Disaster at the Rushmore

I don't like that building or any on Riverside Boulevard (which by the way, should never have been ok'd by the city as the name - too confusing with Riverside Drive for all the cabbies, who should know better but don't.)

HOWEVER, the development of the Hudson River park and piers right there on 70th where there is a great outdoor cafe is fabulous. Whoever was in charge of that did a really nice job and deserves kudos.

i agree except for the terribly awkward access unless you walk down from 79th st.

In January of 08 Extell claimed 55% sold. Some contracts were signed after that date. Something doesn't sound right...

http://curbed.com/archives/2008/01/17/extells_riverside_south_will_rule_the_west_side.php

The sales staff told me they were over 60% sold and the banks would lend on the building. But then why doesn't SE have the listings as sold. If it was true, wouldn't the developer want to make sure that news got out to the media? Even if you count the 59 (compromised by lawsuit) contracts and the 56 apts listed as closed, you get 40%. That wouldn't qualify for a fannie or freddie for a $729,000 conforming loan -- assuming you could put the rest down in cash to get one of these apts.

so..the sales staff lied?

Fannie/Freddie lending is 70%, bank can decide to retain, but considering Fannie loan size limits, the fannie requirement doesn't seem to be that key, except perhaps if it sets the tone among banks.

Riversider: Yes, I wasn't clear. Rushmore wouldn't qualify for loans when fannie/freddie require 70% sold -as do most banks-- but it is only 40% sold according to SE info.

I have posted on several threads that I wonder if there is any govt regulator that is watching Barnett since he seems to be over extended in Manhattan RE by many measures. I guess I don't have to worry because my husband just pointed out to me that Mayor Bloomberg;s former Deputy Mayor is now working for Barnett. So, I guess we can heave a sigh of relief knowing that the former Dep Mayor will be there to make sure Barnett, as a former blood diamond dealer, is a true qualified leader of manhattan real estate and would not allow the sales people to lie.

http://www.allbusiness.com/operations/facilities-commercial-real-estate/874297-1.html

Deputy Mayor is now working for Barnett.

Wow it's like Hank Paulson and Goldman at the local level! And I vaguely recalled this announcement. Should be good for the approval of Riverside South changes.

i'm not sure what a govt regulator would or could do in this situation. anyone who purchases from extell based on any verbal assurances is presumably not represented by a reputable attorney. said attorney would most likely advise against any purchase under the current situation and hopefully his/her client would listen to this advice.

isnt Extell already putting up the next building over here? Seems a little loco

cc: It is not just the Rushmore that raises alarms. This is a private company with literally millions of sq ft of manhattan real estate -- all under the direction of a guy who has been in the biz for about a decade. Pls see extell thread. I can't believe this guy doesn't send up some alarm bells. The only one that seems to be covering him is the Observer and that is probably because the young gun owner comes from a RE family. I would only want a regulator to make sure he is not financially overextended before he buys up any more manhattan RE. If he goes under, there could be quite the fire sale.

its nuts if you ask me. on the other hand, if you're in the business of putting up buildings, its tough to say you stopped. part of a much larger problem and discussion.

i would assume that extell's ability to continue to raise private capital is severely if not completely constrained.

from what I understand Extell is in very good financial condition which is how it is possible for them to be one of the few builders still pushing forward. I am a huge RE bear but I would not bet against extell

Extell also sets up seperate units for each building, somewhat isolating Rushmore's issues from future buildings going up.

does that mean they have cash on hand? they clearly are not going to get any where near the prices they expected -- even if people are forced to walk away from 10%, that still leaves extell significantly below their initial revenue goals.

cc: exactly my point: does anybody know how they are doing or what their burn rate is? They had a huge loss in Miami. What if they end up selling the Rushmore apts for cents on the dollar just like they did at the Brickell buildings in Miami (and screwing every early investor) just so they can service the debt on their other many, many manhattan projects. They may have endless reserves and be flush with cash but who knows? There is no regulator. Is Extell becoming too big to fail in Manhattan? I would be very concerned if I were a Rushmore buyer. And if there is a firesale at the Rushmore what would that do to the Trump buildings and UWS manhattan?

samadams: "from what I understand Extell is in very good financial condition which is how it is possible for them to be one of the few builders still pushing forward. I am a huge RE bear but I would not bet against extell"

Yes and Bernie Madoff had stellar returns every single year - even the SEC said so. How do you know that they are in good financial condition? If the realdeal article is correct and the Carlyle is reaching out to make deals with Rushmore buyers then it would suggest that they are concerned about Extell. Could their endless bounty dry up for Extell?. You would think the very fact that Carlyle is financing Extell would suggest that Extell is in great shape because of the brilliant minds associated with Carlyle. Then you remember that in spite of the fact that George Bush is on the Board, a subsidiary of Carlyle was one of the biggest losers in the subprime debacle. Carlyle is not exactly batting a thou in the RE market. So who is watching the Extell store and how do you know they are in good financial condition? I hope they are. I am a bear in NY RE but I would hate to see a Miami style debacle. For all I know Extell is in great condition. But who can assure us of that? The Deputy Mayor? I would think Rushmore buyers would want answers.

whoa kimosabe.

slow down.

extell has problems. because they own a lot of overpriced nyc real estate.

if things were different, ie.. if this was a blip, a downturn, rather than (in my opinion a long term shift) the idea that they have the cash to weather the storm would be great for them. in other words, they could hold on until the market goes back.

again, in my opinion, the market isn't going back because it was never realistic.

so, whether extell owns these units or someone else, who ever owns them is due to take a big haircut.

no one, again in my opinion, can change this.

you obviously get it.

Apt23,
I assume two things. Carlye Group which backs Extell does not have indefinite patience. Secondly there's a construction loan on Rushmore which needs to be paid back at some point.
I have no idea if the Real Deal story is true or false but a few points are worth considering
1) Uncertainty of various suits
2) Uncertainty of what these units will sell going forward
3) Uncertainty of how long it would take to sell them
4) Uncertainty regarding refinancing Hypo Loan on Rushmore

It seems quite plausible that Extell may have put feelers out regarding dropping the price on previous agreements.

stick with youtube. what the hell are you trying to say?

Well, I must say extell seems to be doing very well with 535 West End Ave. But it looks like this Carlyle press release states that they are 70% sold at the Rushmore - unless they are talking about the two towers being the Rushmore and the Avery. Hard to tell.

CC: I've taken a breath. Got a little frantic cause I was supposed to be working all day but blogged instead. Now the deadline looms.

http://www.carlyle.com/media%20room/news%20archive/2008/item10419.html

Extell and Carlyle can say whatever they like about sales. Everyone knows this building is treading water with weights tied to its ankles - its just a matter of time before the inevitable happens. Win, lose or draw with the AG complaint prices at the Rushmore are going lower.

As far as the new buildings going up after Rushmore. The banks have expressed less confidence. Real Deal has a post that the lending required 40% down. Of course this is also a sign of the times....

I must say the Aldyn--with that odd black-colored brick--is shaping up to look rather hideous, at least from the WEA side.

From West End the buildings give the appearance of being too close together. I'd have to agree. The rear view is not so flattering...

From the Post: Legendary Four Seasons crooner Frankie Valli is showing some interest in a $3.3 million, three-bedroom apartment at the Rushmore, a luxury condo development on the Upper West Side. The unit that “got under his skin” is on the 18th floor and measures 1,862 square feet.
If Valli buys, it’ll be good news for Extell Development Company, as the 289-unit building is currently locked in a dispute with buyers who signed pre-recession contracts.
Extell faces more than 35 complaints from Rushmore buyers, which could cost them $115 million in cancelled sales. The company has begun negotiating with buyers to persuade them to stay by offering hefty discounts. Gary Barnett, president of Extell, was unavailable for comment at press time.
A spokeswoman for the Rushmore said the building is now “on fire,” with $50 million in “contracts out” for 17 units over the past three months. The highest-priced units out for contract run from $6 million to $8.6 million, she added.

Read more: http://www.nypost.com/p/news/business/realestate/residential/place_to_liev_b76JxiDkeBsHnwF3oiRghI#ixzz0WecXeOQ9

It would seem from above Post post, that Gary Barnett is not calling back to vehemently deny the discounts as he did when the NY Observer reported the same. Of course, not that this is reliable reporting but it seems amazing to plunk down $8.6 for an apartment where the private developer just defaulted on an $84,000 loan. And for those who continue to argue that that must have been a "strategic default" ----Really? You want to buy a very expensive apt where the developer is engaged in strategic defaults? Really?

but the building is now "on fire." in their dreams, maybe, literally.

still less than 25% closed, according to SE. 17 units in contracts in 3 months, hm, 6 per month. with over 200 to go, that's truly something to cheer.

The $50M they referenced isn't going to pay off the construction loan...also note that its own Corcoran sales agent who bought a unit hasn't closed. Presumably this person has more insider information - what kind of message does that send?

Is that the sales agent for the Rushmore, or just some sales agent? If the former, that is particularly funny.

It is the former.

Barnett got a break when the landmark commission reneged on placing both the BF Goodrich buildings in landmark status. Barnett had to cry wolf -- or in this case, foreclosure. He threatened that if the W 57th building was landmarked, the project would end up in foreclosure. That should be soothing to the buyers at the Rushmore. He has the one foreclosed property on 10th (personally defaulting on the loan) and now he is threatening that he will end up in foreclosure on a major property (the BF Goodrich) if the ruling doesn't go his way. I don't know how you can invest with this guy. Only a decade in this business and as a private company, absolutely no accountability. As an investor in the Rushmore, your only recourse is to say "Well, he married into a rich diamond family in Belgium - he must have deep pockets and can weather the storm" Unless they are handing out the prenup with the closing papers, I don't see how anyone pulls the trigger here.

Frankie Vali story is a hoax. If it were true , they would protect his identity.

I love Frankie Valli, but really, is that the best they can do? At least the Apthorp lied big -- Brad and Angelina, Alec Baldwin, etc. Usually they are after contemporary hipsters with big, active, public profiles. If it is a hoax, they need hoax lessons.

"I love Frankie Valli, but really, is that the best they can do? At least the Apthorp lied big -- Brad and Angelina, Alec Baldwin, etc. Usually they are after contemporary hipsters with big, active, public profiles. If it is a hoax, they need hoax lessons."

LOL. I nominate this one for SE comment of the week.

Word from sales office is that there have been 76 closings so far. Note that SE listed closings are lower, however, but it takes them time to catch up. Now that's not like the good ol' days but maybe it's the new normal. Does anyone know of any other new development that's doing really well compared to 2005-6? Also, looking at SE, one can see that deals are being made, with closing prices significantly (in terms of hard dollars, if not percentages)lower than listed prices -- not all but quite a few. Even 5-7 percent of a big number is a big number. The sales office is showing and, presumably, selling and at least some of those who joined the lawsuit may have been persuaded to close if they got the lower price they were seeking. This is conjecture but makes sense. One point in all the discussion of the mounting impatience of Hypo Bank: No bank is rushing to downgrade its real estate loans, and even fewer wish to be in the real estate business. Remember the old saying...if you owe the bank a million dollars, you're in trouble. If you owe the bank $200 million, the bank is in trouble. Assuming there are closings happening and deals are being made, perhaps the bankers have decided that the better part of valor is to suck it up and accept slower repayments. That said, however, doesn't change the fact that there are probably about 100 apartments that haven't sold or are in contract.

PH1B closed on 11.02 for $5,600,000 which is 20% off ask. Would anyone venture a guess as to whether that is a new sale or do you think that is a new negotiated price that Carlyle Group was reportedly encouraging with buyers who had joined the lawsuit. In any case, it is the new normal for discounts in the building -- until there are further cuts. Stay tuned.

This confirms what I heard 20% off is the new negotiating level.

one apartment closes at 20% off and that now confirms nothing other than the fact that apartment closed. More exaggerations and smoke and mirrors from ..... yep, riversider.

You're obsessed with me. If you don't like what I have to say hit ignore.
Do you stalk too?

I think the point, cc, is that when it was reported that the Carlyle group was launching an effort to negotiate with the apt owners who sued to get back their deposits, Gary Barnett vehemently denied the report. So it would be interesting to know if this apt was part of the lawsuit. If it is, then that would imply a bit of dissension between the partners, with Carlyle obviously holding the reins. If it is not, and this is just a buyer who negotiated 20% off ask, then that is interesting also because it is the largest discount at the rushmore to date.

I think it is important to note that the price discount captured does not include any closing cost reimbursements which have been commonly covered by Extell on a number of closings, usually another 2-4% of price of apartment.

Extell has also increased the broker fee from 3% to 6% in an effort to drive sales (for more recent contracts, not those signed in 2007/8).

So, in all, it is a 28-30% discount off asking (assuming all the other off-deed items are included)

apt23: i completely agree...unfortunately, there isn't enough info at this point to draw a conclusion.

riversider: I am not obsessed with you, i am disgusted by you and your incessant, polluting postings, everywhere. wish you could stop.

Uh, has anybody stopped to calculate that at $5,600,000 for about 3,000/ft, comes to about $1,860/ft? The asking prices for 'penthouse' (whatever that means in these days of multiple level penthouses)were always so absurd that only a drugged out hedge fund manager would not laugh out loud. That said, $1,800/ft+ in this economy...not really shabby. The prognostications on this board and elsewhere a just few months ago that units here would sell for sub-$1,000 do not appear to be happening(yet, anyway). Also, what may be lost in the conversation is comparisons not to the most RECENT price listing, but the listings out when Extell first put the Rushmore on the market. No secret that many developers raise prices of units several times when demand is strong. Willing to bet that the asking prices of many of the units with desirable views and layouts currently on the market are 4%-8% higher than initial listings in 2006-2007. That said, yes, the market is forcing lower prices and Extell is trying to cut deals whereever it can...but if the deals that are cut are still in the $1,500-$1,800/ft range, it appears to show the product still commands a premium vis-a-vis the competition. How these prices affect the overall health and viability of the project only the bean counters at Extell know, and they certainly ain't sharing. Extell is privately held, but are there any requirements anywhere where they report on the financial health of their projects?

CURBED getting paid to do stories? Has the look and feel of P.R.
http://curbed.com/archives/2009/11/23/huge_rushmore_duplex_cant_keep_our_eyes_off_the_water_wall.php

First, no more money from Dubai, then the Carlyle Group gets sued. As Mike Nichols used to say "We've run out of Champagne and the caviar if finished. Will it never end?"

http://www.ft.com/cms/s/0/495bd8d2-de19-11de-b8e2-00144feabdc0.html?nclick_check=1

How will the impact the downfall of the Carlyle Group be on Rushmore sales? And when will the AG decide whether to reimburse the Rushmore group or not? Make a decision, please.

This is not about Rushmore. They are looking to negotiate/claw back some of their funds committed to a mortgage backed security fund.

Just for housekeeping sake, there is another thread with recent discussion on Rushmore 1/2/09

Riversider: It seems Extell is moving Rushmore inventory albeit slowly at discounts of between 0-15%.

I don't believe that is correct. Since 11/30/09 (right after it was reported that Carlyle Group was pressuring Extell to lower prices and Gary Barnett was adamantly denying that they were discounting at the Rushmore in that report) Apt 3X, 36A, 17D, 18D, and 17E (multi) were sold for around 20% off ask. The other two apts that closed since then for little or no discount, I can only imagine were buyers already in contract at a much earlier date. If not, they did not do their research to know that the developers price is now 20% off.

It does give credibility to the report that it was Carlyle pushing for the discounts. Since they are privy to the financial status of the building and the rest of us are not, I would say that is quite a tell.

oops. this is the thread:
http://streeteasy.com/nyc/talk/discussion/17429-new-luxury-developments-how-low-can-it-go

From my apt NEXT to the Rushmore, I notice that there are a FEW more occupants than one year ago, but probably only 6 more units that I can clearly tell are occupied. There are several model units that leave the lights on 24/7, but there are some with folks walking around as well. Still, over 80% pitch black at night tells me that I don't want to be there yet. And both towers are nearly empty, a couple of lower-rear units that are right against the HVAC units lower down on floors 3-6 are occupied.

The Aldyn is progreesing nicely next door and directly west of my unit. The floors are being laid, etc, though I cannot imagine it filling up too quickly.

Interesting..
How do Avery buyers feel when comparing amenities and layouts to Rushmore?

"There are several model units that leave the lights on 24/7"

Amateurs. Any good developer knows you set up cardboard people cutouts on a string and have a mechanized setup to pull them across on a random schedule. And put those lights on timers!

Marionettes would work

amateurs... i'd lease the empty apts to "adult" film industry. There'd be "real" action in the apt. and the developers would get PAID, vs paying... rule #1 of all developers... well #1 for anyone really.

They will file bankruptcy in September when they have to refund all of the deposits for missing the closing date and will turn into a rental. The people that have already moved in will never be able to sell. Their only hope is if the Offering Plan says they can rescind if the condo goes rental. They need to check their plan and the AG website.

how does that work? Do you move out and ask for a refund?

Do you have to pay for the months you were in?

The people who've closed, have closed. They own it. No going back, right?

Since they wanted a condo in order to be able to rent it out, they can hardly object if the sponsor rents out the units the sponsor owns.

Nobody wants to own in a building with a large percentage of rentals. This is a threshold issue. 5% is ok 70% is not.

The Offering Plan has to say if they reserve the right to rent. If it does not it does not matter how long someone has been in their apartment. They can ask for their money back if the building starts renting apartments. I am not sure if they have to pay for the months they were in.

nyc2009 -- Where did you get the info that they will declare bankruptcy in September? I haven't seen anything publicly that the AG has issued an opinion on suit by some 30 buyers, has anyone? Checking city files, from what I could tell it appears that there's been about 16 recorded closing there in January, through last week. But I'm not too good with city websites and could be wrong.

Thru December, of 289 total units, Street Easy counts:

85 closed
64 in contract
32 active sales listings
17 active/past rental listing

Using those numbers as authoritative, 30% of all units have closed. 50% of all units are in contract or sold. 181 have been offered, leaving a shadow inventory of 108. 20% of the closed units have either been rented or are currently up for rent.

what is the difference likely betw/ those in contract and the current offering prices (if you really go there and bargain)?....

The most recent closing from January for which I see full data is #15C.

It's a corner 2/3 sized at 1,770 ft².

It was listed by Corcoran on 12/03/2009 at $2,990,000.

It sold on 01/15/2010 for $2,500,000 which is 16.4% off the ask.

#25C, a 3/3.5 is for rent at $9,500.

but if something went from listed to closed in six weeks why are there so many long outstanding contractss...or am i wrong on that

At this rate they'll be at the 50% mark in about a year and have sold 70% by the three year mark.

"Checking city files, from what I could tell it appears that there's been about 16 recorded closing there in January, through last week. But I'm not too good with city websites and could be wrong."

According to SE, there has been one January closing recorded to date. This is #15C noted by secondandc above. SE is pretty reliable about picking up new ACRIS filings within a day or two. They might miss one because of a data glitch of some sort, but not 15. In ACRIS, I see six deeds filed in January, but five of them relate to Nov or Dec closings. Anyway, nothing like 16 per month sales rate.

http://therealdeal.com/newyork/articles/gary-barnett-and-partner-spar-at-470-broome-street-extell-head-says-claims-of-siphoning-money-are-nonsense

Barnett used 470 Broome Development funds for attorney's fees and even wrote checks to the construction lender of the Rushmore, a troubled Extell project, according to Alan Fried, a partner at real estate law firm Braverman & Associates, who is representing Placuzzi. Barnett then attempted to hide these activities by instructing his attorneys at law firm Stroock & Stroock & Lavan, the law firm retained by Extell to prepare the offering plan for 470 Broome, to avoid providing documents to 470 Broome Development, the affidavit states.

"Extell was using 470 Broome to help get out of its fix with the Rushmore," Fried told The Real Deal. He added that the case "is very damning for Extell, Gary Barnett and Stroock."

Barnett said there is "not a shred of truth" to Sicis' claims, and that Sicis went to court because the company had wanted to take control of the residential units in addition to the commercial, but at a lower price than Extell would agree to.

Also from The Real Deal article -

Meanwhile, there were "numerous other ways that Barnett and Extell misused the company for their benefit and to the detriment of 470 Broome Development and its owners," the affidavit says.

In one instance, Extell allegedly used funds from 470 Broome Development to cover shortfalls when the Rushmore was forced to provide purchasers with a refund of their down payments. The Rushmore was not named in the suit, but Fried confirmed that it is the development in question.

"In order to provide some recompense to the particular Extell entity involved in that project, Stroock forgave invoices to other unrelated Extell projects, including 470 Broome Development," the affidavit says. "Barnett then directed that 470 Broome Development pay an equivalent amount to the unrelated entity that was obligated to provide refunds."

****

My question is, why is Barnett using other sources to repay the downpayment for the Rushmore? Isn't that what the ESCROW account is for? WHAT HAPPENED TO THE MONEY IN THE ESCROW ACCOUNT?!!!!

We don't know if the story or suit has merit. But if Extell is handling the books in this way, it does suggest financial difficulty. If I were a buyer I'd be very nervous and want this checked out.

As I wrote 13 days ago the Rusnmore will file bankruptcy in September and screw anyone that has purchased there. Any down payments outstanding will take forever to get back. Get a good lawyer now and start working on it. You have not heard the worst of this yet. Just wait a couple more weeks.

and,,why september?....why not august?...or july....

It has to do with how long they need to wait from when sales first started so they have less liability.

Is this sort of arrangement typical, or is it pretty specific to Rushmore?

It strikes me as odd, that having project A paying project B expenses could be considered normal or typical when the parties not not the same. Must violate basic book keeping. But if someone knows better please clarify.

All new developments are incorporated on their own so if one goes bad it does not effect any of there other businesses or developments. For them to be using money from one development for another is a very bad sign.
In the end the Rushmore is going to have to refund over 30 contracts when the money is probably gone.

It's a nice building in a good location. Any number of parties should be willing to jump in and assume the sponsor role, for the right price.

If they were selling for the right price they would not need anyone to jump in. The free market determines what something is worth. Not some dumb ass accountant sitting in an office out of touch with reality.

Banks may not be permitting Extell to lower prices. If the story is true, this is a liquidty issue. The NPV of selling slower may be higher than selling all at once into a weak market.

Everyone involved will have to take a pretty good hit to get this project moving forward.

Sponsor needs 2-3 yeas breathing room. Prices need to come down to $1000 per square foot for no more than $1400 for water view/top floor($1200 for mid rise water views)

I thought maybe the skyline view might be better than the water view...not sure...what dya think river?

I'm a huge fan of the Hudson River view. No two days or nights look exactly the same. I never get bored of it..

Looking to purchase at 240 riverside..... seems upscale..... with riverview..... any comments and psf price help

new2 -- you deserve your own thread, i think..unless you want to buy under the rubric "disaster"...

Heritage is a good building. If you can afford North Western views you have something unique. Views of Heritage vastly surpass Rushmore and you live in the upper west side.

I agree with RS: at the same cost, you'd by far rather be in 240. At 240, you are decently connected to the UWS. It takes 5 minutes to get to Broadway, and you pass through pleasant UWS blocks to get there. Down at 62nd, you're looking at a 10+ minute walk through not-so-picturesque blocks to get to a less interesting part of Broadway.

That being said, you could be in for a nasty financial hit given the amount of sales and rental inventory and how rents stack up against prices.

i agree with inonada.Bldg and location superior to all southern RS bldgs. currently 12 units for sale out of 170 not a large amount..What price psf for midlevel riverview do u think is fair

BTW this apt would be for personal use not a flip

What price psf for midlevel riverview do u think is fair?
ACRIS

thanks

check out the maintenance at the Heritage

FLMAO.. .riversider $1200psf.. really really.... OMFG.... Rushmories are toast.. there is so much crap listed on the river it's funny. It seems the entire 220/240 is for sale... who's that dude that bought a REO for like $600psf... FLMAO... I'm gonna peeeeeeeeee

don't mind him..he's just coming out of sedation...a colonoscopy complete with visions of gs executives...(come to think of it, i bet they do colonoscopies on site at a high amenity building like The Rushmore....just one more reason to sign up)

is the colonoscopy room that white room right next to the Fresh Direct refrigerated closet?...

18E closed for $1,974,000. There is no listing price. but 17E listed for $2,800,000. If 17E is the same footprint as 18E that would be a 30% haircut. Between the Real Deal article suggesting legal subterfuge with the "misprinted" date, and the Broome fiasco which suggests more dirty tricks -- and throw in the Extell defaults on loans in Boston and the westside, I would be very wary to buy anything from Extell. This private company holds 10.5 million square feet of Manhattan RE. If the company goes down, there will be reverberations in all of Manhattan RE.

Doesn't sound right. They're not doing more than 20% and that's at the outside.

19E, presumably with a discount at the time, although no listing, closed for $2.6mm 09/09. looks like they've gone beyond the 20% outside.

17, 18, 19 are transition floors 17 & 18 have identical sqft count based on pshark, 19E has 1482qft. They're different but not that different. Googled it, and I think this is the unit - http://www.prudentialelliman.com/Listings.aspx?ListingID=1160170&rentalperiod=&SearchType=Broker_Current&Region=NYC&BID=ARIC.

Bought for 2.6m, trying to rent it out for 8600. Oops.