building at 1399 Park Avenue

which streets are the nicest and safest in Harlem?

well, this is east harlem, which has fewer nice areas than west harlem.

If having a housing project on one side and Metro north on the other is a problem then i wonder how Extell is going to do with a building surrounded by housing projects, a bridge and a highway.

One Manhattan Square? It's not going to do well with locals. Thats why they exclusively marketed in china first, and build in so many amenities you'd never have to leave. (Though it kind of defeats the purpose of having a place in NYC then).

Looks like construction lenders are getting nervous on that one too.
http://www.thelodownny.com/leslog/tag/one-manhattan-square#

I used to shop at that Pathmark because it was one of the only supermarkets in Manhattan that had it's own (free) parking lot.

The closest subway stop (East Broadway) to One Man is pretty dingy/dark/dirty. But yeah, sell these apts in Asia, they have no clue what the hood is really like. I grew up down there so it nice by my standards, but this development is really glitzy and its buyers may be expecting better.

I remember when the enclave and azure were being built and the haters would come on and babble about being surrounded by projects. The same thing for developments like the Kalahari or anything in west harlem. Now those buyers are sitting on huge profits. Actually anyone who bought a condo in manhattan anywhere is sitting on huge profits.
Fact- only 30% of the housing in manhattan is available for purchase. That is not going to change. It is a global city whose buyers v rental numbers are the best in the world when it comes to long term investment.
Purchasing now in east harlem nearcentral park will likely result in a very wise decision in 6 -10 years. Just look at any other neighborhood in manhattan for proof

azure is a land lease coop. i think still not sold out.

Actually a lot of the Azure resales are taking big price chops and may lose money. But that's separate issue because it's a land lease building which I think scares away a lot of buyers. Also Kalahari etc sales occurred at bottom of the market, buying now near recent market peak anywhere may not lead to such large gains in a few years.

ok if you want to nitpick about the azure...the bottom of the market in manhattan was 15% or so in new developments. My point is that there are dozens of units surrounded by "projects" in Chelsea, harlem even the upper west side. That is manhattan real estate. Take advantage of the current glut in new development and buy something. the glut will be gone in 18 months - 3 years . I am glad I bought in 2013, I cant afford the new developments that are going up now 3 blocks from me

Since you like to cherrypick I will return the favor by only focusing on the Enclave in Chelsea which is next to a huge project in chelsea

It appears the Enclave also originally sold at bottom of market in 2009/2010 as well.

units seem to be good value and selling quickly. Any thoughts?

I went over to actually see the location and it is extremely depressing. Surrounded by projects, train tracks, bodegas and those churches that have bars on the windows and neon cross signs. I'm thinking most people buying the units are investors seeking to rent them. You can't gentrify metro north RR tracks and public housing complexes, so I don't see a lot of future upside.

That's why I compared it to 1 Manhattan Square supra. I don't know if people who don't actually walk through the surrounding neighborhoods in either of these 2 locations know what they are getting themselves into.
http://gothamist.com/2017/04/30/four_men_break_into_mans_apartment.php

PS Since they only recently announced they had sold the first 100 units (out of 800) it doesn't seem that their scheme of selling exclusively in Asia first worked all that well.

30, Nice data point on 1 Manhattan Plaza. I guess they will need to take a big price haircut and offer shuttle service to the nearest subway. What do you think is the appropriate price cut?

As wongepea pointed out, the nearest subway station is the F at East Broadway which is not only fairly dingy, but already somewhat overcrowded because it basically is the station which serves all the projects in Two Bridges and then some.

I'm not sure how much they would need to cut prices to move the units because I see the issue as not so much a price issue. What's a good deal on a lime green leisure suit?

Or maybe buyers are considering the pending upzoning and further development of East Harlem while looking at objective data compiled by the NYPD http://www.nyc.gov/html/nypd/downloads/pdf/crime_statistics/cs-en-us-023pct.pdf

You know what is dangerous? Making broad generalizations about entire neighborhoods based on a single news report.

but at just over 1000 per sq ft for some units, don't you think it's priced accordingly for the location?

I didn't say anything about crime in East Harlem, I just said that location is depressing. And it is. They can't re-develop the metro north tracks and they are not going to tear down the public housing (not that they should) so that particular area surround this building is not getting any better.

thats true, which is a shame, however i'm still considering putting forward an offer... the big draw for me is the park being only 2 blocks away and proximity to the subway. hard to get that at this price point in manhattan. i heard sales are really picking up and may be a top seller last qtr. looks like they are increasing some of the unit prices now...

One Manhattan Square is very funky development; by far, it is not for everyone.
Surrounded by low income housing, in addition, there is a clinic for mentally ill patients next door.
All put together, it makes is a very unwelcoming neighborhood.
it will never change. There are locations and there are locations.
30 years is absolutely correct about buying Manhattan RE. It would appreciate over time moving forward. One needs to use common sense and stay way from land lease and questionable locations.
Condos grew on me as it makes more sense for New Yorkers looking to live in the place for many years.
Less turn over and more homogenous crowd makes more sense for families and people looking for stability and less surprises. It is debatable, of course.

NLP888 if you have walked around the neighborhood and it doesn't bother you at all, by all means put in an offer. Neighborhood is worth more to some than others, so whether the price discount is appropriate or not for the location is pretty subjective.