Harlem is doing better than you thought

A lot of real estate watchers out there assumed that Harlem was doomed in this recession.

We felt that Harlem was reliving some (unfunny) real estate history.

Just as the neighborhood was overbuilt more than 100 years ago with the coming of the IRT line (the city's first subway) and property values plummeted when recession hit, most observers in recent years felt that Harlem real estate was one of two areas in Manhattan where developers were completely overbuilding. (The other being the Financial District.)

Buildings that were unfinished when the recession hit were doomed; buildings that were only partially sold were likely to remain that way.

But it looks like this is not entirely the case.

Developers aggressively cut prices (the average went from $836 per square foot during the height of the market in 2007 to $582 now) and thus managed to work through the glut of inventory -- the sales figures are the best on record.

I wrote about this here. And the Real Deal was kind enough to pick up on my story here.

Harlem gets even tastier!

A couple of months ago I did a video for the Post's web site about the burgeoning restaurant scene on Frederick Douglass Blvd.

When I reported it, Marcus Samuelsson's (pictured) Red Rooster was in the planning stages, so I couldn't include it (and I don't believe it's on FDB), but now it's here.

And my great friend, Jordana Zizmor of the Huff Post, reports that it's spectacular. (Samuelsson liked Jordana's article enough to link to it on his web site!)

We know where this schlub will be going when the snow melts....

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!

Dining with Douglass

My dining experience up on Frederick Douglass Blvd up in Harlem. (Which accompanies my story about FDB for today's NY Post.)

Zoma and 5 & Diamond are both seriously delicious. The rabbit spaetzel at 5 & Diamond was really to plotz over.

(And my mother says I look thin!)

Is Harlem completely and totally screwed?

The short answer is: Yeah, probably.

For a slightly longer answer, check out my article in today's NY Post.("Condos are in deep doo-doo," broker Willie Suggs told me -- which is probably the most succinct way of putting it.)

As most New Yorkers know, Harlem probably drank the real estate conium more greedily than its neighbors in the boom years. And with good reason. Land was cheap and most developers (and yuppies) saw it as a great opportunity. So new buildings were put in the ground as quickly as possible and old houses were bought -- at much more than they were probably worth.

Ironically, this seems eerily similar to what happened to Harlem roughly 100 years ago (before blacks settled in the neighborhood). When a planned IRT was run through the neighborhood a lot of developers rushed to put up buildings nearby. As it turns out, they wound up putting up too many buildings. There was a housing glut, developers went broke, and land became very cheap again. (Deja vu, anyone?)

I tried to be as fair as possible in this article -- and if deals are being inked than deals are being inked -- but it might have been slightly worse than I reported. Several brokers and developers told me off the record how scared they are, and (without naming names) that a number of developers are seriously reevaluating their plans.

But here's hoping Harlem makes it through in one piece (it's a neighborhood I really do love).

In defense of dinosaurs

For several years now I've studiously avoided checking out Harlem's Dinosaur Bar-B-Que.

Most people who know me might have found this a little strange. After all, I love BBQ. Moreover, I love Harlem. And I love those field trip-type excursions to restaurants that are out of the way and a pain in the ass to get to. So why had I never made it up to this highly touted spot?

Answer: My editor.

He was not a fan. (And, as a native southerner, I feel he's got BBQ credentials I will just never have.) "It's like eating at Applebee's," was his put-down.

But late one night last week, when I was reporting my Harlem story, I decided "What the hell?" and took a look.

The verdict?

That place is awesome!

I ordered the jumbo wings (which I think were grilled and not fried) extra spicy (Devils Duel is what it says on the menu) and they did not disappoint. I went through a beer and several glasses of water before my main course arrived. Very spicy. (They might also have been the best wings I've ever eaten.)

Also, they offer a quarter rack of ribs (about three) which is a really good amount of food and the ribs I ate were not too fatty but extremely tender. And the BBQ sauce was great.

Now I almost want to check out Applebee's....

Eurotrip comes to Harlem

I'm very proud to break the news that the Lotta condo development is switching from condos... to youth hostel?

Check out my story on the NY Post's real estate blog.