As most know by now, church owned land was sold off in a deal that would incorporate a new place of worship within the condo development and eventually a 28-story building towered over a neighborhood used to brownstones or low-rise tenements. This all came about when the real estate market crashed and the Times even reported on buyers trying to get out their contracts in Harlem with Fifth on the Park as the prime example. Naysayers even speculated prices dropping below $300 per square foot or "ghost towers" of finished buildings popping up all over uptown.
Fifth on the Park has now had 142 recorded sales and only has 6 units left with the average price selling at $686 per square foot according to Streeteasy: LINK. Much of the larger constructions of the past 5 years have sold out or basically have one or two units left. The challenge now for condo development in Harlem is to find out larger portions of unused land since much of it has been sold off in the past decade. Open lots on 125th Street are prime areas but probably meant more for commercial and hotel use. There are also a few condos that have not been completed such 220 St. Nicholas which succumbed to financing problems so these might be a good option to investigate for new investors: LINK
I know I sound like a broken record but while I am sure this is a lovely building it just is so out of proportion to the neighboring area. My block and the park have sun and air diminished. The church area remains unused.
ReplyDeleteThey do have nice plantings though and I love the statue.
I like this building for two reasons, firstly, the natural brick detailing fits in well with Harlem’s built environment. Secondly, the building makes a positive statement being fully market rate and contributing to the view from many parts of Harlem.
ReplyDeleteExcept it isn't fully market rate. A large section is affordable rental units that provide income for the church.
ReplyDeleteAs with many of the large new construction, mix-income units are part of the plan but the rentals in Fifth on the Park start out over $2,100 a month for a one bedroom and almost $5,000 a month for a 3 bedroom. We have not covered the rental market much so this post is not about how many rental units are available.
DeleteAccording to the building's website, Fifth on the Park is 99% sold.
I walked by 220 St. Nicholas yesterday afternoon and there were work men leaving looking dusty and as if they had put in a day on the job, but they were rag tag, not a full crew, but some action nonetheless!
ReplyDelete220 St. Nicholas is getting back up to speed. It was bought out by what looks like a father/son developer earlier in the summer and now they have work crews there cleaning out the past fews years debris; plus architect/supervisors inspecting and putting up the correct DOB paperwork etc. Hopefully it'll be done within a year.
DeleteRegarding large lots, across St Nicholas from 220 is the former gas station lot, which was rumored to face development by the same developers who did 2280 FDB. Have not noticed any activity there.
DeleteThe rental units are all owned by the church which has a seat on the condominium board. Please check with the church, but I do not believe the rents are that steep. Individual condo owners are permitted to rent their units for a period of not less than a year. They can mark up the rents however much they can get over the bargain monthly carrying charges (common and RE taxes) which they are paying. The high rents you are citing are probably owners who purchased an apartment as an investment.
ReplyDeleteThe big open lot occupied by the market on 116th between 5th and Lenox is a PRIME real estate location. In the 12 years I have been up here, I have never understood why land on a major street like 116th is being occupied by this market instead of being used for condos/coops/commercial real estate/ luxury rentals..
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