< All Press

On average, 15 CPW sellers seek nearly 200% returns

The $88 million sale of a 15 Central Park West penthouse has fueled a storm of ambitious asking prices around the city, but nowhere is that more apparent than in the very building that apartment was sold.

Citing Streeteasy.com data, Bloomberg News reported that the four 15 CPW condominiums that hit the market since May have asking prices that represent a 192 percent premium over what owners paid in 2007 and 2008. Leroy Schecter recently listed his combination unit for $95 million, more than 3.5-times the $26 million he paid for them in 2008.

“There’s not a whole lot of inventory or product out there that’s like 15 Central Park West,” Sofia Song, Streeteasy’s vice president of research, said. “When the demand is intense, that’s when you get these crazy prices.”

Bloomberg News noted that these sellers may not be as “crazy” as their asking prices appear. The last 12 sales at the Zeckendorf-developed building sold for an average of $17.3 million — 103 percent more than their previous purchase price.Those figures aren’t replicated in other famed New York condos. For example, the Plaza Hotel has seen an 8.6 percent drop in sales price in its 12 most recent transactions.

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
Joined October 2007