The Real Deal New York

New York Film Academy founder reels in Ritz-Carlton pad

By Mark Maurer | February 10, 2014 02:00PM

Jerry Sherlock, the founder of the New York Film Academy, picked up a condominium at the Residences at the Ritz-Carlton in Battery Park City for $7.55 million, The Real Deal has learned.The three-bedroom, 3,730-square-foot unit was listed with Douglas Elliman in March 2013 for $7.95 million. The price was dropped to $7.45 million three months later.

Broker Gilad Azaria said the condo first entered contract in October 2012, but failed to close after Hurricane Sandy pummeled Lower Manhattan.

“People were afraid of buying there because it is a part of the flood zone,” Azaria, who represented both the buyer and the seller, told The Real Deal.

The 38-story, 114-unit building, built in 2001, is located at 10 West Street, adjacent to the hotel at 2 West Street. The unit, 32AG, can be converted into a four-bedroom and features 9-foot-high ceilings and three marble bathrooms.

The seller, an out-of-state investor and doctor, declined to comment. The sale closed Friday.

Sherlock, who could not be reached for comment, produced “The Hunt for Red October” in 1990 and formed the New York Film Academy School of Film and Acting in 1992. Last June, the film and acting school relocated to 17 Battery Park South from 100 East 17th Street, grabbing 73,320 square feet for 15 years.

In October, a 7,500-square-foot penthouse at the Ritz-Carlton hit the market asking $56.5 million, looking to set a record price for a condo in Downtown, as previously reported. It failed to woo buyers at that price, however, and the listing was taken down within a week.