Overview

Graceline Court is one of the newer condo developments in Central Harlem. Located at 106 West 116^th Street, it was the brainchild of Lowen Development and features what many reporters have dubbed as an exciting architectural feature—a cantilever. For those of you who aren’t savvy with the lingo, a cantilever is a projecting beam supported only at one end. In this case, there is a small part of the building which hangs over the neighboring structure, which happens to be Malcolm Shabazz Mosque No. 7, a historical building in its own right.

Designed by architectural firm, Feder & Stia, the building is very modern and will feature a three story community facility, which is slated to feature the Shabazz Heritage Museum. Further, units on the upper floors (7 – 16) will feature unobstructed south facing views over Central Park. Construction began in mid 2007 and occupancy is expected for Fall, 2008.

Units & Pricing

This 16 story development offers 32 units which range in price from $475,000 up to $1.6M. Buyers can select from one, two and three bedroom units, as well as penthouse duplexes with rooftop terraces. One bedroom units come in between 628-749 feet with asking prices ranging from $475,000 to $555,000. On a square foot basis, units start at around $740. As of publication date, about half the units have contracts or have sold.

Two bedroom units offer 965-1137 square feet of space and asking prices range from $595K to $850K. The two-bedroom units with balconies are also available, these units start at $725K. On a square foot basis, units fluctuate from $616 to around $750.

Three bedroom units offer 1215-1688 square feet of space and include penthouse duplex apartments. All of the three bedroom units offer private outdoor space, the amount of exterior space fluctuating from 63 to 450 feet. It should also be noted that the three bedroom units offer two, two and one-half, or three bathrooms. Prices range from $895,000 to $1.55 million depending on the size of the apartment and the amount of outdoor space. The aforementioned penthouse duplex apartments are priced at $1.285-$1.55M. The penthouse apartments feature private rooftop decks and offer 1400-1688 square feet of space.

Common charges are reasonable and real estate taxes are low, a result of the tax abatement program. Total monthly carrying costs come in around 80 cents per foot for most units. Anything under $1/foot is becoming increasingly hard to find.

Interiors

Apartments are completely modern with an open concept floor plan, hardwood floors and state of the art kitchens with the ever-present granite countertops and stainless steel appliances. The larger units offer a loft like space for the living and dining areas complete with lots of light from the high ceilings and tall picture windows. Some units even have fireplaces. While most of the units have decent city views, the most desirable exposure is definitely south with great light and a view over Central Park.

Washer and dryers are included in each unit and available floorplans showcase a number of closets that most buyers would appreciate. These features seem to be standard in even the smallest one bedroom units in the development. Note that the smallest units feature small but modern equipped kitchens and bathrooms. Also of note, many apartments offer windowed kitchens and bath.

Amenities

Graceline Court offers a 24-hour doorman and fitness center which overlooks the common garden. The building will also house a 5,500 square foot Shabazz Heritage Museum. There will also be a common roof terrace for residents. The building will not have a parking garage or additional storage.

Area

Central Harlem is a very desirable section of Harlem. Dubbed SoHa by realtors, this area of Harlem is close to three major city parks: Central Park, Mount Morris Park and Morningside Park. Graceline Court is within walking distance to all three and only steps from major subways including the 2 and 3 trains on Lenox Avenue and the B and C trains on Eighth Avenue. Nearby bus service will include the M7, M116, and M2.

Graceline Court is actually located on the major thoroughfare of 116^th street between Lenox and Seventh Avenues. Many shops, restaurants, markets and banks are all located on the very block the condominium development sits or within a short walking distance.

Investment Potential

This condo has been on sale since mid 2007. Because of its central location and decent amenities package, the development has been well received and sales are going smoothly. There is a fairly large inventory for buyers to choose from within Central Harlem so buyers are in a good position to negotiate. In terms of price relative to nearby condos this development is pretty much in line, if not a bit higher because it’s brand new construction. Our favorite units were the two bedrooms with balconies, all of the three bedrooms, and anything with a view of Central Park. Finding this view for under $1,000/foot is very unique and should boost the long-term investment potential.

On the downside, some might consider the fact that 116th Street is a bit noisy, especially with the various activities going on at the mosque. We’ve heard rumors of both early morning prayer sessions and speakers on the roof. That might ruffle a few feathers. Still, we give a B+ when considering the whole package together.