Apthorp closes on its priciest sale at $14M

The Apthorp

Jon Pollock — a senior portfolio manager at New York hedge fund Elliott Associates — is aiming to combine three recently purchased units at the Apthorp into one of Manhattan’s largest single-floor apartments, according to the Wall Street Journal. Pollock closed earlier this month on his third ninth-floor apartment at the landmark building — at 390 West End Avenue — with the combined three units comprising nearly 8,500 square feet, at a price tag of close to $14 million, roughly half the $28 million asking price. He paid more than $2,000 per square foot for the third unit, which is the Apthorp’s most expensive sale on a price-per-square-foot basis. All three units are in poor condition and will have to be or already have been gutted. The purchase is some rare good news for a property that has struggled to build sales momentum. Sales of only 20 condos in the 163-unit building have closed and prices for some have been around half the offering levels. Buyers have signed contracts for another 16 units but haven’t closed. [WSJ]

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Tags

Apthorp closes on its priciest sale at $14M

The Apthorp

Jon Pollock — a senior portfolio manager at New York hedge fund Elliott Associates — is aiming to combine three recently purchased units at the Apthorp into one of Manhattan’s largest single-floor apartments, according to the Wall Street Journal. Pollock closed earlier this month on his third ninth-floor apartment at the landmark building — at 390 West End Avenue — with the combined three units comprising nearly 8,500 square feet, at a price tag of close to $14 million, roughly half the $28 million asking price. He paid more than $2,000 per square foot for the third unit, which is the Apthorp’s most expensive sale on a price-per-square-foot basis. All three units are in poor condition and will have to be or already have been gutted. The purchase is some rare good news for a property that has struggled to build sales momentum. Sales of only 20 condos in the 163-unit building have closed and prices for some have been around half the offering levels. Buyers have signed contracts for another 16 units but haven’t closed. [WSJ]

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Tags