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New Harlem Penthouse Selling for Spare Change?

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Have a look above at the penthouse duplex, #PHL to be exact, at new Hamilton Heights development The Langston. The stats: 3BRs, 2BAs, private terrace and 1,327-square-feet of space in a full-service building with amenities galore. Not bad, right? So, uh, why might it be on the verge of selling for $373/sf?

That shocking claim, that the Langston penthouse currently listed at $895,000 (and originally asking just over $1 million) will soon close for $495,000, comes from 68 Bradhurst, the Langston-dedicated blog that has become something of a building watchdog as construction issues have arisen. A buyer writes in:

I learned that the developer is basically desperate to offload the remaining units and pay off their construction loans to avoid a bankruptcy filing. We got PH-L for $495,000! This is basically the developer's cost of construction! Plus, we get the place fully funished since they were using it as a model -- that is about $70,000 worth of furniture!This buyer claims the closing date is set for October, though the listing is still active on the Halstead website. Also, per the brokerbabble, "The Langston is 98% sold and fiscally sound," which maybe doesn't jibe with that construction loan claim. We'll keep an eye out, but if this plays out as promised, it appears the Harlem bargains are coming fast and furious. Some floorplanage, just for kicks:


· Listing: 68 Bradhurst Avenue PHL [Halstead]
· Remember Mr. John Zenger? [68 Bradhurst]
· The Langston coverage [Curbed]

UPDATE: It's not true, according to the broker!