Back in February of last year we revealed to you the $5,950,000 penthouse at 1485 Fifth Avenue AKA Fifth on the Park. Not too surprisingly the apartment has not sold at the hefty ask, which worked out to about $1,084 per square foot (this is still Harlem). Conventional wisdom might suggest a price reduction. But nay! The sellers are hoping that a fresh new listing might stir up some interest in the 5BR, 5BA 5,485 square foot triplex. And what a listing it is! It says "If youre that adventuresome very high end condo buyer who would consider being part of Manhattans hottest emerging neighborhood, South Harlem, one of the Citys truly most exciting living and entertaining spaces is now available at a very affordable price." We're not sure if "affordable" is the word they're looking for here...
The listing also says "Lastly, as great a home as this is, how does it rate as an investment? Short term, one can confidently say this amazing space would now cost double or triple the price below 96th Street. Long term one just has to look at the history of every other emerging neighborhood in Manhattan since the 1960s. Whether it be the Upper West Side, Chelsea, or even the Lower East Side, those who bought early at whatever level inevitably found it to be the best investment they ever made." That is quite the line they're using! Realistic?
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