Posts Tagged ‘15 Central Park West’
Monday, April 23rd, 2012
Posted by Leonard Steinberg on April 23rd, 2012
The 4,675 sf Jean Nouvel penthouse at 100 11th Ave. staged by Aimee Scher has closed for $ 19,4m ($ 4,149/sf). That’s 1/3 the price per square foot of 15 Central Park West’s penthouse making it a relative bargain. With 4,412sf of terraces and unrivalled views: West Chelsea continues to soar…
Friday, January 27th, 2012
Posted by Leonard Steinberg on January 27th, 2012
Denise Rich, a songwriter for Celine Dion, Chaka Khan, Diana Ross, Mandy Moore/billionairess/heiress/divorcee, has placed her 785 Fifth Avenue penthouse, scene to numerous swell gatherings over the years, on the market for sale for $ 65 million, making it New York’s most expensive co-op listing…… the recent $ 88 million 15 Central Park West Sandy Weil penthouse sale comes to mind. This pricing clearly demonstrates the difference in pricing between co-ops and condo’s although 15 CPW was newly renovated: will the co-op board of 785 Fifth accept a buyer with a similar profile as the Russian buyer of 15 CPW?
Wednesday, December 21st, 2011
Posted by Leonard Steinberg on November 21st, 2011
Christmas is almost upon us but some really good girls have had a visit from Santa a wee bit early: The 22-year-old daughter of Russian billionaire Dmitriy Rybolovlev received an $88 million penthouse condominium located at 15 Central Park West in her stocking from her daddy — the most expensive residential transaction in residential Manhattan real estate to date. A new record has been set for New York at just a bit over $ 13,000/sf.
A company associated with Ekaterina Rybolovleva, the daughter of Russian billionaire Dmitriy Rybolovlev, signed a contract to purchase the 6,744-square-foot, full-floor penthouse, resplendent with massive 2,000sf terraces and un-obstructed panoramic views of Central Park just a few weeks after it was listed. The penthouse currently owned by banker-extraordinaire Sandy Weill was designed by Robert A M Stern, the king of nouveau-riche-wanting-to-look-like-old-money architect, and Mica Ertegun (the queen of old money-helping-the-nouveau-riche-look-like-old-money designer)who did the interiors recently featured in Architectural Digest.
Dmitriy Rybolovlev made his fortune in Russia’s ‘wild west’ period creating a fertilizer empire which he subsequently sold…. and was acquitted of murder. For those who think Dmitriy over-paid, please be reminded that he paid half-price when compared to his 54-year-old Russian steel tycoon brother, Vladimir Lisin, with a fortune of 15 billion pounds, who bought a 300-year-old Park Place London mansion earlier this year for about 140 million POUNDS…..thats almost triple what Dmitriy paid for his daughter’s little crash pad.
Tuesday, December 6th, 2011
Posted by Leonard Steinberg on December 6th, 2012
Analysts at Goldman Sachs predict in a new report (published on Friday) that the end of the crash in home values is actually within view……and will bottom out in mid to end 2012. The report however forecasts price declines of at least 6% for New York and Atlanta. Could the timing of this news have anything to do with the diminished bonuses expected over the next few months and the large layoffs in the financial markets?
Goldman’s analysts, Hui Shan and Sven Jari Stehn, project that the national S&P/Case-Shiller home price index has 2.5% to fall before it hits bottom next summer. The Case-Shiller index of prices in 20 large cities is likely to fall 3.5% before hitting bottom in the second half of 2012, they say.
So how exactly do these forecasters reach this conclusion? And should we hold them accountable for this prediction? The analysts constructed a new model of home prices in 147 U.S. metro areas, estimating an “equilibrium” home price for each. That measurement is an expected home price based on population, income, lending costs and construction costs. Nationally, they say, home prices are close to this equilibrium level after deviating far from it during the boom years.
The analysts’ modeling also takes into account short-term price changes, including factors like the excess supply of homes on the market and the level of subprime loans in a particular market. After doing all of this number-crunching, the Goldman analysts projected that the strongest U.S. markets will be Detroit, Miami and Cleveland. They are forecast to show price increases of 5%, 3% and 1% over the next two years.
So if you thought Goldman’s analysts are being tough on New York, think again: Prices in Portland, Ore., they say, should decline by 8% over the next two years.
We shall see…..we are all entitled to an opinion, yet personally I find averages a pure joke and often useless information. Looking at the news of the impending sale of Sanford Weil’s penthouse at 15 Central Park West, asking $ 88 million, one has to wonder. If this price (over $ 12,000/sf) drops by 6% to a little over $ 11,000/sf I think we will survive.
Saturday, November 5th, 2011
Posted by Leonard Steinberg on November 5th, 2011.
Have you noticed how the bulk of newly built New York residential buildings possess as much charm as Ann Coulter or Al Gore? Does modern design have to mean sterile design? Understandably, re-creating aged patina can be a bit Disney-esque, but surely within the vast array of good modern design, there MUST be some way of making people’s homes (yes, when they come home and walkthrough that lobby, that is the beggining of their ‘home experience’ just the way a driveway and front yard would be in the burbs) more of a pleasant experience. With the 1% (yes, that’s the luxury market in New York real estate) under much greater scrutiny and derision than ever before, coming home should feel like a big hug, a way of saying “yes, you have more than the other 99%, but it’s not your fault…it’ll be ok….you earned it too!”
I am horrified on a daily basis when architects and designers think that a lobby or hallway overwhelmed with fluorescent lighting that renders a ghostly, sick complexion on humans is acceptable design. Throw in some material choices that are either reminiscent of a bomb shelter or worse, a psuedo-boutique-fashion-of-the-moment hotel and one truly has to wonder whether these designers know anything about the human psyche.
It is easily possible at any price point to achieve a more charming experience with a newly designed building by integrating materials, lighting, artwork and possibly something unique and special to the environment. Attempting to re-create a pre-war experience a-la-15 Central Park West (that while beautifully executed looks like any high end Ritz Carlton) is not what I am calling for. I do believe good modern design can be both inventive and human.
Come on starchitects and world class designers: human beings are not machines….yet.
Sunday, August 14th, 2011
Posted by Leonard Steinberg on August 12th, 2011
As the political climate shifts to a more conservative stance, and the almost certainty that Rick Perry will be the next USA president, the super-wealthy will continue to seek out homes within communities that protect and separate them from the increasingly volatile outside world.
These gilded, gated communities are more obviously visible in Florida, California, Texas and Hawaii, usually featuring elegantly ornate gates with security protecting the inhabitants from the masses. In Manhattan, this country club mentality was taken to the extremes in picky co-ops such as Riverhouse, 740 Park Avenue and One Beekman where wealth alone does not secure entry. Now with buildings such as 15 Central Park West, The Time Warner Center and other high end condominiums, the old fashioned exclusionary co-op policies seem somewhat out of vogue, even though many of these buildings would probably love to institute stricter ‘admissions boards’ to keep out the riff-raff….lets face it, with the world celebrating and rewarding the likes of Snookie, wouldn’t it be nice to choose your neighbors?
The divide between the extremely wealthy and the poor will probably continue to grow. Those few individuals capable of amassing wealth through either extreme brilliance, hard work, luck or corruption, will want an environment that caters to their needs seamlessly. One Hyde Park in London is the perfect example of a building delivering that cocooned lifestyle becoming increasingly more desirable around the globe in major world centers……inclusive of bullet proof windows to keep the angry London rioters at bay?
I believe the trend to emerge out of this will be some gated community’ buildings that do not appear that way, where those living in them would be somewhat embarrassed to admit the need for the lifestyle. Because many people entering into this new wealth will have no clue about style or taste (think Snookie!) these buildings will have to deliver on every level, proposing a quality of life this buyer aspires to but would have no idea how to create: If Ralph Lifshitz could create the RALPH LAUREN uber-wasp lifestyle from A to Z, anything is possible! Security will be a growing concern, along with the staffing, swimming pool and high end gym. With the wealthy world fleeing towards quality in everything (Think the success of Hermes), the quality of these buildings from the design to the finishes to the construction to the mechanical systems will have to be of the very highest order, or they will fail.
Hundreds of apartments in this genre will be coming to the Manhattan market over the course of the next few months and years as the global economy grows (even though what is happening now is a bit scary, over the next 5 years we can be certain there will be growth). Developers who deliver an A-grade product will be handsomely rewarded. And those that deliver A-grade quality in a less obviously glitzy setting will attract the younger wealthy who don’t want to appear too ostentatious. In fact, the concept of a gated community is horrific to this buyer.
Maybe the Countess on Bravo’s The REAL Housewives of New York is wrong when she sings “Money can’t buy you class”? Leonard Steinberg sings: ”We will design, create and sell class”……for a price, of course!
Thursday, July 14th, 2011
Posted by Leonard Steinberg on July 14th, 2011
The spectacularly grotesquely, almost tasteful 56,000sf limestone mansion belonging to deceased Hollywood producer Aaron Spelling, creator of 90210, Melrose Place and Dynasty to name a few of his famous shows, has sold and closed for the equally spectacular price of $ 85million, making it the most expensive residential sale in United States history. The buyer is 22 year old Petra Ecclestone, heiress to the Formula One racing empire and daughter of British billionaire Bernie Ecclestone.
The Spelling Mansion, originally named L’Oiseau, is situated on almost 5 acres in the West Coast’s answer to Alpine New Jersey, Holmby Hills, an exclusive Los Angeles neighborhood. The three-story, seven bedroom estate boasts every ridiculous feature a celebrity or celebrity wannabee could imagine. Among the offerings are a dog grooming room, five bars, a wine cellar and tasting room, a China room, TWO “gift-wrapping” rooms, a flower-cutting hall with a professional florist fridge, a screening room/cinema, game and billiards rooms, a bowling alley, and a beauty salon. Of course there is an elevator too. The lavish grounds combine expansive gardens, an orangery, a koi pond, lamp posts imported from Paris, a pool complex and tennis courts. The fountain-studded motor court holds up to 100 cars.
The mansion was home to Aaron’s wife Candy for a few years…she has subsequantly down-sized to about 20,000sf in a highrise.
Ecclestone is said to be moving here after her August wedding to James Stunt, a businessman and London nightclub fixture. It’s been reported that the couple will split their time between London and and their new Nouveau Riche shrine.
And we thought New York was expensive? Well, this house translates to about $ 1,500/sf, or about a quarter of the cost of an apartment at 15 Central Park West, so it qualifies as mid-level luxury in Manhattan. The same size of property at 15 CPW would cost over $ 336 Million…..unless of course you got some discounted square footage in the basement for those gift wrapping rooms.
Thursday, June 2nd, 2011
Posted by Leonard Steinberg on June 2nd, 2011
The penthouse at 2 Horatio just went to contract for over $ 4,000/sf: Granted it was gut renovated, has spectacular views and significant outdoor space, but 2 Horatio is not exactly considered a trophy building. It is a co-op with lovely apartments, although most are rather ordinary. Across the park (Jackson Square) the penthouse at One Jackson Square sold for significantly less at just under $ 3,000/sf, even though its a brand new condominium with a swimming pool. Around the corner, Jennifer Anniston just bought three apartments including a penthouse on West 12th Street for just under $ 9 million total…they are to be combined and require a complex renovation so at the end of the day, the price will probably be around $ 4,000/sf too. These three apartment sales clearly indicate the strength of West Village pricing in New York…..an area becoming known as RECESSION PROOF.
Its also the area where the young (or young-at-heart) wealthy want to live now. The fact that prices of this caliber are being achieved in OK buildings certainly screams for a new building that delivers more than just great apartments, but also services and amenities to rival uptown buildings such as 15 Central park West.
With the down-zoning of the entire area, views will always sell for a premium in this part of town known for its amazing year-round light and charming tree-lined streets, not to mention its proximity to the Hudson River Park, the Highline Park, Meatpacking District boutiques and nightlife, the new Whitney Museum coming to 12th Street…..and the list goes on. West Greenwich Village rules! (Yes, anything West is pretty good these days, and only getting better.)
Sunday, January 9th, 2011
Posted by Leonard Steinberg on January 10, 2011
INSANE? The photo you above is just a mockup. But even with something just dreamed up in the mind of some crazed super yacht designer, you have to admit that it looks disturbingly appealing, in a Dubai-meets-Donald gawdy kind of way…..
This creation is called “The Streets of Monaco“, and is based off Monaco. Imiagine other versions based on your favourite part of the world: Capri, Manhattan, Rio, St Barth’s….. On the main four decks, you’ll find various pools, a swim-up bar, a jacuzzi, a replica of Casino Square, a courtyard and a large BBQ area. Oh, and a go kart circuit. The main boarding deck features a sauna, spa, manicure, gym, hairdresser, care and a relaxation lounge with indoor bar/pool.
Of course there is a cigar lounge, library, cinema wine cellar, casino, dining room and dance hall. Would Candy Spelling insist on the addition of a gift wrap room?
While it hasn’t been built (or even purchased), chances are someone, somewhere in the world is counting their oil profits (or Facebook over-valuation-profits) and seriously considering where they’d park this 155 meter (close to 500ft!)vessel. Maybe the most appealing aspect of a product like this would be it’s tax-free status? Those savings alone could easily pay for the entire product for the clientele this would appeal to.
Designed by Yacht Island Design in cooproration with BMT Nigel Gee. No price was mentioned but we expect it to be slightly higher than a penthouse at 15 Central Park West….
Wednesday, November 24th, 2010
Posted on November 24, 2010 by Leonard Steinberg
Are Americans un-grateful, using Thanksgiving as a veiled attempt at appearing thankful? Here are some thoughts:
1) We have exited a HUGE recession, somewhat close to a depression within 24 months, and yet everyone is complaining how SLOW the recovery is.
2) Real estate prices, while certainly off their highs of 2007/2008 in New York, have recovered nicely in what usually took MANY years to recover. In fact, there are several new pricing records being broken right now. (Think 15 Central Park West, 200 Eleventh Avenue, 400 West 12th Street, etc)
3) Corporate America is crying foul: This government is so ANTI-BUSINESS!!!!! So why the $ 1,6 TRILLION in corporate profits? That does not add up.
4) The right is crying: Lower spending, lower taxes…..that does not add up either.
5) The left is crying: Spend more, raise taxes…..that does not add up, and continues to encourage government reliance, a system that has failed elsewhere.
6) The ultra-religious cry acceptance of others and forgiveness in their churches, mosques and synagogues, yet are responsible for most wars and conflict. Can you really be pro-war AND pro-life simultaneously?
7) Most of us feel like we aren’t getting enough, yet we have more than any others on this planet. The poor think having a dishwasher is suffering, and the rich feel not buying that new Birkin bag is simply not fair!
8) New Yorkers dream of California sunshine and Californians dream of East Coast ‘seasons’…..
I could go on, but you get the picture. We are all rather spoiled. And now would be as good a time as ever to really sit back, look in the mirror, and see things the way they really are.
If we have our health, we should all be REALLY thankful right now for what we have.