Some of the most coveted homes in New York City overlook Central Park, the most visited urban park in America.
Its prestige and 843 acres of sweeping garden vistas draw a constant influx of buyers, who yearn to claim a piece of the million-dollar view along the borders of Fifth Avenue and Central Park West.
At the northern end of the famed park, at 110th Street, is the often undervalued but what brokers call up-and-coming part of the city, which is experiencing a revival of its own.
Upper Manhattan, particularly Harlem, was the scene of a new development boom in recent years, development that also drove a retail revival, drawing new restaurants and stores to the area.
At the start of the year, Harlem even saw the opening of its first major new hotel in 40 years, as Aloft opened at 2296 Frederick Douglass Boulevard.
While there are still stretches of the neighborhood that cling to a gritty past, lively restaurants, clubs and a bustling shopping district are helping the new Harlem get its groove back.
And, as he prepares to launch sales at The Lantern at 111 West 113th Street, City Connections broker Jeff Krantz is counting on that positive vibe to help sales at the 12-unit boutique condominium built by Anthony DiRusso.
“We’re not going for any fancy tag lines and fancy tricks, we’re pricing well and we’re getting word out to brokers,” said Krantz, who last year sold out the Parc Standard in East Harlem in just 11-months, a record for the neighborhood at that time.
Fueled in part by rising rents in the rest of Manhattan, Krantz believes buyers are being driven north. He said The Lantern is offering them an ideal blend of high quality and affordability and, of course, those Central Park views.
“Our mission statement is to make things that people expect at this price point,” Krantz said, emphasizing his trio’s direct approach to selling. “Our goal is to simplify the decision making process for anyone agonizing over whether now is the time to buy. This is a high-quality product, in a hot neighborhood, priced extraordinarily well, in a building with the lowest common charges you can find.”
The 600 s/f one-bedroom units start at $370,000, while the buildings two duplexes are priced from $395,000, prices substantially lower that neighboring new developments.
DiRusso has given the building an immaculate brick façade, balconies and a West Village-inspired profile. It stands out on the block for all the right reasons.
The units all have wooden floors, stainless steel kitchens, casement windows and private balconies. There is a virtual doorman system and, on the roof, a Wi-Fi deck with a gas grill and Central Park views to relish.
A 421a tax abatement will keep taxes low for the next 25 years and, Krantz said, the common charges are “extremely low” at around $275.
Krantz — whose team includes wife Kristin Krantz and Sarah Saltzberg — said he is primarily marketing to first-time home buyers looking for a good bargain in the city.
He is organizing a week-long series of events featuring experts who will deliver presentations on everything from working with foreign buyers to life without Freddie and Fannie.
Krantz said the aim of the campaign is to inform the buyers in an honest and straightforward way about their product and who it’s suited to.
“My general philosophy is that I want people to succeed,” Krantz said. “I don’t think there’s a limited pool of success. So I want to do what I can to help people succeed by offering them as many resources as possible.”
Coming off the success of the Parc Standard, the bar has been set high for The Lantern, but Krantz’s charismatic trio remains focused, anticipating fast returns.
They already have one signed contract and two accepted offers from the pre-sale, leaving just nine units still up for grabs.
Going on Krantz’s past performances, buyers should move quickly.