finally a down closing in prime harlem: 111 central park north

4B closed 7/29/2008 @ $2,000,000, aside from view, looks like the same unit to me.
5B closed 7/11/2008 @ $2,000,000
6B closed 9/20/2007 @ $2,098,000
7B closed 11/30/2007 @ $2,252,000

35% down from peak is just about right for high end Uptown. This one is no curve buster but there's still some more time and room for market to bottom out as the owners sweat it out this summer.

111 CPN is in its own category. Easily the most expensive Harlem development. It's really a niche market for someone to pay those prices at that location despite the views.

Prime Harlem?

That place was on my hit list also. Nice to see it sold. Fair price considering the beating the upper floors took albiet a better view.

don't really see the point of central park north if you are not on a high enough floor to get the views.

ouch.

kspeak,
nice to look at trees at any angle. Nice to be on the park even if it's the north side. 1.3 buys you at least that. The only downside is that the last cab on CPN was spotted about 15 years ago.

Also, isn't the prison still there? And aren't you in, well, Harlem?

Um ... is it even safe to be in that part of Central Park??

It's not hard to get a cab on central park north, especially off lenox.
My point is you can be a block off the park and have the same convenience for a lot less than $1.3mm.
Personanlly, I don't love that building. And Central Harlem is actually nicer from 116-125 than Central Park North-125th, in my opinion.

Still though an interesting data point.

Agreed with K speak. It's also a more sketchy area than uptown.

kspeak
1963 sq ft finished at the quality of this building -- high quality windows, kitchen + baths + balcony is still not easy to find for $1.3 million in that general area -- check Graceline, Kalahari, Soha 118 Windows on 123 etc
Even the 103 W 117 brownstone condo guy with 2 floors that are altogether not as nice as this, but have outdoor space does not want to sell for less than 1.49

So, I do count this as a bellweather benchmark for the area. This building set the tone on the up direction and it is setting the tone in the down direction.

It offsets the silly 2.575 million paid recently by the Columbia lawyer for the brownstone on 121st st that they are now still refacing after purchase.

"It offsets the silly 2.575 million paid recently by the Columbia lawyer for the brownstone on 121st st that they are now still refacing after purchase."

lol, can you elaborate? which brownstone?

357 W. 121st St. was purchased in February.

Although the Columbia law professor also calls himself an economist, he obviously doesn't apply free market economic principles when it comes to his personal finances. As reported in The New York Times:

" MANY buyers say that jumbo mortgages are hard to come by these days. But don’t tell that to Edward R. Morrison, a law professor and economist at Columbia University, who is something of an expert on these troubled times. Last month Mr. Morrison and his wife, Anne, bought a restored two-family town house at 357 West 121 Street in Harlem for $2.575 million. Brokers said it was a record price for a town house in the neighborhood — just down the hill from the Columbia campus in Morningside Heights, near Morningside Park — and one of the top 10 town house sales in Harlem in recent years.... Property records show that the Morrisons had some help financing the purchase. They obtained a $1 million first mortgage from Countrywide Bank, now a subsidiary of Bank of America, and a second mortgage directly from Columbia University for $1,039,000.

Elizabeth Schmalz, a spokeswoman for the law school, said the Columbia mortgage was provided by the law school as “one-time compensation assistance” to help Mr. Morrison complete the sale. The first mortgage was provided by Countrywide through another university program that provides mortgages at “favorable rates” to some faculty members. That program also provides a one-time $40,000 payment and an additional $40,000 a year in housing assistance.

it's not a bad location (I used to live on 120th opposite marcus garvey park) but what drove us out of the area was the lack of restaurants.

basically the area priced itself out of contention too fat with 'one shot browstone owners holding out for the golden rainbow sale'. what could potentially could be a vibrant and beautiful area is now in a funk because sellers dont look after the area....and people willing to restore cant affrd to move in.

as for the architecture of this particular building - i like it. Could be more simpatico BUT anythign you build there isn't really going to be simpatico.

As for the prison down the road....who cares...woul make great neighbours, nice and quiet after 10pm with no wild parties :)

(photos of the prison here
http://deancollinsblog.blogspot.com/2008/03/central-park-north.html)

Cheers,
Dean