Correction Appended
via WSJ Market Watch
Blesso Properties reports in press release to the Wall Street Journal that they have been selling out in
New York, despite the softening real estate market. Loft 124 reportedly sold units for over $1 million, claiming to have “revitalized the weak Harlem market.”
When BP entered the Harlem market in 2004 with the idea of bringing downtown luxury design to an uptown residential development, the firm anticipated the drawbacks of the location, “Convincing lenders and investors of our ability to sell condos at Manhattan prices on an undesirable block in Harlem was not easy,” explains Mr. Blesso. By incorporating high-quality design and distinctive renovations, this project appeals to the discerning buyer looking for a unique product. The strategy paid off, and Loft 124 exceeded expectations by setting a record for the highest average sell-out of any condominium north of 111th Street; one unit even contracted for $125K over the asking price in December 2007.The Harlem market was especially soft in early 2008, but unlike other projects that required price reductions to sell units, BP never lowered prices for Loft 124. In fact, at the time the eleventh floor penthouse went into contract at more than $1,000 per square foot, it was the highest price ever for a sale above 111th Street. Today, Loft 124 is considered one of the finest residences in Harlem.
Advertisement
Posted in: Real Estate
Anon
July 23, 2008
anon-calm thyself. it’s not 24/7. it’s is in the morning when the meth clinic is open for business. the rest of the day it’s just like any other block in harlem.
get over it.
ANON
July 23, 2008
Loft124 livers are liars! There is no way I am living across from that mess that is across the street 24, 7, 365. The building does not outweigh the crap.
I walk by 124th twice a day, 3 or 4 times on weekends. I always see the homeless, the drug addicts, the filth, the scum, in big numbers, dozens of dozens of them. right across from Loft124 is also basically “Grand Central Station” for the underbelly.
I do not want my wife coming home from work when it’s dark and walking on that street, I do not want my 8 year old walking on that street.
Who wants their vulnerable loved ones exposed to what is commonly across the street? Who wants that crap in their sight and space around the clock?
No way. There are too many nice parks to live across in Harlem, then to live across from several dozen druggies, homeless, etc. collecting, loitering, etc. around the clock.
If you say that crap across the street is not a serious downside factor of Loft124, you’re either in denial or lying.
Harlem Broker
July 23, 2008
I’m not surprised. That building is head and shoulders above any condo project that has ever been done in Harlem! The developer put in a lot of effort for all of the little details.