The famed limestone towers broke records with the $88 million February sale of former Citigroup Inc. chairman Sanford Weill’s penthouse, setting off a trend of wildly expensive listings. And amid the pricing frenzy, apartment owners at 15 Central Park West are doubling their investments.
Four condos at the complex have hit the market since May, asking prices at an average 192 percent higher than what owners paid in 2007 and 2008, Bloomberg reported. Metal mogul Leroy Schecter recently put his five-bedroom, 35th-floor pad for sale for $95 million.
The 12 most recent transactions at 15 Central Park West averaged $17.3 million, 103 percent more than their original purchase prices, according to Bloomberg. That’s a better return on investment than gold, which rose 88 percent since early 2008.
Compare this to the 12 most recent deals at Central Park South’s Plaza Hotel, where resale prices for the premium condos were on average 8.6 percent lower than their purchase prices in 2007 and 2008. For the top 10 percent of Manhattan co-op and condo trades, the average sale price was $5.7 million in the second quarter, a decrease from $7.7 million in the first three months of 2008, according to Miller Samuel data.
So what’s so special about 15 Central Park West, other than the unbeatable views, prestigious address and classy-swank Art Deco design?
Bonuses at the complex include a swimming pool, dining room, game room, movie theater, conference rooms, a communal deck and a tucked-away driveway off 61st Street into the garden. Prudential Douglas Elliman Real Estate vice chair Dolly Lenz called the residential perks “the single best amenity package I have ever seen,” Bloomberg reported.
The limestone towers face some tough competition coming down the road, though: a duplex penthouse at Extell Development’s One57, still undergoing construction on West 57th Street, sold in May for over $90 million, beating the $88 million record by Weill’s 15 CPW apartment. And of course, there’s the $100 million CitySpire penthouse that has the whole world talking.
Battle of the luxury titans? We’ll happily be on the sidelines, munching on popcorn covered in melted gold.