Some things are too good to be true, and some things merely seem that way. File the real estate market in Manhattan’s East Harlem in the latter category. For buyers in search of affordable New York City condos and co-ops, East Harlem offers new buildings that have incomparable prices when compared to the rest of Manhattan. The real estate market there didn’t recover much from the recession, and prices per square foot remain much cheaper than pre-recession levels. Combine this with continuous construction of new condos in East Harlem despite the changed economy and everything adds up to very good deals for buyers.
A cursory glance at the New York City condo listings reveals all you need to know about the deals that can be found in East Harlem: here at newconstructionmanhattan.com multiple one bedroom and two bedroom condos and co-ops are listed for under $400,000. It’s more or less unbelievable that New York City co-ops and condos in Manhattan in 2011 would be listed at that price, but there it is. Pascal at 333 East 109th Street has one bedroom condos available starting at $325,000. On the higher end, 1280 Fifth Avenue – located right next to Central Park – offers a 2 bedroom apartment for $1,300,000. It gets better too: according to the New York Post, many buildings, such as the aforementioned Pascal, are asking for deposits at 3.5% of the total price, an incredibly low rate for Manhattan. East Harlem condos are truly unique as far as this goes; buyers would be hard pressed to find comparable deals in New York City.
Now, it’s true that East Harlem has gotten a bad rap, especially considering that this Manhattan neighborhood has many excellent restaurants and a vibrant sense of community. The perception that anything north of 96th Street is off-limits is still prevalent, although it is changing, albeit slowly. The fact that people frequently use the popular new term Upper Upper East Side to refer to East Harlem and the influx of young professionals who never would’ve considered buying New York City condos there before both serve as evidence that many are reconsidering their ideas about the neighborhood. Construction is still active in the area so this trend is likely to continue for the time being, but it’s definitely temporary. Opportunities this remarkable are an aberration and certainly finite; they’re unlikely to last more than 2 years, at the most. Take advantage of this unique Manhattan neighborhood trend before it’s gone.