NEW YORK—The East Harlem luxury residential building One Museum Mile is now 90 percent sold.
The building sits on the northeast corner of Central Park. It’s between multi-million dollar pre-war co-ops on Fifth Avenue and Harlem, which is quickly filling out with big retail and residential developments. It sits at the north end of the row of museums lining Central Park known as Museum Mile.
One Museum Mile set a neighborhood record earlier this year with a $3.565 million sale.
The building also houses the Museum for African Art. That museum’s former president, Elsie McCabe, has called Museum Mile institutions economic engines for the neighborhood and city.
One Museum Mile was rebranded with the new name two years ago.
“What we needed was to identify the building in such a way that put it on the map,” said Tom Postilio, a founding member of CORE. Postilio was part of the team brought on to market the building after two other marketing teams fell through.
“We looked at the reasons it was not selling as well as it should have at that time, and what we did was rebrand it,” said Postilio. What they found was the building was quintessentially New York.
“It’s on Fifth Avenue, it’s a beautiful part of Central Park, Robert A. M. Stern is the architect, it’s a ground up new development, and you’ve got a museum in the building,” said Postilio.
The “eureka” moment, he said, was coming up with the name. The city had extended the boundaries of Museum Mile up to 110th Street, and he realized driving down Fifth Avenue, the condo development was the start of the Mile.
“And then from there it’s been a very successful campaign,” Postilio said. “We’re very thankful the market improved and helped us as well.”
In the last six months, 33 contracts totaling $65 million closed.