Apartment owners at 15 Central Park West get richer
Trends in New York can border on ridiculous sometimes, but they tend to catch on like irritating wild fire. This particular one started with the record condo sale of $88 million at 15 Central Park West. Since then, buildings and condo owners around the city have been trying to emulate it with one owner in particular trying to sell his apartment for nearly $100 million.
Another effect of this checkbook draining $88 million deal is that many of the other 15 Central Park West apartments since than have been listed for a price 200% above the initial buying price. Unit 7-D bought in 2007 for $16 million is now listed for $36 million. The same song is sung with unit 32-C. It was bought in 2006 for $9.7 million and is now listed for $27.75 million. Not to mention the current record listing price of $95 million for unit 35-S, which is not even a penthouse but is only on the fifth floor. It may be good for those spectacular Whole Foods views though.
Recently, there was a clear separation between safe long-term investments, like real estate properties, and risky short-term investments like stocks. Is this still the case? Are we about to experience a new high class luxury apartment bubble?