Bagel Buster
Details on the buyer who snatched up a $6.6 million dollar apartment at 111 Central Park North have emerged.
The New York Post reports that the buyer is moving with his family from a Park Avenue apartment (in the low 70s) to the full-floor 5,000-square-foot condo.
It's a five bedroom, six-and-a-half bath apartment with unobstructed views of the park, the city, and, um, the neighboring prison.
Any information on the Australian tycoon who broke the Harlem real estate record by buying the $12 million dollar duplex there?
posted by Rachel Natalie Klein at 12:23 AM
12 Comments:
This will be one of the success stories due to 1)The Most Famous Park in the World being Across the Street 2) Incredible Views looking Midtown 3) The Subway is right immediately there.
Let's face it's the lowest risk in terms of placing a "toe" in Harlem. To The Lenox & Grand? Two Trainwrecks, I outlined why last week on your blog. Take a look at today's NY Sun Article saying exactly what I said last week here.
Of course I had the usual "rose colored glasses crowd" diminishing my opinion (which is dead on by the way).
"In certain instances, many of the developers (HARLEM) have been forced to reduce the prices that they expected to achieve on the sale of the units. Lending institutions are applying the brakes to providing construction financing to developers with limited experience who intend to construct new developments in Harlem. Few new projects will be financed for inexperienced developers who propose developments in remote sites, with limited transportation and the least desirable locations".
http://www.nysun.com/article/44549
111 CPN is a "can't miss". The Lenox & Grand not only missed, they're disasters in progress and terrible locations, overpriced (really a perfect storm of how and why not to buy a condo in Harlem).
There is great inventory in Harlem though. Now are you going to argue with me some more? Deny the content in the NYT 2 weeks ago and the NY Sun today?
At some point, some of you that live in denial about condo inventory in Harlem are going to have to wake up and smell the coffee (as the developers and banks have). ...Jus Sayin'
no one was disagreeing w/the assessment of the lenox grand-in fact most of the people on this blog commented that it might not be the best development available. i personally disagreed with your use of the "failure" of the lenox grand as a reflection of the harlem market as a whole. and once again you've cherry picked your facts to suit your argument. the last line of the NY Sun article says "I have to concur with the chairman of Rubenstein Public Relations, Howard Rubenstein, when he said, at a conference less than 15 months ago, "that there are no bad neighborhoods in New York City," especially with what's taking place in Harlem."
but i guess that doesnt fit your constant doom and gloom attitude.
and let's not forget that this dude from the NY Sun wrote a very sunny article about the harlem market about 2 months that was FILLED with factual errors and unresearched facts. so im not sure anything he says should be held onto so tightly as FACT.
just recognize it's a complicated market out there these days, and while some developments will work, others will fail. it's not all black and white.
111 CPN has a well documented (in the NYT)track record of trying to diminish ties and connections with Harlem & anything African-American.
Most development center the development on a map of the location. Not this one. The map on the website is of Central Park, centers Central Park and on the very outer edge of the map
is a tiny star representing 111 CPN. I've never seen a development frame their location in the out fringe of a map relative to its surroundings. This is a clear and blatant attempt to minimize a Harlem identity. It's literally turning it's back on Harlem.
Not on the websites map of the restaurants, etc. There are nice places ever so slightly North of 111 CPN, but they are in Harlem. You will not find these places on CPN's map. However you will find places much much farther away on the UWS actually recognized on 111 CPN's map of restaurants, etc. Can there be a more blatant illustration of turning your back on Harlem? For example, you will not find Melba's or Society on 111CPN mape of restaurants. However you will find places much much further away from 111CPN that are located on the UWS. That's outrageous, not a coincidence, they know what they are doing. 114th & 8th Amenities are not recognize, places 2 & 3 times further away are. Can anyone explain that?
111CPN took a lot of heat for blatantly removing the ethnic people from the images/renderings, etc (all in the Times), the maps basically have 111CPN turning it's back on Harlem, not recognizing Harlem and or the amenities that are there.
Even something like the 3 Banks 6 blocks away at 116th & Lenox (technialyl 117th I suppose). Not a peep mentioned on 111CPN's site.
The measures and extent this development is going to diminish, deny, and not recognize Harlem is not simple oversight and says something.
The building though is going to be amazing and a great place to live, unfortunately out of my reach.
paying 12 million bucks for a place in harlem is a sure sign that the buyer is on crack. or wants to be within close crack purchasing proximity. you've got to be out of your f***ing mind to spend that kind of money there. ZERO amenities = poor investment.
This building demonstrates what is possible in Harlem.
Super luxury, high price and Harlem can and do work together.
Along with the many new retail developments and the many new luxury condos peppering Harlem and the amazing brownstone blocks.
Lower Manhattan is still looking uptown.
>This building demonstrates what is possible in Harlem.
_
Not really. This building demonstrates what is possible on a lot across the street from Central Park and really has little to no connection with Harlem.
The design is fab. Much much nicer than the rest of the new inventory in Harlem. I'm hoping the Dwyer is great looking too.
This building demonstrates what is possible in Harlem.
This building is unique with it’s central park location.
But it is also undeniably located in Harlem, and is proving a multi million dollar success while still being located in Harlem.
More evidence of what was once unthinkable and now possible in the new Harlem.
Regarding great condos, the Rhapsody is also something special, but without the Central Park view. I am happy to see the Rhapsody keep it’s wonderful architectural exterior, along with great finishes inside and generous floor plates.
Harlem is seeing some very interesting luxury condo developments.
i couldn't resist posting a comment let's take a look at a couple of items...
1) the "prison" on central park north. if you know anything about the area you know it was actually a school before it was a detension center. The Central Park Consevency is actively trying to buy it to turn it back to a school. it's only a matter of time before it's converted. i would be more worried about the jokers on the corner with no jobs slinging drugs then the people actually IN JAIL. at least the guys in the jail pick up the trash. the other folks not only don't care about the harlem community, the degregate it. and most of them are the ones complaining about new development. i guess they're losing their precious customer base.
2) 111 CPN. it's a great project. it's giving harlem press, a high profile spotlight, and precious disposable income that we need. i don't give a crap if it's 6.6M, 12M, or 125M. we need these people in our area. i've been here 12 years and we need new development. 111 CPN didn't "shun" anybody. I saw that sign and it had representation that was perfectly fine. if you want to spend time complaining about something complain about crime, complain about lack of infrastructure, complain about traffic, whatever...a new luxury building in harlem is the best thing that ever happened here. all you losers who want to micromanage why a freakin map doesn't have your fav restaurant should wake up. who cares? dismiss african american connection? that's a joke. get real. wayyyyy too over sensentive. minimize harlem? it was the city that called it central park north not the developer. the new york times article was also a joke. the guy gets off the 2/3 and interviews the very drug dealing losers i mentioned before. nice investigative reporting. who else is around at 2p but people with no jobs and ready to complain about any change. great story...
zero amenities? i think you're on crack. unlike you i went to the office and the amenities are amazing. the views (they brought me up on the building as well) were fantastic.
know what you're saying before you write...
I miss Bagel in Harlem!
Exelent discussion guys. I do think that 111CPN is good for Harlem.
6 blocks away is another building on the way: Kalahari - didn't you want the africa connection - here it is.
What do you think is the future for Kalahari? Will it follow the Lenox andLenox Grand or be another success?
the kalahari will be great. i look forward to moving in this fall/winter. the location is excellent and the building seems to be ahead of schedule in terms of construction. also half the units were part of a lottery so the building has not had a hard time finding buyers for the rest of the units. at the end of the day, we are still in NY and if you build it, they will come
I agree completely... Check it out
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