The Real Deal New York

Fifth on the Park, site of landmark ILSA ruling, switches up marketing team

December 08, 2010 12:45PM
By Amy Tennery

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5th on the Park and Stephen Kliegerman

Fifth on the Park, the Harlem condominium that saw a landmark Interstate Land Sales Full Disclosure Act case earlier this year, has switched up its marketing team after selling 51 percent of its 160 units since launching sales in April 2007.

Halstead Property Development Marketing will become the exclusive sales team for the development, located at 1485 Fifth Avenue between 119th and 120th streets. Prices there range from $489,000 for a one-bedroom unit to $1.74 million for a four-bedroom apartment. Stephen Kliegerman, executive director for Halstead Property Development Marketing, was not immediately available for comment.

Yoav Haron, CFO with Artimus Construction, a partner with the development team, Uptown Partners, said in a statement that the team has “been very pleased with the progress made up until this point.”

The previous marketing team, Griffin Real Estate Group, had been marketing the project since the inception of sales, according to company founder Carole Griffin. She characterized her company’s split from the development as amicable.

“It was a mutual expiration of our agreement,” Griffin said, noting that her firm’s contract at the development had expired. “Our progress speaks for itself.”

Fifth on the Park has not been immune from controversy.

In January, a federal judge ruled in favor of the developers, Uptown Partners, in an ILSA case brought by two buyers who wanted to get their deposits back on the project. The ruling marked the first time in 20 years that a federal judge ruled on an ILSA case in New York. Uptown Partners declined to comment.

The buyers appealed the judge’s ruling in February, arguing that Uptown Partners was not exempt from the ILSA statute. The buyers’ attorney, Lawrence Weiner, said that case is still pending.

Griffin said that this case did little to influence sales at 5th on the Park, noting that other developments have struggled with ILSA cases recently, as well.

“It was a[n issue of] contention with all sites,” affected, Griffin said. “It wasn’t anything to our site in particular… It’s an issue that just needs to be dealt with and we dealt with it.”

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