Dead Cat Bounce?

inonada

Well-known member
In all fairness, the current owner has only been in it since 2013. And if all goes right, they will have had a return of exactly zero after paying $10K/mo in cc+taxes+interest. That’s not bad, right?
 

David Goldsmith

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In all fairness, the current owner has only been in it since 2013. And if all goes right, they will have had a return of exactly zero after paying $10K/mo in cc+taxes+interest. That’s not bad, right?
Well back then it had 20 foot ceilings
 

David Goldsmith

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David Goldsmith

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I forgot to call. How about $46M?

You think they'd take an offer that low?

BTW with all the blather about architectural provenance in the original listing, am I the only one who finds the actual build out bland, unoriginal, generic, etc?
 

inonada

Well-known member
The funny thing is that if you had offered them this $30K ask 6 months ago, they would have not accepted it. $180K down the drain and counting….

I was in such a situation several years ago. I made my offer, the agent came back with the best they could. But it was still 10% higher than would make sense for me, so I politely passed. Six months later, they had chopped to exactly our offer.
 

inonada

Well-known member
You think they'd take an offer that low?

BTW with all the blather about architectural provenance in the original listing, am I the only one who finds the actual build out bland, unoriginal, generic, etc?
Sometimes it’s better to let time do the work for you. Clearly the opening bid can now start with a 3-handle. Probably the closing one too.

The buildout is pretty tame. That can be OK: subtle is better than over-the-top. The staircase is the best part. I dislike the dropping of the ceilings everywhere outside the dining room. The wood paneling is not to my taste, but you have to remember this is a 91 year old man with traditional sensibilities.
 

David Goldsmith

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Convicted cosmetics mogul relists 15 CPW pad with another price cut​

Piofrancesco Borghetti was accused of using embezzled funds to buy condo in 2008​

An Italian cosmetics mogul accused of using stolen funds to buy his expensive Lincoln Square pad is once again trying to sell the apartment after 11 years and $9 million in price cuts.
Piofrancesco Borghetti, who was convicted in 2014 of embezzling millions of euros from Milan-based perfume company Limoni, has relisted his condo at 15 Central Park West for $19 million, or about $6,900 per square foot.
Borghetti first listed the 2,800-square-foot pied-à-terre for $27.8 million in 2012 while fighting embezzlement and fraud charges in Italian court. After seven months, Borghetti pulled the listing and offered the unit as a $45,000 a month rental in 2013, but still found no takers.
It was back on the market for $21 million in late 2021, months after Borghetti said he had reached an agreement with Limoni, now known as Douglas Italia, to settle litigation in New York following his conviction in Italy. Along with another company allegedly affected by Borghetti’s scheme, Douglas Italia was reportedly seeking $6.6 million in judgments against the mogul. Details of the settlement were not disclosed.

The reduced asking price for Borghetti’s Central Park West apartment is still nearly double the $9.9 million he paid for it in 2008. The three-bedroom home features a library, floor-to-ceiling windows and panoramic views of Central Park, according to the listing with Engel & Volkers’ Paul Gavriani.
Designed by Robert A.M. Stern, 15 Central Park West includes amenities such as a private restaurant with in-home dining services, 75-foot-long lap pool, fitness center and outdoor terrace.
The building is no stranger to controversial foreign buyers. In 2011, billionaire Russian oligarch Dmitry Rybolovlev paid a then-record $88 million for a 10-bedroom penthouse in the building, purportedly for his daughter.
 

David Goldsmith

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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?
One year later:
https://preview.therealdeal.com/

Jennifer Lawrence sells 443 Greenwich condo for $10M​

A-list actress latest in string of household names to exit “paparazzi-proof” building

Jennifer Lawrence is the latest celebrity to bid farewell to 443 Greenwich Street.
The A-list actress sold her apartment in the star-studded, “paparazzi-proof” Tribeca building last month for $9.75 million, according to property records, which show that the unit was bought by three shell companies registered in Las Vegas.

It’s more than the $9.03 million she paid for the 3,100-square-foot unit in 2017, but less than the $11 million she initially sought when she listed the condominium last June with Compass’ Pamela D’Arc. The asking price was lowered twice to just under $10 million.
D’Arc declined to comment.

Shortly after purchasing the apartment, the “Hunger Games” star sought to rent it for $27,500 a month while she was in London shooting the spy thriller “Red Sparrow,” though it’s unclear if any deep-pocketed tenants took her up on the offer.

A number of celebrities have bought and sold units at 443 Greenwich Street since developer Metro Loft launched sales in 2014. Formula One driver Lewis Hamilton sold his $50 million penthouse in December 2021, a month before Justin Timberlake sold his pad for $29 million. Comedian Mike Myers bought an apartment there in 2016 but sold it a few months later, without ever moving in. Harry Styles also appears to have sold his unit there in 2021, though that deal went unreported.
The building still appears to be home to stars like Ryan Reynolds and Blake Lively. Metro Loft’s Nathan Berman once claimed that 90 percent of its 53 units were occupied by household names.

The building became popular with celebrities because of its underground motor court, which allows them to come and go without being seen. Other amenities at the eight-story building include a 70-foot-long indoor pool with Turkish baths, a 5,000-square-foot landscaped roof and a central courtyard.
Lawrence’s former unit has three bedrooms and 3.5 bathrooms and a 70-bottle wine cooler in the chef’s kitchen.
 

David Goldsmith

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Jimmy Choo founder’s penthouse tops Manhattan luxury market​

Tamara Mellon was aking $19.5M for UES penthouse — less than she paid
Jimmy Choo's Tamara Mellon along with 225 West 57th Street (left) and 3 East 95th Street (right) (Getty, John Simpson Architects, Google Maps)

FEB 27, 2023, 1:26 PM
By
The most expensive Manhattan home to go into contract last week was Tamara Mellon’s penthouse at 3 East 95th Street, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more.
Mellon is a co-founder of Jimmy Choo shoes and her own namesake brand. The British fashion entrepreneur paid $20 million for the apartment in 2008.

The condominium unit went into contract last week with an asking price of $19.5 million after flitting on and off the market since it was listed in 2014 for $34 million.
The duplex is more than 7,100 square feet and has four bedrooms and 4.5 bathrooms. The lower level has 12-foot ceilings and a 41-foot-wide sunken living room with a fireplace.

The living room connects to a terrace and loggia — an outdoor, covered corridor. The primary bedroom and formal dining room each have a fireplace, as does the library on the upper level, which also has an office and wraparound terrace. The unit also has a roof terrace.
Monthly common charges and taxes add up to nearly $40,000.
The second most expensive home to go into contract was unit 83W at Gary Barnett’s 217 West 57th Street, a sponsor apartment at Central Park Tower asking $17 million. The pad is actually on the 53rd floor, not the 83rd as the unit number suggests. The building has 98 stories but, for marketing purposes, the floor numbers run well into the triple digits.

The unit measures 3,000 square feet and has three bedrooms, 3.5 bathrooms, 12-foot ceilings and views to the north, west and south.

Central Park Tower is a 1,550-foot supertall skyscraper with 179 units, marketed as the tallest residential building in the world. Its more than 50,000 square feet of amenities include indoor and outdoor pools, a fitness center, a children’s playroom and a club on floor No. 100 — which is actually the 68th floor — that has a ballroom, bar and cigar lounge.
Of the 23 Manhattan luxury units that went into contract last week, 14 were condos, six were co-ops and three were townhouses. Their combined asking prices were $184.8 million.
The average asking price was $8 million and the median was $6.5 million. The average discount from the original asking price was 10 percent and the median time on the market was 692 days — about a year and 11 months.
The 23 luxury contract signings were two shy of the 10-year average for Presidents’ week.

 

David Goldsmith

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David Goldsmith

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Price History​

02/03/2023Listing sold$24,800,000
Sale recorded$19,300,000
12/02/2022Listing entered contract$24,800,000
07/22/2022Listed by Douglas Elliman$24,800,000
09/30/2015Extell Development Company Listing sold$27,000,000
Previous Sale recorded$24,594,237
02/05/2014Previously Listed by Extell Development Company$27,000,000

One57 condo sells at $6M loss​

Discount deal is latest at Extell’s Billionaires’ Row tower

With another resale, came another bargain at Extell Development’s One57.
A 58th-floor condo at the tower sold last month for $19.3 million, down $5.5 million from the asking price, according to property records. The buyer, shielded by an LLC, paid $4,600 per square foot for the three-bedroom unit.

Douglas Elliman’s Chih Chun Jerry Huang had the listing. Unit 58B hit the market last summer asking $24.8 million after the seller, an unknown LLC, purchased the condo in 2015 for $24.6 million.
The deal for the 4,200-square-foot condo marks another discounted resale at 157 West 57th Street. The megatower, once considered the star of Billionaire’s Row, once fetched record-high deals, but has since lost momentum.

One57 was the first of the ultra-luxury buildings to go up in the highly-anticipated corridor, launching in 2011 and going on to report sky-high sales figures. Around the time Manhattan’s luxury condo market reached its peak in 2014, the developer sold a penthouse in to billionaire Michael Dell for $100 million.

But demand for units in the building has since cooled, with resales posting notable losses. Investor Robert Herjavec, known for his appearances on Shark Tank, bought a condo in 2021 for $34.5 million — about $13 million less than its previous purchase.
The building’s other 58th-floor unit sold in December 2020 for $16.8 million, down more than 50 percent from its initial purchase price in 2014. Chinese conglomerate HNA Group also sold three units in the building in 2020, all at a loss.
https://therealdeal.com/new-york/20...sive-incentive-spurs-manhattan-luxury-market/
When the ultra-luxury market began to slow in recent years, Extell has been quick to jump on the offensive with perks to lure buyers.

The developer in 2018 offered three years’ worth of common charges on one- and two-bedroom units entering contract by Dec. 31 that year. After mortgage rates soared in late 2022, Extell offered a “Rate Rewind” program that would buy down mortgage rates for buyers at One Manhattan Square on the Lower East Side and Brooklyn Point in Downtown Brooklyn.

 

David Goldsmith

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Staff member
Listed $100k below first contract/sale as new dev November 2014.
 

David Goldsmith

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Staff member
Some odd bouncing. I'd say high degree of likelihood sales price doesn't reflect some off contract/side letter adjustments making actual sales price more like the $699k asking price.
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DATEPRICE/EVENT
4/20/23$699,000
Sold by Compass
4/16/23$850,000
Closing record
1/11/23$699,000
In contract
9/21/22$699,000
Price decreased 13%
7/1/22$799,000
Listed by Compass
6/30/22$799,000
Delisted by Compass
1/6/22$799,000
Listed by Compass
11/22/21$900,000
No longer available
4/26/21$900,000
In contract
1/28/21$695,000
Listed by Douglas Elliman
1/28/21$849,000
In contract
1/25/21$849,000
Delisted by Douglas Elliman
10/14/20$849,000
In contract
9/24/18$1,095,000
Listed by Douglas Elliman
8/30/18$1,095,000
No longer available
3/6/18$1,200,000
No longer available
3/5/18$1,200,000
Listed by Brown Harris Stevens
3/5/18$1,200,000
Listed by Brown Harris Stevens
1/23/18$1,200,000
Listed by Corcoran
10/23/14$1,165,000
No longer available
10/22/14$1,186,261
Closing record
9/11/14$1,165,000
In contract
8/6/14$1,165,000
Listed by Corcoran
7/30/14$1,165,000
Delisted by Corcoran
7/30/14$1,165,000
Listed by Corcoran
7/16/13$1,199,000
Listed by Corcoran
SEE LESS
 

David Goldsmith

All Powerful Moderator
Staff member


DATEPRICE/EVENT
6/1/2023$10,995,000
Listed by SERHANT.
9/9/2022$12,995,000
No longer available
6/10/2022$12,995,000
Temporarily off market
5/16/2022$12,995,000
Price decreased 7%
4/8/2022$14,000,000
Listed by SERHANT.
2/24/2022$14,000,000
Temporarily off market
12/6/2021$14,000,000
Listed by SERHANT.
8/22/2018$13,900,000
Sold by Corcoran
8/19/2018$13,900,000
No longer available
8/17/2018$13,825,012
Closing record
7/18/2018$13,900,000
In contract
7/18/2018$13,900,000
No longer available
5/29/2018$13,900,000
In contract
3/21/2018$13,900,000
Price decreased 6%
1/22/2018$14,800,000
Listed by Corcoran
1/22/2018$14,800,000
Delisted by Town Residential
6/23/2017$14,800,000
Listed by Town Residential
 

David Goldsmith

All Powerful Moderator
Staff member
A lot of bouncing, mostly downward

Woolworth Building’s ‘Pinnacle’ Penthouse, Once Asking $110 Million, Sells for $30 Million​

The buyer of the roughly 12,000-square-foot Manhattan pad is Scott Lynn, chief executive of online art investment platform Masterworks​

The penthouse at the Woolworth Building has sold for $30 million.

The penthouse at the Woolworth Building has sold for $30 million. CHRIS COE/OPTIMIST CONSULTING
By Katherine Clarke
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Aug. 4, 2023 12:30 pm ET

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David Goldsmith

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Lower end bouncing
7/29/2023

$699,000

Price decreased 10%

7/14/2023

$775,000

Price decreased 9%

5/28/2023

$850,000

Listed by The Agency

12/12/2022

$799,000

Delisted by Douglas Elliman

11/17/2022

$799,000

Price decreased 11%

10/20/2022

$895,000

Price increased 2%

10/18/2022

$875,000

Price decreased 10%

8/4/2022

$975,000

Listed by Douglas Elliman

8/3/2022

$975,000

Temporarily off market

7/26/2022

$975,000

Listed by Douglas Elliman
 
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