Manhattan’s once-fabled co-op addresses no longer command the biggest sales prices in the city, and have been upended by newer destination condominium addresses, real estate author Michael Gross writes in the Daily Beast.
Co-ops, which often require the buyer to go through a rigorous board approval process, are losing ground to condo buildings that offer an unmatched range of amenities, such as concierges, in-house restaurants, room service and swimming pools. Beginning in 2003, with the Mexican financier David Martinez’s $54.7 million purchase of a penthouse at the Time Warner Center, condos have held the record for highest sale prices. And condos command a higher price per square foot than comparatively-sized co-ops.
In the past, 740 Park Avenue, where the city’s financial elite rubbed shoulders with the crème-de-la-crème of international buyers, was the richest building in New York. But it was overtaken by 15 Central Park West, the Robert A.M. Stern-designed luxury condominium developed by the Zeckendorfs—the most profitable building in the city’s history.
Gross, who penned a book on the owners of 740 Park, is in the process of writing a follow up that focuses on 15 Central Park West.