteasy is that you can view past sales in a building. The last sale in this building was in 2006 for $125,000. The sale previous to that was in 2005 for $100,000. This all occurred before HDFC apartments in Harlem were being exploited. Do you know what the income limits and other restrictions are in this building? Most HDFC apartments languish on the market because the asking prices are misaligned with the income and/or resale restrictions. Typically many HDFC buildings set the income limit at 120% of the NY area median income...meaning approx 68k/year for 1 person, 78k/year for 2 people, etc...You will occasionally find some buildings that allow as much as 165% of the NY area median income, or some that are half of the NY area median income.

With that said, you don't have a huge market of qualified buyers out there that can afford an asking price of 475k along with a monthly maintenance of more than 1k/month. If you are considering this apartment..at anything remotely close to asking price that it could be a challenge to resell given the restrictions.