5th on the Park (Harlem)

Indbuyer, congrats on you new home purchase.

We were thinking of buying there, but our due diligence raised a lot of questions. So we have just signed a lease for a three bed-room in the building (from an owner). We'll see how we like the building and how things pan out in the market...

^^good idea!

Try FDB if you don't like 5th on the park. There are still some condos left (Apex, 88 Morningside and 2280 FDB) and the neighborhood is very different (more restaurants, supermarkets, subway lines, etc.). I have to admit the 5th on the park is a beautiful building and you won't find anything with all the amenities on FDB (well, not the pool at least), but for me and my wife the neighborhood just wasn't there yet. . .

thanks falcongold1. This forum was overall quite useful to me during the process even if a few of the posters seemed to have an excessively negative take - their prerogative of course. Ultimately, for those considering to buy a good option is to talk beyond the broker to owners even though that too has an inherent bias but at least operational issues with regard to the building can be clarified with a reasonably degree of certainty.

lndbuyer: I'm with Shadow. We looked at 5th on the Park and 1400 5th but we liked the FDB corridor more and wanted to be closer to central park. However 10 to 20 years from now you may find you had the best buy as the neighborhood improves. Good luck in your new home.

Hi everyone, my husband and I are very interested in this building, but as renters. But we don't want to rent in 1481--we would like to rent from an owner in 1485. Does anyone have any suggestions for me on where to look where owners may be listing their apartments? Also, I'm trying to find out what the building rules are for owners on renting out their apartments, specifically if there are limits on how many years we could rent (for example, if we could only rent for 2 years then it isn't worth it for us.) Any help/guidance would be greatly appreciated.

I am not sure but you could try Halstead who is marketing the apartments for sale. Most owners - unless they bought with cash - probably have a mortgage contingency that precludes renting it out for at least a year so I am not sure anyone is out there yet. How many bedrooms do you need in the apartment?

SE has 1485 listings frequently - right now there is a 1 bd for rent. Also, you can always ask doormen in doorman bldgs. They seem to know when owners have units for rent.

Jason, I did ask the doorman when I went up to ask about noise (we are a very quiet couple and am hoping to find considerate neighbors here) but he wasn't helpful. Perhaps because I didn't slip him any money? lol. Indbuyer: We are looking for either a large one bedroom or a 2 bedroom as we have a large dining room table so the floor plan will need to accommodate that. But we are also hoping to keep the rent as close to $2,500/month as possible. I appreciate your responses, thanks!

dichuy: Okay - We are going to the building next week and will ask around and post if anything comes to our knowledge

Indbuyer, thanks! That is so nice of you! You must be so excited to move in. I meant to ask in my last post when your move-in date was. Let us know how you like it once settled; it's always great moving into a new place huh?

We went up again last night to walk around the neighborhood. The one thing the evening doorman told us was that currently owners are NOT paying the common charges but will eventually (he also said he knows owners rent out their apartments but he didn't know how they went about it--so much from learning anything regarding that from him lol). I'm guessing that the rental prices will go up when the common charges kick in which means it may put us too far above what we want to pay. I'm considering going to view the 1 bedroom at 1481 that is 870sf and $2,500/month. But I am the type of person that really cares about where I live. I follow rules. I was taught to be considerate of others and not make a lot of noise in an apartment. I take pride in keeping a clean home and surroundings. Owners usually care that way too, but renters often DON'T care, which is why I'm trying to avoid 1481. Then again, you never know.

Sorry to keep going on and on, I'm just excited!

dichuy:You're welcome. I hope I do find something. I do know an existing owner on the board of the condo and will ask her. The doorman is correct - no common charges so far but that likely will end as of October this year or may be "renewed" for another year. We move in towards the end of August and, yes, it is exciting!

rents WON'T go up due to common charge increase, rents are based on what the market will bear, and in harlem $2500/month for a 1 bed in a new doorman building is it. Even high.

dichuy - I’ve been living in 1481 for a few months.

Your negative assumptions about the rental building are uninformed and a little elitist. I hope they are not ignorantly based on the type of people in the neighborhood.

1481 is quiet and clean. I can go days without seeing my floor neighbors and especially hearing them. The population tends to be young and QUIET yuppies (some with small children) who occasionally hold doors and may even say good morning in the elevator. I guess if you live close to the elevator or laundry room you'd possibly hear more noise. There are at least three apartments with dogs on my floor and I don’t recall hearing barking. If you attend an open house you'll notice the well kept condition of the common areas. The hallway carpet is even cleaned (with soap!) I think once week. The same super and porters work in both buildings.

Why overpay just to access potentially overrated amenities? The gym is small very nice but the pool is only 3 foot deep and about the size of a couple of king size beds. The 1481 renters have direct access to the underground parking garage and the 1485 doormen will accept your packages. I don’t think you can generally assume condo owners are better people than renters. Someone who paid over $600K for a one bedroom in Harlem may not be the sanest person in the world either.

I'm not sure what sort of rentals you've occupied in the past but the environment you describe is unlike other NY apts I've lived in (this is my 5th building) unless I've just been apt lucky. I’m by no means declaring the building is perfect. Most of the one-bedrooms in the building are 600 square foot and face the condo building. A month ago a few apartments had issues with the central air system. After several repairs its finally resolved but the same crappy HVAC units are installed in 1485 as well. Open your mind and maybe give an open house a try.

Until then just you're giving a whole building an unwarranted bad rap.

The rents at 1481 are basically the same as 1485. Might as well go full doorman if you can. The intercom seemed tres ghetto to me which is why we passed. Also, 1485 has WD in- unit.

Twin, I appreciate your comments. It's great to hear your experiences have been good.

Actually, the comment about renters/owners was spoken to me by the doorman at 1485 and it resonated with me and my personal experiences and is in no way a reflection of the type of people in the neighborhood. Most of my friends own and their living environment is different enough than that of renting that I can't help but have it factor into MY decision making.

In my 28 years of apartment living in Brooklyn and Manhattan I have not been very fortunate regarding noise. I have spent evenings reading or watching TV and could tell you the station my neighbor was watching. Or the late night door slammings of the traffic from often held parties next door. I am a young 50 but am just hoping to find a place where people respect their neighbors--sounds like you have it at 1481! I am currently in The Fairfax at 69th and Third. I chose this building because it was built as a silver warehouse and has 18" concrete ceilings/floors. I have been very happy here but the rents are getting too high for my husband and I as we would rather do more traveling/saving for retirement etc. I am hoping for access to the pool to exercise with/around my bad knee.

I'm sorry if my concerns I aired came across wrong. And visits to both sides are on my calendar. Again, thanks for your comments as it's nice to hear it is quiet.

** Buyers Be Patient, Don’t Squander Your Savings **

>> DECREASE in DEMAND of HOMES <<
1) Household Formations (people creating a new household) are about 400 thousand as opposed to 1.4m in the past.

2) Mortgage rates are low, but mortgage applications are decreasing because less people are qualified to borrow.

3) Job growth is dismal, local and national.

4) US Debt is hovering over 14 trillion, but that’s not the bad part, Entitlements (Medicare and Social Security) are going to drown this economy. Baby-boomers are about to retire and medical cost is going to increase in demand.

>> INCREASE in SUPPLY of INVENTORY <<
5) There is a lot of existing inventory that’s just sitting in the market.

6) A lot more inventory are going to flood the market from foreclosures. The government slowed down the process of foreclosures to give home owners a chance to keep their homes.

Unfortunately, this just slowed down the process and we still have that potential inventory looming over our heads. Once the floodgates open, that’s going to depress the prices even more. I can’t fathom throwing my hard-earned money out the window.

I highly suggest that buyers do their own research before making a large of a financial decision.

A few sources (for 2011) are listed below.

Seer Capital's Weaver on Outlook for Housing Market
http://www.bloomberg.com/video/69622890/

U.S. Consumer Confidence, Home Prices Decline
http://www.bloomberg.com/video/71561470/

2-3 Years of Housing `Hardship,' RBC Analyst Says
http://www.bloomberg.com/video/71586132/

dichuy: There is a one bedroom that will be available in October for rent. I did not inquire about the asking rent but it should be within what you indicated is your budget. If October works, please let me know and I will revert with a way to contact that owner.

Indbuyer, great! I know there are different size one bedrooms--we need one of the larger ones, at least 700sf (we have a large dining room table that seats 6-10 and not all layouts work for that table). Even better if it is the 870sf size. But we will look at all units as you never know. Thanks again for your help.

dichuy - Are you going to take the apartment? If not, I would like to rent it.

newyorker08, I'm not sure what apartment you are referring to; the one indbuyer talked about? If so, I don't believe the owner is ready to start negotiations as I do not yet know any details about the apartment in October.

dichuy: sorry I don't have any further details yet other than this email snippet from another owner in the building "know of one that will be available October end which is a one bedroom with a little home office- if they can wait till then" We are away till the middle of August and close on our return. When I get more details, I will post. Have a good summer

indbuyer, I'm in no rush, I just wasn't sure if that is the apartment newyorker08 was referring to. I figured when you heard, I would hear so no worries at all. Sounds great that there is a little home office. It's almost time for YOUR move into the building!! I hope you are enjoying your summer and staying cool in this heat.

I am interested in renting in 1485 fifth. I am looking for 1-2 beds, budget 2500-3300. I would prefer some outdoor space. Would love to know if anyone has any information. I can move in anytime between August and November.

Thanks dichuy and indbuyer. I was referring to the apartment you mentioned. I don't need it anymore since we just signed a lease for another building.

Is this an illegal hotel? Sounds like.

http://streeteasy.com/nyc/rental/799902-rental-1485-fifth-ave-central-harlem-new-york

nice spot jason!
now the added advantage of living in a flop house.
What about by the hour?
some folks sleep very little.

jason10006: I don't get that ad. It's been off and on the site for a while now. When I asked the doormen about it they have no idea what I'm talking about. Seems very strange. I emailed the real estate person to find out how many sf it was and never got a reply.

any planned price cut? not too many sales , even they had price cut 3 mo ago ,
may be they will auction it?

They have re-worded the add I linked to above.

But as dichuy will attest, it CLEARLY said it was for rent short, medium, or long term. For a few days or a few years, something along those lines.

Clearly, an illegal hotel rental.

1481 has an extremely high vacancy rate. Why move to a Faux doorman bldg in harlem when for the same price you can get a real one? With a WD in unit?

Does anyone know if there are any 1 or 2 BR apartments available in 1485 for rent by the owner?

2200 on streeteasy.com

for 1 br

does anyone know about the 4BR s in this building? We have seen some apts and truly interested, however, there was a heavy sewer smell in the few aptms we hv seen including some B line apts as well...Anyone can comment on this pls?

they have only about 50 % aptmts sold , just visited open house few days back ,
we did check B and C lines , did not notice anything like you stated.
Also , with 50 % sales over 3 years i think they have an other 3 years to sell total 90-100% ,
still waiting for DEAL/VALUE

It could be a basic installing problem, I am just worried to see it in few aptmts..we were few people and all felt the smell..Mold problem may exist since this was a stop & go construction and we do not know what certain part of the building was exposed to..They hv sold most of the good exposures & layouts and remaining inventory may take a while to sell, agree w you. good luck..

http://ny.curbed.com/tags/fifth-on-the-park

I meant this in particular

http://ny.curbed.com/archives/2012/01/11/central_harlem_penthouse_refuses_to_pricechop_595m_ask_but_now_seeks_adventuresome_buyer.php

they just raised prices? with inventory that they can not sell the last 3 years?

I'd be curious to know what kind of discount a cash offer gets in the building for a 2 or 3 BR. anyone know from experience? thanks much.

@jonathano look at the penthouse apartment- im not sure about any other 4 br in this building beside the penthouse but its priced at $5,950,000

"I'd be curious to know what kind of discount a cash offer gets in the building for a 2 or 3 BR. anyone know from experience? thanks much"
Very little discount. 15K, a 2 bedroom (with a very wishful suare footage) just sold for almost $900,000.
http://streeteasy.com/nyc/sale/653002-condo-1485-fifth-avenue-central-harlem-new-york
Maybe the hot FDB real estate market is spreading east.

"@jonathano look at the penthouse apartment- im not sure about any other 4 br in this building beside the penthouse but its priced at $5,950,000"

The PPSF of the Penthouse is TOTALLY out of whack with the PPSF of any other units - including ones on the same floor or just below. Yet the finishes are EXACTLY the same. It would be cheaper to buy two or three units and combine them then to get the penthouse - and a few units have terraces as big or bigger than the Penthouse and are on as-high floors.

The penthouse was recently sold to a investor and tried to rent it out. Meanwhile it was already overpriced and they tried to get $15,000 per month for it- As you can see it keep coming and going of the rental market. Not A Good Investment!

Planning to buy a 2 BR condo in 5th On The Park. Any inputs? Thanks

Kalahari and Adeline on 116th str is much better location for the same money