In addition to calling the bottom of the Manhattan condo market this week, Prudential Douglas Elliman superbroker Dolly Lenz updated the world on sales at the Apthorp, the problem-plagued condo conversion of the landmark Upper West Side rental palace. The building made its September deadline of selling 25 units (or risk total annihilation), and Lenz said that 34 units have been sold in the past month. Lending some credence to those boasts, 28 units were just listed as "in contract" on StreetEasy. It'll be very interesting to see what these pre-war gems eventually close for, but let's take a look at the asking prices.
Holy Astor! If all those units fetch their asking prices?highly improbable with an extremely motivated seller and deep discounts being offered to existing tenants, but let's entertain the thought?that's over $170 million in sales right there, with around another 130 units to go. The building was purchased for $426 million in 2007. What say you, Apthorp conspiracy theorists?
· The Apthorp [StreetEasy]
· All Apthorp coverage [Curbed]
· The Apthorp [Official Site]