Rose Associates heiress sells $10M Tribeca condo to distressed mortgage trader
Isabel Rose had asked $14M for unit in 2015
An heiress to the Rose Associates real estate fortune has made a transaction of her own, selling her Tribeca condo unit for eight figures to a distressed mortgage trader.
Isabel Rose unloaded the unit at 90 Franklin Street for $10 million to Scott Yedid of Cerberus Capital, six years after initially putting it on the market for $14 million.
Rose previously told The Real Deal that she purchased the property for $2 million in 2000.
Rose — an actress, singer and artist — bought the unit before Tribeca became one of the hottest spots in the city.
“I could see the future,” Rose said at the time of the 2015 listing. “I understood that it was going to become a hotspot very quickly. So it seemed like a smart business decision.”
Her clairvoyance might have faded since the acquisition, however, as she failed to sell the unit before the Manhattan luxury condo market began a four-year slump in 2017.
A listing for the apartment describes it as having five bedrooms and four and a half bathrooms. The apartment is 5,027 square feet and boasts views of the New York City skyline including the Empire State Building.
The apartment has high-beamed ceilings, mahogany floors and a private elevator landing. The kitchen comes with a six-burner Wolf range, a convection oven, a Sub-Zero refrigerator described as “gigantic,” a built-in coffee maker and wine storage.
The primary suite has a bathroom with a deep-soaking tub. There is also a recreation room and a laundry room. Additionally, the home is hooked up with a Savant Smart Home system.
The condo is in a 1915 luxury building with a 24/7 concierge, a porter, an on-site super, a fitness center and a recently renovated roof deck.
Rose is part of the third-generation of the Rose real estate family. Rose Associates was started in the 1920s and has since grown to be one of the most successful real estate firms in the state, managing more than 18,000 units.
Yedid, 38, is the senior managing director at Cerberus Capital, where he has worked since 2008. He serves as the head portfolio manager for United States residential investments in whole loans and securities.