Harlem Real Estate Is Hot Now

wall street journal

The Wall Street Journal reports that a recent renaissance of the Harlem real-estate market with new buyers bidding on townhouses and condominiums.

Recently three townhouses closed between $2.3 million and $2.85 million, the highest prices since the spring of 2009.

During the third quarter, the number of Harlem apartment sales rose to the highest level since September 2008, according to analysis of city records. But they were only slightly above sales reported in the same quarter in 2010.

Halstead reports that in the last few months, the backlog of unsold new condominiums in Harlem has fallen.

Brokers say that new restaurants and stores are getting the attention of new buyers.

Sales were particularly strong a 88 Morningside a 12-story building at West 122nd Street and Morningside Avenue, with a rooftop deck facing Morningside Park, and at the Gateway Tower on Frederick Douglass Boulevard, he said where 55 condos in a seven-story addition went on the market in April, and which has 360 views of Manhattan including Central Park.

See Harlem Attracts Post-Slump Buyers – WSJ.com for more details.

Author: HarlemGuy