By Robert ‘Robb’ Pair
We keep a sharp focus on Seller representation in the townhouse and condominium markets while maintaining an extensive Buyer database.
Figure 1 (below) shows the twelve zip codes of Upper Manhattan.
Graphs 1 and 2 (below) illustrate Townhouse and Condominium sales in 2021 by zipcode from south to north, with more southerly zipcodes to the left of each graph and more northerly zipcodes to the right.
- As you can see, while the patterns of Townhouse and Condominium Sales overlap, they are focused in different neighborhoods of Upper Manhattan!
- Townhouse sales are focused in the middle of Upper Manhattan, in Central Harlem (10027) and St. Nicholas (10030) and Hamilton Heights Historic Districts (10031) (Graph 1, red bars). In 2021, there were fewer sales in 10031 than usual.
- In contrast, Condominium sales in Upper Manhattan are usually concentrated in more southern zipcodes, from 10029 (East Harlem) through 10027 (Central Harlem) (Graph 2, blue bars).
- The pattern of Townhouse sales is likely to remain steady since there is little turnover in terms of construction.
- In contrast, Condominium sales are being impacted by new condominium developments. Interestingly, 2021 showed an increase in sales in 10030 (St. Nicholas and Dorrance Brooks Square) (Graph 2, green bar).
- We are following this closely to determine if there is a new trend toward new developments in this neighborhood.
Harlem Lofts tracks and compares the Townhouse and Condominium Markets closely and will bring you further updates in next month’s column!
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We hope you enjoy this article! Our understanding of the Market put us in a unique position to help our clients.
Future articles will focus on the Upper Manhattan condo and rental markets.
Robert ‘Robb’ Pair, Harlem Lofts Inc.
Harlem Lofts Inc. is a boutique real estate firm incorporated in 2002 by our founder Robert ‘Robb’ Pair. We are located in the former studio space of the famous Harlem Renaissance photographer, James Van Der Zee.
The firm covers all major residential property transaction types in Upper Manhattan and is the acknowledged expert in Upper Manhattan real estate. Harlem Lofts Inc., 272 Lenox Avenue in Harlem, New York, 917.791.6986, firstname.lastname@example.org, https://harlemlofts.com/
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Photo credit: 1-2) Harlem Lofts.