Sale at 764 Saint Nicholas Avenue #PH

It's in Harlem.

"Hamilton Heights" is just a fancy name for Harlem.

I have a few thoughts on this unit. I took a look at the building about 3 years ago or something like that, when it first came to market. It is a townhouse re-configured into a condo. They didn't add an elevator and at this price point in the neighborhood, I would expect this for condo apartments. So the penthouse apartment is really for those open for a several floor walkup.

I don't know if the developer changed his tune at all in the last few years, but I doubt it because the unit remains unsold. Back then the developer was adamant that there would be no discount from the asking price. Again, the asking price for an apartment in the neighborhood is at the top end. At this price point- you are nearing the level of someone shopping for a townhouse. Granted this apartment has a higher level of finishes than what you would find in a townhouse near this price point...but you would be getting an entire house rather than a shared structure.

In addition to price, it's also a very small building, which means that it might be a greater challenge to get a mortgage. Also related to the size, if one unit defaults on the common charges- the other owners need to absorb the difference. In this case, while the common charges are low- I suspect they are too low in order to sell the apartment rather than to reflect the true needs of the building. Since it is such a small building, I am guessing they will likely be self-managed, which is a lot of work/responsibility.

Finally, with regard to the finishes..I did notice a few minor quality issues that I suspect the developer could correct. The only one that I noticed that really concerned me was how the penthouse outdoor space was constructed. It seemed like it was slanted to point water flowing from the deck inward- toward the building rather than away from it. I am not certain if this would be a problem or not- but it did seem like it could potentially cause problems.

Not to mention the proton-beam machines they're putting up in Harlem.

Do you think the particular block this unit is on could be causing difficulty in selling at this price, as well? This section of Saint Nicholas is definitely not as nice as the leafy brownstone streets nearby.

Is it possible that its location on Saint Nicholas Ave is a deterrent? It's not a leafy, brownstone street like others in the area. Also, the exterior isn't very attractive.