Harlem Apartments Selling Faster Than Ever

Harlem has seen an improvement in apartment sales – significantly better than it was two years ago – with 150 units sold in Central and East Harlem in the third quarter of the year.

Jonathan Miller of appraisal firm Miller Samuel said, “This quarter there was a pop. Sales levels have been higher than pre-Lehman [bankruptcy] levels.”

The third quarter of this year was the fifth quarter in a row in which the number of units sold was above 100 – close to the best sales numbers Harlem has ever seen. In fact, the only quarter on record where more co-ops and condos were sold was at the height of the market in the third quarter of 2007, when 160 units were sold.

In comparison, in the first quarter of 2009, only 140 units were sold.

The high sales volume is good news for developers and price cuts are good for buyers. The average price per square foot of a Harlem co-op condo was $582 last quarter. In 2007, it was $836 per square foot.

Real estate is not the only thing that has been booming in Harlem – since the summer, Frederick Douglass Boulevard has 12 new restaurants. Over the summer, Harlem Tavern opened shop on FDB and 116th Street, French Bistro Cedric opened on 119th street and St. Nicholas Avenue and gourmet pizza place Bad Horse Pizza opened at FDB and 120thStreet.

Source: New York Post

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