5th on the Park

A total of 41 contracts were signed at 5th on the Park, a new residential high rise on Upper Fifth Avenue, throughout 2011, the most out of any new development property in Harlem, Halstead Property Development Marketing, the exclusive sales agent for the building, announced today.

The development was closely followed in sales volume by 88 Morningside at 88 Morningside Avenue with 38 signed contracts and 2280 FDB at 2280 Frederick Douglass Boulevard with 31 contracts, which are marketed by Halstead and MNS respectively. (note: correction appended) [more]

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]

Three weeks after achieving the 50 percent sold milestone, 88 Morningside in Central Harlem received its Temporary Certificate of Occupancy, indicating construction is complete and that the building is approved for closings and move-ins. Closings and occupancy are expected to begin in late August, according to the developers, BOS Development, Horsford & Poteat Realty and the Bluestone Organization. Sales launched at the 12-story, 73-unit condominium last June, and 32 units remain on the market, according to the building’s marketing team, Halstead Property Development Marketing. – Adam Fusfeld [more]

Buyers’ attorney Lawrence Weiner and the 505

An Interstate Land Sales Full Disclosure Act case brought against the 505, a new 108-unit Hell’s Kitchen condominium, has been dismissed in U.S. District Court, the developer announced today, marking a defeat 35 buyers.

Fifty-three buyers filed ILSA claims, starting in June 2009. Subsequently, 18 of those either settled with the builder Parkview Developers or closed on their units at 505 West 47th Street.

But while a statement from Parkview said the developer intends to seek legal fees from the claimants, the buyers’ attorney Lawrence Weiner said that his clients intend to appeal. [more]

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.” [more]

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]