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"Back in April of last year, a penthouse unit at the newly opened Joinery Condominium in Mott haven, located at 225 East 138th Street ,sold for $911,334 and prior to that, another penthouse unit in the same building sold for $926,608."
This is weird to me, because to me East Harlem should be gentrifying at the same pace...to me it doesn not seem so....what are going rents on 106th and 2nd nowadays? 10 blocks from the Q.
As for the South Bronx, what else is new
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Isn't so much units are selling, but who bought and for what purpose.
People buying units in a condo to rent out isn't saying much because it is an investment property that will be moved along if or when things don't work out. OTOH those buying with intention of living/staying put generally have stronger ties to building and local community.
Buying a unit facing South would have been the right move but then they started building those 2 huge buildings on 135th blocking the Manhattan view. Buying a unit facing North would be a horror story because garbage truck park lot is right next door....
Im guessing people are just buying these units and renting them out...but the next step would be to clean out the homeless camps over on Park Avenue between 138th and 144th.
Do a Google view of the street. Block after block is being bulldozed to put in new buildings. Keep in that the 40th pct is a few blocks away also.
Someone cannot do a street view of that area then cast an opinion as the street view pics are outdated. They must physically go there and see how they are wedging these high prices buildings between warehouses, auto repair shops and car washes. For instance, 138th and grand concourse to 140th and grand concourse is about to be demolished and build on. The only thing to remain is the BP gas station, Teddys (auto repair), Ely (auto repair), and the Samaritan Village (substance abuse center).
Sin City is next. Someone will buy it, demo it and put a building there. The 40th pct is a few blocks away but that means nothing, they have their hands full with Mitchell, Mott Haven, Mill Brook and Patterson.
Someone cannot do a street view of that area then cast an opinion as the street view pics are outdated. They must physically go there and see how they are wedging these high prices buildings between warehouses, auto repair shops and car washes. For instance, 138th and grand concourse to 140th and grand concourse is about to be demolished and build on. The only thing to remain is the BP gas station, Teddys (auto repair), Ely (auto repair), and the Samaritan Village (substance abuse center).
Sin City is next. Someone will buy it, demo it and put a building there. The 40th pct is a few blocks away but that means nothing, they have their hands full with Mitchell, Mott Haven, Mill Brook and Patterson.
Don't need to see it happen in the Bronx when I've seen the same thing happen in a few areas in Brooklyn over a rather short time period.
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