Progress as of June 10th, 2007

Overview

141 Fifth Avenue was one of lower Fifth Avenue’s most beautiful commercial buildings with a stunning Beaux-Arts facade. This fourteen-story building was originally the Merchant’s Bank of New York in 1897, designed by Robert Maynicke. It has been smartly covered in a faux representation of what the façade will look like as opposed to the usual glaring construction site. The New York City Landmarks Conservation has commended the design, by architectural firm Cetra/Ruddy. The lower two floors will be for commercial use; with the above ten floors housing 38 condominium units.

Core Group Marketing is handling the sales of the building, which will also be handling the upcoming Trump Soho building.

Units and Pricing

With the units moving as quickly as they are, there is steep competition for some of these apartments. One-bedroom units (with two baths and a home office) start at around $1.6 million, two-bedrooms start at $2.6 million and three-bedrooms start at $3.2 million. There is a penthouse that is over 4,000 square feet that has not been released, but could easily go for way more than the expected sales price of $12 million.

Interior

The units include solid walnut flooring, full panel glass doors throughout and over 10 foot ceilings. The kitchens have custom-built glass paneled cabinets, stone countertops, breakfast islands with bookshelves and marble countertops, a Wolf range stove, Sub-zero glass front refrigerator, a Miele Coffee System and dishwasher as well as a wine cooler. The master bathrooms all include a bathtub alcove of wood and mirror with a freestanding Waterworks bathtub and mosaic flooring. The details vary from second bathroom to powder room, but all have the expected finishes and touches.

Amenities

Besides the lobby attendant, there is an attractive roofdeck for residents. Overall, the building’s primary appeal is its architectural beauty, not the lineup of modern amenities.

Interesting Facts

Original tenants of the building included Park and Tilford (fancy groceries) and Art Lithographic Publishing. With the Flatiron building to its north, this was perhaps the most significant commercial neighborhood of the early 20th century.

The Core Group has stated that many of these units have been bought as primary residences and not pied-a-terres. This is an emerging pattern among many of the newest condo developments.

A view down Fifth Avenue

Investment Potential

50% of the units at 141 Fifth Avenue were sold within the first 10 days of the start of sales. Often these unique conversions develop a cult-like appeal among buyers who want a slice of history. Needeless to say, the units are still very expensive and attract mostly high net-worth individuals. I’d say the building holds its value extremely well, especially with its coveted landmark status.

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