And it’s newer: Brand-new apartments tend to fetch 5 to 10 percent more in price than comparable resales, Miller said. First, it’s taller, which means it will “certainly have great views,” Gerringer said. One57 has several advantages over 15 Central Park West, sources say. Like Time Warner, One57 will have a ritzy hotel on its bottom floors - the Park Hyatt - to amp up service. If the deal closes, it will surpass the Weill sale to become the most ever paid for a New York City apartment.ĭe França said One57 has “the views, the central location and the credible developer” to become the city’s next It building. A 10,923-square-foot duplex penthouse is reportedly in contract for more than $90 million. Olympic Tower remained one of the city’s hottest buildings throughout the ’70s and ’80s, but the building boom of the ’80s soon created new buildings that competed for the spotlight, including the first Trump Tower at 725 Fifth Avenue and Museum Tower at 15 West 53rd Street.Īt the tower, designed by Pritzker Prize winner Christian de Portzamparc, sales have already exceeded the $1 billion mark, according to Extell’s Gary Barnett. The building, “one of the early Midtown glass residential towers,” was quickly “considered one of the elite new buildings,” Miller said. Situated between East 51st and 52nd streets, the tower was also one of the city’s first mixed-use condo buildings, with retail and office space as well as residential units. His unit reportedly had a swimming pool, indoor gardens, a ballroom and a sauna.
In 1976, for example, Saudi Arabian billionaire Adnan Khashoggi reportedly paid $1.45 million (about $5.6 million today) for an 18,000-square-foot, five-bedroom duplex in the building. When Olympic Tower opened, allowing buyers to pay with cash and keep a “lower profile,” Stribling said, wealthy international buyers snatched up units. The building’s co-op board has become so tough that celebrities Joan Crawford, Barbara Walters and Barbra Streisand have all been rejected in attempts to purchase there.īut Greek shipping magnate and developer Aristotle Onassis (best known for marrying the former first lady) bet that international buyers were eager to move to New York and “didn’t want to buy in the many full-disclosure co-ops,” Stribling explained. A list of past and present residents reads like a who’s who of the city’s rich and powerful, from John D. Earlier this year, a 30-room duplex at the building sold for $52.5 million.įrom the beginning, the city’s elite flocked to 740 Park.
That’s part of what has added to the building’s value over time, Miller said.
And while units in some other prewar luxury buildings have been chopped up into smaller apartments over the years, 740 Park Avenue retains its original layouts. They were advertised as “the most spacious rooms and galleries ever designed for a New York apartment,” according to Gross’s book.Įven today, units at 740 Park are “exceptionally large,” explained real estate appraiser Jonathan Miller, the CEO of Miller Samuel. Amenities included a chauffeurs’ waiting room.ĭesigned by famed architect Rosario Candela, most of the apartments had between 10 and 13 rooms, with ceilings more than 12 feet high. Unlike most apartment buildings of the time, 740 Park was entirely clad in expensive limestone and had two entrances - not one - each with large marble halls and ornamental ceilings.
0 kommentar(er)
