If you consider the NY Times hatchet job on the low-end Brownstone market Part 1, then this would in fact be Part 2. Be that as it may, these two posts will concentrate on two other aspects of the Harlem Real Estate market: New Construction and Commercial vacancy.
This first part, New Construction, breaks down the states of some high profile projects, all in various stages of completion, and forecasts what the next 2 years may be like.
Throughout Central Harlem there is much evidence of the two sides of the New Construction market...High End (still much inventory here),
and affordable (selling).
In my own backyard, the Aloft site is really picking up steam.
Clearly visible is the massive poured concrete and rebar foundation...almost now at street level.
This building is seriously gangsta. Built more like a bridge than a hotel, definitely made to last. In any event, I see jobs, activity and progress here on a daily basis...and in 2 years this thing will be open!
Just down the block is the 2280 FDB development. Having made much progress since its wall issues a while back.
About to top off soon, probably 18 months till move-in, barring any more catastrophes. Also in doubt are the relatively high psf prices, but more on that later. Further down 123rd, is Windows on 123rd, and they are nearly finished. This project boasts big windows, high psf, and a optional parking spot that comes with a Smart Car.
Further down FDB on 122, this new "townhouse."
While across the street is a dead project,
filling nicely with stagnant water!
On 120th is this corner project, moving along in fits and starts.
On 116th, I checked out Graceline Courts (the cantilever building)...
Back on FDB, 115th-113th continues to see progress. The Livmor
The Gateway (not sure I get this one).
and this building which now in the final phase looks pretty cool.
Over on 110th and 5th Ave., The Museum of African Art begins to take form across from Central Park.
Facing another Park, closings are starting to come in for this huge project.
So what does the future hold? There's still a lot of inventory to be moved in the next two years, but buyer demand slowly creeping back. However, maybe not at the $700-$800 psf range developers are seeking. In any event, I call bottom on this recession...it might take a little while longer to turn around, but too many big time players have invested way too much for this to fail and After all this is Harlem!