When hedge fund manager Bill Ackman closed on a $91.5 million penthouse at One57 in April 2015, he had already boasted that he had no intention of ever living in the place, but that he’d host parties there and eventually flip it as a “fun” investment. It seems that over the past year and a half, Ackman, whose net worth is estimated at $1.6 billion, has gotten even more optimistic, as a source close to him told Vanity Fair that he thinks he’ll be able to sell the 13,500-square-foot duplex for $500 million. As The Real Deal notes, this claim comes despite the fact that other units in the building have been recently listed at a loss and that his fund Pershing Square Capital is down to $11.4 billion under management from $20 billion in March of 2015.
The current owner of this seven-story landmarked townhouse–a real estate firm called Good Property–purchased it for $9.3 million in November of 2012, and proceeded to give it a top-to-toe renovation, clearly with luxury buyers in mind. The 1848 Greek Revival home on a pretty Village street catty-corner from Washington Square Park had been several market-rate apartments, and is now a single-family showstopper with an elevator, a super-premium kitchen, modern gas fireplaces, tri-level rear glass walls and doors, a landscaped backyard with an outdoor kitchen, an upper patio and a “penthouse lounge” on the roof. It was escorted back to the market in November of 2014 at $25 million; after a broker switch it’s still thinking big at $23.5 million.
EDITOR’S NOTE: An RFR Realty representative reached out to Curbed to say that 190 Bowery is NOT for sale. The listing is not current and will be removed from Cushman & Wakefield’s site.
It seems like the saga of 190 Bowery is never going to be over. As you’ll recall, photographer Jay Maisel turned the former Germania Bank Building into his own private mansion and lived there from 1966 until February of this year, at which time he sold it to developer Aby Rosen of RFR Realty for $55 million. Like we previously said, “Since that time, it’s been all eyes on Rosen. Is he removing or preserving that iconic graffiti? What the heck happened with that ‘public’ art show inside the building?”
And though the Landmarks Preservation Commission approved plans in May for a restoration and conversion to an office building with ground-floor retail, it now seems that Rosen may be getting cold feet. Curbed reports that he’s taking offers for 190 Bowery in what looks like a very high-profile flip attempt.
About two years ago, this impeccable pad on Central Park West sold for $4.3 million. Today, after an extensive gut renovation, the apartment is back on the market asking $8.495 million—nearly twice its initial price. But that 50% increase includes a Workshop/APD redesign, complete with “museum quality finishes” and only the finest craftsmanship. The finished product evokes a sense of calm sophistication in a supreme duplex with partial views of the city and Central Park.
After all the hoopla around RFR Realty’s purchase of Jay Maisel’s graffiti-covered home along the Bowery, word has now surfaced that its new owners are already looking to turn a profit on the six-story building—even before they’ve officially closed on it. The Commercial Observer reports that the building at 190 Bowery, which went into contract in September, is being listed by Massey Knakal Realty Services and marketing materials (dated November 19th) have already gone out.
Maisel previously owned the 1898 building, paying just $102,000 for it back in 1966 when it was abandoned. RFR’s co-founder and principal, Aby Rosen, is said to have spent six months persuading the photographer—who had been living in it for the last 45 years with his family—to sell the building on the basis that it was in “terrible shape” with “no heat”. Until Rosen’s offer, Maisel shot down all other proposals to buy him out. It’s estimated that RFR paid $50 million for the building. Condos were rumored to be on the way to the 37,000 square feet of space.
15 Central Park West has held strong as the most expensive condo building in New York City for the last two quarters, according to CityRealty. But while perusing their latest report we were led to their dynamic CR100 building list which reveals that…. wait for it… One57 is, as we speak, the most expensive building in the city.
With an average closing price of $6,703 per square foot, this building boasts a per-square-foot premium of $286 per square foot over its predecessor, 15CPW. Units currently up for grabs also top the charts at an incredible $6,719 per square foot.
About a month ago we reported on the renovation of a Clinton Hill townhouse underway. Now it looks like the home has gotten its final wash of paint and the owners have put their pad on the market for cool $3.35 million. This fancy flip returns after having undergone quite a bit of work—and it’s been bumped up from its $1.555 million closing price last winter (it was originally listed at $1.295 million). New bells and whistles include energy efficient boilers, two refurbished wood burning fireplaces, and a custom neo-angle chefs kitchen.