Combined Ritz-Carlton Condos Look to Set Record With $118.5 Million Asking Price
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Combined Ritz-Carlton Condos Look to Set Record With $118.5 Million Asking Price

June 20, 2014

What’s better than getting $56.5 million for your 7,600-square-foot, five-bedroom duplex? Joining forces with your neighbor and adding in your second apartment to list the whole kit and caboodle for a record $118.5 million. At least that’s what Five Star Electric’s Gary Segal chose to do, according to the Wall Street Journal. Segal briefly listed his Ritz-Carlton duplex, which has two terraces and views of the Statue of Liberty and One World Trade Center, for $56.5 million last year before apparently getting shiny ball syndrome and taking it off the market. Who wants $56.5 million when you could get $7,600 per square foot? It appears his neighbor, financier Randall Yanker, agreed after putting his 4BR/5BA duplex up for sale earlier this year, asking $23 million, then lowering to $19 million, before ultimately taking it off the market.

Now the two are putting their units together as a group deal, throwing in Segal’s other recently purchased $11.7 million three-bedroom unit. The grand total is 15,434 square feet of interior space, along with 2,193 square feet of outdoor living space, all for the potentially record-setting sale price of $118.5 million. That’s over $30 million more than the highest closed sale in Manhattan of $88 million, closed back in 2012. Is it just us, or is it starting to feel like A Beautiful Mind in here?

Ritz Carlton interior, three condo combo, record setting price, $118.5 million, Ryan Serhant, Million Dollar Listing

Who’s behind this delectable idea? None other than Nest Seekers International’s Ryan Serhant. He’s clearly encouraged by the hot Manhattan market lately, with the late Edgar Bronfman Sr.’s Upper East Side penthouse selling recently for a record-setting $70 million – the highest price for any Manhattan co-op. And Serhant feels his asking price is justified by the enormous square footage, the gorgeous views of Governors Island and the Verrazano Bridge, hotel amenities such as room service and housekeeping, and most importantly, it’s not nearly as much as the $12,000 per square foot a penthouse in the nearby Woolworth Building is asking. To put it in layman’s terms, “He started it.”

$118.5 Ritz-Carlton 9

Serhant claims to have shown the place to a number of potential buyers and has already been receiving offers well within his astronomical asking range. You know what we say? Go ‘head, Serhant. Go ‘head.

The units are set to list this week and we’ll be watching.

[via Wall Street Journal]

[At CityRealty]

Photos courtesy of Corcoran Group and Platinum Realty

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All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and for no listing shall the number of bedrooms listed be considered a legal conclusion.

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