Art world power couple Perry Rubenstein and his wife, Sara Fitzmaurice engaged in a prudent buy and hold strategy when it came to their 4BR/3.5BA loft at 521 West 23rd Street. Back in 1998 when they purchased the condo between 10th and 11th Avenues for $764,000, the High Line was still an abandoned piece of commercial detritus in the neighborhood. Fast forward a gentrification-minute, and Rubenstein and Fitzmaurice have sold the 9th floor at 523 for an even $5 million. They're certainly not market timers. The couple missed the peak of the market and had to chop their initial June asking price from $6.25 million down to $5 million. And while the ultimate growth in value is impressive, it is hardly get-rich-quick profiteering. The hike in value figures out to an annual 15% growth rate, which is not a bad investment under any circumstances.
· High-Powered Art Couple Sell Highly Priced Condo on the High Line [NYO]
· 521 West 23rd Street - Apt: 9 FL [Corcoran]
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