http://www.streeteasy.com/nyc/sales/central-harlem-manhattan/price%3A-1250000%7Cbeds%3E%3D3%7Cbaths%3E%3D2
gives you 58 results today
the same search with UWS gives 10 results and for Morningside Heights 3 results
Size and amenities are on average better in Harlem at the same description point, BUT Harlem is Harlem and as we know poised for a dramatic crash in real estate prices. UWS/MH will drop too.
Let us say that at some time in the not so distant future we have 50 apts showing up in the <$1.25 million range in this category, we could add >15000 sq ft to the screen (this gives 0 apts in the UWS at this point)
What would be the corresponding price in Harlem for the corresponding apt?
We can expect there will be hundreds of them since they are overbuilt. Do we project $500k as the benchmark?
If so, how many buy in Harlem (let us say the area near 110th) vs UWS
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Response by kspeak
about 17 years ago
Posts: 813
Member since: Aug 2008
I think becomes a blurry line/slippery slope as Manhattan Valley/Morningside Heights are kind of halfway in between. So we need to compare "prime" UWS (not park view - too few data points - but prewar zoned for top schools) with Harlem's best parts (West and South Central, excluding new Central Park North developments) to compare apples to apples.
In 2007 the discount seemed to be about 1/3 (33%) - if we can say prime UWS went for 1250 psf and prime Harlem for 750 psf (again, excluding ultra-luxury places with park views or ridiculous ammenities like huge terraces or super high ceilings). I think this discount will go to at least 50%, and likely closer to 60%, for the best parts of Harlem to best parts of UWS. Morginside Heights and Manhattan Valley somewhere in between. The worse the fall in the whole city, the greater the spread. On some level it comes down to how bad you think the whole city will fall ...
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I think becomes a blurry line/slippery slope as Manhattan Valley/Morningside Heights are kind of halfway in between. So we need to compare "prime" UWS (not park view - too few data points - but prewar zoned for top schools) with Harlem's best parts (West and South Central, excluding new Central Park North developments) to compare apples to apples.
In 2007 the discount seemed to be about 1/3 (33%) - if we can say prime UWS went for 1250 psf and prime Harlem for 750 psf (again, excluding ultra-luxury places with park views or ridiculous ammenities like huge terraces or super high ceilings). I think this discount will go to at least 50%, and likely closer to 60%, for the best parts of Harlem to best parts of UWS. Morginside Heights and Manhattan Valley somewhere in between. The worse the fall in the whole city, the greater the spread. On some level it comes down to how bad you think the whole city will fall ...