The Real Deal New York

15 CPW owner asking over $11,500 psf for duplex — a 35% markup from last year

Apartment bought for $48M, now asking $65M
July 30, 2015 03:43PM

Steel magnate Leroy Schecter recently slashed the price of his $95 million penthouse at 15 Central Park West to $55 million. But one of his neighbors, who owns a duplex condominium at the property, reckons they can do better with their pad, even though it’s smaller. This anonymous seller bought the duplex for $48 million just a year ago, and is now listing it for a whopping $65 million.

The four-bedroom pad on the 18th and 19th floors of the Zeckendorf-developed building was scooped up last year for $48 million by a Chicago-based LLC, earning it the distinction as the second-most expensive condo ever sold at the exclusive building. Despite showing no obvious signs of renovation, the owner is hoping for a profit of $17 million, according to the New York Observer.

Broker Janice Chang of Douglas Elliman has the listing.

Chang will have to figure out how to convince a seller to buy the 5,610-square-foot condo unit for nearly $11,600 per square foot, when Schecter’s 6,000-square-foot digs on the entire 35th floor are also up for grabs, for less than $9,200 a foot.

Perhaps it’s a matter of maintaining tradition. The late Richard Ullman had originally asked for $62.5 million when he sold the apartment, which features a wood-burning fireplace and 392-foot terrace, to the mystery buyer in May 2014.

Russian heiress Ekaterina Rybolovleva bought a penthouse in the building for $88 million in 2012. At the time, it was the highest priced sale of a Manhattan condo ever.

Resales at 15 Central Park West have brought big profits to sellers in recent years, with some units netting profits north of 200 percent. [NYO] — Tess Hofmann