Harlem Shuffle: Condo Prices Coming Down Uptown?

Condo Prices in HarlemSince its real estate renaissance began over a decade ago, Upper Manhattan condos have staked a compelling claim as both some of the nicest (and in some instances greenest) new apartments for sale in Manhattan and some of the greatest values in NYC condos. With a bumper crop of new condominiums in Harlem, Washington Heights and Morningside Heights set to open soon, the Upper Manhattan condo market is suddenly glutted. You don't need to be an economics professor to know what happens next -- the sudden boom in supply has led to lower prices, deeper concessions and a burgeoning buyer's market in Upper Manhattan condominiums. While this has meant that Upper Manhattan real estate developers are feeling the pinch as they lower prices per square foot, it has also led to huge discounts in prices on even the highest of high-end condominium buildings in Harlem, The Real Deal's Katherine Dykstra reports. This has led some developers to cut costs and, in some cases, scale back amenities. "[But] still," Dykstra writes, "Harlem developers have an edge: Prices, even at $700 a square foot, are still lower than they are on the Upper East Side, the Upper West Side and in Lower Manhattan." Curbed features 2056 Fifth Avenue, one such deeply discounted new Harlem condo. While there are signs that the buyer's market in NYC condos may be on the wane, it looks like prices will continue to come down uptown for at least awhile longer.

NYC Daily Real Estate Blog