Real Estate

The Asking Price of a Rarefied Manhattan Condo Jumped $10 Million in 24 Hours


A penthouse view overlooking Central Park at One57 in New York on Sept. 16, 2013

Photograph by Fred R. Conrad/The New York Times via Redux

A penthouse view overlooking Central Park at One57 in New York on Sept. 16, 2013

Are you looking to make a quick $10 million in the ultrahigh-end Manhattan real-estate market? You needn’t look further than One57, Extell Development’s slim, 90-story rising over Central Park South.

A three-bedroom condo in the building sold for a record $31 million in April to a mysterious buyer known as Escape From New York LLC. The sale was officially memorialized in public real estate records on Tuesday. Then, on Wednesday, the new buyer put the property back on the market for $41 million, a miraculous 32 percent increase in value.

This is a sign of what real estate writers often describe as “a frothy” market. The Real Deal, which uncovered the fast-appreciating home, describes it as a “4,483-square-foot, 62nd-floor apartment [featuring] four bathrooms and floor-to-ceiling windows.” It must be adorable. But could such comforts be worth $10 million more overnight? We won’t know until the aspiring investor-escapee completes the flip of No. 62A.

If the entity known as Escape From New York gets its asking price, there will be at least one other satisfied party in the tower: the owner of a three-bedroom unit on two floors below. That unit sold for $30 million last month, too, in a transaction that inspired a bit of real-estate porn in the New York Times:

“The apartment, No. 60A, has four-and-a-half marble baths and the ultimate view magnet, 60 feet of park frontage in the living/dining/entertaining area. The master suite has his-and-hers baths and bird’s-eye views of the city and the Hudson River. The custom eat-in kitchen by Smallbone of Devizes has hand-painted white cabinetry (although buyers at One57 do have the option of choosing a Macassar ebony color scheme).”

Throw in the optional room service—wouldn’t you expect it at this price?—and such opulence suddenly seems like a bargain at only $30 million.

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Leonard is a staff writer for Bloomberg Businessweek in New York.

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