New Development Opportunity in Harlem

Buyers looking in the Harlem condo market will find some great quality at very compelling prices. More than a third of them are in new development, and the bank incentives currently available make them even more compelling — at least three banks are offering special rates in the neighborhood and we think more buyers should be taking a look in Harlem for long term value.

Learn more on Harlem condo market report 2023

Not only are the aggregate prices good but the monthly carrying charges are lower compared to properties below 96th Street. Taxes are lower, your mortgage rate will be lower and you have a greater chance of finding an opportunity to purchase with little money down without penalties.

Due to Covid, some of the new developments in Central Harlem have been on the market a few more years than they would have been otherwise. Here are some terrific new developments to consider:

• 11 Hancock is a building I have always liked because of the location and terrific rooftop overlooking the park. They have a number of properties still available.
• Another to consider is 300 West 122nd Street — just around the corner from 11 Hancock. After a bumpy start when the first buyers moved in, the sponsor has cured the issues and I am told it is a great place to live. The Paris Farino designed interiors are very chic and the building has a full suite of amenities including a pool. Both of these new buildings are positioned at the top of Frederick Douglass Boulevard with plenty of amazing dining options. You will also be close to the landmarked Morningside Park and Columbia University,
• 145 Central Park North has direct park views and a thoughtful design. The designers focused on incorporating natural elements from the park in the interior finishes so your home would blend seamlessly with nature. A beautiful 3 bedroom, 2 bathroom home at 145 CPN is 1,692 square feet and is priced at $3,250,000 keeping the total price for a stunning new development under $2,000/foot.
• Over in East Harlem, 181 East 101st Street has seen some nice sales volumes due to its design, amenities and approachable pricing. Studios start as low as $535,000 with a 3 bedroom condo priced at $1,312,000.
• If you don’t need a full suite of amenities or park views you should look at a boutique building at 159 East 118th Street, which boasts a roof deck, gym and pricing is as low as $599,000 putting most homes listed below $1,000/square foot.