Although 15 Central Park West has had some very impressive sales in the recent past, a recent news report has said that the volume of sales in the luxury condominium building has slowed down over the past few months. While there were 17 apartments sold at this very exclusive address in 2011, this year has seen only five apartments in the building finding buyers so far. This has been attributed to the sky-high figures being asked for the remaining condos in the building, with some real estate brokers calling some of these homes not worthy of such striking prices.
But the reason for the expensive price tags on the seven available units at 15 Central Park West is, interestingly enough, the slew of record-breaking sales seen at the same address over the years. After all, New York’s real estate sector still hasn’t stopped talking about the $88 million sale of former Citigroup chairman Sandy Weill’s penthouse that happened late last year, with many now trying to replicate or even top that whopping success. For instance, steel tycoon Leroy Schechter is in the process of combining two 35th floor units, which he intends to sell for $95 million.
But even as Schechter tries to find buyers for his majestic residence, there is a lot of competition rising—literally—to 15 Central Park West’s grand apartments. One of them is the 90-story One57 building, which has been raking up a lot of buzz in the market for both its startling height and its opulent apartments. Then there’s 432 Park Avenue, which will steal away One57’s tallest residential building title when it is completed in 2016. However, these new buildings are still under construction, thereby giving 15 Central Park West a significant advantage over them.
But besides its completed status, its excellent Central Park location and the sheer grandeur of its homes, some of the allure of 15 Central Park West can also be credited to its high-profile residents as well. Reading the list of residents is like reading a list of the who’s-who of the world today—The Wall Street Journal reports that the building has actor Denzel Washington, Goldman Sachs CEO Lloyd Blankfein, rock star Sting, Nascar driver Jeff Gordon and other celebrities as its residents. So if the amazing homes weren’t enough incentive, living with the stars should easily serve as one.
But as this year rolls to its end, there is some hope that the pricing of the apartments at 15 Central Park West to go through some kind of overhaul in the new year. Such a change has already been seen with the removal of a $44 million listing of two apartments in the tower, with the seller deciding earlier this month to rent out one of the apartments instead. With the market as competitive as it is, and many new construction apartments in the pipeline as well, it seems quite probable that 15 Central Park West sellers will change their strategy and have more realistic prices in the new year.