How’s the plumbing?
What kind of extreme and over-the-top display of wealth could make even Wall Street executives and Hedge Fund managers gasp? How about this: Russian billionaire Dmitry Rybolovlev is purchasing the penthouse at 15 Central Park West for the asking price of $88 million dollars for his 22 year-old daughter.
This sale will mark a record in New York City residential real estate; not only will this be a record sale price for an apartment, it will also be a record sale on a price per square foot basis. At 6,744 square feet, the sale equates to close to $13,050 per square foot. For some perspective, according to the NAR the median value of a home across the U.S. was $162,500 in October 2011 – that money would buy roughly 12.5 square feet at 15 CPW.
This penthouse apartment, PH-20, was purchased in 2007 by Sanford Weill, former chairman of Citigroup for $43.7 million. In less than five years he doubled his money. During that same period, the median home price in the US fell from a high of roughly $230,000, or a 30% drop.
15 CPW is an ultra-luxury condominium building built on the site of the old Mayflower Hotel, and faces Central Park. The building was designed by ‘starchitect’ Robert A.M. Stern. The likes of Goldman Sachs CEO Lloyd Blankfein and top hedge fund managers Daniel Loeb, Daniel Och and Scott Bommer call the twenty-story tower home.
What does it cost to live in this building? According to the apartment data for PH-20, which is listed by Kyle W. Blackmon of Brown Harris Stevens, the condo has monthly common charges of $8,867, plus the real estate taxes work out to $4,958 per month. I’m sure this will be an all cash purchase, but if Dmitry decided to put down 20% and finance the balance of $70,400,000, the monthly mortgage payments, using a 5% interest rate on a 30-year mortgage, would be $377,922 per month.
I can see Moscow from here.
