2056 Fifth Avenue in Harlem Kicks Off 2008 With Development and Sales Milestones

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AFC Realty Capital has announced several significant milestones on the development and sales fronts at 2056 Fifth Avenue, the luxury condominium community rising in a renovated Harlem Beaux Arts building at this sought-after New York City address. The Manhattan-based real estate investment firm has retained renowned real estate professionals The Corcoran Group to direct the sales and marketing at the condominium building.

2056 Fifth Avenue

The nearby East River Plaza will add 485,000 square feet of retail space and several other residential and commercial endeavors are planned. It is an ideal setting for a small group of distinctive homes with all the charm and elegance of classic city living.

AFC Realty Capital has announced several significant milestones on the development and sales fronts at 2056 Fifth Avenue, the luxury condominium community rising in a renovated Harlem Beaux Arts building at this sought-after New York City address.

The Manhattan-based real estate investment firm has retained renowned real estate professionals The Corcoran Group to direct the sales and marketing at the Rhapsody on 5th condominium building which is situated in the heart of one of Manhattan's fastest growing residential destinations.

AFC Realty Capital is also preparing for the Grand Opening of a new fully-furnished on-site sales center and model at 2056 Fifth Avenue. The state-of-the-art facility - which debuts with more than 50 percent of the luxurious homes already sold -- will be located on the second floor of the magnificent building.

The noteworthy announcements do not end there, indicates Arthur Fefferman, President of AFC Realty Capital. The condominium plan for 2056 Fifth Avenue has recently been accepted as effective by the Attorney General and initial occupancy at the building will begin in April. This means new home purchasers can be residing in their condominium residence just weeks after signing a contract.

"2056 Fifth Avenue will kick off 2008 with several exciting and important events," Mr. Fefferman adds. "The addition of The Corcoran Group provides buyers access to seasoned real estate professionals who are well versed in the Harlem neighborhood and its new luxury condominium homes."

"The debut of our on-site sales and model center will offer a first-hand look at not only the upscale interiors featured in these homes, but also at how this historic building combines the allure and charm of old-world architecture with state-of-the-art amenities and services," continues Mr. Fefferman.

Priced from the upper $900,000s, two-bedroom, maisonnette and penthouse homes at 2056 Fifth Avenue boast luxury features including bamboo floors, oversized windows, airy rooms, soaring ceilings, kitchens and baths with wood, glass and stone and home washers and dryers. Master baths feature a separate glass enclosed shower and bath, side-by-side glass sinks, Kohler fixtures and custom-made cabinets for added storage. Some residences also feature balconies and fireplaces.

"The penthouse, maisonette and garden homes at 2056 Fifth Avenue are a rare find in this housing market," Mr. Fefferman points out. "For example, the garden home features a separate entrance and private garden with direct access to the private landscaped courtyard, while the spacious two-story maisonettes provide the feel of townhome living in a highly-amenitized building. The luxurious penthouse homes offer lavish interior elements complemented by abundant outdoor space and spectacular views of Harlem, Manhattan and beyond."

The doorman building features a vaulted lobby, well-equipped fitness room, high-tech security, bike room, residents-only landscaped courtyard and Fresh Direct cold storage room.

The building at 2056 Fifth Avenue began life in the 1920s as a meeting hall serving Harlem's then-extensive Finnish community. The beautifully-detailed structure has had a diverse array of uses throughout its history - for the past four decades as a sanctuary for the Gospel Temple Church.

Within walking distance, residents will find the most diverse public transportation alternatives in the city such as MetroNorth train service, MTA buses and the 1, 2, 3, 4, 5 and 6 subway lines. Recreational opportunities also abound in nearby Marcus Garvey Park and Central Park.

2056 Fifth Avenue is also at the epicenter of the new Harlem renaissance, with major development initiatives all around.

"The character of the immediate neighborhood is dramatically changing," notes Mr. Fefferman. "The nearby East River Plaza will add 485,000 square feet of retail space and several other residential and commercial endeavors are planned. It is an ideal setting for a small group of distinctive homes with all the charm and elegance of classic city living."

For more information about 2056 Fifth Avenue, please contact The Corcoran Group at 212-828-5556 or visit http://www.2056FIFTH.com.

About the Developer:
AFC Realty Capital is a premier boutique real estate investment banking firm specializing in debt and equity financing, investment, development, and consulting/advisory services. The firm has been instrumental, in both a principal and advisory position, for financing, investment and development transactions aggregating in excess of $5 billion.

Contact:
Robert Kelly
CAHN Communication
rkelly @ cahncomm.com
201-876-3100

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