One Morningside Park, 321 West 110th Street, PH1, Manhattan

October 22, 2013 – listed $4.187MM (removed October 23, 2013)
October 24, 2014 – listed $5.9MM

Rather than examine a resale’s wild price swing, this week’s Digs Watch takes a look at a wild price swing from a prior list price (albeit for a listing that was removed from the market after only 1 day). We go north of the border – that is, north of that natural neighborhood border otherwise known as Central Park – to One Morningside Park, a new building by Harlem developer Artimus Construction rising on the southeastern edge of Morningside Park on the corner of Cathedral Parkway (110th Street) and Manhattan Avenue. Recently put on the market at this 22-story building is Penthouse 1, a 2159sf, 3 bedroom, 2.5 bath, spanning a full floor, with 10.5’ ceilings, a 1200sf terrace, private keyed elevator access and pretty awesome views of Central Park, Morningside Park and the Midtown skyline. With PH1’s list price coming in at $2,732/sf, Artimus is looking to shatter all price-per-square-foot records for apartments north of Central Park and reap a $1.7MM+ windfall over the previous list price (which was already incredibly high for the neighborhood). To add a little comparative flavor, the highest priced condo currently on the market on the psychologically-superior Central Park West in the vicinity of One Morningside Park (at 106th) is $4.45MM ($2,064/sf) for a similarly-sized 3br/3ba with an outdoor terrace overlooking Central Park in a building built in 2002. New construction certainly trades for a hefty premium nowadays, but are homebuyers and investors really ready to pay a price comparable to new construction in the West 70s to live in what is technically the southwestern corner of Central Harlem?

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