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It Happened One Weekend: Stanhope Penthouse Sells

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1) The duplex penthouse at the Stanhope 995 Fifth Avenue (right) has sold to Claude Becker Wasserstein, the wife (though they're separated) of billionaire Bruce Wasserstein. The asking price on the 7,000-square-foot (with 5,000sqft of outdoor space!) apartment was $47.5 million. The conversion of the old hotel got off to a slow start, due to the land lease situation as well as the infamous Hobbit incident. One name change later, only two of 26 apartments remain unsold. The penthouse involves a rooftop addition, so it's less Hobbit-like. [Big Deal/'A Sale at the Stanhope']

2) The Chelsea Modern and the Upper East Side's Lux 74 and 157 East 84th Street are examples of the recent trend of turning basements into "gallery duplexes" or triplexes and pawning the windowless spaces off to buyers. "Instead of looking at it as dead space because it's light challenged, developers are putting in the kinds of things that we'd like to have that don’t need light," said the CORE Group's Shaun Osher. "Light challenged." We like it. ['Unearthing Hidden Space']

3) Con Ed is perfectly OK with the landmarking of its limestone clock tower at 14th Street and Irving Place, as long as their big parking lot across the street remains a potential development site. Oh, and we're already looking forward to the building's condo conversion during the next real estate boom. [Streetscapes/'A Beacon of the Changing Times']

4) Thanks to 20-year tax abatements and other factors, the multiphase 117-acre Arverne by the Sea on the Rockaway Peninsula has seen good sales, even in a slowing area. Now, the retail components and a huge Stop and Shop are on the way, and the Tides, the 886-unit final phase of condos, is planned for 2010. [Posting/'Sitting Pretty by the Sea']

5) In this week's Hunt, a young married couple knows how to look on the bright side of things. The two-bedroom co-op they bought in Clinton Hill for $430,000 is far from the subway, noisy, and their contractor totally effed up their bathroom floor. Still, they're lovin' life, and they just seem like nice folks. [The Hunt/'Hunters Find New Home Just One Flight Up']

995 Fifth Avenue

995 Fifth Avenue, New York, NY