Stellar Management's Lawrence Gluck has been in some hot water for his practice of buying buildings, taking them out of affordable housing programs and raising rents, most famously at Tribeca's Independence Plaza. But is Gluck, who once received a Developer of the Year award, getting back in the good graces of tenants? He has sealed the deal to buy and fix up Tivoli Towers in Crown Heights, winning approval from some of his critics along the way. That's positively retro!
If Gluck really wants to revisit the old days, he should look into this new-to-market pre-war penthouse in The Olcott just off Central Park West. It may look familiar, because Gluck sold it last year for $5.5 million. Or maybe it doesn't, because the listing photos for the 2,772sqft condo, now asking $6.995 million, make the place look pretty emptied out. It must have been a thorough cleaning job, given the price increase.
Check out the brokerbabble for details on all the goodies on the inside, but we're more into the outside. We could entertain a few pro-tenant rallies on that terrace.
· Listing: 27 West 72nd Street #PHB [Corcoran]
· Real estate developer pockets $5.5M on Olcott penthouse [BlockShopper]
· Landlord Soothes Former Foes [Wall Street Journal]