The Real Deal New York

Trump Park Ave. pad hikes ask by 44 percent

Three-unit combo lists for $36M after going on sale in July for $25M
January 27, 2015 03:41PM

What a difference six months makes. After listing for $25 million in July of 2014 when it was in mid-renovation, a Trump Park Avenue apartment that was once three units has hit the market as a finished product. The ask? A hefty $36 million.

The owners, who are shielded by an LLC, acquired the three units at 502 Park Avenue and combined them into one three-bedroom, three-and-a-half-bathroom apartment. All told, the buyers shelled out just $8.1 million for the three units — first acquiring 15D in 2005 for $3.9 million and then picking up 15C for about $2.2 million. After that, they acquired 15E for just under $2 million, Curbed reported.

Excluding the cost of renovation, the owners stand to more than quadruple their investment.

The Corcoran Group’s Kathy Slattery, John Slattery and Alexa Tirado have the listing.

Even at the unit’s July asking price, The Real Deal reported that a $25 million sale would smash the per-square-foot record for the property, with building averages between 2004 and 2013 hovering around $1,900. If the unit had sold for $25 million, the square footage value would have worked out to $7,959. [Curbed] — Tess Hofmann