A four-bedroom, 3.5-bathroom unit at 5th on the Park, Uptown Partners’ Central Harlem condominium at 1485 Fifth Avenue, has just closed for $2.149 million, the highest priced unit above 111th Street since December 2009, Halstead Property Development Marketing, which is exclusively marketing the property, announced today.

The building has a strong record for selling comparatively high-priced condos in the area. The previous top closing prices above 111th Street were also at 5th on the Park, including a two-bedroom, two-bathroom unit for $2.34 million in December 2009 and a four-bedroom, three-bathroom unit for $2.43 million in October 2009, according to Halstead.

Similar properties in the area include 2130 Adam Clayton Powell and 88 Morningside, both marketed by Halstead, each asking between $289,000 and $949,000 for a 533 to 1,508 square feet space and between $415,000 and $880,000 for 735 to 1,270 square feet respectively. – Katherine Clarke [more]

From left: 2280 FDB, Parc Standard and 5th on the Park

The top Harlem condominium developments command more than $715 per square foot in closed sales since June 2010, according to a report released today by Halstead Property Development Marketing, and the building at 2280 Frederick Douglass Boulevard, called 2280 FDB, ranked first in the entire neighborhood with an average closing price of $736 per square foot. The 12-story, 89-unit condo between 122nd and 123rd streets was developed by Harlem-based RGS Holdings and is marketed by Halstead. Twenty-eight units in the building sold during the 18-month time frame ending this month, and 56 have sold overall, according to Halstead. The homes range from 455-square-foot studios to 1,625-square-foot three-bedroom apartments. — Adam Fusfeld [more]

From left: Diane Ramirez, 380 Lenox Avenue and 1485 Fifth Avenue

Halstead Property has just signed on to be the exclusive sales and
marketing representatives for 380 Lenox Avenue and for 1485 Fifth Avenue, president Diane
Ramirez told the New York Times. She also spoke about Windows on 123 in Harlem, where Halstead
replaced the Corcoran Group as marketing agents; two contracts have been
signed since they took over, and 13 units are left. As 2010 comes to a close, the real estate market is doing better than expected, Ramirez said. Comments

• Tweet

Uptown Partners’ 5th on the Park in Harlem has slashed prices by as much as 15 percent. The asking price for unit 26A, for example, was $1.9 million last month from $2.25 million previously. There are 70 units out of 160 still available at the project at 1485 Fifth Avenue on the corner of 120th Street. Uptown Partners made news in January when it scored a victory against two buyers who wanted to get their deposits back at the project. It was the first time in 20 years in New York that a federal judge ruled on a case in which buyers tried to use the Interstate Land Sales Full Disclosure Act, or ILSA, to cancel contracts and get deposits back. Griffin Real Estate Group is handling marketing and sales for the project.

Condominium buyers at a luxury Harlem project filed court papers yesterday to begin an appeal of a recent decision that was the first ruling on the Interstate Land Sales Full Disclosure Act, or ILSA, in New York state in the last two decades. Buyers of two condo units at Uptown Partners’ 5th on the Park, the 160-unit condo development at 1485 Fifth Avenue at 120th Street, filed a notice of appeal in Manhattan federal court yesterday, the filing shows. They sought to overturn a decision issued Jan. 30 by federal judge Denise Cote who ruled that the developers of the project were exempt from the ILSA statute, thereby rejecting buyers’ efforts to break their contracts and get their deposits back. The federal ILSA law requires that developers who have divided land into 100 or more units, file a property report with the U.S. Department of Housing and Urban Development. Buyers must also be given a report before signing their contract. The little-known law has been used in dozens of cases in New York City where buyers are trying to back out of their contracts. [more]

At peak, 51 percent of the buyers at the 505 at 505 West 47th Street had cases in federal court to rescind their contracts.

From the December issue: At peak, buyers of 55 out of 108 units (51 percent) at the 505 at 505 West 47th Street had cases in federal court to rescind their contracts, which were worth a combined $43.1 million. Six have since dropped their cases, and three have closed on their units (one received a 3.5 percent discount). The plaintiffs claimed Parkview, headed by Ian Reisner and Mati Weiderpass, failed to provide the property report required under the Interstate Land Sales Full Disclosure Act. After Parkview realized its mistake, the buyers claim it filed an amendment to the offering plan in an attempt to exempt itself from the law by removing eight units and combining another two, so the initial offering plan would only be comprised of 99 units. Developers across the city are fighting to keep buyers in contracts — but 20 condos and co-ops are facing a particularly tough time. Click here to read about the rest.

[more]