15 CPW WAtch: $15,000 a Square Foot!!!

Did you know you can rent at the Westminster in Chelsea for a lot cheaper than that, and it was also designed by the (much overrated) Robert A.M. Stern?

This is truly indicative of the end of the boom. As iMom says elsewhere, "poof!"

It's like the last man to get in on the dot.com bust who paid a p/e ratio of 14,000, only to watch the stock get delisted the next day.

$90M FLIP OUT

May 29, 2008

The first mega-flip of an apartment at the much-ballyhooed 15 Central Park West could happen, now that one of its pricey condos has officially gone back on the market for $90 million.

That would make it the highest asking price for a Manhattan residence and, by far, the highest price per square foot - at just under $16,000 for the 5,900 square feet of interior space.

Known as unit 18/19A, it includes four bedrooms, 6½ baths, a media room and more than 1,100 square feet of outdoor terraces.

According to public records, the owner of the condo, venture capitalist Dr. Lindsay Rosenwald, closed on the apartment for $30 million last month.

Last week, Rosenwald told the New York Times that he had brokers "offering as much as $100 million" for his place, which he'd turned down. So we find it a bit curious that he's already listing it at a $10 million discount.

His broker, Janet Gifford, a managing director of Brown Harris Stevens who could not be reached, sent out a memo yesterday: "As of now, we are asking $90 million . . . we are putting this out to all brokers."

If Rosenwald gets his price - and that's a pretty big if - it should open the floodgates for those with even fancier pads, like the 10,000-square-foot-plus place that investment banker Daniel Loeb bought for $45 million.

http://www.nypost.com/seven/05292008/realestate/90m_flip_out_112899.htm

It Happened One Holiday Weekend: 15 CPW Officially Insane

1) In last week's PriceSpotter, we touched on the madness of the resale market at 15 Central Park West (right). Now, Josh Barbanel reports that the buyer of a $30 million penthouse in the building has been offered $100 million for it (he turned it down!) and there are rumors that $125 million has been offered for another apartment. Also, the world is a cold, dead place.

http://curbed.com/archives/2008/05/27/it_happened_one_holiday_weekend_15_cpw_officially_insane.php

Why would anyone with $90 million spend it on an apartment?

Or $30 million?

I'm bidding $125,000, see what they counter.

"it should open the floodgates for those with even fancier pads, like the 10,000-square-foot-plus place that investment banker Daniel Loeb bought for $45 million."

Did anybody ever stop to think that there's a finite supply of people in the world with this much money? Barely 100,000 people in the entire world have net worths above $30 million. They can't ALL want to be known as fools.

Are you saying dan loeb is a fool? He makes $30 million in about 2 months. Not saying I would spend $30 mil (let alone 90) on a place in 15 CPW if I had it, but jesus steve, calling people worth hundreds of millions to billions of dollars "fools" is really incredible.

The only bubble I see that is due to burst is your inflated ego.

"Are you saying dan loeb is a fool? He makes $30 million in about 2 months."

Yawn.

evillager, like Sneaky Pete you seem to value everything in monetary terms. Money's nice, but just because someone has it or doesn't doesn't make him better than anybody else. In fact, a lot of poor people are very nice.

No steve, I don't value everything in money terms. I don't even know where you would get that from based on any of my posts here. Why do you go into character attacks when someone disagrees with you?

You called Dan Loeb a fool. I don't know Dan Loeb, but I do know that he is very successful. He could be a huge jerk, or a wonderful human being, but I think it's pretty absurd to call him a fool.

Did I call Dan Loeb a fool?

I would call anybody who paid $80 million for a Monet a fool, as well.

Link to July 22, 2008 Observer article, "The Voodoo Economics of 15 Central Park West: Why the $100 M. Listings Are All in Your Head"

http://www.observer.com/2008/real-estate/voodoo-economics-15-central-park-west-why-100-m-listings-are-all-your-head

Its called LYING.

And its brokers we're talking about... why is anyone surprised?

And, as someone noted, the $90 mil asking price stuff will be the "do you believe how stupid people were" example at the beginning of the "after the crash" stories in a few years.

Sounds like a bargain...I'll take 2!!