First resale of desired D-line in 15 CPW on market
June 01, 2009 05:50PM By Candace Taylor
15 Central Park West, 25D
The first of 15 Central Park West's coveted D-line is available for resale, according to listing broker Andre Rouach, a vice president and associate broker at Prudential Douglas Elliman.
The 2,434-square-foot home, 25D, is on the market for $16.5 million, or $6,778 per square foot, nearly three times the $5.99 million the owners paid when they closed on the unit in December of 2007, according to city data.
Rouach said the leap in price reflects the fact that the current owner bought the three-bedroom unit from a floorplan in 2005, though it didn't close until two years later.
"This is a four-year appreciation," he said.
He added that the owners, who use the home as a pied-a-terre, have spent millions professionally decorating the home. The price includes all the furnishings, including a Li Li oil painting, a Steinway Boston Piano and an antique French curio cabinet filled with Haviland China.
"It's really in move-in condition," he said.
According to public records, the sellers are Lawrence Mueller and his wife Mary Kay. They declined to comment through Rouach.
Lawrence Mueller, a retired tech executive, is no stranger to profitable flips. In 2006, the couple sold a Colorado mansion they purchased for $3.6 million in 1999 to professional golfer David Duval for $12.5 million, after remodeling the garages and adding a barn, according to the Denver Post.
But the time for such flips may no longer be ripe, even at Robert A.M. Stern-designed 15 Central Park West.
A resale penthouse in the limestone building had its asking priced hacked by $32.5 million in October, dropping to $47.5 million from $80 million. The listing is now no longer available on Streeteasy.com.
The last closed sale at 15 Central Park West was for 2C. The unit, which is larger than the Muellers', albeit on a lower floor, sold for $11 million, far below its original asking price of $16.5 million, according to city data.
Another three-bedroom unit, 14K, closed in December for $8.7 million, down from its original listing price of $9.85 million.
By contrast, Rouach pointed out, three-bedroom 38A closed in December for $27 million.
He added that the D-line, which faces northeast and has Central Park views on three sides, is the "most coveted" in the building. So far, none of the owners of D-line units have sold, he said.
Rouach added that the Zeckendorf-developed building isn't as vulnerable as other buildings to the vagaries of the real estate market.
"Fifteen Central Park West is its own market," he said. "Phenomenal apartments like the D-line, they're not dictated by how the market is doing."
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Comments
Anonymous
Price increase is based on 4 years of appreciation! Is this a joke?
Comment #1 Posted By: Anonymous 06/01/09
Anonymous
That's not going to fly.
Comment #2 Posted By: Anonymous 06/01/09
Anonymous
whoever buys this is a major sucker.
Comment #3 Posted By: Anonymous 06/01/09
Anonymous
This is the building that turned NYC real estate into a f--@ing joke! 3X what you paid in 2007??!! This will sit for years at this price- even mega rich don't want to but becuae if makes them look stupid. Andre Rouach is full of BS!
Comment #4 Posted By: Anonymous 06/01/09
Anonymous
Andre Rouach (an associate broker???)- who is this guy (kid?)?? Love all the crap that goes on in this industry...
Comment #5 Posted By: Anonymous 06/01/09
Anonymous
This is why the bubble burst. Greedy bastard.
Comment #6 Posted By: Anonymous 06/01/09
Anonymous
from what I have seen he hasnt done anything in 15 cpw he also tried to do in 25 columbus circle but nothing happen. According to olr the company elliman dont update all there listings. He does more business in upper west
Comment #7 Posted By: Anonymous 06/02/09
Anonymous
he also seems to have a wife i think maybe a turn on her for the exclusive hint hint
Comment #8 Posted By: Anonymous 06/02/09
Anonymous
I love how these people value apartments. My stupid client paid x in 2005 so now it's worth 3x. That may have worked 2 years ago.
Comment #9 Posted By: Anonymous 06/02/09
Anonymous
2005 price pre-construction plus 50% appreciation as 15 CPW became super hot. Then take away 20% correction in market to $7.2mm (less than city-wide correction because of unique line in special building). The b/s about 4 yrs of appreciation and this being markedly more than it would be worth in 2005, let alone 2007, is craziness. Real Estate is in decline, fewer buyers of ultra luxury apartments exist, and to justify 15 CPW as its own market is plain idiocy.
Comment #10 Posted By: Anonymous 06/02/09
Anonymous
The biggest mistake this clown made was saying anything as to why this apartment increased in value. whatever credibility he had he has lost. Just market the apt to the super-rich and be quiet. Like someone posted above- anyone who would have bought this at some dumb price will more than likely pass bc he will become a huge joke
Comment #11 Posted By: Anonymous 06/02/09
Anonymous
someone should give me that 16mm and ill find them a better larger apartment, and keep the change for myself as a "commission"
Comment #12 Posted By: Anonymous 06/02/09
Anonymous
Come one guys! It's a good price considering they are throwing in the Haviland China! You can't afford not to buy!!
Comment #13 Posted By: Anonymous 06/04/09
Anonymous
This idiot will be either selling it at lost or he and the crack head broker are both high. He will not even brake even for about 15 years!!
Comment #14 Posted By: Anonymous 06/05/09
Anonymous
Apt #11B is in contract, #32B is in contract, #28C has offers and #16K in contract. This all happened in the last few weeks... if they are negotiable they may have a shot. just being objective
Comment #15 Posted By: Anonymous 06/05/09
Anonymous
11B is back out of contract, or so I here.
Comment #16 Posted By: Anonymous 06/29/09
Anonymous
yeah! I will buy apt # 32 f*****g apt. I love to pay more than the due...uho ohu hahahaha I am in lalala land. How much are apartments again? I dunno just buy me one ay papi!
Comment #17 Posted By: Anonymous 08/22/09