It's a very adventuresome project for Harlem
New York, NY (PRWEB) July 8, 2008
The recent passage of a major rezoning plan for Harlem by the City Council last month is expected to further re-invigorate the neighborhood and its rich history.
The plan is expected to increase residential developments and bring new residents and visitors to Harlem, where many news businesses, arts and entertainment venues are already planned.
More new luxury developments may rise in Harlem, joining others like the spectacular 5th on The Park that is now Harlem's fastest selling luxury condominium with spectacular views of upper Manhattan. The FX-Fowle designed 28-story building at 120th and Fifth Avenue, is more than half sold, with over 90 apartments out of 160 already purchased.
At 5th on The Park, all residents will be treated to amenities that include a lap pool, fitness facility, private and common terraces, 24-hour concierge, doorman, valet parking garage and a spectacular new modern 1,800 capacity church in the lobby of the building.
While units sell close to $900 per sq. ft. savvy buyers know a comparable apartment in midtown would cost almost double that.
"It's a very adventuresome project for Harlem," said Lewis Futterman, co-founder of Uptown Partners, developer of 5th on The Park. "It's something people wouldn't have even dreamed of doing three or four years ago." "Upper West Side residents are no longer willing to pay Manhattan prices. And these buyers make up the majority of new buyers here in Harlem."
And it's not just Upper West Side residents. With its central location and proximity to express trains (2/3, 4/5), 5th On The Park has attracted buyers from Chelsea, Gramercy, Upper East Side, Clinton (formerly Hell's Kitchen), Lower East Side and Wall Street. It has special appeal to Upper East Siders, and in particular, the Mt. Sinai Medical Center community from which 3 doctors have already purchased. The M1 bus stops right outside 5th On The Park and goes down 5th Avenue directly to the hospital.
At 5th on The Park, prices range from $649,900 for a one bedroom; $878,500 for a two bedroom; $1,258,300 for three bedroom and $1,903,700 for a four bedroom.
At 5th on The Park, which is one of the tallest in Harlem, park and city views rival those of the finest downtown properties. "As far as value, there is simply no comparison," adds Futterman . (See the Real Views from the 22nd floor attached.)
Uptown Partners LLC, developer of 5th on the Park, was formed in 2001 specifically to address the emerging market rate condominium market in Harlem. It creates home ownership opportunities, comparable in quality and amenities to downtown developments, for people whose higher incomes prevented them from qualifying for the many shallow-subsidy, middle class condo or coop projects being created in Harlem through various public/private partnerships. Since that time, it has been the lead developer of the two largest solely market rate condominiums in Harlem, The Lenox and 5th on the Park.
Griffin Real Estate Group (GREG), Exclusive Sales & Marketing Agent for 5th on the Park, is the only development marketing group based in Harlem, founded in 2000 by Carole N. Griffin, a real estate veteran with over 16 years experience in Harlem. As a well-respected, long-term member of the Harlem community, Ms. Griffin recognized that as interest in the historic neighborhood skyrocketed, there existed a profitable opportunity to fill a void in this burgeoning marketplace for community-minded representation that broadens rather than replaces the residential profile of Harlem. Since then, GREG has enjoyed peerless success with its exclusive representation of numerous prestigious projects. Ms. Griffin is a member of the National Association of Realtors, the Real Estate Board of New York, the African American Real Estate Professionals of New York, and other local business and realty groups. Please contact Holly Pulliam at 212.491.7200, Hpulliam @ griffinny.com, or http://www.griffinny.com.
Phoenix Realty Group (PRG), equity partner in 5th on the Park, is a national real estate investment firm providing capital and expertise to urban and infill developers and directly investing in opportunistic real estate ventures. PRG has extensive in-house real estate development and asset management capabilities.PRG has attracted investments from America's leading pension funds, banks and insurance companies, establishing discretionary funds that aggregate opportunistic and value-add real estate. The company manages private equity funds representing up to $3.5 billion in real estate development and acquisitions. (http://www.phoenixrg.com)
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