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Thread: $45M AOL-TIME WARNER 2-FL. CONDO SETS RECORD - Ouch

  1. #1
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    Default $45M AOL-TIME WARNER 2-FL. CONDO SETS RECORD - Ouch

    By BRADEN KEIL
    --------------------------------------------------------------------------------

    ROOM AT THE TOP:
    A full-floor apartment on the 76th floor will contain several double-height rooms. *

    July 10, 2003 -- JUST as sales were looking a tad slow in the high-end real estate market, comes word that someone is about to pay the highest price ever recorded in Manhattan for single-family housing.
    A $45 million contract has just been signed at the AOL Time Warner Center for two apartments, to create an 8,400-square-foot duplex condo in the soaring twin-towered complex, nearing completion at Columbus Circle.

    And he price doesn't even include the interior work - which is estimated to cost an additional $15 million.

    Sources say the full-floor apartment on floor 76 will be combined with a 3,000-square-foot space on the 77th floor to create several double-height rooms.

    "They're gutting the upstairs apartment just for more air space - it's just amazing," said one stunned broker.

    The deep-pocketed buyer, a single male British financier based in the U.S., has consulted an architect to transform the raw space into a spectacular pad in the building's south tower - also known as the Club Tower.

    Robby Browne of the Corcoran Group represented the buyer, while the Sunshine Group represented the developer - the Related Group and Apollo Real Estate Advisors - a slam dunk for Cendant Corp., which owns both Corcoran and Sunshine.

    The second-largest sale in the building took place last year for a reported $30 million - for a smaller space on a higher floor.

    "This demonstrates a tremendous vote of confidence in the super-luxury market," said Corcoran Group CEO Pamela Liebman.

    The news certainly comes as blessed relief for several high-end real estate developments that were seeing slower sales after 9/11.

    Last year, the developers of the AOL Time Warner Center opted to break up many of the full-floor apartment configurations on the penthouse floors of the building.

    At the time, Related Companies Vice Chairman David Wine told The Post: "When you looked at our marketing, we had a major gap. Our top [non-penthouse] apartment was selling for about $11 million, while our penthouses [comprising the top five floors of the 80-story building] started at $25 million plus.

    "There are a number of purchasers who have inquired about residences in the 4,000- to 6,000-sq.-foot range. Therefore, we have decided to take just a handful of the penthouses and respond to that market."

    As a result, the 8,400-sq.-foot floors were split into 5,000-sq.-foot simplexes and 6,000-sq.-foot duplex apartments, with the 3,000-sq.-foot spaces on each floor.

    Price tags are around $24 million.

    In case the public is interested in seeing what a finished apartment could look like, 20 of the top designers, according to Architectural Digest, are decorating two apartments on the 73rd floor. Over a three-week period, they will be shown to prospective buyers.

  2. #2

    Default $45M AOL-TIME WARNER 2-FL. CONDO SETS RECORD

    http://money.cnn.com/2003/07/10/news...ex.htm?cnn=yes

    YOU BEAT ME TO THE POST...
    CNN/Money/Reuters says it's only $40MM.

    -----------

    NYC apt, park vu, $40M

    British financier buying entire 76th floor of the new AOL building; price tops city record.
    July 10, 2003: 1:34 PM EDT


    NEW YORK (Reuters) - A British financier has agreed to pony up $40 million for a 12,600 square foot apartment in AOL Time Warner's new home at the edge of Central Park, making it the most expensive apartment sale in New York City history.

    The financier, whom brokers could not identify because of disclosure agreements, agreed to buy an 8,400 square-foot unit, or the entire 76th floor, of the south tower at the two-tower structure being built on Columbus Circle at the southwest corner of the park.
    *
    The 80-story twin towers of the AOL Time Warner Center rise above Columbus Circle in New York City will have office space, multimillion-dollar apartments, shops and restaurants, a hotel, jazz performance halls and parking. (Photo: AOL Time Warner)

    The deal also includes a terrace that wraps around the 76th floor, as well as a 4,200 square-foot half-penthouse on the floor above, according to Pamela Liebman, the CEO of Corcoran Group, which represented the buyer.

    The property will be sold raw, meaning the apartment, while technically inhabitable, will be a wide open space lacking internal walls and interior decoration.

    "Whomever he chooses to design it for him is going to have one of the greatest blank spaces in the world," Liebman said.

    The full-floor apartment has Manhattan views that stretch from the Hudson River on the west to the East River and include all of Central Park.

    The pending deal tops the former record sale of a Park Avenue apartment at $36 million.

    The building's nearly 200 units range in price from $1.8 million to $30 million for a floor-through apartment.

    The center will be the new home not only of the very, very wealthy, but also the media conglomerate AOL Time Warner Inc. (AOL: down $0.56 to $16.12, Research, Estimates), the parent of CNN/Money, the Jazz at Lincoln Center cultural organization, the Mandarin Oriental New York Hotel, restaurants, shops and a Whole Foods Market Inc. natural food supermarket.

    The AOL Time Warner Center is scheduled for a phased opening, beginning with the residential units in the fall. *
    ------------------------------------------------------------------------
    Copyright 2003 Reuters All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


    (Edited by chris at 5:43 pm on July 10, 2003)

  3. #3
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    Default $45M AOL-TIME WARNER 2-FL. CONDO SETS RECORD

    Only $40MM... I hope he went with the broker CNN knows!

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