Now’s a great time to get a deal on many new condos in New York City. Some sponsors have a lot of unsold units and big loans to pay off and they’re very eager to sell. You can negotiate on price and the closing costs which are substantial. State and city transfer taxes alone add up to almost 2% of the purchase price unless you work that into the deal. But only buy if you’re looking to hold onto the property for at least 5 years so you can ride out this bear market. And make sure you know what you can rent the place for so you can cover your costs. So far as Harlem goes, it’s a great place to buy real estate if you can negotiate the price below what you would pay for a rental.