LA Fitness chief sells Walker Tower PH for $45M

Louis Welch paid $40M for 6,700 sf pad in 2014

New York /
Jun.June 23, 2016 03:50 PM

UPDATED: June 23, 4:12 p.m.: Without breaking much of a sweat, LA Fitness CEO Louis Welch sold his Walker Tower penthouse condominium unit for $45 million, two years after paying $40 million for the sprawling Chelsea pad.

Challenging the notion that sales are sluggish on the high end of Manhattan’s residential market, a mystery buyer – identified as Walker Tower 1-8 LLC – paid just over $6,678 per square foot for Penthouse 2, according to property records filed with the city Thursday. The buyer went into contract May 20 and closed June 10.

“It wasn’t listed and the buyer came out of nowhere. They bought and closed very quickly,” said Douglas Elliman’s Vickey Barron, who sold the apartment on behalf of the sponsors in 2014. “When I sold it to him, I said, ‘You’ll thank us one day.’”

In the latest transaction, the Corcoran Group’s Carrie Chiang represented the seller. Corcoran’s Jerry Huang brought the buyer. Both declined to comment.

In 2014, Welch paid $40.3 million, or just over $6,044 per foot, for the five-bedroom condo, public records show. The unit has 360-degree views and three wood-burning fireplaces.

Developed by Michael Stern’s JDS Development Group and Kevin Maloney’s Property Markets Group, Walker Tower rises 23 stories and has 47 units. The Art Deco building was constructed in 1929 and served as an office for Verizon before JDS and PMG converted it into high-end condos.

As a high-end condominium, the building has set Downtown sales records. In 2014, hospitality executive Neil Moffitt paid $50.9 million for Penthouse 1. He later re-listed the 6,000-square-foot pad for $70 million, before dropping the price to $55 million. As of April, it was no longer on the market, according to StreetEasy.

Barron, who sold Moffitt his unit and lives in the building, said she’s “more than pleased” about selling Penthouse 2 for $45 million. But she said Penthouse 3, currently listed for nearly $40 million, is larger and the seller put more than $2 million into renovations.

“It’s off-the-charts good,” said Barron. “Whoever sells Penthouse 3 should raise their price.”


Related Articles

arrow_forward_ios
Hugh Jackman and 100 Eleventh Avenue #PHA (Getty, StreetEasy)
Hugh Jackman buys penthouse at Jean Nouvel tower
Hugh Jackman buys penthouse at Jean Nouvel tower
160 West 24th street with Greystar’s Bob Faith and CBRE Investment’s Chuck Leitner (Streeteasy, Greystar, CBREIM)
CBRE snaps up $245M Chelsea apartments
CBRE snaps up $245M Chelsea apartments
From left: 121 West 26th Street, Watermark’s Brendan Medzigian and Two Kings Principal Christopher Wang (Google Maps, Watermark , LinkedIn)
Watermark Capital sells Holiday Inn in Chelsea for $80 million
Watermark Capital sells Holiday Inn in Chelsea for $80 million
Morgan Stanley's Ron Vinder and 212 West 18th Street (CORE Real Estate, Morgan Stanley, iStock)
Condo board fails to evict buyer of discounted 1MDB penthouse
Condo board fails to evict buyer of discounted 1MDB penthouse
Red Apple Group's John Catsimatidis and 280 Eighth Avenue (Red Apple Grpup, Google Maps)
John Catsimatidis plans mixed-use Chelsea project
John Catsimatidis plans mixed-use Chelsea project
Pier 57 in Chelsea. (Google)
Google opens new Pier 57 to employees, public
Google opens new Pier 57 to employees, public
Robert Gans, 533 West 27th Street and Eli Tabak (Robert's Steakhouse, Google Maps)
Strip club owner alleges Tabak family conspiracy in $100M suit
Strip club owner alleges Tabak family conspiracy in $100M suit
From left: Doug Tiesi, CEO, Argentic, and Ben Ashkenazy, CEO, Ashkenazy Acquisitions, in front of 115 Seventh Avenue (Argentic Investment Management, LoopNet, iStock)
Ashkenazy loses original Barneys building
Ashkenazy loses original Barneys building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...