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Thread: Harlem Residential Development

  1. #61
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    Default 220 West 148th Street

    August 27, 2009

    DWELL: P.S. 90 Condominiums







    After the seeing the on-going, decades long saga of P.S. 186 at a standstill, its refreshing to see that there has been progress in restoring some of the other historic schools in Harlem. P.S. 90 is slated to open its doors again this fall as condominiums and we dropped by to see how it was coming along this past weekend. Closed since 1975, it will be almost three decades later for the school building to open once more. Located in between the blocks of 147th and 148th Street between FDB/8th Avenue and ACP/7th Avenue, the building really is the last transformative events to happen to this section of Harlem. On the FDB side, and the 148th Street section at the front of the building, the old prewar building are pristine and the sidewalks look brand new. Only the 8th Avenue section that borders this micro nabe is still a little rough around the edges with some views of lofty old public housing buildings at the end of the block. We were thrilled to see that many new windows are up for the majority of the building and that the light at the end of a long tunnel seems to be at hand. Bravo to the website also. It's one of the best designed ones we have seen so far that gives a nod to history and is contemporary at the same time: www.ps90condo.com.

    http://harlembespoke.blogspot.com/20...dominiums.html


    What a gorgeous room (larger version on the PS90condo website)...







    And marvelous architecture...



    1 bedroom:



    2 bedroom:



    http://www.halstead.com/detail.aspx?id=1640794
    Last edited by Merry; August 28th, 2009 at 11:13 PM.

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    Default 10 St Nicholas Place

    Harlem Circus House Sells for Over 75% Off Original Price

    August 31, 2009, by Joey

















    The Greatest Show in Harlem has finished with a bang. Built in 1886 for circus promoter James A. Bailey (of Barnum & Bailey fame), the limestone castle "with turrets, porches, balconies and no fewer than 66 windows" at 10 St. Nicholas Place in upper Harlem hit the market for $6.5 million earlier this year. But not even the world's best tamer could whip a lion into shelling that out in this volatile market, and so the price on the neglected nine-bedroom mansion was soon reduced to $3.5 million. All eyes were on the Bailey Mansion when it went into contract at the end of July, and now the tears of a clown have been exposed for all to see.

    Records posted to PropertyShark reveal that the deed transfer was recorded on August 19, and the sale price at 10 St. Nicholas Place was just $1.4 million, or $170 per square foot. Of course, that cold calculation doesn't even include the Belcher mosaic glass, 12' high mercury mirror, French polished oak floors and all the other dramatic original details in need of a thorough dusting. Steal of the year? The buyers are listed as Martin and Jie Spollen, and the speed of the deal makes us think this was an all-cash arrangement. For one last time before it again goes into hiding for who knows how long, have a look inside this uptown curio.

    Listing: 10 St. Nicholas Place [Stribling]
    10 St. Nicholas Place [PropShark]

    http://curbed.com/archives/2009/08/3..._price.php?o=1

  3. #63
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    PS90 condominiums: A test case in Harlem

    Former schoolhouse conversion PS90 could be bellwether for uptown sales

    October 01, 2009

    By Steve Cutler


    A rendering of PS 90 at 220 West 148th Street

    Its staggering decade-long, rags-to-riches rise made a revitalized Harlem the media superstar of the Manhattan real estate boom.

    Which makes its steep fall all the more tragic. According to data from Miller Samuel, Harlem saw only 83 co-op and condo sales in the first two quarters of 2009, a more than 51 percent plunge compared to the 171 sales from the same time last year.

    But at least one bold and unique new project is coming to market and could be a new bellwether for future residential activity there.

    Indeed, strong sales at PS90 Condominiums -- a $40 million conversion of a century-old public school that just opened its sales office last month -- could be an important boost for the Harlem market.

    In many ways, the project, which is located at 220 West 148th Street between Adam Clayton Powell and Frederick Douglass boulevards, seems well suited to this type of market.

    For one thing, 20 of the building's 74 units will be middle-income, a fact that has earned the project the blessing of the non-profit Harlem Congregations for Community Improvement, which is helping to market the affordable apartments.

    The remaining 54 market-rate units will include three studios, 18 one-bedrooms, 32 two-bedrooms and one three-bedroom. The apartments are going for between $450,000 and $899,000, and are priced to sell, according to Alicia Glen, managing director of the Goldman Sachs Urban Investment Group, which is financing PS90. Perhaps even more important these days, they were priced to get financed.

    "They are all priced so that you can get Fannie Mae conforming mortgages," Glen said. "We're very sensitive to price point, not just price per square foot," which ranges from about $600 to $700.

    Glen added that because L & M Development Partners, the developer of PS90, got involved in March 2008, after the height of the market, it can offer "real affordable alternatives to a lot of the other stuff on the market, because [competing projects] have had such a huge basis that they can't take lower prices."

    The cost basis for L & M was partly kept down because the company bought the property from the city at a sizable discount, primarily because after being abandoned for 30 years, it was a wreck.

    "The Board of Education and the School Construction Authority evaluated whether there was any cost-effective way to reconstitute it as a school," said L & M vice president and PS90 project manager Jon Cortell. "Their estimated costs were just extraordinary, astronomical numbers."

    L & M "paid for the required demolition and cleanup," he said.

    The apartments, which are being marketed by Halstead Property, also come with a J-51 tax abatement, which will keep maintenance charges down for 15 years. That could be a big selling point for potential buyers in this down market.

    The high-capacity 1905 steel frame was in good shape, but most of the building's interior was beyond repair, including all the concrete slab floors, which had to be torn out and replaced.

    The building's elaborately ornamented Gothic terra cotta and limestone exterior will be re-pointed and restored to its original detail, down to the playful gargoyles and beaver and eagle stone carvings.

    The front and back courtyards on West 148th and 147th streets, formed by the H-shape of the building, will be landscaped, giving interior apartments garden views.

    The south-facing upper floors, meanwhile, will have Midtown views and several north-facing units will have a clear view of Yankee Stadium. The apartments will have 12-foot ceiling heights and 10-foot-high windows -- big, explained Cortell, "because it was designed before there was a tremendous amount of electrical illumination."

    The building's designer, Charles B. J. Synder, chief architect and superintendent of New York City schools from 1891 to 1922, "was one of the catalysts for the expansion of window sizes," Cortell added. "He helped to create these open windows that would bring light and air to schoolchildren."

    The school's top-floor gymnasium and locker room were the most distressed areas of the building, requiring the most renovation. A new floor was also erected on top of the existing school, which will contain glass-walled penthouses with large private rooftop terraces.

    A new parapet matching the scheme of the original façade was designed by the architect Mark Ginsburg to obscure the penthouse addition. For one of the one-bedroom penthouses, Ginsburg sculpted a gargoyle with its tongue sticking out on the parapet that joins the new construction to the old.

    "Clearly the original builder had a sense of humor," said Ginsburg. "Although it was a school, these gargoyles are pretty silly and wonderful."

    In the entrance lobby, Ginsburg was faced with the challenge of adding an exposed balcony that winds around the 24-foot-high space at mid-height without drastically interrupting the dramatic open expanse.

    "To support that balcony," he explained, "instead of having columns below, which would have really gummed up the entry, we are hanging it off the ceiling. There are rods that come down and pick up the structure."

    Halstead opened an off-site sales office last month, and the building will be ready for occupancy sometime in the spring or summer of 2010.

    The fact that the condo is located in an old school, said Stephen Kliegerman, director of development marketing for Halstead, "gives us fun things to play with" -- a refreshing contrast, he added, "to selling this lifestyle of a couple in a tuxedo looking out onto the skyline."

    But really, how much fun can it be selling apartments in Harlem right now?

    "The truth of the matter is that we've seen a lot of success in Harlem since the beginning of the year," said Kliegerman. "We've sold 22-plus units at Kalahari; 10-plus units at Graceline Court; all five units we inherited at Strivers West; and Savoy West sold the majority of its units."

    Product in Harlem selling for $600 to $700 a square foot is moving, he said.

    PS90 has several units listed in the low-$500s a square foot (according to listings posted on the Web site of Halstead's sales director for the project, Sidney Whelan). And few go above $700 a square foot.

    It certainly looks like the building may be off to a good start. Three days before the building opened its sales office, it clinched its first buyer.

    "We have a verbal offer that has been accepted already," said Glen. "At ask!"

    http://therealdeal.com/newyork/artic...case-in-harlem

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    INTRODUCING: The Balton and the Douglass







    Finally! The ugly, huge swath of land that's been a gigantic open lot from West 127th Street to West 128th Street between St. Nicholas and FDB/8th Avenue will be no more. The city broke ground last week for the Balton (top image), which will be a mixed income building set to open in 2011. Overall, 226 new apartments will be shared between two buildings and there will be 15,000 square feet of commercial retail space on the ground floor. A smaller, sister building called the Douglass Park on the West 128th side of the block, is set for construction in 2010. Another interesting point is that SLCE Architects will be handling this project and they are also the firm involved with the Museum of Modern Arts daring futuristic tower in midtown: LINK. The last photo is that of the grounds which have been walled in and construction is surprisingly coming along at an amazing clip. The websites for the two buildings are not complete but the initial drawings are available: www.balton.com or www.douglassparknyc.com

    http://harlembespoke.blogspot.com/20...ng-balton.html

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    Curbed Inside: Harlem's PS90 Gets Un-Schooled

    November 6, 2009, by Sara


    The north side of the school-turned-condo. The architects held on to the school's 1905 exterior for its next life.


    (click thumbnails for larger versions)

    [Photos by Will Femia] We're a little late for back-to-school night, but this week we ventured up to former Development Du Jour PS90, at 220 West 148th Street, to get a look at the recently-unveiled model unit and the state of construction. The development was once a public school building, and its most gothicy features -- gargoyles! -- are sticking around for its next life. But the interior has been gutted to prevent all disturbing middle school flashbacks (though schoolhouse-y light fixtures planned for the hallways may be a trigger). The amenity package also includes a work room where residents can pursue messy projects like furniture painting without having to ask for a pass to study hall. We're not sure the adaptive reuse awesomeness and Yankee Stadium views will be enough to lure buyers uptown -- according to the listings, one contract's been signed -- but we'll find out on the first day of school occupancy in mid-2010.

    Listings: PS90 [Halstead]
    Development Du Jour: Harlem's PS90 Condos [Curbed]


    http://curbed.com/archives/2009/11/0...unschooled.php

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    Making a Case for Frederick Douglass Blvd as Harlem's Gold Coast

    November 20, 2009, by Joey



    Blog Harlem Condo Life uses the occasion of the opening of The Douglass (formerly called The Savannah, right) to anoint Frederick Douglass Boulevard as Harlem's Gold Coast. (And really, every neighborhood needs a Gold Coast, right?) In addition to the Douglass at #2110, there's 2280 FDB, Livmor, the Aloft and plenty of other new stuff sprouting. HarlemGuy writes:
    "I’ve come to view Frederick Douglass Boulevard (F.D.B, which is Central Park West above 110th a.k.a 8the Avenue) between 110 and 125th as Harlem’s Gold Coast, from a resident’s perspective. ">I’ve come to view Frederick Douglass Boulevard (F.D.B, which is Central Park West above 110th a.k.a 8the Avenue) between 110 and 125th as Harlem’s Gold Coast, from a resident’s perspective.

    And here's why. >>
    * Nestled adjacent to two kid-friendly parks – Central and Morningside
    * Easy access to the Hudson River, it’s great promenades and a wide variety of recreational and dining opportunities
    * Accessible by all major local and express West Side subway lines (1,2,3,A,B,C,D)
    * Several publish libraries
    * Within walking distance to several magnet/charter schools
    * Quick access to Metro North and LGA airport
    * Down the hill from Columbia University and Broadway
    * In the gateway to Harlem including all the shopping, entertainment and culture that Harlem has to offer for residents and tourists alike
    * Is exploding with housing and restaurants
    Is quick access to La Guardia what made Fifth Avenue a Gold Coast, too? That Andrew Carnegie must have had some Magic 8-Ball!

    New Condo Readies On Harlem’s Gold Cost [Harlem Condo Life]

    http://curbed.com/archives/2009/11/2...coast.php#more

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    INTRODUCING: 88 Morningside Condos





    We were sad to hear that, early in the year, the Church of the Master decided to sell their historic, century-old house of worship (lower photo) to developers. The 115 year-old neighborhood institution was demolished this past January, and the new condo complex called 88 Morningside has arisen on the plot at the south corner of West 122nd Street. The brick has been coming up on the side of the building, so the completion might be within one year of the former church's demise. The new luxury condo's neighbor, 92 Morningside Avenue (which we mentioned previously), is a burnt-out, graffiti-covered, massive shell of a building. It would have been nice to have kept the charming church view and developed the apartment building shell instead. The challenge now is how the developers will conceal the messy view of its rather cumbersome next-door neighbor when they try to sell units next year. Read more about the history of the Church of the Master and see the last color photograph taken of it in our previous post: LINK. The closest subway to this new development is the A,B,C,D at 125th Street. For a preview of the final product, go to: www.88morningside.com.

    http://harlembespoke.blogspot.com/20...de-condos.html

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    Douglass Makes Its Debut on Harlem's Gold Coast

    December 1, 2009, by Sara




    (click thumbnails to enlarge)

    Location: 2110 Frederick Douglass Boulevard, at 114th Street
    Size: 38 one-, two-, and three-bedroom condos
    Prices: $529,000 to $969,000
    Architect: Danois Architects
    Developer: BRP Development
    Sales & Marketing: Halstead Property Development Marketing

    Lowdown:
    We offered a teaser of Frederick Douglass Boulevard's The Douglass (formerly known as the Savannah) last week, but today we're back uptown to give it full Development Du Jour status. What's inside the poster child of Harlem's wannabe Gold Coast? Nine stories o' condos, ranging from 762 to 1,355 square feet. The four penthouses have Central and Morningside Park views, private terraces, and, because Morningside Heights takes its Gold Coast seriously, Calcutta gold marble countertops. If those countertops are on your Christmas list, the building has a 25-year tax abatement and FHA financing available.

    Official Website: The Douglass [thedouglasscondo.com]
    Listings: The Douglass [Halstead]
    Making A Case for Frederick Douglass Blvd. As Harlem's Gold Coast [Curbed]

    http://curbed.com/archives/2009/12/0...gold_coast.php

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    New Metropolis Condos Come With Bamboo

    December 2, 2009, by Sara




    (click thumbnails to enlarge)

    Location: 51 East 128th Street
    Size: 13 one- and two-bedroom units
    Prices: $350,000 to $465,000
    Architect: Peter Wiederspahn
    Developer: Claudia Weldon
    Sales & Marketing: Halstead Property Development Marketing

    Lowdown:
    Harlem's Metropolis condominium is the neighborhood's second Development Du Jour of the week. Sales launched yesterday at Metropolis, which bills itself as "eco-friendly and cost effective." The green features include a solar water heater, energy efficient windows, and LED lighting for building common areas. But humdrum, if ecologically friendly, utilities do not a Development Du Jour make! Each unit also has outdoor space, and some have private bamboo gardens. Yes, that's right, private bamboo gardens! Worth the $350,000 to $465,000 tax-abated trip uptown?

    Official website: Metropolis Condominium [metropolis128.com]
    Listings: Metropolis [Halstead]

    http://curbed.com/archives/2009/12/0...ith_bamboo.php

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    A House in Manhattan for Under $1 Million

    Yes, a house. In Harlem, a few brownstones have slipped back into six figures—though not every one is in turnkey shape.


    140 West 130th Street
    Price: $675,000


    126 West 131st Street
    Price: $899,000


    215 West 131st Street
    Price: $995,000


    251 West 131st Street
    Price: $800,000


    167 West 126th Street
    Price: $990,000


    1990 Madison Avenue
    Price: $910,000


    102 West 132nd Street
    Price: $875,000


    239 West 120th Street
    Price: $689,000


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    Momentum in South Harlem

    By IRWIN ARIEFF


    NEW ON THE BLOCK
    The amenity-filled Douglass condominium came on the market in late November.


    73 UNITS
    The Livmore, on Frederick Douglass Boulevard and West 115th Street, is scheduled to open in January.


    A MINI-BOOM is rippling along Frederick Douglass Boulevard in South Harlem, with the Douglass, a 38-unit luxury condominium at West 114th Street, the latest to join the scene.

    Known not too long ago for its abandoned buildings and stubborn street crime, the area now has amenities like a yoga studio and a pet day care center.

    Heading north from Central Park, the area along Frederick Douglass Boulevard from West 110th to West 138th has long been viewed as ripe for renewal. Several developers are banking on it, even as the recession keeps a lid on asking prices.

    Fueled by the A, B, C and D subway lines that run beneath it, the mile-long stretch is gaining momentum from new restaurants and businesses. Recent arrivals include a Starbucks, a Dunkin’ Donuts and a Chase bank. A Best Yet Market is to open next month at West 118th Street. And Starwood Hotels will open a midpriced boutique-style hotel in May at Frederick Douglass Boulevard and West 124th Street.

    Before the recession, a high-end apartment in South Harlem was going for as much as $800 a square foot. Today, it might be $600 to the low $700s, said Stephen G. Kliegerman, the executive director of development marketing for Halstead Property, which is handling the Douglass. Other real estate professionals estimated the decline in South Harlem at 10 to 25 percent.

    “These price points are relatively similar to downtown Brooklyn or Fort Greene,” Mr. Kliegerman said, “but here, you are in Manhattan.”
    While many were predicting last year that the Harlem market would slide into the $400 to low-$500 range per square foot, “it never really came to that point” and prices have now bottomed out and are stabilizing, he said. “A lot of buyers who were actually pushed out of Harlem a year or two ago because prices rose so quickly are now able to come back because prices are a little bit more reasonable.”

    Adding to the area’s allure are 25-year real estate tax abatements granted a number of new buildings, including the Douglass, under the city’s 421-a plan, which rewards projects that set aside some apartments at reduced prices for low-income buyers.

    The Douglass (thedouglasscondo.com), which came on the market in late November, offers one- to three-bedroom units ranging from 762 to 1,355 square feet and from $529,000 to $969,000, putting the average price in the mid $600s per square foot.

    Amenities at the Douglass include hardwood floors, granite countertops and high-end appliances, among them washers and dryers.

    The four penthouses have 12-foot ceilings, skylights and private terraces. There’s also a shared courtyard and fitness room. Basement parking spots are being sold separately, for $50,000 each. There is a subway stop at 116th Street; Central Park starts four blocks south, and Morningside Park is a block and a half to the west.

    During its first four weeks on the market, interest in the Douglass was very strong, even during the snowstorm last week, said Sheree Yellin Satos, the building’s sales manager. “Offers have been made on six properties, four of these have been accepted and there are negotiations on a few more,” Ms. Yellin Satos said, declining to say precisely how many more.

    A second luxury condo, the Livmor (livmor.com), with 73 units and the same 25-year tax abatement, is due to open officially in January at 301 West 115th Street.

    “We have had a great deal of interest, even before the printing of the offering plan,” said Dawn Tsien, an executive vice president at Prudential Douglas Elliman, which is handling sales for the Livmor.

    It will offer one-, two- and three-bedroom apartments from 808 to 2,100 square feet and priced from the mid $400,000s to $1.1 million or $1.2 million, some with private roof terraces. Amenities will include a yoga studio, a media room with projection TV, a children’s play space and a kitchen for catered events.

    “I consider the Franklin Douglass Boulevard corridor to be an extension of the Upper West Side at this point,” Ms. Tsien said. “Many years ago, some people said you couldn’t go above 68th Street, and now it is even above 125th Street.”
    Ms. Tien described potential buyers at the Douglass and for Harlem in general as “people who are perhaps priced out of the Upper West Side. It is like any emerging neighborhood,” she said. “People have been moving to these various areas because of the attraction of the size of the apartments and the affordability of the product.”

    The crime rate in the South Harlem area is roughly comparable to that of the Upper West Side precinct directly to the south, according to police figures. In the 28th Precinct, which stretches from Central Park North to 127th Street between Morningside and Fifth Avenues, there have been 869 crime complaints so far this year.

    The 24th Precinct, which runs from 86th Street to 110th between the Hudson River and Central Park West, has recorded 946 crime complaints so far this year

    The Douglass and the Livmore join condominiums like SOHA 118 at 301 West 118th Street. SOHA 118 (soha118.com) is a 15-story building with 91 apartments ranging from one- to four-bedrooms. The building opened its doors in early 2008 and about two-thirds of its market-rate units have so far sold.

    The Corcoran Group, which is handling sales, shows two- to four-bedroom apartments at 1,100 to 3,400 square feet and ranging in price from $740,000 to $3 million. A four-bedroom penthouse, going for $3 million, is at 3,400 square feet said to be one of the largest condos available in Harlem at this time.

    “At the beginning of 2009,” said Vie Wilson, a senior vice president at Corcoran, “the market wasn’t doing much of anything. But within the last six months, six apartments have sold. There has been more interest, more people coming to see, more people making offers.”

    The emerging luxury market is drawing almost every category of potential buyer, agents said, including families, young professionals, single women, gay couples and empty-nesters seeking to move back into the city.

    “There are probably 15 or 20 new condo or co-op buildings that have popped up between 110th and 125th along Frederick Douglass Boulevard in the past six or seven years.,” said Eric McLendon, a senior sales associate at Corcoran. “It is good for the neighborhood and it’s good for buyers as well, and the spring market is poised to be a big one. Any buyer that comes up here is going to spend much less than in other parts of the city and get more, and these luxury buildings are attracting a wider audience.”

    “Harlem Guy,” a blogger at HarlemCondoLife.com, a Web site dedicated to “all that’s great about Harlem,” calls southern Harlem “truly spectacular.”

    “You have new condos, new stores and new restaurants springing up,” he said in a telephone interview, concealing his real name, he explained, to ensure that he and his fellow bloggers can write honestly.

    “It takes just half an hour to get home from Midtown by cab or train, and it’s a true melting pot, just what New York is meant to be. If you’re a local, you may feel priced out or unhappy over all the recent real estate activity. But from what I see and hear, there is plenty of room for everyone in Harlem; it’s a huge piece of New York.”

    http://www.nytimes.com/2009/12/27/re...rlem.html?_r=1

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    Mini Condo O' Rama: Lower Frederick Douglass Edition


    Left: Newly opened Livmor Condo (115th+116th) Right: Park Central Condo (118th+119th)


    That's my name! Left: The Douglass Condo (114th), Right: The Douglas rental (117th)


    Gentrify me! Left: Frizzante and The Winery (117th) and Starbucks at SoHa 118 (118th)


    Left: Vacant lot at 117th, Is that beam a 421-a marker? Right, FD Mosaic in Cathedral Pkwy station

    (click images to enlarge)

    Have I beat the Frederick Douglass horse to death yet? Maybe, but I've got the shots so I am going to go with them.
    While most NYC development has ground to a halt, I was impressed by how much is continuing to happen on FDB south of 119th. It really has gentrified. Starbucks, Rite Aid, a wine bar? As much as it has cleaned up, if you look at the wrong block you would struggle to realize that you are in New York. For that, I am a bit sad, but, I guess it beats vacant lots.

    Previously:

    Lower Frederick Douglass: Gateway 2 Rises From The Ashes (AFB)
    Frederick Douglass Circle Is Open! Well, Sort Of...(AFB)

    http://afinecompany.blogspot.com/201...frederick.html

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    Default 130-150 West 128th Street

    INTRODUCING: The Dempsey Apartments







    UPDATE: The new housing complex on 130-150 West 128th Street, between ACP and Lenox, is called The Dempsey and will consist of 80 affordable housing units with six stories and 78,000 square foot total living space. The $23.4 million project is financed with $15 million worth of fixed rate, tax exempt bonds. The design looks initially spare but upon closer inspection, contrast brickwork at the base of the building, windows with lintels, corner battlements and rooftop handrails that mimic balustrade are all modern renditions of later prewar designs. There's a bit of glass in the center entrance way which adds a little lightness to the entire structure and provides a nice divide between two sides of the new structure.

    We might add that this development looks pretty updated for something that is affordable, well designed and contextual to the neighborhood. Unlike the massive urban renewal projects of the past (that have been shown to depreciate surrounding property values), this type of architecture keeps the integrity of the neighborhood intact and looks much better than the wasted space of the former parking lot. Read more about it here: LINK. The closest subways are the 2,3 at 125th Street.

    http://harlembespoke.blogspot.com/20...partments.html

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    Bad timing hurts Harlem condo

    By Katherine Dykstra



    After steamrolling across the city, the condo boom headed to Harlem, promising high-end buildings in a neighborhood more known for historic brownstones. Many of those condos are now hitting the market during the bust, and developers are doing more than just dropping prices. They are looking for ways to trim costs, scale back amenities or squeeze margins.

    The list of Harlem projects that have either just come on the market or are getting ready to launch is long.

    In December, the 11-unit Sedona at 346 East 119th Street had a soft market launch, as did the 13-story Metropolis, which has 13 units, at 51 East 128th Street. The Douglass, at 2110 Frederick Douglass Boulevard, added 38 units to the market. At 2131 Frederick Douglass Boulevard, LivMor's 73 condos were listed in January. The Madera, at 18 West 129th Street, has 12 units on the way. The Embelesar, at 152 East 118th Street, has 14. And the list goes on.

    "They all jumped at the same time," said Vie Wilson, senior vice president at the Corcoran Group, who is selling units at the Madera and the Embelesar. "It takes 18 months to two years to build out and that's why right now there are a lot lined up to come on the market."

    That means the competition these days is intense.

    "I was hoping to be closer to $600 [a square foot]," said Jacques Guillet, the project manager at the Metropolis. "I cut my expectations in terms of pricing." Now, he's asking in the mid-$500s a square foot.

    But Guillet was also able to trim construction costs by slightly modifying the building's green amenities. Rather than putting in a so-called live green roof, or landscaping over the entire roof, Guillet invested in "greening" 20 percent of the roof's surface. The buyers, if they're interested, can green the rest themselves.

    Others are targeting margins.

    "We didn't cut back on the finishes or the amenities," said Geoff Flournoy, one of the principals at BRP Development responsible for the Douglass, which is asking around $640 a foot. "It's just tighter margins for everyone at this point."

    Some developers are choosing to stick to the prices they set from the start, even if it means holding out for buyers.

    "To be completely candid, we forecasted that we could have more sold [by this point], but our price per square foot is the same," said Hans Futterman, the president of RGS Holdings, which is developing 2280 FDB.

    The 89-unit building has sold 31 units after 16 months on the market. The asking prices are in the mid-$700s a square foot. (Futterman also has plans for a mixed-use property directly across the street from 2280 FDB that will be "twice its size," with a supermarket on the ground floor.)

    And ironically, the timing may have helped Futterman. "Had we completed our building a year ago and were sitting on the market with a matured construction loan, we would have had to reduce prices to get rid of units because the financing structure has time lines," he said. "Having not been completed was a big part of why we didn't have to make substantial reductions."

    While Harlem developers are clearly struggling, none of the buildings are monoliths with 300 or 400 apartments to sell, like some new offers on the Upper East Side. Manhattan House on East 66th Street, for example, has 400-plus units.

    And in some cases, Harlem developers have actually cut back on concessions as sales have improved.

    The 32-unit Graceline Court, at 116th Street and Lenox Avenue, is a good example. The building is no longer offering 5 percent off the closing price because it has had six new deals signed since late fall.

    After returning six deposits last summer, the developer lowered prices in the building twice. Units came on the market in 2007 at nearly $800 a square foot, but now are priced between $550 and $725, according to Leo Munoz, an agent at Halstead Property selling the project.

    "A developer who went in expecting $600 to $700 a foot will have a different start today than one who went in expecting $900 a foot," said Stephen Kliegerman, the executive director of new development marketing at Halstead, which is handling sales at a number of new condos in Harlem, including the Douglass at 2110 Frederick Douglass Boulevard and PS 90 Condominiums.

    "The entire economic boom helped to buoy neighborhoods that had previously struggled," said Kliegerman. "All this happened in 2005, on the tail end of the growth that was already being seen downtown."

    Lew Futterman, the developer of Fifth on the Park, said at the "height of the market we were 97 percent sold," but that "some of those fell by the wayside" after buyers backed out. The 159-unit building, which went on the market in May 2007, has closed between 40 and 50 percent.

    Still, Harlem developers have an edge: Prices, even at $700 a square foot, are still lower than they are on the Upper East Side, the Upper West Side and in Lower Manhattan. Units at the Sedona, for example, start at $430,000, or $580 a square foot.

    "You have to remember that Harlem has the lowest price per square foot in the city," Corcoran's Wilson said. "So when the market fell we were the first place to lose ground, but when it recovers we'll be the first place to gain it because it's still the cheapest price per square foot in Manhattan."


    http://therealdeal.com/newyork/artic...-harlem-condos

  15. #75
    NYC Aficionado from Oz Merry's Avatar
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    The Parc Standard looks really weird stuck incongruously between those beautiful old buildings.


    A Look at Harlem's Condo Oversupply

    April 1, 2010, by Sara


    The Parc Standard by Will Femia


    SoHa118


    The Douglass


    The Livmor


    306 115th Street


    (click to enlarge)

    Remember all those dots on the map of Harlem's new and under-construction condos a few weeks back? Stats on how those condos are doing—a per square foot sales price of around $575, a decline in sales activity of more than 50 percent—are all well and good. But these are real buildings we're talking about, not just numbers on a page! So what do the little black dots look like in real life? Happily, Curbed roving photog Will Femia and photo pool contributor jskrybe both recently took a stab at answering that question. In the gallery above, take a walk through Harlem's transformation.

    Harlem's Condo Oversupply Mapped and Dissected [Curbed]

    http://ny.curbed.com/archives/2010/0...oversupply.php

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