Historical Background of 66 West 138th Street
66 West 138th Street holds a deep connection to the architectural history of Harlem. Built in 1900, it originally served as a traditional residential building. In 2020, it was converted into a sponsor condominium, a process overseen by John D. Nakrosis Jr. Building Design. This transformation preserved its historical architecture while integrating modern features and conveniences.
The conversion process began with the offering submitted in 2016 and finalized in 2020. By 2021, the condominium declaration was effective, marking the completion of its transition. This timeline reflects a well-planned approach to enhancing its functionality and market appeal while maintaining its historical integrity.
Harlem’s rich history as a cultural and architectural hub provides a unique context for this building’s transformation. The neighborhood’s evolution from a center of African-American culture in the early 20th century to a vibrant, diverse community today mirrors the revival of properties like 66 West 138th Street.
Overview of the Building
66 West 138th Street is a five-story building comprising 20 residential units. This structure offers a variety of unit sizes, ranging from studios to multi-bedroom layouts, making it suitable for a diverse range of buyers.
The building’s sponsor condominium offering type made it affordable for Manhattan real estate. With asking prices between $303,000 and $559,000, the property remains accessible compared to other options in the city. Sales officially began in August 2020, and closings followed in January 2022.
Key Features of the Building
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Year Built: 1900 (Converted: 2020)
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Total Units: 20
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Floors: 5
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Architect: John D. Nakrosis Jr. Building Design
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Sales Agent: Corcoran Group
In addition to these features, the building’s conversion reflects a commitment to modernizing while maintaining the neighborhood’s unique architectural character. Each unit has been meticulously redesigned to meet the demands of contemporary living.
Real Estate Market Analysis
66 West 138th Street presents an excellent opportunity for both buyers and investors. Recent sales trends show that units in the building are competitively priced, making them appealing to a broad market.
Sales Trends
Recent activity highlights the dynamic nature of the building’s real estate market. Units like 1C sold for $310,000 10 months ago, while 1D fetched $320,000 last year. These sales demonstrate the ongoing demand for well-priced properties in Harlem. Additionally, rental demand is evident, with Unit 3B’s rental price increasing by 11.11% in the last seven months.
The 66 West 138th Street pricing strategy underscores its appeal to first-time buyers and investors seeking affordable entry points in the Manhattan market. The steady appreciation of property values in Harlem further enhances the investment potential of this building.
Investment Potential
Harlem’s growing popularity as a residential area enhances the investment appeal of 66 West 138th Street. The combination of affordability, cultural richness, and accessibility makes this building a solid choice for long-term property investment. For investors, the mix of rental income opportunities and potential property appreciation creates a compelling value proposition.
Features and Amenities
One of the standout aspects of 66 West 138th Street is its thoughtful combination of historic charm and modern convenience. The building’s renovation focused on enhancing livability without compromising its architectural integrity.
Building Amenities
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Pets Allowed: Residents can enjoy a pet-friendly environment.
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Spa and Terrace: Offers relaxation spaces for residents.
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Walk-Up Design: Preserves the traditional layout while optimizing accessibility.
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Laundry Facilities: Convenient on-site laundry services.
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Intercom System: Ensures security and easy communication.
Modernized Units
Each unit features open living spaces, solid wood flooring, stainless steel appliances, and updated bathrooms. These features cater to modern buyers’ expectations while maintaining the building’s historic aesthetic. The renovation was designed to balance functionality and elegance, making each unit comfortable and visually appealing.
Neighborhood Features and Benefits
Located in Harlem, Manhattan, 66 West 138th Street benefits from its proximity to cultural landmarks, transportation, and community amenities. Harlem’s vibrant history and dynamic present make it one of New York City’s most desirable neighborhoods.
Accessibility
The building boasts a Walk Score of 96 and a Transit Score of 100, indicating its exceptional accessibility. The nearby 2 and 3 express subway lines provide quick connections to other parts of Manhattan and beyond. Bus routes and bike-friendly streets also make commuting and local travel convenient for residents.
Cultural Landmarks
Residents have easy access to iconic Harlem establishments, including the Apollo Theater, Sylvia’s, and Red Rooster. These venues contribute to the neighborhood’s unique cultural atmosphere. The area also hosts regular events and festivals celebrating Harlem’s rich cultural heritage, offering residents a vibrant and engaging community.
Educational Institutions
Families benefit from proximity to schools like PS 197 John B Russwurm and Thurgood Marshall Academy, ensuring quality education options within walking distance. These institutions reflect the neighborhood’s commitment to fostering a supportive and well-rounded community for families.
Unit Mix and Buyer Demographics
66 West 138th Street offers a variety of unit types designed to meet the needs of diverse buyers. The mix includes studios, one-bedroom, two-bedroom, and larger units, accommodating individuals, couples, and families alike.
Buyer Demographics
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Young Professionals: Studios and one-bedroom units cater to singles and couples seeking affordability and convenience.
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Families: Larger units provide ample space for growing families.
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Investors: Competitive pricing and Harlem’s upward real estate trends attract long-term investors.
The diversity of unit types and their respective price points make the building an inclusive option for many prospective buyers. Each demographic finds value in the unique combination of location, design, and amenities.
Recent Activity and Market Dynamics
The building’s recent activity underscores its dynamic presence in Harlem’s real estate market. Sales, contracts, and price adjustments highlight these units' demand and value.
Price Changes
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Unit 3B saw a rent price increase of 11.11%, reflecting strong rental demand.
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Sale price adjustments for units like 1C (-3.17%) and 5D (-2.99%) show a market responsive to buyer interest.
Contracts and Closings
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Recent closings include Unit 1C ($310,000) and Unit 1D ($320,000), demonstrating steady sales activity.
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Contracts signed over the past two years highlight consistent buyer interest. These trends provide insight into the building’s market stability and growth potential.
Investment Potential and Long-Term Value
The growing appeal of Harlem as a residential neighborhood makes 66 West 138th Street an attractive investment. Its location, modern features, and historical charm offer buyers a unique opportunity in Manhattan real estate.
Future Appreciation
As Harlem continues to develop, property values will likely increase. This trend positions 66 West 138th Street as a wise choice for those seeking long-term appreciation. The building’s affordability and location give it a competitive edge in the real estate market.
Appeal to Diverse Buyers
The building’s affordability, accessibility, and cultural context appeal to domestic and international buyers seeking value and opportunity in New York City. Its mix of unit types ensures it caters to a wide range of needs and preferences.
Conclusion and Summary
66 West 138th Street is a testament to Harlem’s evolving real estate landscape. Its blend of history, modern amenities, and competitive pricing offers an excellent option for buyers and investors alike. The building’s location in one of Manhattan’s most vibrant neighborhoods adds to its appeal, making it a property that balances convenience, culture, and value.
For those looking to invest or reside in New York City, 66 West 138th Street provides a compelling option within reach. It reflects what Harlem offers—a community rich in history, culture, and opportunity.
FAQs
What is the history of 66 West 138th Street?
66 West 138th Street was built in 1900 and converted into a sponsor condominium in 2020. This transformation preserved its pre-war charm while introducing modern amenities, aligning with the broader revitalization efforts in Harlem.
What unit types are available in the building?
The building offers a variety of unit types, including studios, one-bedroom, two-bedroom, and larger units. This range accommodates the needs of singles, couples, families, and investors.
How accessible is 66 West 138th Street?
The building boasts a Walk Score of 96 and a Transit Score of 100. It is near the 2 and 3 express subway lines, making commuting to other parts of Manhattan and beyond easy.
What are the main features of the units?
Each unit is designed with open living spaces, solid wood flooring, stainless steel appliances, and modernized bathrooms. These features balance comfort and functionality, catering to contemporary living needs.
Why is Harlem a desirable neighborhood for buyers?
Harlem offers a rich cultural heritage, access to landmarks like the Apollo Theater, and excellent transportation options. Its dynamic community and ongoing revitalization make it a prime choice for buyers and investors.
