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Big Deal at One Museum Mile

New York Daily News // May 10, 2012

Recently we highlighted the very active spring at One Museum Mile, and now the New York Daily News has a follow-up report with some huge news: A penthouse in the luxury condominium tower, at 1280 Fifth Avenue, has just sold for $3.1 million, or around $1,767 per square foot, a staggering amount for the Central Park area above 96th Street. The Daily News writes that the Central Park Conservancy found that home values around 110th Street in Harlem have jumped 39% from 2007 to 2012, and new luxury product, like that found at One Museum Mile (where the Museum for African Art will occupy the base of the building), is a big reason why. But how does the neighborhood compare with the rest of Manhattan? The paper puts it all into perspective:

The price per square foot record puts the area on the same playing field as Chelsea, the East Village, and parts of the upper West Side.

One Museum Mile, located at the northeast tip of Central Park, has more in common with the multimillion-dollar prewar co-ops 20 blocks south than its neighbors. The price per square foot for the sprawling three-bedroom, three-bath doubles and triples current sale prices in and around El Barrio and Central Park North.

To see CORE’s active listings in the 116-unit new development, click here.

Original Article: New York Daily News