The Real Deal New York

15 CPW unit flips for $11M

July 29, 2008 01:40PM
By Adam Pincus

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A 26th-floor apartment in the tower building at 15 Central Park West flipped for $11.85 million, more than doubling the price paid for the condo.

Neither of the sellers, father and son investors Steven and David Bandawat of Scottsdale, Arizona, spent the night in the unit before selling it for a handsome profit.

“We are pretty pleased with it. It is exciting to see New York real estate is doing so well compared with the rest of the country,” David Bandawat said.

They had planned to hold the apartment for family use, but as values rose they could not resist selling the condo, Bandawat said.
 
The Bandawats invest in real estate as well as companies such as Misty Mate, a manufacturer of portable air conditioners that they bought in 2004.

The 2,367-square-foot, two-bedroom apartment sold for just over $5,000 per square foot, and closed on July 14, according to city records published today.

The buyer was identified as the Fintech Corporation.

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