Beacon Towers in Harlem (W. 138th & 5th) - Any thoughts?

My wife and I are seriously considering buying one of the "affordable apartments" in this brand-new building, and we are looking for some advice / discussion on this building and neighborhood. The building is located at w. 138th st. and 5th ave in Harlem. It is a mix of market rate luxury apartments, and "affordable apartments". The building website is: www.beacontowersliving.com/ We visited a few... [more]

My wife and I are seriously considering buying one of the "affordable apartments" in this brand-new building, and we are looking for some advice / discussion on this building and neighborhood. The building is located at w. 138th st. and 5th ave in Harlem. It is a mix of market rate luxury apartments, and "affordable apartments". The building website is: www.beacontowersliving.com/ We visited a few times, the area seems pretty quiet. Right now, the deal just seems a little too good, and I worry that we're missing something. This building was discussed in a nytimes article a couple of weeks ago: http://www.nytimes.com/2009/05/24/realestate/24afford.html?_r=1&ref=realestate We were looking at a 2-bedroom, about 850sq. ft. in this brand-new building for abut $330,000. Because it is "affordable' the household income limit is $195,000. Amenities include doorman, security cameras, fitness room with some cardio equipment, 2 elevators, pets allowed, all new appliances - dishwasher, washer/dryer, microwave, stove, fridge, parking garage in the building ($200/month) accessed through elevator. There's also a common outdoor area which is concrete and benches with some trees. The developer is also offering $300 a month incentive to move in, and some additional incentives are being offered which would be worth $3-5K dollars. For resale, there is no sale price restriction only an income restriction on the new buyer which will be $195,000 or higher. Also, no profit if sold in the first 3 years. For years 4 - 16, half the profit goes back to the city, and years 16-25 some of the profit is used to pay off the remainder of the subsidized HPD loans. My wife and I are in our late 20s, and we currently rent, and would be able to move within a month's notice. We are interested in living here for awhile. We plan on having kids,feel that this would be a good investment, and that there is a very good chance the property values would rise within 5 years. Currently, the building is co-op and requires 75% of the units to be in contract the plan to become effective. I think that around 40% of the units are in contract, although those are predominately the affordable units which make up 70-80% of the building. Any thoughts? And please respond with more than "Harlem is not a nice place to live" and "subsidized apartments are for low-lifes." Thanks. [less]