The Real Deal New York

Philly sports mogul flips at 15 CPW

July 07, 2008 11:53AM
By Adam Pincus

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A Philadelphia cable and sports mogul has nearly doubled his money in just over two months with a flip of a 36th-floor apartment at 15 Central Park West.

Ed Snider, chairman of Philadelphia-based sports and entertainment company Comcast-Spectacor, is in contract to sell his two-bedroom, 2,367-square foot apartment, which listed for $12.75 million on StreetEasy.com.

Snider, a member of the Hockey Hall of Fame, bought the apartment on April 28 for $7.34 million, after going into contract in December 2005, according to city records.

Snider’s company owns the Philadelphia 76ers, the Philadelphia Flyers, Comcast SportsNet Philadelphia, the Wachovia Center and other properties. The majority owner of Comcast-Spectacor is cable giant Comcast Corp.

At $12.75 million, the apartment would be valued at $5,386 per square foot.

Other re-sales are valued at far more, including the $16,000 per foot reported asking price for the four-bedroom unit owned by venture capitalist Lindsay Rosenwald. He closed on unit 18/19A in April for $30 million, and in May the apartment reportedly hit the market for $90 million

Prudential Douglas Elliman broker Dolly Lenz told a gathering in June that there were several units available at 15 Central Park West for more than $80 million, including one being marketed quietly for $150 million. However, some real estate experts remained skeptical of the high prices.

Some apartments at the trophy tower have already flipped for lower amounts. Venture capitalist Parag Saxena bought a 29th-floor unit for $13.8 million this spring, twice what the original buyer paid for the 2,761-square-foot unit in December.

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