For East Harlem, luxury real estate sales are booming. In the buildings found around New York City’s public art locations, real estate sales have been booming. This includes the areas around the Museum of Modern Art and the New Museum. According to recent statistics, this is not only true of new properties that are hitting the market, but for some of the properties that are already located in this area known as Museum Mile. The apartment 1280 Fifth Avenue; a building that is anchored by the Museum of African Art, had some struggles when it first hit the market in 2011; with only 16 of its 90 units selling. However, when the complex re-emerged on the market as One Museum Mile and the area began taking off, so did sales. As of the end of 2013 there are only a couple of units left, and the building hosted the sale of many of the property’s top luxury homes including a record breaking $3.6 million property sale.
This isn’t the only building that has found success by branding itself as part of Museum Mile at 250 Bowery. This building, which neighbors the New Museum, has some of the most luxurious properties in the area, with the building’s penthouse being offered for $2,500 per square foot. Several celebrities, including Scarlett Johansson, have looked at the property in 2013. This building is surrounded by other well established luxury properties that are reeling in discerning buyers with their proximity to Museum Mile. This includes the building 1001 Fifth Avenue, located right next to the Metropolitan Museum of Art, and the $1 billion tower known as Torre Verra; the property located by MoMa.
East Harlem is continuing to boom with the recent announcement of another new complex sale in the area. As another sign of the hot residential market in Manhattan, two properties in this area have just hit the market, with a sale price of an estimated $500 million. There are nearly 1,400 units being sold at the buildings The Heritage and Metro North Riverview. With this East Harlem sale, New Yorkers can expect to find even more excitement and new properties hitting the market in this highly sought after area.