considering buying here as an investment

I recently purchased a 2 bdrm unit here and overall am happy with my investment. New construction and problems that come with that are present but hoping they are just growing pains. Although it is clear the developer cut many corners to try and save on expense. The super so far has been "okay" nothing to write home about. At present the super reports to the board president who happens to be the developer - it's clear his loyalties are to him. Regarding the management company; I'll just say look into them - Parkadon Management - they are use to serving a certain kind of low income population and so far they've applied the same practices to the new homeowners of 70west. Neighbors have been wonderful a real sense of community is being formed.

We are one of the first few moved into the building. Not a friendly building management. It is always unhappy about the residents with lots of complaints on residents. Even small unknown mistakes are exposed as big issues and law suits. There is no proper line of communication with building management except only through building superintend, but his reply is to communicate with building Management Company. As of now only communication for us to reach the building management is through realtor, who has been kind enough to try his best with no luck. They offered parking in the building, but it is useless. Indoor parking is impossible to park and it also accumulates lots of dust from the vent.

We are one of the first few moved into the building. Not a friendly building management. It is always unhappy about the residents with lots of complaints on residents. Even small unknown mistakes are exposed as big issues and law suits. There is no proper line of communication with building management except only through building superintend, but his reply is to communicate with building Management Company. As of now only communication for us to reach the building management is through realtor, who has been kind enough to try his best with no luck. They offered parking in the building, but it is useless. Indoor parking is impossible to park and it also accumulates lots of dust from the vent.

How many units are sold or have actually closed? Does anyone know?

I don't know the answer to your question, but you might be able to piece it together. There is a group of apartments allocated as affordable through city lottery system and seperately there is another 36 apartments that they are trying to sell as a bulk investment sale. http://arielpa.nyc/listing/52-west-139th-street . I am not sure if SE will allow the link- but you can search Ariel Property Advisors site for the bulk sale details - listed as 52 West 139th st. (52-70 W. 139th st).

My concern is that there’s a church (specifically a church nursery school ……St Marks the evangelist) at 55west 138th st (https://www.stmarkevangelist.com/preschool.aspx) right behind 70 west 139th building condos looking over the church(google street level). Many churches have sold off some/all of their properties to condo developers. If this is the case here as well, any view will be totally blocked by any new hi rise condo building. I tried googling for any info and dob…found nothing. Any thoughts? Thank you very much.

Ps……how old is this Ariel advisor listing?

I would worry that with a package that large owned by any single entity the building would never reach 50% owner occupancy or full unit owner control of the board.

Based on current residents' disclosures, it's not an investment opportunity unless the price is under $500/sqft

Anton……as per your $500 psqft…………$342k for a 1/1……never happen. Where are you going to find a 1/1 with approx 685 sq ft for $342k in Harlem? Your #’s are way off

mykonos55, look at the resident posts, are you going to spend half million to get all the troubles? I think for $342k, investors are willing to, but higher than that, not worthy

If you’re buying in bulk (rest of inventory, I agree). But if you’re buying 1 or 2 units only, they are the least expensive per sq ft in Harlem. Not a super great building but livable/rentable. Thoughts?

That means properties in Harlem are due to a correction.

In fact, the hype of Harlem is due to end, just my feeling.

I would bet that was for a restricted unit so you can't use it as a comp for a market unit.

Market rate. I bought.

I am an owner in this building and I can tell you for the price the offer is amazing. What I can also share is that currently the building has about 32 apts they are still trying to sell. Of the 32, 24 are listed as "affordable". The building has so much potential to be amazing however the developer is a total tool and has had a terrible managing agent and super - they just don't care, the elevators and lobby are not cleaned regularly, etc... however once the Board is form I am sure all of this will change. Until then, buy at this amazing rate and tax abatement and your investor will be well worth it.

Hi. What’s “useless” about the parking?

Hi. What’s “useless” about the parking?

Hi. What’s “useless” about the parking?

Hi. What’s “useless” about the parking?

Hi. What’s “useless” about the parking?

Hi. What’s “useless” about the parking?

Hi. What’s “useless” about the parking?

Hi. What’s “useless” about the parking?

What’s useless about the parking?

What’s useless about the parking?

What’s useless about the parking?

What’s useless about the parking?

What’s useless about the parking?

What’s useless about the parking?

What’s useless about the parking?

What’s useless about the parking?

The so call Harlem potential has been more than a decade, but the first wave of buyers are moving out now.

Why have many of the affordable units sold but most of the market rate not???

Because affordable units are like $250,000 ~$500,000 lower than market rate