Dead Cat Bounce?

inonada

Well-known member
I think the prior price ($80M) included having the PH built out? At least that’s what the copy implies, compared to the new one which says “white box” explicitly.
 

David Goldsmith

All Powerful Moderator
Staff member
Half Eddieeeeeeeeeeeeee!!!!!
The original sellout for the project was slated to be $4 billion. What's the over/under now with discounts like this?

Central Park Tower condo sells for half its asking price​

Sponsor unit at Extell skyscraper was asking $95M, but sold for just $50M, records show​

A price chop this big might cast some doubts on the world’s tallest residential tower.
Gary Barnett’s Extell Development has sold a sponsor unit at its Central Park Tower at 217 West 57th Street for nearly 50 percent below its original asking price, property records show.

The unit, a four-bedroom, 7,984-square-foot condominium, was originally asking $95 million. It went into contract in June and sold for $49.7 million when the deal closed this month.

“The unit sold for approximately $7,000/psf and although the buyer got a great deal, we were not unhappy with the price,” an Extell spokesperson told The Real Deal.
The developer tapped Corcoran Sunshine Marketing Group in October 2020 to work with its sales team as co-exclusive brokers for the building. The unnamed buyer who landed the massive discount concealed its identity with an LLC.

The full-floor residence was once the building’s priciest listing, with a 2,000-square-foot terrace and an outdoor pool. It has since been upstaged by an 11,535-square-foot duplex that hit the market in August asking $150 million.
The tower, which rises 1,550 feet above Midtown Manhattan, launched sales in 2018 with closings beginning in February of this year. It has a projected sellout of $4 billion, making it the most expensive condo project in the city.

Barnett secured $1.1 billion in financing for the project in early 2018, including a $900 million construction loan led by JPMorgan Chase. He also landed $380 million in bridge financing for the tower earlier this year.
It's not a discount. It's not a discount at all.

Barnett: Central Park Tower will fall short of $4B sellout

Discounts abound at Billionaires’ Row supertall​

Another Central Park Tower pad has sold for far less than its original ask, and developer Gary Barnett recognizes his supertall isn’t going to achieve the lofty sellout he once envisioned.
The latest sponsor unit to sell at Billionaires’ Row’s tallest skyscraper went for $43 million, the Wall Street Journal reported , 33 percent less than the $63.8 million Barnett’s Extell Development originally sought when it placed it on the market in 2019.

The anonymous buyer lives in Singapore, according to Triplemint’s James Michael Angelo, who represented her in the deal. Angelo said he initially offered $38 million for the unit — which drew a laugh from the marketing team — but only had to come up by $5 million to close the deal.
The 7,000-square-foot condo at 225 West 57th Street offers 360-degree views of Central Park and both rivers. There’s also a library, a private reception gallery and a 1,500-square-foot salon.

In June, Barnett acknowledged that the 57th Street supertall was going to fall far short of its $4 billion projected sellout, the Journal reported Thursday. Barnett added that he expected prices to appreciate at the building once construction wrapped in the next few months.
Closings began at Central Park Tower in February 2021. An October analysis by The Real Deal found that most units that had closed in the building had sold for far less than the prices outlined in Extell’s offering plan.
Across 33 closings that had hit public records by October, condos in the tower sold for an average of 25 percent less than their offering plan target on a per-square-foot basis, for 16 percent on a per-unit basis. Asked about the difference, Barnett called it “a basic fallacy” to describe the gap between sales prices and those listed in offering plans as a discount.

“We decided to go for sales velocity rather than maximum pricing,” he told TRD at the time. “I don’t see any downside.”
The project’s $900 million construction loan was set to mature in December and Barnett, who claimed to be “within striking distance” of paying it off, expressed a willingness to cut deals to get it done.
 

David Goldsmith

All Powerful Moderator
Staff member
Well, maybe it's a little more... 36%? (I guess we have to wait for ACRIS)
Well, maybe it's a little more... 36%? (I guess we have to wait for ACRIS)
The No. 2 contract was 46C at 157 West 57th Street, asking $13.9 million, reduced from $18.5 million when it was listed by the sponsor in 2013. The condo has 3,466 square feet with 3 bedrooms and 3.5 bathrooms. The living room and master bedroom have views of Central Park.
(NB StreetEasy history shows the initial price as $19.7 million)
 

David Goldsmith

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Staff member
09/15/2022Listing entered contract$49,500,000
11/18/2021Price decreased by 9%$49,500,000 ↓
08/10/2021Price decreased by 8%$54,500,000 ↓
04/29/2021Listed by Corcoran$59,000,000
Penthouse atop 35 Hudson Yards sells for 41% discount

PH90 closed for $35M after asking $59M​

It’s a long way from the top.
The penthouse perched atop the Related Companies’ 35 Hudson Yards, complete with 360-degree New York City views and an HBO credit, sold for a 41 percent discount.

Originally asking $59 million, PH90 closed for $35 million, according to property records made available Monday. The deal for the more than 10,000-square-foot unit, which encompasses the building’s entire 90th floor, works out to roughly $3,500 per square foot.

The property had a fast closing. On Monday, it was featured on Olshan Realty’s luxury report on contracts signed at $4 million and above in Manhattan. Hours later — compared with the typical months-long lag — the documents were available in Acris, showing the buyer hidden behind an LLC titled Sky Palace LLC.

“It’s nothing to sneeze at,” Donna Olshan, the author of the report, said of the penthouse’s closing price. “It’s realistic.”

In fact, at $35 million, the unit is still one of the top downtown condo transactions this year.
The 72-story building is the tallest residential property in Hudson Yards. Its residential portion starts on the 53rd floor, above the flagship Equinox Hotel.

Sales launched in the building in March 2019 to a soft luxury market. The New York Times reported shortly before its opening the developers predicted a one-year sellout with $1.53 billion in sales, around 12 months before the onset of the pandemic would turn the city on its head.

Luxury buyers appeared in the spring to have returned to the market, in search for greater space, with more cash on hand. Manhattan’s luxury market hit a summer slump, with weekly contracts dipping in August to the lowest total tracked by Olshan Realty since October 2020.

Related, the building’s developer, declined to comment. Corcoran agents Leighton Candler and Cathy Franklin, who had the listing, did not respond to requests for comment.
In addition to its time in the spotlight atop the borough’s luxury contracts, the unit served as the fictional home of Kendall Roy in the hit HBO show “Succession,” joining other featured pads that have recently traded, including Pavilion A at the Woolworth Tower Residences for $19.5 million and a Wainscott mansion for $45 million.
 

David Goldsmith

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Staff member
What's the ROI since 2007?
 

David Goldsmith

All Powerful Moderator
Staff member
How much more bounciness will we see at Woolworth Tower?


 

David Goldsmith

All Powerful Moderator
Staff member

Rupert Murdoch takes $2.5M loss on One Madison condo​

Media mogul listed two units at Related and HFZ-developer 23 East 22nd Street​

Rupert Murdoch’s One Madison unit recently topped Manhattan’s luxury contracts, but the condo traded at a $2.5 million loss.
Unit 57A, which asked $16 million, sold for $12.5 million, public records filed Monday show. The sale came in $3.5 million below ask and $2.5 million less than the $15 million the media mogul paid for it in 2014.

The three-bedroom, three-and-a-half-bathroom unit spans over 3,000 square feet. Its one of two Murdoch bought in 23 East 22nd Street, a luxury residential property developed by the Related Companies and HFZ Capital Group.
Murdoch bought Unit 57A mainly for staff and guests to reside one floor below a penthouse built out to his specifications. The larger unit, a triplex occupying the tower’s 58th, 59th and 60th floors, is also up for grabs, asking $58 million.
Murdoch paid about $57.9 million for the two apartments in 2014. When they were first put on the market, the two units asked a combined $78 million, with the triplex asking $62 million and the smaller unit asking $16 million.
The unit was the priciest on Olshan Realty’s weekly report on contracts for Manhattan homes asking $4 million or more.
It wasn’t Murdoch’s first chart-topping real estate deal. In December 2021, he and his then-wife supermodel Jerry Hall paid the founder of Koch Industries $200 million for a Montana ranch. The couple’s purchase of the property, which is home to 12,000 cattle, marked the biggest such sale in the state’s history.
The Murdoch family also owns a ranch in California and a roughly 25,000-acre sheep and cattle farm in Australia. In 2013, Murdoch purchased an estate and winery in Los Angeles’ Bel-Air neighborhood.
Manhattan’s luxury market picked up in October after hitting a slump in late September. Olshan Realty’s report marked 30 signed contracts in the week of Oct. 17 to 21 — the highest total since the 39 recorded in early May.
 

David Goldsmith

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Staff member
No bouncing.

Bruce Gelb finally sells Fifth Ave co-op for $48M off initial ask​

Former ambassador’s Carnegie Hill unit traded six years after listing​


Former pharma exec Bruce Gelb served as an ambassador to Belgium for three years. It took double the time to sell his Carnegie Hill co-op at a price reminiscent of bitter Belgian chocolate.
Gelb sold his prewar co-op at 1060 Fifth Avenue for $17.5 million, according to public records. The buyers are Andre Moura, managing director at New Mountain Capital, and his wife, Sophia.
It took months for the sale to close, as the New York Post reported Gelb was in contract to sell the property in June. When the contract was signed, the final ask on the pad was $20 million.
At first glance, it appears the Mouras scored a decent discount from that last ask, but the purchase price was actually significantly lower than what the 95-year-old Gelb once sought. In 2016, he listed the property for a whopping $65 million, making it one of the priciest listings in the city at the time.

The intervening years were not kind to Gelb as the listing bounced between brokerages, accompanied by deep price cuts. Luxury agent Dolly Lenz relisted the 15-room apartment in 2017, reducing the price by 42 percent to $38 million. Five months later, Compass and Stribling & Associates were in the driver’s seat and dropped it to $34.5 million.
Sotheby’s International Realty took the wheel in 2019, eventually dropping the price to $24 million. After no one bit again, Sotheby’s pulled the listing last August before bringing it back online in February.
The 10th-floor unit includes seven bedrooms and five bathrooms, as well as a private elevator landing opening to a gallery and entertainment rooms with Central Park views. The corner living room has a wood-burning fireplace, while an adjacent library and formal dining room have fireplaces and more park views.
The apartment also has a kitchen with a pantry and staff and laundry areas.
Serena Boardman of Sotheby’s, who worked as the listing agent, did not immediately respond to a request for comment.
 

inonada

Well-known member

Rupert Murdoch takes $2.5M loss on One Madison condo​

Media mogul listed two units at Related and HFZ-developer 23 East 22nd Street​

Rupert Murdoch’s One Madison unit recently topped Manhattan’s luxury contracts, but the condo traded at a $2.5 million loss.
Unit 57A, which asked $16 million, sold for $12.5 million, public records filed Monday show. The sale came in $3.5 million below ask and $2.5 million less than the $15 million the media mogul paid for it in 2014.

The three-bedroom, three-and-a-half-bathroom unit spans over 3,000 square feet. Its one of two Murdoch bought in 23 East 22nd Street, a luxury residential property developed by the Related Companies and HFZ Capital Group.
Murdoch bought Unit 57A mainly for staff and guests to reside one floor below a penthouse built out to his specifications. The larger unit, a triplex occupying the tower’s 58th, 59th and 60th floors, is also up for grabs, asking $58 million.
Murdoch paid about $57.9 million for the two apartments in 2014. When they were first put on the market, the two units asked a combined $78 million, with the triplex asking $62 million and the smaller unit asking $16 million.
The unit was the priciest on Olshan Realty’s weekly report on contracts for Manhattan homes asking $4 million or more.
It wasn’t Murdoch’s first chart-topping real estate deal. In December 2021, he and his then-wife supermodel Jerry Hall paid the founder of Koch Industries $200 million for a Montana ranch. The couple’s purchase of the property, which is home to 12,000 cattle, marked the biggest such sale in the state’s history.
The Murdoch family also owns a ranch in California and a roughly 25,000-acre sheep and cattle farm in Australia. In 2013, Murdoch purchased an estate and winery in Los Angeles’ Bel-Air neighborhood.
Manhattan’s luxury market picked up in October after hitting a slump in late September. Olshan Realty’s report marked 30 signed contracts in the week of Oct. 17 to 21 — the highest total since the 39 recorded in early May.
At what price do you think he’d be willing to unload the PH?
 

David Goldsmith

All Powerful Moderator
Staff member
I wonder what they could have gotten if they have priced the unit appropriately from the beginning?

$1,910,000​

Sold: Oct 20, 2022
-15.11% from ask / 202 Days to Sell

Unit listing history​

DateStatusAmountListed byOwner Name
Oct 19, 2022CLOSED$1,910,000Groff, JonathanView ACRIS Filing
Aug 11, 2022CONTRACT SIGNEDlast asking $1,925,000
May 16, 2022FOR SALE$1,925,000Carl AdamsBrown Harris Stevens Residential Sales LLC
Feb 28, 2022OFF MKTlast asking $1,995,000
Dec 7, 2021$255,000$1,995,000
Nov 5, 2021FOR SALE$2,250,000Carl Bradley AdamsBrown Harris Stevens Residential Sales LLC
Nov 1, 2021OFF MKTlast asking $2,250,000
Oct 8, 2021$100,000$2,250,000
Jul 26, 2021$350,000$2,350,000
Jun 3, 2021$200,000$2,700,000
May 11, 2021$300,000$2,900,000
Mar 23, 2021FOR SALE$3,200,000Jessica TaylorSerhant
Sep 30, 2019CLOSED$1,040,000Jones, Deanna
Hubbard, Jane
View ACRIS Filing
May 20, 2019CONTRACT SIGNEDlast asking $1,000,000
Mar 4, 2019FOR SALE$1,000,000Howard Morrel
Leslie Hirsch
Engel & Volkers
Engel & Volkers
View Less
 

David Goldsmith

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Staff member
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