It has been a few months since 5 contracts were out at 1280 Fifth Avenue and we wanted to take a look at how the starchitect-designed building was doing with units priced over the $1,300 per square foot mark:
LINK. Granted that most folks would consider this section of Fifth Avenue at 109th Street an extension of the upper East Side, it seems that the price range is still not finding too many buyers at this point. Checking up on Streeteasy, it now looks like the contracts that were out in September are no longer listed and it doesn't appear like any units have been sold at this point:
LINK. On a positive note, it appears that the sale for the ground floor Museum for African Art space did happen and that went for a total of $43.75 million. There's some great direct views of Central Park to be had and the architecture is definitely a stand out but will its 115 units sell at the current price structure?
www.1280Fifth.com
I'll weigh in with a "no" to the units selling at the current price level. The immediate surrounding area has no amenities and can even feel isolating. The park is the big draw but this building is in close proximity to a sea of projects stretching east, north, and west above the park.
ReplyDeleteMarkM: I agree that the issue revolves around the surrounding area....work needs to be done to improve the immediate area - it's going to be tough.
ReplyDeleteEven if the surrounding area were improved dramatically, $1200 psf was simply fantasy. They'll be lucky to sell out on $800 psf, which is comparable to developments on CPN.
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