< All Press

15 CPW owners seek to double their return

Apartment owners at 15 Central Park West are seeking to double their investments after the complex shattered price records and sparked a wave of ultra-luxury listings, according to Bloomberg News.

Four condominium units in the building have hit the market since May with asking prices on average at a 192% premium over what the owners had paid in 2007 and 2008, according to data from Streeteasy.com. The most expensive listing came last week as a five-bedroom unit on the 35th floor was listed for $95 million, according to Bloomberg News.

The dual limestone towers at West 62nd Street have set a standard for New York’s trophy-home market, which has seen a surge in demand from investors and foreign buyers. The sale in February of former Citigroup Inc. Chairman Sanford Weill’s penthouse for a record $88 million has emboldened owners in Manhattan to “test the waters” for expensive properties, Jonathan Miller, president of appraiser Miller Samuel, told Bloomberg News. Trophy Manhattan residential properties priced at over $5 million sold at a healthy clip last year, Crain’s New York previously reported.

The 12 most recent transactions at 15 Central Park West, home to Goldman Sachs Group Inc. CEO Lloyd Blankfein and the musician Sting, averaged $17.3 million, 103% more than their original purchase prices, according to data compiled by Streeteasy.com.

For the broader luxury market, the top 10% of Manhattan co-op and condo deals, the average sales price was $5.7 million in the second quarter, down from $7.7 million in the first three months of 2008, data from Miller Samuel shows.

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
millersamuel.com/housing-notes
Joined October 2007