Record sales prices continue at 1485 Fifth

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. In terms of pricing, the building’s closest competitors are SoHa 118 at 301 West 118th Street and the Lenox at 380 Lenox Avenue, which are priced between $695,000 to $3.3 million and $599,000 to $1.75 million respectively.

Stephen Kliegerman, president of Halstead Property Development Marketing, said the building’s park side location and Manhattan views are possible reasons for 5th on the Park’s higher asking prices.

There are only 16 active listings left at the 160-unit building, according to data from Streeteasy.com. The remaining units consist of studios and one, two, three and four-bedroom apartments, ranging from 568 square feet to 2,393 square feet and $395,000 to $1,830,000.

Halstead became the exclusive sales team for the development, between 119th and 120th streets, at the end of 2010, taking over from Griffin Real Estate Group, which had been marketing the project since the inception of sales in April 2007. — Katherine Clarke