harlem

http://www.youtube.com/watch?v=UOg_8hCC4u4

LLLAAA, I have been looking in that area as well. Looks like all the new condos above 96th lining the park are all asking $1000-$1500 psf. So it really depends what you are looking for. if you want new building/construction/conversion with amenities next to the park then it will be good. Some people still don't like the area, personally I think the area is gentrifying quickly.

One of the largest condo buildings in harlem is 5th on the park - very nice place. There are a few other condo buildings - also nice - and some townhouses. 5th avenue is not my favorite block in the area, but it's nice.

Valuations in harlem have gone up a lot over the last 12 months, but still sell for a deep discount to UES and UWS. The valuations in these areas will probably converge over time, but may not ever reach parity.

What about the hamilton heights area? Will prices over there go up?

5th Ave above 110th street will depend on the block and the building. I am very bullish on Central Harlem and not so much on East Harlem. 5th Ave is on that cusp and can go either way. Even looking back in time, roughly 100 years ago, East Harlem was a slum and Central Harlem had premium housing stock. As to valuations, I am very much on the same page as Pawn. If I were to assume that the perception of Harlem as crime-ridden dissapates, which is true in Central Harlem and improved but not entirely the case in East Harlem, then you have to realize that geographically speaking that Harlem is further from the central business districts of Midtown and downtown than the UES and UWS. That distance will generally mean that the valuation from the UES and UWS will not likely ever reach parity.

5th on the Park is in East Harlem.

I think East Harlem below 103rd and along CPE is already more genetrified in a lot of places than the FDB corridor. Certainly rents and sales prices prove this. The T line will only increase this for this sourthern part of East Harlem. Above 106th, it may be true for longer, but its only a matter of time.

READ THE OP. It clearly asks about Fifth Avenue ABOVE 110. That means NO park.

I looked at a the penthouses of a couple of buildings - 2000 and 2056 Fifth. Both buildings had their own sets of issues.

LLLAAA, life is cheap in Harlem.

Back in 2009-2010 we looked along 5th (1400 5th, 5th on the park, Kalihari) but even then we liked fdb much better and we were right. Real estate on fdb corridor has gone up faster than we ever thought. I like hamilton heights for value more than east harlem.

Scarrednycgal, I don't want to hijack this thread with lots of Hamilton Heights comments since they are asking about a different section of Harlem. That said, take a look at this thread on Streeteasy for Hamilton Heights:

http://streeteasy.com/nyc/talk/discussion/26294-hamilton-heights-for-families

Harlem is only improving from here on. It is a great place to live.