The Market

What you can buy in Upper Manhattan, where prices are catching up with the rest of the borough

By Virginia K. Smith | August 31, 2015 - 8:59AM

Been eyeing an apartment in Washington Heights or Inwood as an affordable(ish) alternative to the madness of the rest of Manhattan—and Brooklyn now, too? Welp, it may already be too late. While price growth is slowing in the rest of Brooklyn and Manhattan, price growth spiked by 11.9 percent over the past year, according to StreetEasy's July market reports released last week. That's almost twice as fast as the rest of the borough.

"With home buyers being priced out of not only Manhattan but many Brooklyn neighborhoods as well, these northern neighborhoods are attractive now more than ever," StreetEasy data scientist Alan Lightfeldt said in a press release. "Most Upper Manhattan homes that sold in July sold for above asking price. Upper Manhattan is a new battleground for bidding wars." (In case you were wondering, for the purposes of StreetEasy's data, "Upper Manhattan" is a wide swath comprised of Central Harlem, East Harlem, Hamilton Heights, Inwood, Manhattanville, Marble Hill, Washington Heights, and West Harlem).

On the bright side, at $565,690, the median sale price in Upper Manhattan is still a relative bargain to Manhattan as a whole ($983,207), or pricey north Brooklyn ($867,346).  If you've got the money to invest right now, here's what's on the market uptown for less than the (ever-rising) median:

This two-bedroom, one-bath Central Harlem co-op at 130 Lenox Ave. is asking $420,000, and has monthly maintenance charges of $1,500. It's located in an HDFC building, and prospective buyers' incomes cannot exceed $142,395.

Farther north in Inwood, there's this two-bedroom, one-bath co-op asking $510,000, with monthly maintenance of $646. The building is pet-friendly and has a "liberal sublet policy," and is a short walk from Inwood Hill Park.

This $439,000 East Harlem two-bedroom condo is described as "investor friendly," and is located at 319 East 105th Street, just a few blocks from the neighborhood's Target and Costco, as well as the forthcoming branch (someday) of the Second Avenue subway.

For $479,000, you could snag this studio in a Central Harlem condo building (it's at 114th between Manhattan Ave and Frederick Douglass). Common charges are $329/month—and monthly taxes are just $6—and the apartment features a walk-in closet, "spa-inspired bathroom," and a basement storage area that includes a washer/dryer.

One more Inwood option: this $490,000 one-bedroom, a sponsor unit in a condo that's got a tax abatement for the next 19 years. Common charges are a comparatively low $253/month, and the apartment includes a private balcony and in-building storage.


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