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May 22, 2006
Record Price For Historic Harlem Home
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]
Photo by Photo Bear
Comments
Brooklyn townhouses are sure to continue to rise in value as well, despite all the hysterical naysayers claiming they are "OVERPRICED".
Posted by: Ed at May 22, 2006 10:49 AM
Ed, are you Mr. Ed, the horse from the old tv show?
Posted by: Pickles at May 22, 2006 11:00 AM
which end of the horse are you referring to?
Posted by: not ed at May 22, 2006 11:15 AM
which end of the horse are you referring to?
Posted by: not ed at May 22, 2006 11:15 AM
Ed is what we like to refer to as a "troll" - they work both ends of the housing market issue.
Posted by: Anonymous at May 22, 2006 1:05 PM
Actually, only the trolls remain. Those who are insightful, with meaningful contributions to society in mind, have left the site or have gotten over their addiction. Adios!
Posted by: this is not ed! at May 22, 2006 1:46 PM
Not true- still lots of good people posting who care about the site. But it is true th troll has made it very difficult, if not impossible to post with a name. Take it from one who's been there. Still read and post- but only as anon now.
Posted by: Anonymous at May 22, 2006 2:35 PM
Mr. Brownstoner - I know you don't always agree with me, but here's something we can agree on: it looks like a troll is shitting all over my screen identity and this blog again.
Posted by: Ed at May 22, 2006 3:50 PM
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