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A blog from CityRealty (Links below will take you to the 6sqft site)

Carter's View

RiverTerrace, the very handsome, 41-story rental apartment tower at 515 East 72nd Street, is under contract to be sold by Macklowe Properties, which erected it in 1985, to C & K Properties and David Werner.

The mid-block building, which is east of York Avenue, contains 410 apartments and about 100,000 square feet of commercial space.

Ben Korman, a partner with Meir Cohen in C & K Properties, told CityRealty.Com today that the apartments in the building will "most probably" be converted to condominiums. He said that C & K was now "hiring professionals" and "considering" what alterations, if any, may be needed.

The building is distinguished by its green mansard-style roof with large clocks on its north and south facades.

It has a large and impressive lobby that leads to a private landscaped sculpture garden, a garage, a health club with a 60-foot pool, squash and racquetball courts, and the penthouse level as a sun terrace and community room. The building, which also has a doorman and a concierge and is pet friendly, was designed by Schuman Claman Lichtenstein & Efron.

It is across 72nd Street from Sotheby?s, the auction house, whose entrance is on York Avenue.

Published reports indicated that the sales price for the property will be about $363 million.

C & K?s portfolio includes commercial buildings at 151 William Street, 132 West 31st Street, 519 Broadway and 1710 Broadway, which was erected in 1917 as the New York headquarters of the Ford Motor Company and a large portion of which is now leased to Sean "P. Diddy" Combs.

David Werner recently was one of the sellers of the Bank of America Building in San Francisco.
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Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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