London Terrace, the gigantoid Chelsea apartment monolith, is fast becoming our favorite microcosm of the hopes, dreams, and fears of real estate in our big city. First, Chelsea club empress Amy Sacco blew up the pipes, then, to atone for that sin, opened the hyper-exclusive restaurant Bette downstairs. Now, via the NYT's William Neuman, we learn that famed photographer Annie Leibovitz's penthouse in the building has its own share of challenges:
Ms. Leibovitz bought the first of the units, Penthouse B, several years ago. She later bought the adjoining unit, Penthouse A, which was occupied by a renter who had been living in the building for decades. As part of the purchase, the tenant received what Mr. Macrae described as "a life tenancy." Ms. Leibovitz then got permission to knock down a wall and added a bedroom from the tenant's unit to her own.Leibovitz just sold the twin penthouses. Notes Neuman, "The tenant remains," paying "significantly less" than the $2,455 monthly maintenance on the place. Meantime, seems Leibovitz is just months away from moving into the West Village townhouse that's enjoyed its own weeping, wailing, and gnashing of teeth.
· Fixtures in the Chelsea Art World [NYTimes]