The Savoy West 555 Lenox Ave (Central Harlem)

I haven't gotten a chance to attend any of the recent open houses but the exterior looks good and the pricing seems ok. I would also look at 50 West 127th St, the Lenox Grand, and the Lenox before making any moves....however, pricing will probably be a bit more expensive. The rezoning of 125th street will take Harlem's transformation to a totally different level....Harlem is on its way and seems like a very good bet.

Be careful with the Lenox Grand. I don't know for sure, but someone had posted on urbandigs.com a while ago that it lost its funding before the building was completed:

http://www.urbandigs.com/2008/02/reality_check_harlem.html

Read the comment by "Harlem resident".

A quick check on Streeteasy shows some of the units are over 800 days on the market - ouch.

I heard that the developer of the Lenox Grand ran into financing problems but has since resolved those issues....which is probably why the incentives that were offered in the past are no longer being offered on the website. Neverthelss, there still may be an advantageous buying opportunity at the Lenox Grand.....I would check it out as well as the other developments in the immediate area.

dg156, the price change info on this site clearly indicates that Harlem asking prices are dropping, as well they should. Much of the housing stock there was, and remains, overpriced-- the irrational exuberance that made owners and developers think buyers would pay downtown prices for uptown properties is coming to an end. I'm seeing cuts of up to 120K on properties that prided themselves on being among the "first market price" condos in Harlem. The rezoning of 125th Street is being overhyped. While it is a welcome development, it is not going to transform Harlem overnight, and the people who can afford the prices Harlem developers are asking would still much rather live closer to the downtown areas where they work-- something that price adjustments further south seem to be making more possible with each passing day. It's also important to remember that Harlem has always gotten the short stick from the city in services. Budget pressures on the city government will almost certainly see a return to the days when the city (police, garbage pickup, snow plowing, etc.) was much less attentive to Harlem than it was to neighborhoods with a higher tax base. Remember, most of the new developments in Harlem are tax abated, which means the tax base of the area, while higher than it once was, is still lower than it is in most other parts of the city. I'm not saying there are not exquisite properties in Harlem (although the Lenox Grand and 50 West 127th are certianly not among them). I am suggesting that prospective buyers should not deceive themselves into thinking that Harlem will not be hit soon and hard by the economic downturn.

I have friends who live in Harlem and I've been hearing about the "Harlem Renaissance" for years. Sorry to say, but there are significant problems with living up there. No restaurants, no cabs, the existing residents are incredibly resentful of rich-outsiders coming into "their" neighborhood, lots of public housing projects, the lack of many basic amenities, higher crime, and all the issues involved with a neighborhood where the median household income is less than $20,000.

I always thought it was a stretch for "luxury" condos to be opening up in Harlem, even during a much stronger market. I have to believe that as the overall Manhattan landscape softens, Harlem will be one of the first and most severely affected. Can you imagine anyone paying a "mansion tax" to buy a condo in Harlem?

Look, I don't want to turn this into a pro/con Harlem thread - the OP asked about a specific building not the whole neighborhood. I just think the idea of a "luxury" building in Harlem makes about as much sense as selling sand in the middle of the desert.

Furthermore, most of the new developments in Harlem were forced to allocate a certain number of units to limited-income residents, which means that the developer shifts the costs of those units to the rest of the buyers in the building. In essence, by paying "market-price" you are subsidizing the income-restricted tenants. Makes it hard to justify paying those prices knowing that your neighbors got it for a fraction of what you paid. I'm not sure if the Savoy West is like that. Make sure to ask if any of the units in the building are income-restricted.

Can you guys please tell me which Lottery numbers will be announced tonight? You surely must know ;)

Unfortunately, dg156, I do not know tonight's lottery numbers.

However, you don't need to be clairvoyant to know that as the broader NYC RE market contracts, Harlem (which was priced aspirationally to begin with) will undergo significant price cuts. This is nothing specific against Harlem itself - just that as an emerging neighborhood (one that seems to have been emerging forever) it will feel the effects of a market downturn before more-established areas. And when the market eventually turns around, Harlem and other emerging neighborhoods will see the benefits after the main market recovers.

Harlem is a rather large terrority and much of it has already turned around. As a relatively new Harlem resident (a couple of years), I have seen prices decline, and I expect further declines. Now unlike a few people on this board, I do not believe the sky is falling. I am well aware of Wall Street's effect on the overall NYC housing market and how the CDO market and failed muni auction markets complicate the credit crisis.

I have seen units in my building undergo price cuts reflecting the softening market (3-8% to date) but that still marks a large appreciation for those owners even when considering transactional costs. Yes, there are still many shells available for sale in Harlem, and it still has a way to go in terms of improvements, but given the new developments, the new retail, the rezoning of 125th Street, the new piers on the west side opening in the next couple of months (125th-135th), and the Columbia University expansion- I am long term bullish on Harlem. Sure it may be a bumpy ride for the next couple of years, but I am not a short term player. It could be argued that there are also lots of housing projects in Harlem, but to those that have spent any signficant time around here realize that there are plenty of areas that are far removed from the housing projects. There are also areas that contain some of the most beautiful architecture in all of Manhattan. As an NYU alum, I was always partial to the beautiful townhouses and quaint feel of the village, however they pale in comparison to Sugar Hill in Harlem- which has amazing architecture and incredible views of downtown.

Sorry to be off topic, but this was the direction this post was continuing to go.

Why are you all so negative. Harlem is a great investment and 555 Lenox is an excellent property. None of you have answered the question posed. Yes sales, appear to be moving at a slower pace, but aligned with the overall NYC market.

Altho I agree "emerging" neighborhoods feel downturns first and recover later, I spend enough time in Harlem to think people are dreaming when they pooh-pooh its gentrification. No question - quickly being swallowed up in the rest of Manhattan's affluence.

Does anyone have any updates on this building? Prices of remaining units just got slashed. Does anyone own/rent here? How is it?

Its not as nice as below 125th and look on Curbed.com for articles on how its not nearly as nice as the other new condo bldg at 129th.