Manhattan Condos at Half Price Reshape New York’s Harlem

September 11, 2014 2:30 pm  |  Comments: 0  | Views: 1049
    

Jason and Robyn Turetsky watched from their window as, brick by brick, a new condominium development rose across 116th Street in New York’s Harlem.

The Turetskys, who married in December, decided to buy a three-bedroom, 1,500-square-foot (140-square-meter) unit at the Adeline, right across from their current rental. Staying in the neighborhood presented a better value than anywhere else they’d considered, including the Upper East Side and Upper West Side, where Robyn lived before moving in with Jason, the couple said.

“For the amenities that were going to be provided at the Adeline and the size of the apartment, we could just get much more for our money in Harlem,” said Robyn Turetsky, a 28-year-old clinical dietitian.

The Adeline is one of at least three luxury-condo buildings opening in the next six months in central Harlem, a historically black neighborhood that has gentrified as Manhattanites seeking cheaper real estate head to the northern part of the borough. Buyers like the Turetskys are fueling demand that led to homes selling at the quickest pace on record in the second quarter.

Homes in central Harlem were on the market for a median of 49 days, a 30 percent decrease from a year earlier and a shorter amount of time than in Midtown and the Upper East Side, according to Streeteasy, a New York real estate website owned by Zillow Inc. (Z) Sales rose 57 percent in the period, while transactions Manhattanwide fell, the company’s data show.

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