Ian Reisner flips another co-op at 230 CPS for $11M

The apartment is one of many the hotelier owns
By Kathryn Brenzel | January 13, 2017 02:31PM

Ian Reisner and a rendering of the penthouse at 230 Central Park South

Hotelier Ian Reisner flipped yet another penthouse at 230 Central Park South, selling the triplex for $10.8 million.

The co-op comes with city approvals for a major overhaul of the unit, said Pamela O’Connor, one of the broker’s who handled the listing. She wouldn’t provide the name of the buyer, only saying that it’s an LLC. Rebecca Cavallaro, also of Sotheby’s International Realty TRData LogoTINY, had the listing as well.

Reisner bought the unit, 18F, in May 2015 for $7.5 million, property records show. Reisner, co-founder of New York’s first gay-friendly hotel OUT, and his partner have been flipping co-ops in the prewar building since the 1990s. In August, they sold a 5,000-square-foot unit on the 12th floor for $12.6 million.

The sale of the triplex closed on Thursday, O’Connor said. Reisner initially listed the unit in August 2015 for $12 million.

Renderings of 230 Central Park South

The three-floor unit is, in part, a two-floor extension atop the existing 18-floor building. Architect Steven Nebel of LabHaus said the penthouse currently resembles a “funny house at the Jersey Shore.” The new facade of the three floors will be a mix of terra-cotta, glass and aluminum.

Once completed, the renovated apartment will span 3,000 square feet and feature ceiling heights ranging from 12 to 14 feet on each of the three floors. There will also be 2,000 square feet of exterior space, which will include a swimming pool. The renovation is expected to cost roughly $4 million.

Reisner sold the long-term lease to the OUT Hotel for $40 million last year. The buyer, Merchants Hospitality, is in talks to lease space there to the Playboy Club.