Does a star architect, striking design, Central Park views and a prominent museum anchor tenant sell a Harlem condo at twice the average going rate? If One Museum Mile at 1280 Fifth Avenue and East 110th Street is an example, then the answer is yes. Checking up on Streeteasy, it appears that 20 contracts are out and 10 closings have been recorded at the luxury new construction in East Harlem. One 2-bedroom apartment which sold exactly at the original $1.935 million asking priced basically closed for $1,307 per square foot which is easily double what the average condo is going for in Harlem these days:
LINK. The listing apparently tries to make the area sound more expensive by calling it Upper Carnegie Hill (which is not a real neighborhood) but the development is technically in East Harlem and faces a few public housing projects towards the east side. Even with that said, the location and the pedigree of the building have buyers looking the other way and paying downtown prices to live uptown.
I mean, to me, a Central Park view is a Central Park view. If your comparison is "other buildings with Central Park views" then this price looks positively cheap!
ReplyDeleteNot that I expect to ever have the money to consider buying such a place myself, so my opinion on the matter isn't worth much.
That said, a pretty astounding price per sq. ft. A couple of years back, people were predicting doom and gloom for these apartments in Harlem, yet they have gone on to sell for quite a lot of $.
ReplyDeletelooking at a space there this weekend. will report back.
ReplyDeleteMy guess is most buyers are foreign and unfamiliar with Harlem's reputation. That could be good or bad. Harlem's problems are overblown in the public consciousness in the US, but foreigners may also be unprepared for Harlem's lingering difficulties.
ReplyDeleteIt's a reasonable price relative to the near $1,000 per sq ft values of 2280 FDB and others in the area.
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