Apthorp closes on its priciest sale at $14M

TRD New York /
Aug.August 24, 2010 11:30 AM

The Apthorp

Jon Pollock — a senior portfolio manager at New York hedge fund Elliott Associates — is aiming to combine three recently purchased units at the Apthorp into one of Manhattan’s largest single-floor apartments, according to the Wall Street Journal. Pollock closed earlier this month on his third ninth-floor apartment at the landmark building — at 390 West End Avenue — with the combined three units comprising nearly 8,500 square feet, at a price tag of close to $14 million, roughly half the $28 million asking price. He paid more than $2,000 per square foot for the third unit, which is the Apthorp’s most expensive sale on a price-per-square-foot basis. All three units are in poor condition and will have to be or already have been gutted. The purchase is some rare good news for a property that has struggled to build sales momentum. Sales of only 20 condos in the 163-unit building have closed and prices for some have been around half the offering levels. Buyers have signed contracts for another 16 units but haven’t closed. [WSJ]

 

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