Emily Eakin and Ellen Jane Patton sold a four-bedroom, two-bath condo at 100 W. 119th St. in Central Harlem to Gareth R. John and Carmen V. Melendez-Vasquez for $725,000 on May 19.
Eakin and Patton paid $1.125 million for Unit #6A in 2006. The seven-story Normandie condominium building dates back to 1910 and offers 37 units.
Eakin has worked as a culture and ideas reporter and book reviewer at The New York Times. She also served as senior editor of The New Yorker and as fashion features writer of Vogue.
She graduated from Harvard University and received a master’s in comparative literature from the University of Paris and in English literature from Columbia University.
There were 52 condo sales in Central Harlem in 2008, with a median sales price of $565,000.
via:BlockShopper.com
Iloveharlem
June 26, 2009
LG I’ll talk to you next year about this time. To think long term is to look at what retailers and growth business are looking at Harlem as a good long term investment. Any one who knows about urban development will tell you to watch the real estate industry in an area and follow that.
And Liz I’m not a bitter renter just a realist. I wish that Harlem would prosper and I don’t care what color or how long the resident has been here who wants to contribute to that. So I’ll disarm that. As Anon said a lot of it, not all, was smoke & mirrors to begin with.
LG
June 26, 2009
There is more to this story then is being written about. No one takes that kind of loss especially with a mortgage hanging over their head without some other pressing issues. It’s obsurd to think this is an example of what all buyers and sellers are living through.
Anytime you make an investment – you need to think long term. Talk to me in 10 years about whether it was wise for me to invest here.
liz
June 26, 2009
Pete, the answer is bitter renter who is left behind in the new Harlem
Iloveharlem
June 26, 2009
People got suckered. That’s Reality
Pete
June 25, 2009
Anon, what exactly is your vested interest here? What has you so animated every time you have an opportunity to talk down property values in Harlem?
Are you looking to go bottom feeding?
Or are you a member of that Atlah church that believes devaluing the neighborhood is the only way to “save” the community?
Anonymous
June 24, 2009
A $400,000 or 35% LOSS in 3 years, impressive. I know a lot of old (pre-2000) and new (post 2000) Harlemites. Long time Harlemites that had the means to buy Apartments in Harlem at the $1M+ level did not. We all knew this is and wase _ridiculous_. It’s those new to Harlem that got suckered into believing Harlem apartments were worth $800/Sq’, $900/Sq’, & $1,000/Sq’. The Manhattan real estate industrial complex basically conjured a “narrative” and repeated a mantra-like chant, they basically “primed the pump”, and insisted the new, gentrified, upscale Harlem has arrived! Long time Harlemites laughed as the new Harlemites drank the Kool-Aid.
Look at all the major developments, the “promise” that has DIED. Vornado scrapped plans and bailed on Harlem, Corcoran closed their office and has bailed on Harlem, Warburg has done the same thing. 5th on the Park – bankrupt, those placing $100K deposits have had their one time approved mortgages yanked, the place is not worth it in the eyes of the mortgage markets (in a nutshell). Much of Harlem this decade has built on a very fragile “house of cards”. Everything has to be lined up just right – lots of people need their hands held – for it to be able to be sold and believed in.
Much like the Dot Com Bubble, etc, the Harlem Real Estate Bubble has popped…when you see 35% losses in 3 years like this above. Please, no more hype, no more talk, no more insisting everything is great….when it’s not. Harlem is not the next Upper West Side.
Shall we call the next years “The Revenge of Nellie Baily”? When we see developer bankruptcies, and massive real estate losses for the “well heeled”? Oh, it’s going to get a lot uglier. Someone should really be keeping score in Harlem. There are “Harbingers” all over, VORNADO knew, Corcoran knows, the big players, those with the most to gain, have turned their back on Harlem, closed up shop and decided in the distant future there is no reason to be bullish on Harlem. Talk is cheap, action, like losing 35% in 3 years?….speaks louder than words.