As an addendum to yesterday’s post about the Harlem real estate market, there were some interesting figures quoted in the New York Sun article titled “Apartment Rental Market Sizzles”. Here’s an excerpt of the article about the trends that are quickly creeping uptown:
“Two apartment buildings built in 1905 at 66–70 W. 109th St., between Columbus and Manhattan avenues recently sold for $8.04 million, or $167,500 a unit. The Paz family purchased the buildings from Arthur Lees and family.”“Apartment houses all over the city are selling at record prices. A few months ago, Tahl-Propp Equities purchased two six-story apartment buildings at 1321 and 1330 Fifth Ave. at 111th Street for $28 million, or about $155,000 a unit.”
“Boymelgreen is marketing for sale the leasehold interest in the 16-story, 172-unit Hudson Park Riverside rental building at 323 W. 96th St. Units rent for $42 to $55 a square foot, and the rents are stabilized with increases determined by the New York City Rent Guidelines Board. The stabilized rents expire in 2013. Industry leaders expect the leasehold to fetch $90 million, or $523,000 a unit. “
“The Related Companies, co-developers with Apollo Real Estate Advisors of the Time Warner Center, are leasing rental apartments in the lower portion of a 43-story residential tower, One Carnegie Hill, at 25 E. 96th St. “
Also, the amNY continued its series of articles about housing trends in New York. The last portion of the article focuses on Harlem:
“Some areas, such as Harlem, are experiencing so much high-end development that longtime residents fear their neighborhood is slipping out of their reach.
“Literally on every block you can look at the luxury condos that are going up,” said Nellie Hester Bailey, executive director of the Harlem Tenants Council. “When you have developments like this, it’s an incentive for landlords to maximize their profits. They are going to bring enormous pressure on long-term tenants.”
Bailey said landlords in Harlem, knowing they can get more money for their apartments, are trying to evict tenants through frivolous lawsuits and harassment.
“What we need to see is a housing development program that reflects the economic reality of the people in the community itself,” she said. “The majority of renters in Central Harlem are making $25,000 a year or less.”
Source: New York Sun :: amNY ::
Posted on August 10, 2006 by D. Bell