New York, NY (PRWEB) June 5, 2008
How do you make your Harlem condo stand out from the crowded pack of new luxury buildings that dot the Harlem landscape?
With Harlem condos seeking the same buyers in this tight market, the developers of Harlem's most successful luxury condominium project --- 5th On The Park --- have come up with some in your face unique marketing tools to get the attention of prospective buyers --- especially Upper West Siders, looking for more space a few blocks north.
Taking what looks like a page out of the "Apprentice" Trump show handbook, developer Lew Futterman, a former music producer -- who knows a lot about promotion --- hired handsome Joe Ditmyer, a young New York off-Broadway actor to ride around the Upper West Side in a two-sided rental truck with a huge "5th On The Park" billboard plastered on both sides.
When he can, this former soap opera actor gets out and stands in front of the truck handing out colorful 5th On The Park brochures to targeted buyers urging them to get more space and luxury for their money a few blocks north in Central Harlem, where the 28-story, 160 unit Fifth On The Park is already more than half sold.
Views will be spectacular from 5th On The Park, a FX-Fowle designed building that overlooks the 20-acre Marcus Garvey Park. The building features a lap pool, state of the art fitness center, underground garage, valet parking and a 1,800 seat state-of-the art church.
Before building condos, developer Lew Futterman was the producer for music stars like Ted Nugent, the Hello People, George Benson, Jack McDuff, Jimmy Witherspoon and others, so he knows a lot about promotion.
"When we get a good spot on Broadway, it's a good day,'' says Ditmyer, who enjoys chatting with New Yorkers about where they want to live.
In addition to the truck, the developer has also reached for higher promotion tactics. Just recently they hung a huge banner that spans eight stories from the top floors of 5th On The Park --- visible from miles around --- to grab the attention of Metro North Train commuters as they pass through Harlem at the 125th station, subliminally reminding commuters that if they lived there, they would be home already.
5th On The Park, however, isn't just convenient for Westchester and Connecticut commuters. 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, Upper West 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.
Brokers from other firms have also been instrumental in bringing their customers to 5th On The park. Sales Director, Carole N. Griffin of Griffin Real Estate Group, estimates that about 40% of the almost 100 homes sold at 5th On The Park have been co-brokered. This is due in part to the development's unique accelerated broker compensation which offers 20% of their 3% commission split upfront. Outside brokers generally have to wait until closing for their commissions which can easily be upwards of 1 year. The program at 5th On The Park allows brokers to get at least some of their commission right away.
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 877-348-8233, 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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