Wow, is there a Great Depression 2 going on?
Apparently not in luxurious East Harlem near the train tracks, where Fifth on the Park unit 13G just closed for $2,038,600 on March 30, 2009. That is $1,035 per square foot for the 1,931 square foot 3 bedroom 2-bath pad which annihilates any prior records in East Harlem.
Crazy!!!
It may have been smarter to walk away from a $200,000 deposit instead of close, but its closed, the deal is done.
Well, they have 159 units left to close so we'll watch and see what happens.
As of April 16, 2009, there are 83 units "in contract" down from the 99 which the developer claimed in August 2008. There are 23 units in active listing. The remaining 53 units are either being held for sale or being primped for a distressed bulk sale.
Fifth on the Park is an anomoly in many ways, probably most prominently because the asking prices of $1,000 per square foot exceed Harlem's peak pricing of $700 per square foot by 42%! Of course, that peak pricing was based on 2007, the peak bull market debt infused year.
On-line groups of buyers are forming to delay or stop their closings and trying to get their 10% deposits back. But if you are in contract to pay $1,000 per square foot and you already handed over $100 per square foot as a deposit, but the apartment is now only worth $500 per square foot or less, it is better to walk away from your $100, then buy another $400 loss.
Once you close, there are lots more headaches dealing with this developer who is bankrupt.
Did your tax abatement go through yet? Did the developer finish the punch list? Where is all the art in the lobby that Futterman promised? How come the lap pool is not open? Why are they raising the common charges already? Folks, seriously, get out now. . .
Stone Mountain Sunset
3 hours ago
5 comments:
Fifth on the park is one of the best locations in Central/South Harlem in one of the most architecturally stunning neighborhoods with well established gentrification including some brownstones where renovation costs seem to be no object. These folks at $1000 psf are not the first to be invested in this area. I think they may have the unusual view of home purchase being a long term investment. Harlems gentrification has been driven by those individuals with a long term outlook, not just following the herd.
Fifth on the park is technically East Harlem being on the east side of Fifth Ave. but culturally the neighborhood is nothing like traditional SpaHa, it is really South Harlem or to be more accurate the Mount Morris Park District as it is next to the prized Mount Morris Park District brownstones and the Park itself.
Do Not Attempt to Contact
Harlem Hound & harlemhound@gmail.com
I believe there is a joke being perpetrated here in the most childish of manners and chosen to be posted here on Manhattan Kids Blog. Harlem Hound and the email: harlemhound@gmail.com has no affiliation with any cause or organization of resistance regarding Fifth on the Park, Futterman, any information regarding contracts therein, or logistics of returned deposits thereof.
Please do not email harlemhound@gmail.com regarding any such resistance or questions in regards to a fore mentioned above, for it is simply a dead link. And to the person amusing yourself by falsifying information and abusing my email and this blog for your own perverse petty needs, cease and desist now, I can and will find you and put an end to it myself.
harlemhound@gmail.com
Dear Harlemhound@gmail.
Sincerest apologies. Did not realize the Harlemhound surname was in use. Switch in progress. Thanks for reaching out.
In all other respects the concerns and questions and interest in connecting with other buyers over Fifth on Park and what is happening to other contract holders is very real.
Once again, apologies.
The first poster in the comment section is a jokster. I live facing MGP, and there are PLENTY of boarded up storefronts and empty abondoned browntsones between 116th and 125th and Madison and Lenox. Furthermore, those restored brownstones are almost all for sale, and ALL have been drastically reduced (like from $3mm asking to $1.8 for one on 120th after two years and still no takers.) If those restored brownstones could not sell for $750 per SF in 2007, how can a luxury highrise dooorman bldg sell for $1100 psf in 2009? PLEASE. You can get Chelsea, Lincoln Center or Gramercy for $1100 psf in new doorman buildings for less.
Post a Comment