The highest recorded sale in Harlem a year ago was $2.6 million; now it’s $3.8 million. There’s a Home Depot and a Target in the works: Harlem is no longer the uptown also-ran. The danger here is an oversupply of new construction—much of it, like the Nina on East 117th and the Ivy on Second Avenue, in
still-sketchy East Harlem.
Best Buy: A shell in a classic neighborhood; for Mt. Morris Park or Strivers Row, you’ll pay about $1 million (and even less in Hamilton Heights). After a $500,000 gut reno, you’ll have it all: no-hassle new construction, a prime location, and a piece of history—for a 15 percent discount.
Advertisement
Posted in: Real Estate
Posted on September 25, 2006 by D. Bell