Millennium Tower spread trades for $20.7M

Tech entrepreneur Gideon Gartner accepts price 40 percent less than original ask

TRD New York /
Aug.August 02, 2012 12:30 PM

Tech entrepreneur and philanthropist Gideon Gartner, founder of global technology firm the Gartner Group, has found a buyer for his Millennium Tower penthouse, according to public records filed with the city today. The deal for the unit closed July 19 for $20.75 million, according to public records, almost 40 percent less than the original asking price.

The sale of the Upper West Side Side spread, which first went on the market in September 2010 asking $34.5 million but whose price was cut to $27.5 million over the next 18 months, finally went into contract in April, Streeteasy.com shows. The Millennium Tower is located at 101 West 67th Street, near Columbus Avenue.

Raphael De Niro and Howard Margolis of Prudential Douglas Elliman represented Gartner in the deal. Margolis said the sale was a record breaking price for the building. Gartner could not be reached.

The buyer of the unit is an LLC named NTS Millennium with an address at Ayco Company, a national financial counseling provider for corporate executives and employees, according to its website.

The 5,000-square-foot penthouse, which is made up of three separate units, is on the 56th floor. Gartner purchased the first two units for $7.9 million in 2005 and paid $1.3 million to expand the property with a third unit one year later.  The property features four bedrooms, five bathrooms and three half-bathrooms, a library and an office, according to the listing. The building also has a Reebok Sports Club, a multi-lane swimming pool and an IMAX movie theater.

Gartner and his wife chose to sell the property in an effort to downsize and spend more time at their home in Aspen, according to the Wall Street Journal. They have since purchased another condo unit at the Metropolitan Tower at 146 West 57th Street. Gideon paid $9.15 million for the home, which he purchased from David Martinez, records show. That deal closed July 20.

 

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