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Penthouse Sold, Prices Cut, Harlem Pitched at 1280 Fifth Avenue

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The 115-unit condo tower rising above the Museum for African Art on the northeast corner of Central Park is hitting some major milestones. The Robert A.M. Stern-designed complex at 1280 Fifth Avenue is on the verge of going effective?that would be 15% in contract?and buyers will then be able to close and move in. The biggest deal so far is for Penthouse B, a 3BR/3BA, 1,756-square-foot spread that reps inform us has gone into contract for $3.1 million, or $1,765/sqft (floorplan after the jump). That's a gaudy number for East Harlem, which, some may be surprised to find out, is where the building is located.

Though the upper reaches of Fifth Avenue along Central Park are not what we could call El Barrio central, 1280 Fifth is up on 109th Street, and that's East Harlem territory. You'd be hard pressed to find a mention of the neighborhood on the building's website (Fifth Avenue and Museum Mile both get mentioned as the location), but it seems like 1280 Fifth is ready to embrace its Harlemness, and reassure buyers that all is well up there. The building's team has even created this video featuring 1280 Fifth buyers and neighborhood residents offering testimonials to East Harlem's splendor:

The building is also exploring the world of price cuts. There have been minor chops only on apartments that don't face the park, typically in the 4% to 5% range. Look for the little down arrows on StreetEasy. On the active listings, the average price-per-square-foot hovers around $1,250. Here's the floorplan for that sold penthouse, which we feel safe in assuming is one of East Harlem's finest. For interior pics, check out our building tour back in September.

· 1280 Fifth [Official Site]
· 1280 Fifth coverage [Curbed]

1280 Fifth Avenue

1280 Fifth Avenue, New York, New York 10029