The Most Expensive Condo in New York – $55M?

March 28th, 2010 · Filed Under: 15 Central Park West
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So is the most expensive condo in New York to hit the market @ $55M?  Well, that has yet to be decided yet, however, it is a strong possibility noted current owner Leroy Schecter of (not one, but) TWO adjoining units at 15 Central Park West. Even with both units rented throwing off nearing $1,000,000 a year in rental income and the probably perks leasing to celebrity tenants Alex Rodriguez (A-Rod) & Henry Silverman, Schecter and his NY Real Estate Agent think now may be the time to put it on the market.

Schecter holds two apartments at 15 Central Park West. Apparently, he doesn’t like New York winters, so he prefers to live in a Florida mansion.

The three-bedroom apartment is occupied by Henry Silverman, founder of a billion-dollar business services company called Cendant Corp. The two-bedroom junior is the New York home of Yankees third baseman Alex Rodriguez, the best-paid team athlete in history.

Silverman pays $40,000 (U.S.) a month in rent. Rodriguez forks over $30,000. But nearly a million bucks a year in rent pales in comparison to what Schecter thinks he can reap on the open market.

Once the two leases are up, Schecter plans to tear down the boundary between the units and create a 5,600-sq.-ft., five-bedroom super apartment – including a movie theatre.

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So …  $55,000,000 – yup.  Or you could think of it as a cool $9,821.42 a square foot!

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Check out what the top 20 most expensive apartments on the market are currently (including coops & townhouses).

1. 25 East 77th Street (The Mark)
Bedrooms: 5
Bathrooms: 8
Square feet: 9,799
Original price: $60 million
Current price/status: $60 million (Unchanged)
Listing: Corcoran

2. 502 Park Avenue (Trump Park Avenue)
(Also available for rent)
Bedrooms: 4
Bathrooms: 6
Square feet: 6,200
Original price: $51 million
Current price/status: $51 million (Unchanged)
Listing: Prudential Douglas Elliman

3. 1 Central Park South (The Plaza)
(Owned by Tommy Hilfiger)
Bedrooms: 4
Bathrooms: 4.5
Square feet: 6,000
Original price: $50 million
Current price/status: Off the market

4. 795 Fifth Avenue
Bedrooms: 5
Bathrooms: 7
Square feet: 7,000
Original price: $50 million
Current price/status: $43 million (Discounted)
Listing: Corcoran

5. 1 Central Park South (The Plaza)
(Owned by Guy Wildenstein)
Bedrooms: 6
Bathrooms: 7.5
Square feet: 8,033
Original price: $46.5 million
Current price/status: $42.4 million (Discounted)
Listing: Corcoran

#6-#20 – Check them out here on Gawker

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15 Central Park West Leases Retail Space

July 21st, 2008 · Filed Under: 15 Central Park West
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WEChase.JPG

I got a press release today from 15 CPW’s PR firm announcing the new tenants to complete the massive retail space on Broadway between 62nd and 63rd Streets.  As you may have already noticed, Best Buy took a huge multi-level space which turned out nicer than most expected.  The new players will be JPMorgan Chase Bank and West Elm.  While West Elm was kind of a cool surprise for us, we were disappointed at yet another Chase opening on a 3-block stretch in which you can practically throw a tennis ball from Chase to Chase.  They have a branch on 64th and Broadway and a branch literally across the street from Best Buy.  They also have a branch just three blocks south on Columbus Circle at 58th Street.  And that doesn’t count the Chase ATM machine in Duane Reade.

When I think about how many banks now line Broadway in the early 60s it is overwhelming.  Who does this much banking?  Aren’t we in a financial crisis which has cut bank stock prices in half?  Chase seems to be doing OK, signing what must have been a massively long and expensive lease with the Zeckendorfs.  This lease, btw, completes what truly is the most successful condominium project of my lifetime.  Retail space often sits years before getting rented.  Developers rely on income from retail space to offset development costs and slow sales.  Developers hate to budge on the price of retail space.  The Zeckendorfs managed to pull the latest trend in retail–developing underground–and do it with hundreds of thousands of feet.  Tenants like Chase and Best Buy have deep pockets and signal the final success for this project.

Now, who will be buying these apartment resales at $7,000/foot? Not me.

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15 Central Park West Update: Sold Out, Looking Good, and Causing Traffic on Broadway

November 9th, 2007 · Filed Under: 15 Central Park West, Blogroll
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15 Central Park West

Page 111 in this week’s Real Deal has a cute little article about 15 CPW having a lot of “East Side attitude.” The author discusses the fact that many notable buildings on the East Side don’t have names, they simply go by number, such as 960 Fifth, 998 Fifth, 740 Park, and 720 Park. On the West Side, buildings go by name, such as “The San Remo,” “The Beresford” and the “Oliver Cromwell.” If we buy into this, 15 Central Park West brings the “attitude” across the park. It is true that the actual front entrance of the building, located on Central Park West between 61st and 62nd Streets is fairly muted for a building which is very tall and houses 202 uber-expensive condos. Perhaps an air of ultra-exclusivity is making its way back across the park. I’ve definitely read more than one stat which shows that the price-per-square-foot on the Upper East Side and Upper West Side is now within a few dollars of each other–a stat which surprises many Ease Siders who assume their space is overall much pricier. (more…)

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15 Central Park West

April 12th, 2007 · Filed Under: 15 Central Park West, Blogroll
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15 Central Park West
A view of 15 CPW from just inside Central Park.

Overview

15 Central Park West is in a league of its own. That’s a strong statement to defend considering you could take a five minute stroll over to other new and impressive condominium developments such as the Plaza, One Beacon Court, and the Time Warner Center. Even so, 15 CPW was a truly unique and special project. The best way to describe the building to somebody without a picture is a tasteful cross between early 20th century grandeur and 21st century ultra-luxury. The architecture is so good that it actually compliments the rest of the Central Park West skyline. (more…)

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