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Post by shadowboxer on Jul 11, 2003 15:22:42 GMT -5
Wonder what his mortgage payment will be or is he buying outright? Crazy July 11, 2003 A British real estate investor has agreed to pay more than $40 million for a penthouse condominium located at Columbus Circle, the largest single residential transaction in New York City's history, several experts said yesterday. The penthouse, one of 10 penthouses topping the upper floors of the two towers of the AOL Time Warner Center to be completed this fall, consists of 8,400 square feet on the 76th floor and another 3,600 square feet on the 77th floor. "When completed, this will be one of the finest apartments in New York," said Pam Liebman, president of the Corcoran Group, the Manhattan firm that found the buyer. Liebman would not disclose the identity of the buyer. The luxury condominium will feature 25-foot-high glass walls and a wraparound outdoor space, which will provide 360-degree views of Manhattan, Central Park and the Hudson River. "Our buyer was attracted to AOL Time Warner Center for the five-star lifestyle," Liebman said. The center will include six restaurants, a luxury hotel, Jazz at Lincoln Center and 198 condos - including the penthouses, which are all being marketed as One Central Park. Jonathan Miller, president of Miller Samuel Inc., a Manhattan appraisal and consulting company, agreed that the $40 million-plus deal was the biggest yet, saying that it surpassed the $35 million paid for a 9,906-square-foot apartment at 50 Central Park South in 2001. Third, he believes, is the $30 million deal for the 15th and 16th floors at 740 Park Ave. in 2000. The Sunshine Group LTD represented the developers, The Related Companies and Apollo Real Estate Advisors LP, on the deal.Both the Sunshine Group and the Corcoran Group are owned by NRT Inc., the nation's largest residential real estate broker company and a subsidiary of Cendant Corp. Liebman said the deal represented "a home run for Cendant." She would not disclose how much the commission was, but "it's a big one." Liebman added that the deal reflects a greater confidence in the New York marketplace. Steven James, a broker with Douglas Elliman, said the firm is working with clients willing to pay about $30 million for the remaining AOL Time Warner Center penthouses. Hall Willky, president of Brown Harris Stevens, said, "We are seeing a lot more activity - and a lot more acceptances of offers - made between $10 million to $20 million." Copyright (c) 2003, Newsday, Inc.
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