The triplex penthouse of the exclusive One Madison building at 23 East 22nd Street has indeed hit the market for a whopping $50 million. Yes, the building is in a central location with Gramercy, NoMad, and Chelsea all surrounding it, but it seems to be part of an ongoing trend of astronomically priced penthouses gracing New York City.
Just a short while ago, Chelsea Clinton, daughter of former president Bill Clinton, and husband Marc Mezvinsky bought a beautiful $10.5 million condo at 21 East 26th Street. We speculated at the time about how a Ph.D. candidate would ever be able to afford such a grand pad.
The luxury 60-story condo tower, One Madison (Park), may return to the market as soon as August. The distressed luxury tower was first put on the market in 2007. It sold a few apartments but promptly became a magnet for all kinds of troubles. Trouble with buyers, countless lawsuits, and bankruptcy took the building on and off the market.
Chelsea Clinton, daughter of former president Bill Clinton, and husband Marc Mezvinsky have signed on the dotted line to buy a four-bedroom luxury condo inside The Whitman at 21 East 26th Street in Gramercy Park. Bill and Hillary Rodman Clinton are just coming off an especially busy year with Bill backing the Obama campaign and helping keep him in office, and Hillary’s involvement in the Benghazi affair and eventual hospitalization.
Food Network's famous chef and restaurateur, who in 2006 opened the ill-fated (it closed within a year), up-scale, casually elegant, Greek restaurant “Parea” (group of friends in Greek), together with his lovely wife Elizabeth have purchased a pad in the Gramercy neighborhood. They already own a condo in SoHo, which they have put on the market with an ask of $3.5 million.
The German fashion guru Karl Lagerfeld has finally sold his co-op at 50 Gramercy Park North for $4.5 million. The super, white-themed, luxury apartment had been on the market for 9 months and went temporarily off the market in December. It must have stung Karl to give the apartment away for a whopping $2.25 million less than he paid for it in 2006. The reason for the poor interest in the apartment is probably the high maintenance costs.
Stuyvesant Town, one of New York City’s most iconic post-World War II private housing communities, has just been given a new appraisal. The independent appraiser for CWCapital Asset Management valuated Manhattan’s largest apartment complex at $3.2 billion, compared to its last appraisal dated back to 2010 when it was valuated at only $2.8 billion – $400 million less of its current assessment. CWCapital Asset Management ordered the appraisal on behalf of the bondholder owners.
The condo conversion in Manhattan’s Gramercy Park has gotten a new name — Huys. The Dutch name is not really surprising as both the developer and designer are Dutch. The name comes from "Stadt Huys," which is an old spelling of "City Hall" and is pronounced somewhat like the English word “house.”
A new record has been set! The 18 Gramercy Park full-floor penthouse will be the highest price ever paid for a NYC apartment south of 59th street, provided the apartment under contract closes. The five-bedroom, 6,300-square foot penthouse, commanding the 17th and 18th floors, boasts a 40-foot-wide terrace facing the Chrysler Building. The apartment also has 3 other terraces, two of them with a pool and whirlpool.
The residential building at 88 Lexington Avenue, nearby Manhattan’s historical Gramercy Park, has been sold for $82M, according to The Real Deal. It was purchased by Halstead Management Company for $32 million in 2007. That is an increase of $50 million or 156% in just five years. The new owner is the New York-based real estate investment management company Westbrook Partners.