The Real Deal New York

Plaza unit loses 40% of value in 14 months

July 28, 2009 05:10PM
By Adam Pincus

A unit in the Plaza sold for $8.5 million last week, a 41 percent discount from its original sponsor sale price achieved a little over a year ago, in May 2008.

Co-owners Andria and Irakli Jokhtaberidze bought the 2,841-square-foot unit from the New York-Presbyterian Fund on July 21, after going into contract in May, city property records published today show.

The unit was listed in January for $14.5 million, but its price was cut substantially and ultimately sold for $3,045 per square foot at the high-profile hotel-condo rehabilitation at 768 Fifth Avenue at Central Park South.

O.S.S. Capital Management money manager Oscar Schafer bought the unit in May 2008 for $14.6 million, or $5,165 per square foot, then gifted the condo unit to the New York-Presbyterian Fund, an affiliate of New York-Presbyterian Hospital, in December 2008, city records show. The Plaza declined to comment.

A recent purchase at 15 Central Park West shows that some apartments have increased in value over the past year and a half.

Earlier this month, Roberta Campbell, the ex-wife of William Campbell, the chairman of the board of software company Intuit, paid $17.5 million for a 3,480-square-foot condo at 15 Central Park West, or $5,028 per square foot. That resale price was $3 million higher than the sponsor sale in March 2008.

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