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Holac

15 Central Park: The world's most expensive and powerful condo building

By Holac, in General

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Holac   
Holac
Posted

15 Central Park West took three years and about $1 billion to construct, including the land. It was an immediate success, ringing up $2 billion in sales. Even today, the building continues to break real-estate sales records.


Steel manufacturer Leroy Schecter bought two units on the 35th floor and combined them in 2012. He soon listed the mega-pad for $95 million, and it has bounced on and off the sales and rental markets ever since.


15 Central Park West took three years and about $1 billion to construct, including the land. It was an immediate success, ringing up $2 billion in sales. Even today, the building continues to break real-estate sales records.

Mike Tauber


Source: "House of Outrageous Fortune" by Michael Gross 

 





SO WHO LIVES THERE?


 



Hedge-fund manager Daniel Loeb bought an eight-bedroom, 10,700-square-foot penthouse condo, paying a record-breaking $45 million back in 2005 when the building was still a hole in the ground.




Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




Goldman Sachs CEO Lloyd Blankfein was also an early buyer. He paid $25.7 million in cash for his corner duplex back in 2006.




Source: "House of Outrageous Fortune" by Michael Gross




Former Citigroup CEO Sandy Weill bought a full-floor penthouse in the front section of 15 CPW. He paid $43.7 million for the place in 2007, then a record price per square foot, and surprised his wife with it on Valentine's Day.




Former Citigroup CEO Sandy Weill bought a full-floor penthouse in the front section of 15 CPW. He paid $43.7 million for the place in 2007, then a record price per square foot, and surprised his wife with it on Valentine's Day.

AP Photo


Source: "House of Outrageous Fortune" by Michael Gross




But that was nothing compared to the $88 million Weill made when he sold it to the 22-year-old daughter of Russian billionaire Dmitry Rybolovlev. She reportedly barely uses it.




But that was nothing compared to the $88 million Weill made when he sold it to the 22-year-old daughter of Russian billionaire Dmitry Rybolovlev. She reportedly barely uses it.

AP Photo


Source: "House of Outrageous Fortune" by Michael Gross




More than half a dozen Goldman Sachs execs have owned apartments at 15 CPW at some point — no surprise, since the bank helped finance the building. "Goldman Sachs executives didn't need to make phone calls or write letters to make its building desirable," Gross wrote of the so-called Goldman Effect. "The mere fact that Goldman people were buying en masse made it so."




More than half a dozen Goldman Sachs execs have owned apartments at 15 CPW at some point — no surprise, since the bank helped finance the building. "Goldman Sachs executives didn't need to make phone calls or write letters to make its building desirable," Gross wrote of the so-called Goldman Effect. "The mere fact that Goldman people were buying en masse made it so."

Mike Tauber


Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




Hedge-fund founder Daniel Och was another early buyer, picking up the top floor of the 43-story tower — a simplex listed at $41.25 million. He held a birthday party in the apartment before it was finished, setting up a stage on the terrace where the band Five for Fighting performed.




Hedge-fund founder Daniel Och was another early buyer, picking up the top floor of the 43-story tower — a simplex listed at $41.25 million. He held a birthday party in the apartment before it was finished, setting up a stage on the terrace where the band Five for Fighting performed.

Wikipedia


Source: "House of Outrageous Fortune" by Michael Gross




Israeli scientist Shlomo Ben-Haim sold his 40th-floor penthouse to a mysterious buyer for $37 million in 2012; it was later revealed to be Bob Diamond, then-CEO of Barclays Capital.




Israeli scientist Shlomo Ben-Haim sold his 40th-floor penthouse to a mysterious buyer for $37 million in 2012; it was later revealed to be Bob Diamond, then-CEO of Barclays Capital.

REUTERS/ David Moir and Halstead


Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




The building's amenities and private nature are also a major draw for celebrities. Denzel Washington paid just over $13 million for his three-bedroom, four-bathroom apartment back in 2006.




The building's amenities and private nature are also a major draw for celebrities. Denzel Washington paid just over $13 million for his three-bedroom, four-bathroom apartment back in 2006.

Universal/AP


Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




Sting bought the $26.5 million condo right next to Lloyd Blankfein's in 2008.




Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




NASCAR legend Jeff Gordon and his wife paid $9.67 million for a condo in 2007. The couple sold it last year for $25 million, somewhat less than its $30 million asking price.




Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




Slugger Alex Rodriguez rented a $30,000-a-month apartment there in 2010. He was "the best tenant," one broker told Gross, though building staff griped about his womanizing.





Actors Kelsey Grammer and Mark Wahlberg have also called the building home for brief periods. "Security is tight — and for good reason," Gross writes. "Members of the staff believe that terrorists have threatened, if not targeted, the building."




Actors Kelsey Grammer and Mark Wahlberg have also called the building home for brief periods. "Security is tight — and for good reason," Gross writes. "Members of the staff believe that terrorists have threatened, if not targeted, the building."

Halstead/Getty


Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




Techies are also represented at 15 CPW. Yahoo co-founder Jerry Yang dropped a little more than $20 million for a condo in the "house" section of the complex.




Techies are also represented at 15 CPW. Yahoo co-founder Jerry Yang dropped a little more than $20 million for a condo in the "house" section of the complex.

REUTERS/Rick Wilking and Sotheby's


Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




Senior Google exec Omid Kordestani lives on the same floor as Lloyd Blankfein and Sting. He bought his apartment in March 2008 for $29.5 million.




Senior Google exec Omid Kordestani lives on the same floor as Lloyd Blankfein and Sting. He bought his apartment in March 2008 for $29.5 million.

Julie Zeveloff/Business Insider


Source: "House of Outrageous Fortune" by Michael Gross




Representing the media world, Wine Spectator publisher Martin Shanken was another early buyer. He paid $19.75 million for his half-floor penthouse.




Representing the media world, Wine Spectator publisher Martin Shanken was another early buyer. He paid $19.75 million for his half-floor penthouse.

Mike Tauber


Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




Sportscaster Bob Costas bought his $11 million pad in 2007; he and wife, Jill, moved in from the Time Warner Center a few blocks away.




Sportscaster Bob Costas bought his $11 million pad in 2007; he and wife, Jill, moved in from the Time Warner Center a few blocks away.

Halstead/FTW


Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




The real-estate world has a presence in the building as well. Both Zeckendorf brothers, who developed the building, bought apartments there. They each paid $11.5 million, discounts of $3.5 million over the initial listing prices. Will later sold his for $40 million.




The real-estate world has a presence in the building as well. Both Zeckendorf brothers, who developed the building, bought apartments there. They each paid $11.5 million, discounts of $3.5 million over the initial listing prices. Will later sold his for $40 million.

AP Photo/Richard Drew


Source: "House of Outrageous Fortune" by Michael Gross




Co-developers Eyal and Idan Ofer also bought into the property. Eyal wound up with a penthouse featuring a King of the World terrace that was listed for $26 million, and Idan got a $4 million discount on his $30 million pad, according to Gross.





Marquis Jets founder Jesse Itzler and his wife, Spanx inventor Sara Blakely, own two condos, which together cost $14.7 million. Blakely has a fear of heights, and the couple reportedly hired a former Navy SEAL to suggest emergency escape plans from their 37th-floor apartment, Gross writes.




Marquis Jets founder Jesse Itzler and his wife, Spanx inventor Sara Blakely, own two condos, which together cost $14.7 million. Blakely has a fear of heights, and the couple reportedly hired a former Navy SEAL to suggest emergency escape plans from their 37th-floor apartment, Gross writes.

Fernando Leon/Getty Images and Sotheby's


Source: "House of Outrageous Fortune" by Michael Gross

Photos are listing and public photos of 15 Central Park West; not actual apartments.




Steel manufacturer Leroy Schecter bought two units on the 35th floor and combined them in 2012. He soon listed the mega-pad for $95 million, and it has bounced on and off the sales and rental markets ever since.




Steel manufacturer Leroy Schecter bought two units on the 35th floor and combined them in 2012. He soon listed the mega-pad for $95 million, and it has bounced on and off the sales and rental markets ever since.

Julie Zeveloff/Business Insider


Source: "House of Outrageous Fortune" by Michael Gross




Other major executives who bought into 15 CPW include TV producer Norman Lear, who paid $10.2 million for his pad; Limited founder Leslie Wexner, who spent $13.34 million on his; and Alan Horn, ex-president of Warner Bros., who paid $9.7 million.




Other major executives who bought into 15 CPW include TV producer Norman Lear, who paid $10.2 million for his pad; Limited founder Leslie Wexner, who spent $13.34 million on his; and Alan Horn, ex-president of Warner Bros., who paid $9.7 million.

Mike Tauber


Source: "House of Outrageous Fortune" by Michael Gross



 

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galbeedi   
galbeedi
Posted

Holac, what does these hedge fund managers do?. Aren't they suppose to manage other people's money. How come they are making all these millions ?.

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lemon   
lemon
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<cite>
said:</cite>

Holac, what does these hedge fund managers do?. Aren't they suppose to manage other people's money. How come they are making all these millions ?.

 

If they're making huge amounts of personal income then that means they've invested their client's money well and everyone is satisfied.

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