Ritz-Carlton developer sells condo for $28M

By Adam Pincus | August 11, 2008 03:31PM

The developer of the Midtown New York Ritz-Carlton sold his upper-floor apartment at the hotel-condo building for $28.5 million, about $5.5 million less than its listing price.

Christopher Jeffries, a founding partner of Millenium Partners, sold his 5,954-square-foot unit 29 at the building located at 50 Central Park South, between Fifth and Sixth Avenues, to an unidentified buyer. The four-bedroom unit was listed for $33.9 million on the Web site of brokerage Hall and McNaughton.

The sale to 50 CPS Apt LLC closed on July 31, according to property records published today.

Jeffries and his partners built the Lincoln Square complex adjacent to Lincoln Center, and later bought 50 Central Park South, known then as the St. Moritz Hotel, from Ian Schrager’s hotel company in 1999. It was rehabilitated and opened as the Ritz-Carlton New York in 2002, with luxury condominiums on the upper floors.

Jeffries married Princess Yasmin Aga Khan in 1989, the daughter of the late Rita Hayworth and the late Prince Aly Khan. They divorced in 1993.