Sale at 15 Central Park West #16K--are they kidding?

Hey Brooks.... it'z the American way.... you can ask a girl for a date... doesn't mean she's gonna say yes :)

Hey back, w67th,
I'm guessing you were pretty popular back in the day and are therefore not speaking from personal experience of someone saying 'no thanks' . . .

Anyway, the seller is a senior partner at Apollo Real Estate Advisors . . . so not exactly a neophyte. .. although he was also a director of the now-defunct Linens-N-Things. But this strikes me as a relatively mediocre unit, 15 CPW or not. If someone still has $8 million to spend, are they gonna buy mediocrity, even if it is in 15 CPW?

Brooksie: I don't necessarily think its a bad strategy on price. They are still the cheapest apt on the market over 2,000sqft. Anybody looking for that size in that building will certainly give theirs a peak. By being lowest price it might help lure a bid that would've bid on another. Bid may be nowhere near ask. But no real need to ask so low from the outset. Give it a month and watch it chop. Also, Apollo has proved recently to be no better than any of the other failed WS type firms. Remember, they are on the hook at the Apthorp disaster in the making.

Thanks, patient09
Didn't realize Apollo was linked to the Apthorp. I gather from the threads that you're in the market for something relatively spectacular on lower CPW, no? Is there a price at which a unit like this would strike your fancy, even without direct on park views?

Brooksie: Actually I like a bit further north. Lazy, kids in school on both sides of the park. need easy access. I like 71st-high 80's. In this mkt environment. I want the fairy tale. I won't move twice. I will wait for direct park views. Hoping something in good condition, not awesome, but not gut either, will be available south of 2k per sqft. I will bid 1200-1400 I hope I find someone that really wants to sell. I know nobody agrees with me (don't care) but south of 67-68 strikes me as more like midtown than UWS.

there is something wrong with this strategy: is it really worth it to these people to put $7 million of capital at risk for the maximum possible reward of $8.2 million? when you risk your capital you should be aiming for a lot better than that.

Could be he is the smartest of the group. Those with deep pockets make lots of big bets. Best trades are often the ones where you take a quick small profit. Also, a bunch of heard mentality. I know several retired GS partners, they all throw dough into the same deals, don't want to be left out.

HR...."should be aiming for a lot better than that"..... NO, Mr. Bond... I expect you to die :)

These morons.. don't know what the hell they are doing... but it's only taxpayers money :) (our Obamulus is just trying to re-inflate RE... what a PLAN).

Brooksie... took a while to bulk up from 100lbs... lots of squats and clean and jerks. Plenty of rejections until my honey entered the picture ... funny some people find my humor distasteful :)

Yeah P09... stay above 67th... pls... Don't need to compete with someone in the $1400psf range... seriously... tell me when you want me to bid... I'll bid just above you and then have my mortgage banker "reject" me then you swoop in with an offer of 20% off my bid... I only ask for a $1 beer :) in exchange....

Why would they purchase the apartment in the first place knowing the market is bad and then try and flip. The rich are strange people.

julia LMAO... when my wife and i were students... she'd take my one day off to go to NJ to buy clothes... so we'd spend gas/toll/opportunity cost of just chilling in CP.... to (drum roll pls)..... save 8% on the sales tax.... Good grief charlie brown....

FYI... I've seen dumb in all income brackets... :) and nationalities, religious beliefs... it's almost as if dumb is randomly given out :)

julia: sweety, maybe when they went to contract it looked like a layup for them, remember, this building took forever to close. Maybe they had a deal to sell to a neighbor(lots of combos) that fell thru. Maybe they originally planned on living there and other nasty things happened on the way to Best Buy. This deal alone doesn't confirm rich=strange.

Does anyone beside me appreciate the irony that if the seller is a senior partner at Apollo Real Estate Advisors, he's at the real estate arm of the company that put $9 billion of debt on the back of Corcoran's parent company?

http://ny.therealdeal.com/articles/parent-trap-trips-corcoran

ali r.
{downtown broker}

here's the part I like...'Well priced at $8,200,000, serious seller'.
Serious about what?
Bet this does not face the park.
Oh, someone is going to get their clock cleaned by this one.

You poor people will never understand.

front_porch, while Apollo Management (the huge buy out fund run by Leon Black) and AREA (formally know as Apollo Real Estate Advisors, mezz lender at the Anthorp and 20 Pine and developer of 10 WEA and the TWC) used to be related they have been independant for a long time.

Why are posters responding to princetonbabe by calling her Brooks?

No way! FC - no one is in better position to bring cocktail table book of SE dialogues to market than you. Please?

I went back and searched for more "princetonbabe." The "Brooks" thing came from someone asking her if her real world identity was Brook Shields.

Ah. In that case, seems to be within the age range then too.