15 Central Park West Year-End Roundup

15 CPW

 

Just when you thought prices at 15 Central Park West in New York couldn’t go any higher, the ex-CEO of Citibank, Sandy Weill, recently listed his penthouse at 15 CPW for $88 million. According to recent reports, it looks like he found a buyer – after only 3 weeks – at a record-breaking price!

Previously, the highest selling price in the building was for the penthouse owned by William Zeckendorf, one of the developers of the building, which sold for $40 million (or almost $10,000 per square foot) just one year ago, in December, 2010.

The huge success story known as 15 CPW has had a short but storied history. Situated on the site of the old Mayflower Hotel, 15 CPW is a complex consisting of two limestone buildings – the house and the tower – designed by“starchitect”Robert AM Stern. The building’s design pays homage to the old stately buildings that line Central Park West, Fifth Avenue and Park Avenue – taking the best features and adding modern conveniences.

The power elite have chosen this building as their temple of sorts. Building residents include names like Denzel Washington, Sting, Norman Lear, Bob Costas, Jeff Gordon (of NASCAR fame), Lloyd Blankfein (Goldman CEO), Daniel Loeb, Scott Bommer and Daniel Och (top hedge funders), and Zhang Xin and Pan Shiyi, the CEO and Chairman of SOHO China, the largest real estate developer in Beijing. In addition, there are many other heads of industry, financial titans, and celebrities living there. Back in 2009, the New York Post estimated the combined net worth of the buildings’ residents to be close to $50 billion. We wouldn’t be surprised if that number has grown significantly by now!

There are 201 apartments that range from 1-bedroom to 8-bedroom homes. In 2007, the building launched with prices close to an average of $2,500 per sq. ft.; however, those prices quickly jumped to around $4,500 per sq. ft. today, according to Streeteasy. Throughout the recession, prices at 15 Central Park West kept rising.

For prime Central Park views, apartment prices are significantly higher than $4,500 per sq. ft. For example, unit 3-A of the house facing Central Park just closed in September, 2011, for $17 million, or $5,843 per sq. ft.

In contrast, unit 6-L, an interior-facing one bedroom (with no view, except of another 15 CPW building) sold for $4.9 million, or $3,678 per sq. ft. – about three times the average price of a condo in New York during the last quarter.

Other notable sales in the building during 2011 include 27-A, which sold for $24.5 million, or $7,903 per sq. ft. and 26-C, which sold for $16.5 million, or $5,976 per sq. ft.

In addition, the most recent closed sale was for 7-G, which faces Broadway and has a view of Central Park from the master bedroom. This apartment sold for $5,575,000, or $3,173 per sq. ft., perhaps one of the lowest prices in the building.

The remaining closed sales in the building during 2011 were 12-L, sold for $7.5 million, or $3,914 per sq. ft. and 9-M, sold for $9.25 million, or $4,967 per sq. ft.

Three apartments that have sold in 2011, but not yet closed, include: 2-D which had an asking price of $6.85 million, or $3,143 per sq. ft.; 28-D which had an asking price of $25 million, or $7,879 per sq. ft.; and 31-D for $28.75 million, or $9,060 per sq. ft. It will take a few more weeks to see what these units actually sold for, but we expect that the closed prices won’t be too far from the ask.

Finally, there are only two currently available apartments in the building, including 3-F for $8,395,000, or $4,224 per sq. ft. and 3-E for $8,900,000, or $4,168 per sq. ft.

We have been following this building very closely for our buyers over a number of years now and are quite familiar with the building. If you would like to request a showing or further information, including updates on availability, just send us a quick message. And for more info click on the link below.

 

15 Central Park West Residences For Sale

PRWEB Press Release

 

 

Posted by ricardo on 12/4/2011 | |

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