220 Central Park South. Image via Vornado Realty Trust and Robert A.M. Stern Architects.
Calls for a so-called pied-à-terre tax have increased since hedge fund manager Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million in January, for a residence that the billionaire will be using as “a place to stay when he’s in town.” And State Budget Director Robert Mujica stated recently that a pied-à-terre tax could be combined with other revenue solutions to help fund the Metropolitan Transportation Authority’s $40 billion in capital needs. Owners of some of the city’s highest-priced real estate, however, could face a dramatic dip in their property values if the tax plan is enacted, the Wall Street Journal reports, after an analysis that showed how the heftiest tax would be levied on a small number of houses, co-ops, and condos with market values of $25 million or more. The new tax could potentially slash the value of this handful of pricy properties by almost half.
How much is half of too much?
, Fri, September 11, 2015
The lavish pad of the late socialite and philanthropist Carroll Petrie at big-name favorite 834 Fifth Avenue has just hit the market, and it’s asking a very impressive $30 million. The big question is, where will the sale money go when the time comes?
Carroll, who was married to the late retailing giant Milton Petrie, passed away in February, but drama quickly started brewing over her $100 million will. She left $12.5 million to her daughter Andrea Portago, whom she had with her former late husband, Spanish race car driver Alfonso de Portago, but with an odd stipulation based on their contentious relationship. The bulk of her estate was left to her Carroll Petrie Foundation, which supports the Dog Rescue Project of the ASPCA. But this likely isn’t sitting well with Andrea, who already retained estates and trust attorney Harvey E. Corn (he also worked on the cases of Brooke Astor and Huguette Clark). Whatever the legal outcome, the 11-room home will certainly make its new owner feel like NYC royalty.
Take a look around the impressive apartment
The real estate world was abuzz last fall when the news hit that Jets owner Woody Johnson had sold his Upper East Side apartment to billionaire Leonard Blavatnik for $80 million, setting the record for most expensive co-op sale ever. The official city documents have hit, though, and the sale price came in lower than expected at $77.5 million. But this is still over the $75 million asking price and doesn’t change the transaction’s record-breaking status, as it still surpasses the previous co-op sale record, set when Israel “Izzy” Englander bought a duplex at 740 Park Avenue for $71.3 million.
It’s not known if Blavatnik, the 32nd richest man in the world, will actually live in the duplex at 834 Fifth Avenue or if it will be merely another shiny object in his trophy case of New York City real estate. He also paid $31.25 million for 2 East 63rd Street, the city’s widest mansion; $27 million for a unit at 998 Fifth Avenue; and $51 million for Edgar Bronfman’s townhouse at 15 East 64th Street. His latest acquisition has five bedrooms, three maids’ rooms, and an open layout perfect for entertaining.
It’s that time of year when we take a look back at the biggest stories of the year and look ahead at what’s to come. And if 2014 was the year of the ultra-luxury listing, 2015 shows no sign of cooling down.
This past year saw major increases from 2013, with $16.8 billion in residential sales, over 17 percent of which was accounted for by purchases over $10 million. Plus, the top 25 sales of the year all closed for over $25 million. News of big sales at One57 will likely continue, with 520 Park Avenue vying for the title of most-talked-about building. We’ll also start hearing more from 30 Park Place, 432 Park Avenue, and the Woolworth Residences. To help you visualize all of these high-rolling record setters and predictions, the folks at CityRealty have put together some handy charts and infographics.
Check out the year in review and 2015 predictions here
In addition to holding the record for highest purchase of a sports team in New York (he bought the Jets in 2000 for a whopping $635 million), Johnson & Johnson heir Woody Johnson now also holds the title for most expensive co-op ever sold in the city. His 11th/12th floor duplex at 834 Fifth Avenue has been snatched up by billionaire Leonard Blavatnik for $80 million, well over the $75 million asking price. This far surpasses the previous co-op sale record, set when Israel “Izzy” Englander bought a duplex at 740 Park Avenue for $71.3 million.
This is merely pocket change for Blavatnik, though, as he’s the 32nd richest man in the world and worth an estimated $21.8 billion. It’s not known if he’ll take up residence in his latest acquisition or just add it to his trophy case of high-end real estate. He also paid $31.25 million for 2 East 63rd Street, the city’s widest mansion; $27 million for a unit at 998 Fifth Avenue; and $51 million for Edgar Bronfman’s townhouse at 15 East 64th Street.
Johnson didn’t live in the home; he used it solely for fundraisers and parties. It has five bedrooms, 5½ bathrooms, and three maids’ rooms, as well as a large staircase and open layout perfect for entertaining.
[Via NY Post]
Billionaire NY Jets owner, Woody Johnson is looking to break a record with the sale of his duplex at 834 Fifth Avenue. The unit, which was quietly being shopped around for $75 million, has gone into contract for $80 million. When closed, it will be the city’s most expensive co-op sale ever.
This is clearly a billionaire’s game as the last two sales to claim the top spot were by Egypt’s richest man, Nassef Sawiris, who bought a $70 million home at 960 Fifth Avenue; followed by Israel “Izzy” Englander at 740 Park Avenue who paid $71.3 million for a pad. Both transactions happened this year.
- Listings hit for 160 Imlay, the Morris Adjmi-designed conversion in Red Hook. [Brownstoner]
- Commercial building sales expected to top $52 billion this year, the highest since 2007. [Daily News]
- Jets owner Woody Johnson lists 834 Fifth Avenue duplex for $75 million. [New York Post]
- Developers bring back plans for mixed-use complex in Sunset Park. [Brooklyn Paper]
- Renderings revealed for 86 Fleet Place, John Catsimatidis’ 32-story, glassy residential building in downtown Brooklyn. [Yimby]
Images: Interior rendering of 160 Imlay, via Douglas Elliman (L); Rendering for Sunset Park development via Raymond Chan Architect (R)