Friday, September 10, 2010

PS - These condos ain't bad

It's been more than three months, that means it's time for your seasonal Harlem condo update!

Things are bad -- but not quite as bad as I was expecting.

I was impressed by two condos in particular:

PS90 (pictured) which is in an old abandoned elementary school and 1280 Fifth Avenue, which (in addition to being a new condo) is also home to the Museum For African Art. (Although, as much as I liked the units, I have yet to meet the buyer who will pay more than $1,200 per square foot to live across the street from a housing project -- even if it's on Central Park and 5th Avenue.)

If I sound skeptical, that's because I am. (At least slightly.)

However, Jonathan Miller's stats on Harlem did show an uptick. (And not an insignifiant one, either.) Price per square foot rose from $570 to $742 between the first and second quarter of the year. And the number of sales increased from 61 to 72.

I'm betting those numbers go down in the third quarter, but until I see them, here's hoping Harlem keeps it's head above water!