Key Building Details
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Year Built: 2022
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Floors: 7
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Units: 25
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Asking Price Range: $499,000 - $1.73 million
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Sales Agent: Douglas Elliman Development Marketing
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Developer: Metropolitan Homes
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Architect: Fischer + Makooi Architects
Architectural Design and Layout
127 West 112th Street showcases a modern architectural design, focusing on functionality and style. The building’s layout maximizes space while maintaining a clean and contemporary aesthetic. Fischer + Makooi Architects designed the structure to fit seamlessly into Harlem’s urban landscape.
The building's dimensions are 60 feet wide and 81 feet deep, and it has a size of 6,055 square feet. It has a total floor area of 20,498 square feet, predominantly residential, with 868 square feet allocated for commercial use. The zoning classification, R7-2, ensures the property’s alignment with the neighborhood’s character.
Unit Breakdown
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Studio Units: 6 (50% sold)
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1-Bedroom Units: 11 (45% sold)
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2-Bedroom Units: 8 (50% sold)
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Total Residential Floor Area: 19,630 square feet
Amenities and Features
The building offers many amenities to cater to modern urban lifestyles. Each feature is designed to enhance convenience and provide residents with a comfortable living experience.
Highlighted Amenities
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Fitness Center: A dedicated space for residents to maintain their health and wellness.
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Roof Deck: An outdoor area with cabanas available for private use, offering a space to relax and enjoy city views.
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Virtual Doorman: Ensures security and facilitates package deliveries.
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Storage Options: Includes bike storage, refrigerated storage, and private storage lockers.
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Pet-Friendly Policies: Welcomes pets and accommodates pet owners.
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Courtyard and Lounge: Shared spaces for relaxation and community interaction.
Including central air conditioning, elevators, and terraces further enhances the building’s appeal. These amenities are thoughtfully designed to meet the needs of city dwellers.
Market Analysis and Pricing Trends
127 West 112th Street’s pricing and sales trends provide valuable insights into its position within the competitive Harlem real estate market. The asking prices for units range from $499,000 to $1.73 million, reflecting the building’s modern amenities, premium location, and appeal to a diverse group of buyers. This pricing structure makes the property attractive for those seeking luxury living in Central Harlem.
Recent Sales and Price Trends
The building has demonstrated a steady performance in terms of sales. For instance:
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Unit 6B: A 2-bedroom, 2-bathroom unit experienced a 4.07% price drop before selling, indicating that some adjustments have been made to meet market demand.
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Unit 5A: A 1-bedroom, 1-bathroom unit also underwent a price adjustment, with a 4.31% reduction before its sale.
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Unit 7B: Recorded a sale at $1.74 million for a 2-bedroom, 2-bathroom unit, emphasizing the high-end pricing within the building.
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Unit 2C: Sold for $786,000 for a 1-bedroom, 1-bathroom unit, reflecting an entry point into the market for buyers seeking affordability within a premium building.
Sales Trends and Velocity
The sales velocity averages 0.3 monthly units, suggesting a gradual yet consistent interest in the property. With approximately 48% of the building’s units sold, the projected sellout time is 52 months. This gradual absorption reflects the balanced demand for luxury condos in Harlem, aligning with broader market trends in the area.
Real Estate Performance
The sales performance of 127 West 112th Street provides essential insights into its reception in the Harlem real estate market. The building has shown strong sales momentum for studio and 2-bedroom units, with 50% sold. This reflects buyer interest in compact, functional spaces and more immense, family-friendly layouts. One-bedroom units have sold slightly slower, with 45% of these sold, potentially indicating a preference for smaller entry-level investments or more significant, more versatile homes.
Key Sales Data
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Sales Started: September 2021
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Closings Started: December 2022
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Units Sold: 12 out of 25 (48%)
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Sales Velocity: 0.3 units/month
The current absorption rate reflects a consistent yet measured pace of sales activity. With 48% of the building sold and a sales velocity of approximately 0.3 units per month, the projected sellout period is 52 months. This steady pace highlights the building’s positioning as a premium yet accessible option in the Harlem real estate market, catering to a mix of buyers ranging from professionals to small families.
The pricing structure and the building’s contemporary amenities and desirable location support its appeal. 127 West 112th Street has successfully positioned itself as a competitive option in Harlem’s growing real estate market, balancing luxury and affordability for buyers seeking modern urban living by offering a range of unit sizes and price points.
Location and Neighborhood Highlights
Situated in the heart of Central Harlem, 127 West 112th Street offers residents the unique opportunity to live in one of Manhattan’s most vibrant and culturally significant neighborhoods. Its proximity to Central Park enhances its appeal, providing a green oasis within walking distance for recreation and leisure. The location also places residents near Harlem’s iconic landmarks and attractions, creating an ideal blend of modern living and historical charm.
Rich Cultural and Culinary Scene
Harlem is celebrated for its cultural richness, from its historic brownstones to its renowned arts and music scene. The neighborhood offers diverse dining options, from classic soul food restaurants to modern eateries reflecting Harlem’s evolving character. Cultural institutions such as the Apollo Theater, the Studio Museum in Harlem, and historic jazz clubs contribute to the area’s lively arts scene, giving residents plenty to explore and experience.
Accessibility and Community Features
The property is well-connected, with excellent public transport options, including nearby subway lines and bus routes, allowing convenient access to other parts of Manhattan and beyond. Its high walkability score ensures that daily essentials, cafes, shops, and parks are easily reachable on foot. Families will appreciate the building’s location within School District 03, known for its reputable schools and educational resources.
Harlem’s dynamic atmosphere and community spirit make it an ideal choice for those seeking a neighborhood that seamlessly integrates modern urban conveniences with cultural depth and historical significance.
Building Management and Maintenance
Efficient building management is crucial in maintaining property value and ensuring a positive living experience for residents. FirstService Residential, a reputable management company, manages the 127 West 112th Street Condominium.
Key Management Details
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Managing Agent: Maria Hurst
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Corporate Owner: The 127 West 112th Street Condominium
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President: Effie Dilmanian
FirstService Residential’s expertise ensures the smooth operation of the building, from maintenance to addressing residents’ needs.
Environmental and Sustainable Features
The building’s design incorporates environmentally conscious elements, aligning with modern sustainability standards. Its Built FAR (Floor Area Ratio) is 3.39, slightly below the maximum residential FAR of 3.44, showcasing efficient use of space without overbuilding.
Sustainable Features
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Energy-efficient appliances and systems to reduce environmental impact.
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Zoning compliance to maintain harmony with the surrounding neighborhood.
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Fireproof construction for safety and durability.
These features reflect a commitment to sustainability and responsible urban development.
Recent Activity and Trends
The building has seen notable activity in terms of sales and rentals. Recent contracts and price changes provide insights into current market dynamics.
Notable Contracts
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Unit 1A: Signed for $1.15 million (2-bedroom, 1.5-bathroom).
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Unit 6N: Signed for $1.29 million (2-bedroom, 2-bathroom).
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Unit 7B: Signed for $1.73 million a year ago.
Rental Listings
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Unit 5F: Listed for rent at $4,000/month.
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Unit 5A: Listed for rent at $4,000/month.
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Unit 3E: Listed for rent at $4,000/month.
The combination of sales and rental activity highlights the building’s appeal to buyers and renters.
Conclusion
127 West 112th Street is a modern condominium building offering premium amenities and a prime location in Harlem. Its contemporary design, diverse unit options, and steady sales performance represent a valuable opportunity for those seeking quality real estate in Manhattan. Its location in Central Harlem, with its thoughtful design and range of features, makes it an attractive choice for buyers and renters. As Harlem continues to evolve, 127 West 112th Street remains a noteworthy addition to the neighborhood’s real estate landscape.
FAQs
What types of units are available at 127 West 112th Street?
The building offers studio, one-bedroom, and two-bedroom condominiums catering to various resident needs.
What amenities does Parc North provide?
Amenities include a fitness center, lounge, package room, cold storage, bike room, and two common outdoor spaces, including a roof deck. Private rooftop cabanas are also available for purchase.
Is 127 West 112th Street pet-friendly?
Yes, the building is pet-friendly, welcoming residents with pets.
How close is Parc North to public transportation?
The building is conveniently located near several subway lines, including the 2, 3, B, and C trains, facilitating easy access to other parts of Manhattan.
Are there any outdoor spaces available for residents?
Yes, residents have access to a landscaped roof terrace overlooking Central Park and the New York City skyline and a garden courtyard. Private rooftop cabanas are also available for purchase.
