Mirada at 161 East 110th Street in East Harlem

When prices start to fall they fall harder and faster in areas such as East Harlem.

Good question gamja78, I was wondering the same thing since Mirada isn't listed on Streeteasy so I can't even tell which units are gone (unless you go to their website and see which apartment #s are not listed?)

i've rented in east harlem for almost three years and i've considered buying and i'm uncertain, bu thinking of waiting-at least for another six months. i think the area is improving, but i've haven't see the kind of development that i think marks a change (starbucks, bars, restaurants, cafes) in the neighborhood as a whole. I think money can be made, but it will be another five years or so. I'm not sure of the exact location of the mirada, but i know there are some projects around there (might be further east though), so be careful. To answer your other question, i've seen new developments come down substantially in price. I saw a 495k condo sell for 415k just a few months ago.

jclifton19: The Mirada is on 110th between 3rd and Lex. It's right next to the post office and across the street from the Savoy bakery and the Aguilar Library. It's also a block away from the Amor Cubano restaurant.
As for the projects, there is a large cluster a block or 2 away on Lex between 110 and 108. I believe there is another large project between 3rd and 2nd starting 112th street and above.
I have lived here my whole life and have been amazed at the transformation. You are right that there is no Starbucks or "bar spot" as of yet, but there have been a bunch of new Dunkin Donuts opening up, lots of gut renovations of walkups (I believe something is going up between 3rd and Lex on 108th street as well now) and the general mixture of people has changed from only Hispanic/Black to more of an eclectic mix.

The prices per sq ft have also risen dramatically (too much IMO). There are tons of supermarkets but as someone eluded to before, the streets can be pretty dirty and there are a lot of eyesore buildings that will remain a fixture in this area.

Has anyone heard about a recent tax abatement change. It was allegedly reduced to 5 years.

....at the Mirda.

I'd expect a particularly big hit to that area once the "postponement" of the Second Avenue subway is announced. That new line's value is built into local condo pricing.

To answer the quetions below, though the questions are old - the tax abatement is 10 years. this building is right near the 6 line (half a block) so the east side train delay won't be that big of a deal for this building (it's also only blocks from the park). And my understanding is they will negotiate. It's a beautiful building.

Does anyone know what the common charges pay for? They are not bad, but higher than some of the charges I have seen in other condos in the area. Does anyone know if these charges cover utilities? Thanks.

The broker emailed me recently saying they have accepted an offer 15% below asking so there is movement. I like this building. Lots of bad developments in East Harlem but this seems decent to me.

I considered the Mirada but ended up buying at Observatory Place (First Ave/cross 104th) because at the Mirada there is harldly any closet space in the units and the layout seem less airy. Also, at the Mirada, most of the balconies are on the North side.

Does anyone have any other opinions of Observatory Place? I've been looking at places in East Harlem and that development is growing on me. I also thought the apartments feel brighter and more "airy" than those at the Mirada which feel a bit dim (which gets even worse with the dark tile color choices in the bathrooms). The high fees might be related to the full-time doorman and live-in super. Observatory Place has a part-time doorman (16 hours) and no live-in super. Obesrvatory Place seems like a good development in East Harlem, but am curious to see other people's opinions.

Walk around after dark and during the summer months before you make a decision.

I thought Glenwood built a rental up there on 103rd 5 years or so ago, I cant find it on their website.

It was opposite the projects and had a minibus to take you to the subway...

oops found it

Hampton Court 333 East 102 St

AdrienL, my wife and I viewed Observatory Place this past Sunday. Definately a nice building with some open layouts, but also some of the units have funky layouts (e.g., full windows on two sides of the room, one side of the room completely open and the wall space just barely large enough for a flat-screen, up to 50" -- I think this was the C line, maybe the A, which is also the model line. But, I haven't checked out the neighborhood during the evening hours, to/from work, to/from club, etc.

Vale, what kind of deal did you get at Observatory Place? 15% 25% 40% off listing price?

Thanks! I do agree that the bright and airy feeling that we really liked so much came at the expense of less well space making it really tricky to arrange furniture. I did learn that one of my coworkers lives around the corner at the Hampton Court (102nd between 1st & 2nd - rental complex). She's lived there two years and said she's never felt unsafe in the neighborhood, but it's just desolate. You can't just run downstairs to grab a coffee... you have to go at least a few blocks to get anything. That will eventually change, but may take a few years.

mfoxesq: what you say is correct about the 1 bedroom layouts between the 5th and the 9th floor.
However, all the 2 bedroom units have both light and wall space.

I bought as as soon as construction began, without a broker, and before the crisis hit Manhattan, therefore my experience does not apply at all. I do not regret it. It's a good building.

Thanks for the discussion, AdrienL and vale. I will keep my eye on the prices at Observatory Place. I am just uncomfortable purchasing at the current asking prices. Mainly anxiety or nervousness or whatever it is about this economy that has me rethinking the whole idea of owning in Manhattan (especially since my line of work is very, very specialized -- and well, it might be hard to find alternative work if my firm just tanks, not likely, but still bigger, marquee names have fallen).

Wondering if the fact that the Mirada is located so near the projects on Lex. will put a cap on the investment value of the property? Even if they add Sbux and other mass retailers?

Mirada offers the most direct subway connections, has two gardens attached. It is a few blocks from Central Park, steps from the 6 train and that means you do not have to walk around at night. I don't care where you live, if you're out late at night its prudent to take a cab back. Yellow cabs are always going into town on Lex. 110th St station is very small so chances of incidents here are low. No one mentioned underground parking in the building, which is very rare for a Manhattan Condo. Savoy Bakery beats Sbux any day of the week, twice on Sundays. Try the tiramisu there - excellent. I agree, to see huge returns you have to look at the investment in a 5-10 year time frame.

I am waiting for some foreclosure listings on this place.

I am interested in this Building but I am new in Ney York and need some information. Dose anyone know about Mirada?

sorry, I mean recent updates

One thing to take into account is that there are sometimes loud concerts on the little park next door on weekends, and the supermarket across the street closed down so grocery shopping is not as convenient now.

A lot are for sale. a few re-sales (already) so...click on the SE info above.

Thanks for the info! Noise factor & grocery store closure. Re-sales already? mmmm.... I have to think about those. Thanks again!

jason10006 -- which apts are the resales? Can you provide more info. Thanks

There are no resales in this building.

I am thinking to buy an apartment in the building but there are still problems with construction. Does anyone know if it is safe to buy in the building?

It looks like there has been a lot of work done on the building in the last few years. Since the building was new, I cannot imagine what else this would be if not repairing the defects
http://a810-bisweb.nyc.gov/bisweb/JobsQueryByLocationServlet?requestid=1&allbin=1087779&allstrt=EAST%20%20110%20STREET&allnumbhous=161

I also notice that it was issued a permanent certificate of occupancy last year, which is another good sign. When the units were first sold, it was done under a temporary CofO. It then went several years without any CofO, before this new one was granted (probably while it was being repaired).
http://a810-cofo.nyc.gov/cofo/M/104/352000/104352095F.PDF

In any case, I can't say for sure whether there are any problems, but at the surface it looks like it is probably ok.

However, it does looks like there may be some problems with the heating system.
https://revaluate.com/report/161-East-110th-Street-New-York-NY-10029

Also, someone above mentioned a tax abatement. I do not see an abatement, but it does have a 421A exemption with four years remaining. Not a bad thing.

Any recent thoughts on the building and the neighborhood? What's the vibe of the building, how is the garage access, roof deck, gym? Are there good grocery store, coffee shop, bar options within 1-2 blocks?

Your best bet is to take a walk around the area. Are building gyms even open right now?