When is the most expensive apartment in East Harlem not really in East Harlem? When it's on Fifth Avenue across from Central Park, where brokers go to great pains to describe the neighborhood as "Museum Mile" or Upper East Side even when the building is in the triple digits, like 1215 Fifth Avenue, which is between 102nd and 103rd Streets. StreetEasy is less forgiving. This huge pre-war penthouse, currently configured as a 4BR/4BA and asking $7.5 million, gets labeled by the site as East Harlem, meaning the price puts it so out of whack with other co-ops in the neighborhood that StreetEasy's "compared to the market" graph can't find anything else to compare it with. The Robert A.M. Stern-designed 1280 Fifth Avenue a few doors down?where the priciest pad is currently asking $6.9 million?is a condo, so apples and oranges blah blah blah.
The Corcoran listing may be new, but this duplex has already seen some action on the front lines. It was asking $9.985 million when it hit the market in April 2010, just about one year ago. The price had fallen to $7.995 million by the time the listing got yanked in November, and now it's back with a fresh chop. And the timing is perfect!
Check out the glory of that wrap-around terrace, complete with Central Park views. According to the listing, the terrace has a watering system and electricity, two great features that should probably never mingle. In addition to that $6,465 monthly maintenance tab, there's also a flip tax that is paid by the buyer. But who cares about all these boring numbers! Summer is a-comin'. Lemonade, anyone?
· Listing: 1215 Fifth Avenue - Apt: PHA [Corcoran]
· 1215 Fifth Avenue #PHA in East Harlem [StreetEasy]
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