Closings Commence at Rosario Candela's 12 East 88th Street; Modernized Carnegie Hill Homes from $1.395M

Model living room at 12 East 88th Street (Images courtesy of Douglas Elliman / Simon Baron Development)

Tuesday, Sep 12, 2017 By Ondel Hylton

The first closings are in for Simon Baron’s 24-unit condo conversion of 12 East 88th Street. Located in the heart of Carnegie Hill, between Fifth and Madison Avenues, the 13-floor building is across from the Guggenheim Museum and very close to Central Park. Built during the tail end of the Roaring Twenties, the stoic structure was designed by the city’s greatest architect of apartments, Rosario Candela. Simon Baron Development purchased the then-rental property in 2014 for $105 million and commissioned KinlinRutherfurd and Champalimaud to modernize and refresh the landmark to better reflect the glory of their Candela heritage and the needs of today’s homeowners.

12 East 88th's three recorded closings (CItyRealty)

The three closings recorded are a 1,450 SF two-bed on the 2nd floor which closed for $3 million, a 2,243 SF three-bed on the 8th floor closed for $5.529 million, and a 2,980 SF 4-bed on the 8th floor for $7.367 million. Average asking prices for the graciously-sized units come in just under $2,500 a foot — well above Carnegie Hill’s closing average per our data records.

A variety of layouts are still up for grabs and include a magnificent 5-bed, 5.5-bath home with exposures overlooking tranquil East 88th Street and a rear courtyard. The 3,690 SF spread is listed for 9.5M ($2,575 a foot). At the lower end of the scale is a 735-SF one-bedroom listed for $1.395M. The home received a substantial 20.3% price cut in February and is now priced below $1,900 a foot.

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Floorplan of Unit 10B priced at $9.5M

Unit 4D for $1.395M

Whispering of excellence rather than screaming about their affluence, as the sales team puts it, the restrained red-brick and limestone façade has been impeccably restored and efficient multi-pane windows have been installed. Interiors are equally elegant and feature spacious layouts with supreme finishes. Homes feature gracious foyers, chef's kitchens, butler’s pantries, separate dining rooms, and libraries with 6-inch-plank stained oak flooring. Master suites have en-suite five-fixture baths and oversized walk-in closets that double as dressing rooms.

12 East 88th Street has a concierge, a live-in superintendent, a children’s playroom, a gym, a media room, a package room, storage, a laundry and a garden.

"Remaking a landmark of distinguished apartment house design to serve new generations of New Yorkers who still crave the real thing, and want to own a piece of this city’s remarkable history." - 12 E 88 Sales

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Closings Commence at Rosario Candela's 12 East 88th Street; Modernized Carnegie Hill Homes from $1.395M

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Manhattan contracts led by prestigious co-ops at The San Remo and 740 Park Ave; "Wolf of Wall Street" penthouse finds a buyer

Price Cuts: "Big" screenwriter's Cobble Hill townhouse trimmed by $900K; Lantern House junior penthouse drops below $10M

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NYC contracts led by $18.5M Upper East Side mansion and a bespoke Billionaires' Row condo