Dead Cat Bounce?

David Goldsmith

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Looks like certain Coop prices are continuing to slide.
Aug 23, 2021CLOSED$2,000,000
Oct 18, 2017CLOSED$2,200,000
Aug 30, 2015CLOSED$2,750,000
 

David Goldsmith

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Is the market this hot?
11/22/2021Price increased by 13%$8,950,000 ↑
10/13/2021Listing entered contract$7,950,000
09/23/2021Listed by Corcoran$7,950,000
 

David Goldsmith

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Here is and indicator of how hot the high end of the market is right now:

11/23/2021Listing entered contract$19,900,000
11/16/2021Listed by Compass$19,900,000
04/01/2020Corcoran Listing sold$17,500,000
02/12/2020Previous Sale recorded$16,300,000
10/07/2019Previously Listed by Corcoran$17,500,000
05/31/2019Compass Listing sold$18,250,000
02/07/2019Previously Listed by Compass$18,250,000
01/03/2017Previous Sale recorded$0
09/22/2016Previous Sale recorded$16,852,122
SEE LESS
 

David Goldsmith

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I think it's more that the two buildings share something:
Being known as the "it building" of a moment in time. Out of the box a good number of high profile buyers came on board. Most notably Sting in both buildings. We saw what happened when that wore off at Limestone Jesus. Will the same thing happen at the "curated" Chateau de Roth after he doesn't get to hand pick the buyers on resale? Only the future will tell.
Seems like another celebrity building with a bunch of recent turnover, especially for penthouses, and at elevated numbers. With the celebs exiting will it affect the bloom on this rose in the future?
 

David Goldsmith

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Original Sponsor Offering

First sale
08/29/2018Previous Sale recorded$4,938,512

Recent activity
01/11/2022Listed by SERHANT$3,750,000
Price decreased by 25%$3,750,000 ↓
01/03/2022Off market temporarily$4,995,000
10/12/2021Listed by SERHANT$4,995,000

Now calling for best and final offers by 1/17/2021.
 

David Goldsmith

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Now that's a bounce.

Billionaire Daniel Och flips 220 CPS sky palace for $190M​


Hedge fund billionaire Dan Och just doubled his money -- by selling his penthouse at 220 Central Park South for close to $190 million.
Hedge fund billionaire Dan Och just doubled his money -- by selling his penthouse at 220 Central Park South for close to $190 million.
HGTV house flippers have nothing on this guy.
Hedge fund billionaire Dan Och just doubled his money in one of the biggest residential deals in New York history, the Wall Street Journal first reported.

The Och-Ziff Capital Management founder has sold his penthouse at 220 Central Park South for close to $190 million to mystery buyers —that’s almost double the $93 million he paid in 2019. He paid an additional $2 million for a one-bedroom unit on a lower floor, although it’s unclear whether or not the small unit was included in the sale.

The sprawling four-bedroom property is more than 9,800 square feet and comes with stunning views.
“It’s in turn-key condition,” an inside source told Gimme.

220 Central Park South is the wealthiest condo tower in city history.Robert A.M. Stern Architects
The limestone clad building is has been one of the most successful new construction efforts in city history — a sort of 2.0 version of 15 Central Park West. Robert A.M. Stern once told Gimme that both buildings —220 and 15CPW — are part of the same family.
“They belong to a family of forms, but like in any family, each child is a little bit different,” Stern said.
Och still has a residence at 15 CPW, which he had put on the market for $57.5 million in 2019, the year he bought at 220 and moved to Florida for tax purposes. It is no longer on the market.

220 Central Park South is almost sold out and has already completed more than $1 billion in sales.
Buyers include Chicago hedge funder Ken Griffin, founder and CEO of Citadel, who already paid $238 million for multiple units in the middle of the building in 2019 — that price is still a record for a residential property in the U.S.
Griffin then paid an additional $3.9 million for two more units on the building’s 20th floor later that year. Combining the units is a long term project that is far from completion, sources say, leading some to speculate that Griffin was the buyer of Och’s penthouse.
Ken Griffin set a national sales record when he paid $238 million for units in the building.TNS

However, a Griffin spokesperson told the Post that he is not the buyer — though Griffin has been on quite the residential spending spree in recent years. buying up $875 million worth of homes in places like New York, Palm Beach and London.
His most recent purchase was a $75 million estate at 8 Star Island — which was a Miami record.
Other boldface names in the building include the musician Sting and his wife, Trudie Styler — who were also former residents at 15 CPW. Joseph Tsai, the owner of the Brooklyn Nets and the co-founder of e-commerce site Alibaba, paid $157.5 million for a two unit combo at 220 CPS.
The building boasts interiors by Thierry Despont. Amenities include private dining rooms, a gym, juice bar, library, basketball court — and top notch security.
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David Goldsmith

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01/10/2022Price decreased by 8%$9,000,000 ↓
11/04/2021Price decreased by 9%$9,800,000 ↓
09/30/2021Listed by Engel & Völkers New York Real Estate$10,800,000
04/15/2021Off market temporarily Last priced at $9,750,000$9,750,000
12/17/2020Previously Listed by Engel & Völkers New York Real Estate$11,995,000
10/03/2018Douglas Elliman Listing sold$13,500,000
Previous Sale recorded$12,500,000
07/18/2018Previously Listed by Douglas Elliman$13,500,000
08/07/2017Corcoran Listing is no longer available on StreetEasy$17,250,000
06/16/2017Previously Listed by Corcoran$17,250,000
04/30/2008Brown Harris Stevens Listing sold Last priced at $6,500,000$6,500,000
Previous Sale recorded$6,100,000
10/26/2007Previously Listed by Brown Harris Stevens$5,995,000
10/18/2007Douglas Elliman Listing is no longer available on StreetEasy$6,499,000
06/21/2007Previously Listed by Douglas Elliman$6,499,000
06/19/2007Douglas Elliman Listing is no longer available on StreetEasy Last priced at $6,499,000$6,499,000
11/01/2005Previously Listed by Douglas Elliman$10,260,000
03/18/2004Previous Sale recorded$3,411,137
 

David Goldsmith

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This could be an interesting bellwether for the market:
Closed fairly recently for $14,805,125 when Extell was discounting to meet financing deadlines and now looking to flip at a 1/3 markup.
 

David Goldsmith

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inonada

Well-known member
The apartment was listed for sale as a white box; the listing described it as “a clean palette,” and “ready for your architect to create a one-of-a-kind custom residence.”

Note to self: buying a nicely renovated residence and ripping it apart to sell it as a white is not a winning RE formula.

 

woodside

Member
For the super-rich, real estate is just consumption, they don't care about the return of the investment. It's like they bought a super expensive car and then sold it second-handed after a couple of years of driving.
 

inonada

Well-known member
Except Sir Paul never even drove this car. He went through the trouble to take the engine apart, lay it all out to clean in preparation for the great drive, and then said screw it. I’m all for consumption, but that one sounds more like a hassle.
 

David Goldsmith

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I wonder if high-end apartments with high-end finishes are depreciating faster than than ever? When I saw the luxury report for the week ending February 13th it seems like the top contract signed was in former "it" buildings from 2009 with appropriately high end finishes, but needed substantial renovations to resell at prime pricing.

According to The Real Deal it sold for $9.7 million in December 2018, after which the buyer spent two years gut renovating it:
 

inonada

Well-known member
Not quite.

The post-bankruptcy developer started marketing in 2013 and sold out everything but 55 & 56 rather painlessly by 2014. The pair was marketed as raw space, I presume for buyers looking to potentially combine the floors:


The above owner eventually bought the pair in 2018 and built 56 out but not 55, which is also on the market:

 

David Goldsmith

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Not quite.

The post-bankruptcy developer started marketing in 2013 and sold out everything but 55 & 56 rather painlessly by 2014. The pair was marketed as raw space, I presume for buyers looking to potentially combine the floors:


The above owner eventually bought the pair in 2018 and built 56 out but not 55, which is also on the market:

Aha!
 

David Goldsmith

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Another recent article stated the development pipeline for Chelsea alone has 29 projects with 1,142 units with an anticipated sellout of $6 billion. Is the area set to absorb that?

In Chelsea, biggest sales didn’t guarantee profit​

Priciest deal and three others in year’s top 10 lost money​

Making the 10 most expensive sales in Chelsea last year wasn’t enough to keep sellers out of the red.

Four out of the six resales on that list sold at a loss, according to TRD Pro research. And even though Manhattan’s condo market had a strong 2021 in general, all of Chelsea’s top 10 home sales were for below the asking price.
The top sale in the neighborhood was an 18th-floor unit in Walker Towers at 212 West 18th Street. It sold for $23.5 million, nearly $1.5 million below the asking price and $500,000 less than it sold for in 2016.

Four of Chelsea’s top 10 sales were in Walker Tower, whose condo board made headlines in 2020 for suing to block the low-ball sale of the penthouse seized by federal marshals in a money-laundering investigation, and last year for suing to evict the buyer and take back the unit.
Of those four top-10 sales at Walker Tower, only one — of a duplex joining the 15th and 16th floors — sold for more (by 31 percent) than the owners had paid. The price was still nearly a quarter below the ask.
One of the money-losing Walker Tower sales came at the expense of David Krieger, a senior adviser at private equity firm Warburg Pincus’ energy group, and his wife Devorah Rose, a socialite and editor of Hamptons-based magazine Social Life.
Krieger assembled two units in Walker Towers for a combined $16.6 million and spent an unknown amount renovating the space into a stylish duplex, but sold it for a mere $15.3 million last June.

But the biggest haircut among the top 10 came on a unit at 551 West 21st Street, which sold for 27 percent less than its 2016 price.
The biggest moneymaker was Chelsea’s second priciest deal — the record-breaking sale of a 19th-century townhouse at 334 West 20th Street in the neighborhood’s historic district. Fred Wilpon’s Sterling Equities spent an undisclosed amount on a two-year renovation of the property, which then fetched $22.5 million last November — a record for a townhouse sale in Chelsea, and more than one and a half times its 2015 purchase price.
 

David Goldsmith

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Please, buy my co-op: Fifth Ave home for sale (again) for $45M off initial ask​


Former U.S. ambassador Bruce Gelb’s co-op, now with its fourth brokerage, asks $20M — down from $65M in 2016​

Is Manhattan’s hot luxury market finally hot enough to find a buyer for former U.S. ambassador and pharma exec Bruce Gelb’s Carnegie Hill co-op?
The prewar co-op owned by Gelb at 1060 Fifth Avenue is back on the market for $20 million — a $45 million discount from its original asking price in 2016, when it was one of the priciest listings in the city.

As the years wore on and the listing bounced from brokerage to brokerage, that price was slashed in dramatic fashion. The first cut came when luxury agent Dolly Lenz relisted the sprawling 15-room residence in 2017, lowering its asking price to $38 million — a 42 percent reduction. Five months later, the property landed with Compass and Stribling & Associates, who lowered its price to $34.5 million.

Sotheby’s International Realty took over the listing in 2019, with the same $34.5 million ask. After 18 months, the price was slashed to $24 million. Still, no one bit, and the co-op was pulled from the market in August of last year before resurfacing in late February.

Sotheby’s agent Serena Boardman, who now has the listing, did not immediately respond to requests for comment.
The 10th-floor unit has seven bedrooms and five bathrooms along with a private elevator landing that opens to a gallery and entertaining rooms, all of which have views of Central Park. The corner living room has 11-foot ceilings and a wood-burning fireplace. An adjacent library and formal dining room also come with fireplaces and park views.
The apartment’s circular floor plan also includes a kitchen with a pantry and staff and laundry areas.
Some luxury apartments have struggled to sell in recent years, however, as buyers seek out more space, Manhattan’s luxury market was rejuvenated last year as some wealthy buyers returned to the city and others sought out more space. Nearly 1,900 contracts were signed in the borough for homes asking $4 million and above, according to Olshan Realty, the highest total recorded in any year since the firm began tracking luxury contracts in 2006.
 
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