News

Done Deals: 532 8th Street, Brooklyn

Brokers WeeklyAugust 15, 2012
CORE's Doug Bowen loves being a broker — because it's fun.

Bowen and colleague Vickey Barron just sold a Park Slope townhouse at $230,000 over is original asking price after being on the marketing for under four weeks.

532 8th Street is a Neoclassical two-family townhouse half a block from Prospect Park, on a street that received Brooklyn’s Greenest Block Award in 2009.

Built by Williams Reynolds and Benjamin Dreisler, the three-sided bay front limestone is in a consecutive row of 12 townhouses that are completely intact.

The house has an owner’s upper duplex – currently configured as five-bedroom, 2-bathroom apartment with a deck and garden access – plus an income producing garden rental.

Bowen told Brokers Weekly: “532 provided us as listing brokers the opportu¬nity to create a com¬petitive platform to maximize the selling price to 14% above the asking price, which was a lot of fun.”

Terry Naini at Town Residential brought in the buyer.

New Signage at Tribeca 93 Worth Condo Conversion

BuzzBuzzHome BlogAugust 14, 2012
Tribeca’s office-tower-turned-luxury-condo project at 93 Worth recently added new signs and a teaser website to announce its impending sales launch.

The 13-story property at the intersection of Worth Street and Broadway Avenue was acquired by a subsidiary of Izaki Group Investments USA for $49.8 million in October 2011. There will be 93 apartments total, as well as 10,000 square feet of commercial space. The renovated building will offer studios and units with one through four bedrooms for purchase.

The condominium was designed by ODA-Architecture and is being marketed by CORE Group. The building’s former occupants were mostly city government offices.

Some of the units will have ceilings up to 20 feet high, with impressive views of the Canyon of Heroes, the parade route that runs through lower Broadway to the Financial District, according to CORE. The developer had originally planned to install a full-sized basketball court in the basement, but ultimately opted to use the underground space to store mechanical equipment.

CORE executive vice president Doron Zwickel told Crain’s that apartments will be priced from $1,250 per square foot to $2,000 per square foot. Amenities will include a children’s play area, lounge, rooftop terrace, fitness center and 24-hour concierge.

More pictures of the wrap-around signs below, and a bonus rendering of the interior from ODA-Architecture below.

Signs Are Up at 93 Worth; Houseboat Tour Repeats

CurbedAugust 13, 2012
TRIBECA—Office-building-gone-condo 93 Worth Street is just a few months away from its on-the-market date, and it wants the world to know! The building had its signage installed last week, and the teaser website is up, too. There will be studios through four-bedrooms, and if the pricing questions on the teaser site are anything to go by, they will be for sale, not, as we'd previously heard, for rent. [CurbedWire Inbox; previously]

ON THE WATER—Miss your chance to tour the 1907 Yankee ferry yesterday? The houseboat—the last remaining Ellis Island Ferry that was used during World War II—will be open to the public again this coming Sunday from 7 to 9 p.m.. [CurbedWire Staff; previously]

These are the Most Expensive Apartments in New York City

AM New YorkAugust 12, 2012
A new crop of trophy apartments has hit the market and taken Manhattan real estate to an unprecedented degree of luxury. This summer, three apartments have become available at chart-topping prices of $95 and $100 million.

“There’s a new level of cache and luxury to be achieved. This is not the normal New Yorker’s luxury,” said Sofia Song, of real estate site StreetEasy.com. “This has nothing to do with market dynamics. It’s about cache.”

Today’s crop of mega-million dollar penthouse buyers is comprised of titans of industry. Many of them, such as Russian billionaire Dmitry Rybolovlev, are from abroad. Rybolovlev broke records when he bought a penthouse at 15 Central Park West for $88 million, the most that has ever been paid for a New York apartment.

Developers say there is a market for increasingly lavish pads, complete with solariums, wine rooms and luxe-finishing touches like Italian marble flooring.

“Bigger continues to be better. Just the way it is in retail,” said Faith Hope Consolo, a chairwoman at Prudential Douglas Elliman, which listed a $100 million apartment last month.

Got some extra cash stashed away? Check out New York’s 10 priciest pads on the market:

1. $100 million - 150 West 56th Street #PH 

This three-floor “crown jewel” of the City Spire condominium features a wraparound terrace, inlaid marble floors, Central Park views and a separate staff apartment.

2. $95 million - 50 Central Park South,
Penthouse 34/35 
One of 11 residences atop the Ritz Carlton Hotel, this newly renovated nine-room penthouse boasts a solarium, 689-square-foot terrace and views of Central Park.

3. $95 million - 15 Central Park West, 35 A/B
Though not officially listed yet, last week steel magnate Leroy Schecter announced plans to combine his two Central Park West apartments and sell the two for five times what he paid for the two.

4. $72 million - 828 Fifth Avenue 

This three-story condo in a Edwardian Georgian house in Lenox Hill features palatial details like parlour floors, a Louis XV-style ballroom and an oak-paneled sitting room. The apartment is temporarily off the market, but set to return soon.

5. $60 million - 25 East 77th Street #PH 

This top-floor penthouse at The Mark hotel includes a living room with 26-foot ceilings, a skylit conservatory and rooftop terrace and pavilion.

6. $55 million - 1 Central Park South #807-89 

Central Park views abound at this apartment in the Plaza Hotel, which also features 11-foot ceilings and separate staff quarters.

7. $50 million - 50 Central Park South #33 Square Feet: 4,536 
Beds: 2 
Baths: 4 

Luxe details at this Central Park South apartment include walls of stucco veneziano and a German-silver floor, hand-hammered over wood and a library inspired by Coco Chanel’s Paris apartment complete with 18th century Chinese lacquer panels.

8. $50 million - 944 Fifth Avenue #HIFLR 

This 18-room Upper East Side pad was recently renovated by designer Thad Hayes and featured in Architectural Digest. Details include a granite master bath and private elevator.

9. $50 million - 25 Columbus Circle #75A 

Located in the Time Warner Center, this spot boasts 14-foot ceilings, floor-to-ceiling wall of windows, Ceruse Oak wood paneling and a glass-enclosed circular rain shower.

10. $48 million - 145 Hudson Street, penthouse 

This TriBeCa duplex penthouse is located in an Art Deco loft features teak flooring, skyline and Hudson River views, a sauna and a wraparound terrace.

Developers Are Coming Back To NYC Post-Recession, What Does This Mean For The Housing Market In 2013?

iRealty TimesAugust 11, 2012
When the Lehman Brothers fell in September of 2008, it triggered a domino chain of events that led to the recession. Many property developers who were in the midst of ambitious projects during that fall decided to put their plans on hold, waiting, wishing, hoping, for the day when things would get better.

Well, the New York Times reports that several of these developers have come out and begun to proceed on their once-stalled projects. Could this be a sign of things to come?

Michael Stern, a New York developer, told the Times he plans to start converting the 1929 Walker Tower in Chelsea into condos, just as he originally planned in 2008 but had to stop when, according to him, the day he bought the building coincided with "the day the world fell apart."

New buildings in downtown Manhattan are moving forward in bulk, such as One Madison Park and 56 Leonard. Other projects are surging into market constrained by low inventory, rising prices, and seemingly eager buyers in Russian billionaires and Las Vegas casino magnates.

"It is a very powerful moment in new development right now," said Kelly Mack, president of the Corcoran Sunshine Marketing Group. "Developers are seeing a very strong opening in the market to really push their projects forward. These two years were really worth the wait."

In the Manhattan market, contracts are up 26 percent from the second quarter of 2010, while new development inventory is down 58 percent over the same period.

That means there will soon be more demand than supply.

Some developers are playing it safer and waiting out longer.

Larry Silverstein, the developer of the World Trade Center complex, told the Times he hopes construction can start next year on a Four Seasons Hotel project located at 99 Church Street. It will be topped by some 50 floors of condos. His strategy is to start selling the 143 condos by the middle of 2015, when the World Trade Center will largely be completed.

This plan was originally conceived to take place in 2008.
Judging by previous reports of Manhattan developing the west side and lack of available property for tenants, the market looks to be on the way up.

Walker Tower – JDS Development

Building & Construction NortheastAugust 11, 2012
It seemed as if the world was coming apart at the seams when Michael Stern took a tour of the historic Art Deco Verizon building in New York City in 2008. As Stern was in the elevator heading to the roof, he received an alert on his phone indicating that Lehman Brothers had just collapsed to begin the tumult in the U.S. economy, and it appeared the timing just wasn’t right for Stern to make a deal.

Nevertheless, Stern, managing partner of JDS Development Group, pulled the trigger, purchasing the structure that will become Walker Tower once the retrofit is completed in 2013.

“I heard about the building from a friend and walked it the day Lehman collapsed,” Stern says. “I received a news alert on my phone saying Lehman just crashed, and I’m on the roof of the tallest building in Chelsea just west of Sixth Avenue. I saw the views and I said I have to buy this building – even though the world just fell apart.”

A year later, after enlisting Property Markets Group as his partners in the venture, the building was his. Today, it is being converted from a commercial structure into one of the “finest residential buildings” – as Stern describes it – in New York City. It will feature 50 residences of one to five bedrooms, each of which will offer spectacular views of New York City, from the Midtown skyline down to the rising World Trade Center and beyond.

The building has historical relevance as one of many famous Art Deco structures in New York City designed by prestigious architect Ralph Thomas Walker. According to the CORE Group – the real estate brokerage company selling the units – the building was constructed in 1929 for the New York Telephone Co. and features lavish entryways, ornate detailing and sweeping interior spaces that are not found in today’s condominium buildings.

Every window in the building has been resized – some growing to as large as 10 feet tall and 5 feet wide – to give views even to units on the lower floors that are protected by contextual low-rise zoning districts on one side and a landmarked historic district on the other.

Units also will feature 14-foot-high ceilings, and half the apartments will offer private outdoor spaces, as well.

In the common areas, amenities will include a state-of-the-art fitness center on the ninth floor, children’s playroom, sauna and an expansive rooftop terrace. Additionally, there will be a residents’ lounge that doubles as a party space. Residents will be treated to white-glove service with 24-hour concierge available and porters on duty at all times. “This is a super high-quality residence,” Stern says.

Thus far, the core and shell of Walker Tower have been completed, as well as the low-rise elevator. JDS Development is working on the high-rise elevators, completing the skin of building and putting finishing touches on the interiors.
Complex Sophistication

The retrofit of Walker Tower calls for more than simply converting former office space into residential units. In creating residential units from this commercial structure, John Cetra of Cetra/CRI Architecture PLLC – the lead architect for the project – says he aimed to incorporate many of the tower’s existing features in the design of the redevelopment. These features include the depth of space, high ceilings, access to sunlight and picturesque views.

“The aim was to create the best type of residence that we could create with the incredible space we had to work with,” Cetra says. “We wanted to take advantage of those characteristics to really work them into the plans.”

To maintain these features, a number of special techniques and processes had to be considered by Cetra/CRI. For instance, despite appearing to be a uniform color from a distance, the façade actually consists of nine different colors of brick.

“We were doing some selective brick replacement of the ones that blended the most with the various colors within the walls,” Cetra explains. “That was an interesting challenge. The color is not standard, so we tried to get it to match as close as possible.”

Multitude of Hues

Along with varying colors, the façade features multiple shapes of brick and bricks oriented in different manners that create a texturized appearance. Cetra says this required the construction team to order some customized bricks to avoid removing bricks already in place at the risk of destroying them.

“Although a lot of the bricks are simply standard and rotated to create a chevron pattern, it gives the wall articulations, which is rich and a great play of light,” Cetra says. “Some bricks had a design element in the middle of them, so those had to be custom made. But sometimes if you try to take a brick out of the wall or knock cement off, it doesn’t come off without destroying the bricks. So, we had to have them custom-made to the shapes.”

While preserving as much of the exterior façade as possible, Cetra aimed to keep some of the intricacies of the interior design intact, as well. This included a number of ornamental grills made of nickel and steel and an electric bolt logo used throughout the structure.
“Wherever we could, we preserved everything,” Cetra says.

Cetra/CRI Architecture says it provides services in urban design, architecture and interior design.

“The challenges of new construction, renovation and adaptive re-use are addressed with intelligence, resourcefulness and sensitivity,” Cetra/CRI Architecture says.

Self-performed Excellence

JDS Development, which is self-performing the project, has relocated seven elevators in the building as well as all three staircases while maintaining emergency egress for the continually occupied commercial space on the ground floor.

JDS Development also has added four floors of residential space and three mechanical floors to the structure, while maintaining operations in the commercial space. A new mechanical, electrical and plumbing system is the most sophisticated ever installed in a condominium development, according to Stern. All units will feature hydronic radiant heat, zoned humidification, outside make-up air and a state-of the art central chiller plant with modular chillers will cool the building.

Sales Under Way

Stern says Walker Tower units are selling strongly with some units trading at more than $3,000 per square foot.

Even with all the challenges that accompany a retrofit of this magnitude, Stern is ecstatic with the progress on the structure so far. He says anything can be accomplished if the right mix of experienced personnel is brought onto the team that can plan ahead for any problems that might arise.

“I’ve learned the value of putting the right team in place,” Stern says. “When you have the right team and the right people, no challenge is insurmountable.”

Here Now, NYC's Second $95 Million Listing of the Week

CurbedAugust 10, 2012
The high end of the Manhattan real estate market has officially decided to skip the summer slow-down this year. First a City Spire penthouse hit the market for $100,000,000. Then steel magnate Leroy Schecter announced plans to list his 15 Central Park West combo for $95 million, and now, just two days later, the owner of a duplex at 50 Central Park South wants to compete on Schecter's level. He has listed his 34th- and 35th-floor pad for the exact same price, $95 million. The broker tells the Times that the seller—a ballroom dancer!—is listing the apartment now because "he understands the metrics of the market." We're glad someone does, because with two $95 million listings in one August week, we sure don't anymore.

The brokerbabble for the 50 Central Park South listing is rather sparse, but the Times managed to dig up a few details: "The 5,078-square-foot apartment sits at the very top of the Ritz-Carlton….The upper level of the penthouse has a glass-roofed solarium that opens onto a 60-foot wide, 689-square-foot terrace directly overlooking Central Park." The contemporary design touches are the product of the $7 million renovation that followed the owner's $19.95 million purchase of the penthouse in 2006. And there is, not surprisingly given what we know of the owner's ID, a ballroom. (Sadly, there's no floorplan on the listing.) Prices at 50 Central Park South, while high in recent months, have generally stayed a little lower than those at 15 CPW (or One57).

So how does this stack up to the competition at 15 Central Park West? Schecter's place is still finishing up its renovation, so there are no photos on the new listing. There is, however, a floorplan. And here it is:

Priciest, cheapest units to hit the market

The Real DealAugust 10, 2012
A combination condominium unit at 15 Central Park West, as well as a 50 Central Park South penthouse, both with whopping $95 million asking prices, tie for the priciest, single-family Manhattan listing to come online this week, according to Streeteasy.com. Emily Beare at Core Group has the listing for the five-bedroom, five-bathroom and two half-bathroom condominium at 15 Central Park West, which is a post-construction combination. Square footage was not listed. The home, which is located on the 35th floor of the building, has unobstructed views of Central Park, downtown Manhattan, and the Hudson River, according to the listing. Nearby at 50 Central Park West, Dianne Weston at Halstead Property has the listing for the two-floor condo penthouse. Square footage for the home is also not listed. The apartment has three bedrooms, 3.5 bathrooms and a 60-foot terrace, according to the listing.

Nancy Candib and Dominic Pailillo of Brown Harris Stevens have the week’s next priciest listing: a $21.5 million duplex co-op at 990 Fifth Avenue. The home has four bedrooms and 4.5 bathrooms. Other features include Juliet balcony space, a library, hardwood floors throughout and Central Park views.

A $20 million asking price takes place for the next most expensive listing this week. Asher Alcobi at Peter Ashe has a listing for a townhouse with potential for single-family conversion at 184 East 64th Street. The home is 25 feet wide and was formerly a carriage house. Features include eight bedrooms, eight bathrooms, five half bathrooms and a private roof deck.

Norma Maupins at Fenwick Keats has the listing for the week’s least expensive listing, which is for a co-op at 1919 Madison Avenue in Central Harlem with a $170,000 price tag. Located on the corner of East 124th Street, the home has one bedroom, one bathroom and a patio. Income restrictions apply. Square footage is not listed.

Farther uptown in Fort George, the next cheapest listing this week has an asking price of $195,000. The Corcoran Group’s Karen Shenker has the listing for the one-bedroom co-op unit located at 550 Fort Washington Avenue. According to the listing, the home has nine-foot ceilings and original oak floors. Income restrictions also apply. Square footage is also not listed.

East Harlem is home to the week’s next least expensive listing, which Saul Scheveloff at Realty Networking Services has with a $227,000 asking price. The home has two bedrooms and one bathroom, which is marbled.. It is located at 420 East 119th Street. — Zachary Kussin

The Rewards of Patience

The New York TimesAugust 10, 2012
Some projects on the drawing board in the boom years — when even newcomers fancied themselves developers — have ended up in steadier hands.

Consider the situation at a troubled condo project called One Madison Park. It is moving forward after its original developers, Ira Shapiro and Marc Jacobs, ran out of money and the project went into bankruptcy. The Related Companies, along with HFZ Capital Group and Amalgamated Bank, took title on the building in April, shepherding it through bankruptcy and settling most of the lawsuits involving the debtor, a Related spokeswoman said.

The original developers sold 12 apartments out of a possible 69, generating only $38 million, far too little to cover outstanding debts. Desperate for cash, the developers were looking for money anywhere they could, to help cover cost overruns. Among those still involved in litigation is Ian Bruce Eichner, a developer whom Mr. Shapiro offered an unfinished apartment for $5 million, in exchange for a $4.5 million loan.

Construction has begun again, and Related plans to sell 54 more apartments (3 fewer due to combinations). The company says it expects to start sales early next year. The Related spokeswoman would not comment further.

Other developers are content to wait even longer. Larry Silverstein, the developer of the World Trade Center complex, says he hopes construction can start next year on a Four Seasons Hotel project designed by Robert A. M. Stern at 99 Church Street. It will be topped by some 50 floors of condos (a private entrance for the condos is planned at 30 Park Place). His strategy is to start selling the 143 condos by the middle of 2015, when the World Trade Center will largely be completed.

The project was conceived in 2008, but the developers were able to hold off because they bought the land and paid predevelopment costs for just under $300 million. “We own the land debt-free,” he said, “so there is no pressure of any kind.”

It’s significant that more banks are moving back into construction loan financing, developers say. “It is excruciatingly difficult to accomplish yields today” in other investments, Mr. Silverstein said. Still, even with the reinvigorated market, the construction loan arena is a long way from what it was in the boom years. Most projects require equity of 40 to 60 percent, said Ziel Feldman, the managing principal of HFZ Capital Group. During the peak, developers could wrangle construction loans requiring equity of no more than 10 to 15 percent.

“There is a lot more at-risk money required today,” Mr. Feldman said. “That is one reason why the inventory is as low as I have seen it since the 1980s.”

That is about to change as more projects push their way into the pipeline. Some 1,500 new development units will be introduced each year over the next three years, Corcoran Marketing calculates.

Where will all this demand come from, since Wall Street is no longer as flush as it once was?

Mr. Feldman and others believe the gap is being filled by media and high-tech companies like Google that have been moving into the city, especially into the Midtown South area.

“We are creating our own Silicon Alley here,” Mr. Feldman said.

Then there is the international demand, which by most indications will remain strong, at least for a while. New York has become a magnet for foreigners who are essentially converting their currencies to dollars and buying hard assets.

Those foreigners’ deep pockets are benefiting super-high-end condo projects like One57, the developer Gary Barnett’s ode to Central Park, which is under construction and selling swiftly.

But domestic buyers are also circling, and are especially eager to buy downtown, developers say. And as downtown projects go, nothing seems as primed to capitalize as quickly on the favorable market conditions (for the industry) than Walker Tower, the Chelsea building originally designed by the architect Ralph Walker that is now being converted into 50 condominiums.

Sales started a few weeks ago and Mr. Stern, managing partner at JDS Development, which is codeveloping the conversion, promises to deliver the apartments in less than a year. He says he is investing about $200 million in the project.

The generously sized units are being sold starting at $3,000 a square foot and ranging higher than $8,000 a square foot for the top-floor penthouse, which has yet to hit the market.

Shaun Osher, the chief executive of CORE, which is handling the marketing for Walker Tower, urged Mr. Stern to install top-end finishes, like Smallbone of Devizes kitchens, radiant heating under the floors and built-in zone humidification systems.

“We gave Shaun every single one of those outrageous requests,” Mr. Stern said. “We were fortunate enough not to have to compromise anything.”

The decision to convert the building into very high-end condos — about half of which will have outdoor space — reflects where the market is taking developers. “That upper echelon of the market is improving much more rapidly,” he said.

But will patience be enough for the rest of the New York housing market, if the froth at the top doesn’t bubble its way down?

LIC’s One Murray Park Now 50 Percent In Contract

The Real DealAugust 10, 2012
One Murray Park, a once-stalled Long Island City condominium project, is now over 50 percent in contract, according to Core, the exclusive marketers of the building. Sales launched in the building, located at 11-25 45th Avenue, in mid-April.

Developed by Eyal Shuster of Shuster Development & Management and Jon Hendel of TerraMax Development, the condo is comprised of 10 studio units, 25 one-bedrooms and 10 two-bedrooms. A project rendering shows the property rises six stories in height. Doron Zwickel, an executive vice president at Core, is leading sales at the building, which was designed by Soho-based firm Fogarty Finger.

As The Real Deal previously reported, One Murray Park was the first new condo development to launch sales in the Long Island City market in more than a year.

Hendel originally envisioned the property in 2006 and had a proposed completion date of 2008, but the development fell victim to the recession. A partnership struck with Shuster last year brought the project back to life.
Streeteasy.com shows five active listings for One Murray Park. The least expensive is a 529-square-foot studio with an asking price of $385,000. The most expensive is a $900,000, 1,085-square-foot home with two bedrooms and two bathrooms.

Building amenities include a library, gym, indoor parking and a common roof deck. The building is located on Murray Park, which recently underwent a $2 million facelift and now features a synthetic turf ball field and a new playground. Streeteasy also shows a project completion date for the building of Sept. 1 of this year. Zwickel told The Real Deal that the building is “99.9 percent complete.” — Zachary Kussin

Top 10 Neighborhoods for Real Estate Investment

NY Daily NewsAugust 10, 2012
It’s time for the middle of the market to make serious gains. Here are areas to buy that could pay off with a little patience.

It's inched back. Now, the real estate market might be ready to roar. Last spring, the New York City luxury market made a statement with three major sales in a week: highest condo ever sold at more than $90 million, One57; highest co-op at $54 million, 740 Park; and a $70 million sale at the Ritz-Carlton on Central Park South. It's time for the middle of the market to see significant gains, too.

Even if it means grabbing a group of friends for the down payment, making an investment at the $500,000 range could pay off in a few years. With rentals increasing in price on a quarterly basis, buyers can still pay less per month to own.

"Home prices are absolutely ridiculous in most Manhattan neighborhoods," says Modern Spaces president Eric Benaim, whose growing boutique agency has offices in Long Island City and Williamsburg, two neighborhoods with strong inventory in the $400,000 to $850,000 range.

"We like the areas five to 10 minutes from Manhattan," says Benaim. "We feel they offer great bang for the buck. But act fast. Inventory is going down there as well."

It's never too late to start a real estate empire, especially as big developers see construction loans come in and neighborhoods all over the city improve due to infrastructure changes and retail enhancements. Here are 10 neighborhoods to look at, and some projects in those areas that could pay off with a little patience.

1. Williamsburg, Brooklyn

This is the still the hottest neighborhood on Earth. Walk the streets day and night to see hordes of young people from all over the globe. During the day, it's quiet and casual. At night, the streets are packed. Couples make out in doorways.

Lately, like any other great neighborhood, young families and empty-nesters have come to Williamsburg looking for some life. The riverfront park by waterfront condos the Edge and North Side Piers feel like a resort. Allswell, a new restaurant from some Spotted Pig alums, serves farm-fresh food, tasty cocktails and pies and tarts for sweet tooths.

This neighborhood is way underpriced. Aptsandlofts.com has one-bedroom apartments at 29 Montrose in East Williamsburg for as low as $365,000. Near Lorimer and Metropolitan, $500,000 can buy a two-bedroom in a number of boutique condos. Anything in this area could increase in value by 40% by 2015.

To buy: Aptsandlofts.com, led by Dave Maundrell, has new developments, rentals and top area listings.

2. Long Island City, Queens

While renters flock to this neighborhood on the water for value, smart home buyers look here for living experience and investment. Vernon Blvd. seems to get new restaurants and boutiques every week. Home prices remain stable while inventory disappears. That means prices can only go up in the years to come. Lots of room for loft conversions.

Industry, a condominium, from longtime neighborhood developers the Suna brothers (they own Silvercup Studios) is almost sold out. They have a penthouse studio loft marketed by Modern Spaces with Manhattan skyline views and balcony on the market for $560,000. At One Murray Park near Court Square, CORE's Doron Zwickel is selling a range of apartments, including studios for $385,000 and one-bedrooms for $410,000. For buyers looking to rent out units, one-bedrooms in Long Island City can fetch around $2,500.

To buy: Modernspacesnyc.com is a boutique agency that has helped Long Island City grow. They have listings at all price points.

3. Battery Park City, Manhattan

For New Yorkers on the move who like the outdoors, Battery Park offers an eco-friendly response to city grime. Recent deals for studios across several buildings show value potential in owning and investing.

At 225 Rector Place, from Related Companies with design by New York-based Clodagh, amenities include an indoor swimming pool with skylight, roof lounge, sun deck, kid's room and fitness center. The Hudson River is steps away. Studios start at $520,000 with one-bedrooms priced at $645,000. The Conrad New York is a new local destination.

To buy: Related Companies has a strong rental building called Tribeca Green and condo at 225 Rector Place. Go to related.com for more.

4. Lower East Side, Manhattan

Just a 10-minute bike ride to Wall St., this area should draw more young people looking to stay in Manhattan. The area still has grit, and Orthodox Jewish, Latino and Asian populations. Young families who see the area as a place to raise children are the latest population boom.

According to LoHo Realty, the leading local agency, a two-bedroom, one-bath with a balcony in a co-op building with a private playground is on the market for $439,000. A one-bedroom with a balcony can be had for $345,000. Go to lohorealty.com for more.

A condo conversion of an old school, the Madison Jackson, is also off and running. All units have two stories and double-height ceilings. Top floors get strong light. For an artist who wants a lower East Side lifestyle, these no-frill homes work. Go to Madison-Jackson.com. Prices start at $434,000. We hear investors want to buy multiple units.

To buy: If you like local real estate agencies, you will love LoHo Realty (lohorealty.com). For info on Madison Jackson, go to Madison-Lackson.com.

5. Downtown Brooklyn

Say what you want about the new Barclays arena, but big-money projects that change cities almost never hurt property value. The Staples Center in Los Angeles was severely criticized for years. Now the area around it is the biggest boom town in Southern California.
The same will hold true of the Barclays Center, spearheaded by Forest City Ratner. Not only is it a good decision to look around there, it's a smart decision to look a half-mile away.

Downtown Brooklyn could benefit the most from the new arrival. It needs a retail boost to coincide with the residential projects. Oro still has alcove studios with a sleeping alcove for $475,000.

Toren might have a few smaller homes still left. We like the area in Prospect Heights around Grand Army Plaza. You can grab a one-bedroom in a townhouse or prewar building ranging in price from $310,000 to $350,000. This area should continue to take off.

Go with the established players here. Halstead.com and Elliman.com have strong downtown presences.

6. Central Harlem, Manhattan

Frederick Douglass Blvd. above 116th St. has become one of the liveliest stretches in the city, meaning Harlem is still a strong place for the real estate dollar.

At 88 Morningside, two homes are left in an almost-sold-out development across the street from the Frederick Law Olmstead-designed Morningside Park. A one-bedroom with a dining area is priced at $499,000. The Aloft, part of a hotel chain from Starwood, is a lodging destination for international tourists.

To buy: Corcoran Group’s (Corcoran.com) Vie Wilson knows the uptown landscape. For info on the new development, see 88morningside.com.

7. Rockaway, Queens

Beach living in New York City doesn't come with a Hamptons price tag. Arverne by the Sea in Rockaway Beach is beachfront living with a 20-year tax abatement. It's priced to sell, with home buying opportunities going for around $559,000, or $1,595 per month mortgage for a two-family home with Atlantic Ocean views.

This neighborhood-changing project has several home models to choose from. Owner units are 1,711-square-foot, three-bedroom two-bath condos with a rooftop terrace and garage. Rent on the tenant units can be as high as $2,000. The master plan includes a new shopping center with a Stop & Shop and restaurants. If you want history, a nearby bungalow can be had for around $400,000.

To buy: The whole world is talking about tacos and catching waves. Arverne by the Sea (arvernebythesea.com) has brand-new two-family condos.

8. Stapleton, Staten Island

A new project from New York City's Economic Development Corp. and Ironstate Development Co. out of Hoboken brings a multibuilding waterfront rental and retail complex with a renovated train station and waterfront park to what is called Homeport.

It also means an increase in the value of retail and residential real estate. With the $33 million city project a few years from completion, property values are still down.

Three-family houses can be had for less than $400,000. Historic homes on Harrison are available for slightly more than $500,000. The Pointe, a new condominium on the border of St. George and Stapleton, has one-bedrooms with harbor views for slightly more than $300,000. That is giant value. Marketing Directors is selling the project.

To buy: This is a big project. Nycedc.com has the details. For info on The Pointe, go to ownthepointe.com.

9. Pelham Parkway, the Bronx

Century 21 Metro Star associate broker Gregory Tsougranis just had a bidding war on a 1,700-square-foot brick detached house with a backyard listed for $549,000. Thirty buyers walked through. Three days after being on the market, he had an accepted offer. That's how fast things are selling in this residential neighborhood near Jacobi Medical Center and Pelham Bay Park. Tsougranis also likes Pelham Gardens, where he says houses are one-third the price of the same homes in Brooklyn or Queens.

To buy: All kinds of value in the Bronx. Gregory Tsougranis gives tours. Find him at century21metrostar.com.

10. Hudson Heights, Manhattan

Broadway singers, Buddhist monks and European couples who like a gentrified life call Hudson Heights home. It's easy to get to and just far enough away from midtown (25 minutes on the A express train) to feel the peace and quiet.
(At left, Tudor apartments in Hudson Heights; photo credit: Bryan Smith for New York Daily News)

Stein-Perry Real Estate has the beat on value-based listings. Small one-bedrooms start at $149,000, with two-bedroom one-bath homes priced at $329,000. Some have Hudson River and George Washington Bridge views. If you go the one-bed route, that $500,000 can buy you three.

To buy: You might not catch a windfall, but you’ll be happy with the return. Contact Gus Perry thru steinperry.com.

Stuart Sussman - CORE 166 West 18th Street, PH12

Modern NYCAugust 10, 2012
Live on the entire 12th floor of the Yves in this stunning, four-bedroom condominium
with views in all directions from floor-to-ceiling windows. This beautiful penthouse
features rich, walnut flooring, 10-foot ceilings, a multi-zone central air system,
4.5-baths and a Bosch washer/dryer. The Valcucine kitchen includes a Miele
oven and dishwasher, two Sub-Zero refrigerators and a Sub-zero wine storage.
The Four bedrooms have en suite bathrooms with Duravit fixtures. Crestron
controlled lighting system illuminates the home. Other unique components
include a Sonos music system, an EcoSmart fireplace and an internet controlled
ecobee energy Smart Thermostat system. Private 230SF Rooftop Terrace.
Designed by Ismael Leyva, the Yves' first-class amenities consist of a lap pool,
a fitness room with sauna and a landscaped roof terrace with dazzling views,
right in the heart of Chelsea.

One Murray Park More than 50% Sold; Tour a Poison Cauldron

CurbedAugust 10, 2012
LONG ISLAND CITY—Sales for the 45-unit One Murray Park condo building launched at the start of the season, and CORE reports that the more than half of the building's units are already in contract. Located at 11-25 45th Avenue in LIC, the building has a doorman, gym, indoor parking, roof deck, and library lounge, and current available units range from a $385,000 studio to a $900,000 2BR/2BA. All of the listings can be found here. [CORE Blog; previously]

GREENPOINT—If heavy industry and urban pollution are your thing, then the latest Obscura Society tour is right up your alley. Called "The Poison Cauldron of the Newtown Creek," the tour will explore the petroleum and waste transfer districts of the creek on August 25. The area is the heart of the 1978 Greenpoint Oil Spill, which is one of the largest oil spills ever recorded in the United States. You'll be traipsing through a "virtual urban desert" with broken pavement and industrial remnants, making your way toward the Kosciuszko Bridge. [Curbedwire Inbox; tickets]

Steel magnate’s plan: merge two 15 CPW condos, sell for $95 million

BuzzBuzzHome BlogAugust 09, 2012
Call it New York’s most expensive two-for-one deal.

Steel tycoon Leroy Schecter is combining two of his condos at 15 Central Park West into a single five-bedroom apartment that he hopes to sell for $95 million.

If the 35th-floor abode trades for that price, it will break the record for most expensive condo in the city, set earlier this year when former Citigroup head Sanford I. Weill sold his apartment in the same posh building for $88 million.

Schecter, the head of Marino/Ware Industries, paid $18.9 million for the original two apartments and tried to sell them in 2010 for a combined $55 million, according to The Wall Street Journal.He had previously rented the two units for a total $70,000 per month to Yankee slugger Alex Rodriguez and Cendant Corp. founder Henry Silverman.

“Nobody knows what the right price is,” he told The Wall Street Journal. “If you had $10 billion and you are trying to put in a good place, you aren’t going to put it in a bank, you are going to try to buy good real estate with it.”

The apartment is 20 percent smaller than Weill’s former residence on top of a 20-story section of 15 Central Park West, but allegedly boasts better views of the Hudson River and cityscape. The living room, study and dining room in the merged unit will face Central Park, and the bed in the master bedroom will also command an impressive view of the park.

Schecter’s apartment, listed with Emily Beare of CORE, is the second-priciest condo on the Manhattan market, after the $100 million octagonal CitySpire penthouse on West 56th Street.

Below is the floor plan for the combined unit:

Ask a broker: CORE vice president Jarrod Guy Randolph

New York Daily NewsAugust 09, 2012
Jarrod Guy Randolph got his first taste of real estate at 16 interning for a high-profile broker in Pennsylvania.
He stuck with it and succeeded, recently appearing in Forbes’ “30 Under 30” list for real estate as well as HGTV’s “Selling New York.” He fills in Voyeur on his plans for New York City domination.

What’s your next hottest nabe in NYC?

NoMad the Ace Hotel, the Gansevoort, the NoMad and Eataly. If you build it, they will come. I’ve been telling developers for the last five years that is the place to be. It’s literally in the center of the city.

What was your first big sell?

A 10-unit, $14 million deal at 15 Broad St. to an Irish investor.

What did you buy yourself after?

I bought an SL 500 Mercedes. Sounds cooler than it was, as I quickly realized it was too much car for me to handle. I returned it after three months because I sideswiped a cab, drove up onto a sidewalk and almost lost my license trying to make a 4 p.m. ferry to the Vineyard with only three hours to spare.

What part of the business do you love most?

I keep telling myself it is [co-op] board packages.

Neighborhood in NYC you could live without?

Roosevelt Island. It feels like I’m on the set of a Stephen King movie or “The Island of Doctor Moreau.”

In which era of NYC history would you want to be selling or living?
I’m not so much interested in the past as I am the future when I’m NYC’s top real estate broker in five years. Once that chapter is closed, I’ll move to developing my own projects. Move over, Mr. Trump.

One Murray Park – 53% Sold in Three Months! Boutique Luxury Living in Long Island City

August 09, 2012
NEW YORK – (August 9, 2012) – CORE is pleased to announce that One Murray Park, one of the firm’s new developments, is now 53% in contract after approximately three months. With exclusive sales led by CORE Executive Vice President and Associate Broker, Doron Zwickel, the building consists of 10 studio, 25 one-bedroom and 10 two-bedroom apartments.

“The activity of sales at One Murray Park has defied the common wisdom that summertime is slow,” says Zwickel. “The project has quickly reached the important benchmark of 53% in contract and traffic at the sales office has only increased over the last few weeks.”

One Murray Park is the first condominium on Long Island City’s Murray Park (also known as Murray Playground), and the first new condominium to hit the LIC market in more than a year. Murray Park recently underwent a multimillion dollar renovation to include a new playground and state-of-the-art synthetic turf ball field.

“There are many things that appeal to our buyers including our beautiful library, efficient layouts, sleek interiors and large outdoor spaces for many of the units. Our greatest advantage is the unobstructed views of Murray Park and Manhattan that many of the units offer.” Zwickel adds, “Couple that with the fact that it is only a block away from the first stop in Queens on the E and M trains and you have an unmatchable living experience.”

Designed by SoHo-based architecture firm Fogarty Finger and built by a team consisting of veteran Long Island City developer Shuster Development & Management and TerraMax Development, One Murray Park is an anchor on tree-lined 45th Avenue, offering residents a recently renovated park right at their doorstep. One Murray Park’s amenities will include a doorman, gym, indoor parking, residents’ library, pet washing area and common roof deck. The project is also eligible for 15-year 421a tax abatement.

For more information, or to schedule a private appointment, call Doron Zwickel of CORE at 212-612-9607.

About CORE
CORE is a real estate sales and marketing firm delivering the best in brokerage, communications and advisory services for the luxury residential segment. In addition, CORE’s elite group of highly experienced and successful professionals service developers who value efficient, no-nonsense results. CORE was founded by Shaun Osher as a full-service boutique firm with a strict adherence to the principles of integrity, efficiency and results. For more information visit www.corenyc.com.

Livin’ Legend

New York PostAugust 09, 2012

Musician John Legend has hit another high note with downtown real estate.

 

Legend, who’s in contract to sell his condo on the Bowery, has landed a sweet one-bedroom, 2 1/2-bathroom condo loft at Nolita’s Brewster Carriage House conversion at 374 Broome St.

 

The 1,969-square-foot unit, carved out of a 19th-century building, was listed for $2.55 million. We hear that the purchase price was close to the asking price but under $2.5 million. The stylish, bright unit, with three exposures, includes a big living room with a fireplace, a chef’s kitchen and spa-like bathrooms with soaking tubs and rainfall showers.

 

Legend’s longtime broker Jason Walker, of Prudential Douglas Elliman, declined to comment, but our spies spotted Legend at the building several times before the closing.

 

Meanwhile Legend’s two-bedroom, two-bathroom Bowery condo at 52 E. Fourth St. is in contract with a mystery buyer. Its last asking price was $2.795 million, down from its original $2.95 million. That building includes a landscaped roof deck, a swimming pool and interiors by Andres Escobar.”

 

Buying and Spelling

 

Talk about downsizing! In 2009, Candy Spelling, mom to reality-TV star Tori, put her LA estate, Spelling Manor, on the market for a whopping $150 million before selling the 56,500-square-foot mansion on 4.7 acres for $85 million to Petra Ecclestone, heir to Formula One billionaire dad Bernie.

 

Now Spelling has been spotted checking out far more modest Manhattan digs, including a $4.995 million, three-bedroom, 2,300-square-foot co-op at the Chatham building on East 65th Street. That unit has sold to another buyer, but Spelling has other options in the neighborhood. She also checked out a unit in the $5 million range at the Manhattan House condo conversion on East 66th Street.

 

Maybe Spelling got tired of all her space in LA, where Spelling Manor had a room that was just for gift-wrapping.

 

Just Drew it

 

Drew Barrymore and Will Kopelman wed in June at Barrymore’s home in Montecito, Calif. But the couple are still apartment hunting in New York, where Kopelman, an art dealer and son of former Chanel CEO Arie Kopelman, grew up on the Upper East Side.

 

One place they looked at was a $4.475 million, three-bedroom, two-bathroom, high-floor duplex at the Gainsborough co-op building on Central Park South. The unit, which has double-height ceilings and a 30-foot-long living room with a fireplace and floor-to-ceiling windows with Central Park views, is no doubt dramatic, but Barrymore and Kopelman aren’t going to be moving in. Another buyer has snagged the apartment.

 

Ski Town and Country

 

It’s not a “Million Dollar Listing” in New York, but reality-TV broker Ryan Serhant hopes his name will help sell his parents’ Colorado ranch property. The Steamboat Springs house is a five-bedroom, 4 1/2-bathroom log home that’s listed for $2.45 million. It’s 5,832 square feet and perched on a sprawling 11.46 acres that also includes a new barn with four stables.

 

“It’s the best skiing out west,” Serhant, of Nest Seekers International, says of the area. And the home, known as Creek Ranch, also includes easy access to hunting and fishing.

 

Serhant’s parents moved in when the broker went to college. And Serhant spent summers there. “I worked on the ranch, building fences and moving the bucking horses, as there’s a big rodeo in Steamboat,” he says.

 

Take it or Levitt

 

Dede Sheoris-Levitt, ex-wife of hedge-funder Michael Levitt, has put the massive home she once shared with her husband on the market for $18.5 million.

 

The Alpine, NJ, home is located at 4 Stone Tower Drive. In addition to the 23,000-square-foot mansion, there’s a 2,000-square-foot staff home and a pool house. No expense was spared on the seven-bedroom estate, which has six main reception rooms and eight “recreational” rooms including a gym, theater, two-lane bowling alley and arcade.

 

There’s also a nine-car garage, an elevator, a pool, a spa, a putting green and a tennis court. A source close to Sheoris-Levitt, who owns the mansion on her own, says she is selling because she spends more time in Manhattan and her oceanfront home in the Hamptons.

 

Dennis McCormack, of Prominent Properties Sotheby’s International Realty, has the listing.

 

Whoa, ‘Daddy’

 

Tahj Mowry, star of ABC Family’s new “Baby Daddy” sitcom, was spotted downtown on the hunt for a posh pad. Fans caught up with him outside Trump SoHo, where he had been checking out units with Sabrina Kleier-Morgenstern of HGTV’s “Selling New York” and fellow Gumley Haft Kleier broker Isabel Solmonson. Our spies tell us that a two-bedroom penthouse particularly piqued his curiosity. Mowry graciously posed for pictures with fans before hopping into a tinted Escalade.

Have you heard…: 1280 Fifth

Real Estate WeeklyAugust 08, 2012
Kevin Jonas, eldest of the superstar Jonas Brothers, was spotted at One Museum Mile (OMM) at 1280 Fifth Avenue doing a photo shoot for Social Life magazine.

We hear that in addition to the photo shoot, an E! crew was there filming for Kevin and his wife’s new series, Married to Jonas, premiering in August. The team was unavailable for comment.

A day later, OMM hosted a foreign press tour where guests were then taken to celebrity chef Marcus Samuelsson’s Red Rooster for a private tasting.”

Pritzker Prize-winning architect Richard Meier’s 15-story masterpiece Richard Meier On Prospect Park is sold out.

Brown Harris Stevens just announced that, after assuming the sales role in January 2012, the condo is fully occupied.

Louis Greco, president of the builder Second Development Services, said, “Developing a marketing and sales strategy inspired by the incredible design of this stunning project, the team at Brown Harris Stevens Development Marketing immediately put their market acumen and resources to work and the remaining residences were sold or rented within six months. We could not be more pleased with the outcome.”

The building was first introduced to the market in 2008 with Corcoran in charge of sales.

Skyline Developers has just signed a lease for a new sales gallery for its newest project.

The developer plans to launched sales at 261 East 78th Street this fall.

“First impressions are the most important,” said Orin Wilf, president of Skyline Developers, which developed the well received 170 East End Avenue.

“The sales gallery, featuring a fully built-out custom designed kitchen, luxurious master bathroom and powder room, will showcase the handcrafted details and high level of craftsmanship that Skyline is known to deliver to the market.”

The condo’s architect Cetra Ruddy also designed the sales gallery space on the fifth floor of 261 East 78th Street.

The space will also house offices for the Stribling Marketing Associates team — led by Alexa Lambert — which will be handling the sales and marketing for 200 East 79th Street.

A Steel Tycoon Is Selling A Pair Of 15 Central Park West Apartments For $95 Million—5 Times What He Paid For Them

Business InsiderAugust 08, 2012
Leroy Schecter, the chairman of steelmaker Marino/Ware Industries, has just listed a pair of apartments at storied 15 Central Park West for $95 million—slightly more than FIVE times what he paid for them.

According to the Wall Street Journal's Josh Barbanel, Schecter has hired a construction crew to rip out the walls and combine the two condos he owns on the building's 35th floor in order to create a titanic, five-bedroom pad.

He paid a combined $18.9 million for the apartments, Barbanel writes.

At $95 million, Schecter's apartment is the second most expensive property currently on the market in New York City, following the recent listing of a $100 million, octagon-shaped penthouse at CitySpire.

Schecter also recently listed a sprawling estate on Indian Creek Drive in Miami Beach for $45 million, making it one of the most expensive listings ever in the area. He has said he plans to donate 90 percent of his net worth to charity after he dies, including portions of the proceeds from his property sales.

There's no official listing for the property (yet), but it's being sold by Emily Beare of CORE

Schecter aims to shatter Weill’s 15 CPW record

The Real DealAugust 08, 2012
Metal mogul Leroy Schecter is betting that by combining his two units in 15 Central Park West he can top Sanford Weill’s record sales price in the building. The Wall Street Journal reported that Schechter is combining his two units on the 35th floor, for which he paid a combined $18.9 million, and listing them for $95 million with Emily Beare of Core.

“Nobody knows what the right price is,” Schecter told the Journal. “If you had $10 billion and you are trying to put in a good place, you aren’t going to put it in a bank, you are going to try to buy good real estate with it.”

The Marino/Ware Industries chairman had put the two units on the market for a combined $55 million in 2010, only to turn down a $48 million offer and begin work to combine the space. Prior to the construction work he rented the two units for a combined $70,000 per month to Yankee slugger Alex Rodriguez and Cendant Corp. founder Henry Silverman.

The Journal said the units are about 20 percent smaller than the 6,744-square-foot one bought for $88 million, but Schecter’s have superior views. It is the second priciest apartment on the market after the $100 million CitySpire penthouse.

Turning Double Play Into Big Single

The Wall Street JournalAugust 08, 2012
On the theory that the whole is greater than the sum of its parts, Leroy Schecter, an 85-year-old steel magnate, had ordered construction crews to rip out walls on his two condos in the limestone-clad 15 Central Park West, one of the world's most expensive apartment buildings.

Now the pieces—on the 35th floor high above Central Park at West 62nd Street—are being reassembled into a single five-bedroom apartment with remarkable views of park and river and even more remarkable asking price: $95 million.

The asking price shows the soaring ambition of property owners, after some record=breaking sales, and contracts signed this year by multimillionaire buyers from the U.S. and abroad this year. Mr. Schecter paid total $18.9 million for the two separate apartments.

But he says he isn't worried about getting his asking price. In a world in which the very rich are looking for safe investments in which to park their money, he said, the true value of a large apartment at 15 Central Part West is unknown.

"Nobody knows what the right price is," he said. "If you had $10 billion and you are trying to put in a good place, you aren't going to put it in a bank, you are going to try to buy good real estate with it."

Work is under way to join two units on the 35th floor of 15 Central Park West into a single apartment with an asking price of $95 million. Owner Leroy Schecter had tried to sell the apartments, which once had been rented to Yankees star Alex Rodriquez and Cendant Corp. founder Henry Silverman, before deciding to combine the units instead.

Even so, Mr. Schecter, the chairman of steelmaker Marino/Ware Industries, is in the process of shedding some real estate here and in Florida.

In May he put his waterfront mansion in Indian Creek Village on a private island near Miami Beach on the market for $45 million. He said he planned to donate another apartment in Portofino Tower in Miami Beach to his foundation.

He said a portion of the proceeds of his Central Park West sales also will go toward his charitable foundation, which is planning to refocus on helping people living in poverty in the New York area.

Mr. Schecter, a producer of Woody Allen's musical "Bullets over Broadway," once rented out his apartments on Central Park West for a total of $70,000 a month to two prime tenants— with Alex Rodriquez, the Yankees slugger, on one side and Henry Silverman, the founder of Cendant Corp., on the other.

Now, rows of new aluminum studs demarcate a living room, study and dining room that will face Central Park. The master bedroom is designed so that the bed will also look out at the park. The large master bathroom will have an 8-by-8 window facing south.


The Schecter apartment, listed by Emily Beare of CORE, is the second most expensive listing in Manhattan, following the $100 million listing of an octagonal 8,000-square-foot penthouse on the 73rd floor at City Spire on West 56th Street.

It is also priced above the highest closed condominium sale in the city and at 15 Central Park West, the $88 million sale of an apartment owned by Sanford I. Weill, the former head of Citigroup, to a Russian tycoon earlier this year.

In 2010 Mr. Schecter put the two separate apartments on the market for a combined $55 million. But after he said he turned down an offer of $48 million, he pulled the listing and began to work on the renovation plan to combine the space.

Though it is 20% smaller than Mr. Weill's former apartment atop a 20-story section of the building, Ms. Beare said that the Schecter apartment had broader views out to the Hudson and across the city available on the 35th floor.

1848 House Gets Slightly More Modern Look, Seeks $12M

CurbedAugust 08, 2012
Tuesday is usually townhouse day around here, but 114 West 13th Street waits for no calendar. The CORE blog has the reveal on this place, a 4BR, 4BA, 1848 house that has received a pretty significant makeover, if the changes in pricing over time are any indication (and also, the listing says so!). The place last sold in 2002 for $2.5 million, and after "structural, mechanical and technological upgrades," it's now asking $11.995 million. It was listed in between for $8,495,000, but there are no earlier listings with photos, so we don't know what the place looked like pre-reno.

Now a 15 Central Park West Apartment is Asking $95 Million

CurbedAugust 08, 2012
After A-Rod left his 35th-floor rental at 15 Central Park West, the apartment's owner, steel magnate Leroy Schecter, announced his plans to combine the unit, 35B, with 35A, which he also owned, and then put the combo up for sale. Schecter had already tried and failed to sell the apartments in 2010 for $55 million, at the time an astonishing price for even 15 CPW. Now, Schecter's five-bedroom combo is nearly complete, and the Journal reveals its asking price: $95 million. This is the era in which another apartment in the building sold for $88 million, after all, and there are still 92 people in the world richer than the person who bought it.

Why should they fork over the funds? >>

Schecter himself paid just $18.9 million for the two apartments, so why should anyone pay so much more for the combo, especially when it's 20 percent smaller than its $88 million neighbor? Schecter's apartment is higher and has better views, his broker explains. The master bedroom looks out on the park, too, even if it wasn't custom-designed by building architect Robert A.M. Stern. And, like Sanford Weill, seller of the $88 million pad, some of Schecter's profits from the sale will go to charity—in this case, Schecter's own foundation, which "is planning to refocus on helping people living in poverty in the New York area."
There's no listing online for the $95 million combo, but here are the floorplans for the two uncombined 35th-floor units:

Blockbusters: Now a 15 Central Park West Apartment is Asking $95 Million

The Broker BuddyAugust 08, 2012
After A-Rod left his 35th-floor rental at 15 Central Park West, the apartment’s owner, steel magnate Leroy Schecter, announced his plans to combine the unit, 35B, with 35A, which he also owned, and then put the combo up for sale. Schecter had already tried and failed to sell the apartments in 2010 for $55 million, at the time an astonishing price for even 15 CPW. Now, Schecter’s five-bedroom combo is nearly complete, and the Journal reveals its asking price: $95 million. This is the era in which another apartment in the building sold for $88 million, after all, and there are still 92 people in the world richer than the person who bought it.

Schecter himself paid just $18.9 million for the two apartments, so why should anyone pay so much more for the combo, especially when it’s 20 percent smaller than its $88 million neighbor? Schecter’s apartment is higher and has better views, his broker explains. The master bedroom looks out on the park, too, even if it wasn’t custom-designed by building architect Robert A.M. Stern. And, like Sanford Weill, seller of the $88 million pad, some of Schecter’s profits from the sale will go to charity—in this case, Schecter’s own foundation, which “is planning to refocus on helping people living in poverty in the New York area.”

There’s no listing online for the $95 million combo, but here are the floorplans for the two uncombined 35th-floor units:
1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 / 24 / 25 / 26 / 27 / 28 / 29 / 30 / 31 / 32 / 33 / 34 / 35 / 36 / 37 / 38 / 39 / 40 / 41 / 42 / 43 / 44 / 45 / 46 / 47 / 48 / 49 / 50 / 51 / 52 / 53 / 54 / 55 / 56 / 57 / 58 / 59 / 60 / 61 / 62 / 63 / 64 / 65 / 66 / 67 / 68 / 69 / 70 / 71 / 72 / 73 / 74 / 75 / 76 / 77 / 78 / 79 / 80 / 81 / 82 / 83 / 84 / 85 / 86 / 87 / 88 / 89 / 90 / 91 / 92 / 93 / 94 / 95 / 96 / 97 / 98 / 99 / 100 / 101 / 102 / 103 / 104 / 105 / 106 / 107 / 108 / 109 / 110 / 111 / 112 / 113 / 114 / 115 / 116 / 117

ARCHIVES