A look back at our blog posts over the past few months will reveal that one luxury condominium in particular has been popping up more than the others. The building in question is, of course, 15 Central Park West, the magnificent, limestone building designed by Robert A. M. Stern that has gained a very worthy reputation in Manhattan’s real estate market. While every apartment in this complex is by itself an amazing home, renovations and redesigns of the same have led to even more striking homes, with price tags that match the astounding glamour of these luxury homes.
In any case, the proof is in the pudding, and Bloomberg Businessweek has revealed that the last 12 deals made at 15 Central Park West have averaged a colossal $17.3 million, which is a far cry from their original purchase prices. Former Citigroup chairman Sandy Weill bought his 6,744 square foot penthouse in 2007 for $43.7 million, but after a massive renovation by Stern, Weill sold the same apartment in February for a tremendous $88 million. This is just one example though—the homes at 15 Central Park West continue to boast of excellent prices, and real estate agents seem to agree that its allure shows no sign of diminishing.
A cursory look at the apartments offered at 15 Central Park West is enough to justify the demand for them in the market. Besides an excellent location near Columbus Circle and Central Park, the pre-war condominiums here come with a number of stunning amenities that include a 75-foot swimming pool and a movie theater. The spectacular sales at 15 Central Park West have spurred on other listings in the market as well, with similarly (and stupendously) priced apartments for sale. Chief among them is One57, with a duplex penthouse sale of $90 million knocking the 15 Central Park record off the top of the charts.
With the tight supply in the market, there doesn’t seem to be any respite from these eye-popping prices in the near future. 15 Central Park West has started a trend of sorts, and we continue to watch with bated breath on what happens next at this very distinctive address: who’s going to join the likes of Russian billionaire Dmitry Rybolovlev, Goldman Sachs CEO Lloyd Blankfein and rock star Sting at these palatial homes? All we know for sure is that 15 Central Park West is right now high up on the list of most popular condos in New York City, and it won’t be relinquishing its choice spot anytime soon.