Real Estate News Roundup
JULY 11, 2012
Big ticket moves: Billionaire financier Howard Marks hopes to add $50 million to his portfolio from the sale of his 2-bedroom home in the Residences at the Ritz-Carlton at 50 Central Park South. Marks paid about $18.9 million in 2007 for the 4,536-square-foot, full-floor apartment with Central Park views. A duplex in the building sold for $70 million back in May. Marks and his wife listed their former residence after they paid $52.5 million in May for a 30-room duplex co-op formerly owned by Courtney Sale Ross at 740 Park Avenue, the NYC record for priciest co-op sale (CurbedNY, NYDN).
Trend alert: Art sales are booming and developers are hoping to attract affluent art lovers. Developers, brokers and artists are collaborating in various ways, such as having art shows, openings and auctions in apartment building lobbies, model apartments and sales offices. At recent events held in a $32 million penthouse at the Setai condominium at 400 Fifth Avenue and at an art-filled mansion at 170 East 80th Street, the atmosphere felt like that of an art party; developers hope the association will stick when it comes time for wealthy collectors to buy (TheRealDeal).
The power of celebrity: Recent news that the soon-to-be-divorced-from-Tom-Cruise Katie Holmes has an apartment in the Chelsea Mercantile building at 252 7th Avenue has apparently done good things for current listings there: in one case, a 4,000-square-foot apartment listed for $22.5 million allegedly brought in five times the usual number of requests for showings (TheRealDeal).
SoHo loft law underscores changes in neighborhood identity: Recent actions taken by SoHo property owners seeking to overturn a long-standing law that protects loft space for artists have sparked debate over the importance of the regulation. The neighborhood, once home to artists who utilized the neighborhood’s huge studio spaces, is still known for its lofts, which today are more likely to be luxury conversions like The Loft at 30 Crosby Street and The Lofts at 103 Greene Street (WSJ).
Have you found yourself wistfully thinking about the outsized five-story townhouse perched atop the 1860s Munitions Building condo at 60 Warren Street? Well, it is still on the market for $28 million after six years. All 11,000 square feet of it (Inman News).