Long-time readers know that we think there are a lot of interesting parallels between Harlem and some of the rapidly gentrifying brownstone neighborhoods of Brooklyn, so it was with interest that we read William Neuman’s reportage this weekend on the record-breaking (make that record-shattering) sales price of a Convent Avenue 20-footer. The five-story house, which had lots of original detail but still needed updating in the kitchen and bathrooms, went for $3.89 million in March, according to City records. The buyer, a Yale economist, however, says this isn’t necessarily the price, only that “[$3.89 million] is the maximum price it could rise to.” All we can guess is that the prof built in some contingency that ties the sales price to some kind of market proxy like interest rates or median sales prices. It would be very interesting to know how this was structured. The high price may not be quite as significant in today’s market given that it the deal probably went into contract at the end of last year. Still, quite a price tag for Harlem.
A High Price in Harlem [NY Times]
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