From the NY Times:
...a single block — West 134th Street between Frederick Douglass Boulevard and Adam Clayton Powell Jr. Boulevard — offers a vivid illustration of just how cool the market and the mood have turned.
On that block, developers have been trying to figure out what to do with at least four town houses they bought during the boom. Two years ago, the developers planned to renovate the homes and resell them for more than $1 million apiece. But they are leaving them boarded up, letting them fall into foreclosure or selling them, in one case for less than $600,000.
Craig Charie, who is trying to sell an unfinished brownstone at 221 West 134th Street, said he had contemplated chopping up the home, which belonged to a Harlem family for nearly 90 years, and renting it out to Columbia University students.
Some see a benefit to the market’s cooling, saying it will allow a greater opportunity for residents, new and old, to work together to restore some of the neighborhood feel that had been lost through gentrification.
Still, for many involved in Harlem’s remaking — real estate agents, bankers, shop owners, new residents — the swing in real estate fortunes has been breathtaking.