when does too much = enough? 90 W Bway PH for $11mm
not another one!
I amnot going to make a habit of this, I promise, but another new8-fiure loft listing caught my eye today. The Penthouseat 90 West Broadway is the top two floors (“7,000 sq ft”) plus”1,500 sq ft” of private roof deck, asking $11million.
Howdo you price such a thing? Who needs 7,000 sq ft in the big city?The mind boggles at 74 windows.
Thisis actually a rather unusual combination of size and price in thatthere is a lot of space for a lot ofdollars.
Morespace, even, than for the family that was profiled in lastSunday’s Mansions in the Sky in the NY Times, about wealthy familiesbuying multiple units in new condominium developments and combing them to suit their largefamilies. That family bought three units at Ariel West at 245 West99th Street to create a duplex of 4,200 sq ft.
Butnot as much space as some of the units being newly builtor combined for the ultra-large families of theultra-rich.
Mr. Barnett [chief executive of theExtell Development Corporation] plans to include 4,500- to8,500-square-foot apartments in two projects planned for the UpperWest Side for more families like the Ashleys. “A number of peoplewe’re seeing who have three, four and even five children need thesespaces,” he said.
This trend is seen most often on theUpper East and Upper West Sides. For example, in the last twomonths, five families paid $5.5 million to $13 million forapartment combinations at the Brompton at 205 East 85th Street.These resulting apartments range from 4,500 to 8,000 square feet,according to the Related Companies, the Brompton’sdeveloper.
but the per-foot price…
The4th floor at 90 West Broadway sold almost exactly a yearago for $4.4mm through the same PruDE team of Ruth Hardinger andMichael Norton who are marketing the Penthouse. That worked out to$1,257 per square foot of what was described not only as triplemint, but featured a “[s]tunning, published design by LisaPak and Freyer Collaborative Architects”.
At$1,257/ft for the interior space, the Penthouse comps out at almost$9mm, before any adjustment for 1,500 sq ft of private roof spaceor having windows 75 height higher than the 4thfloor.
so much money, so manychoices
Allof a sudden, people with $10 million to spend on a Manhattan lofthave an awful lot of choices. (See Tuesday’s so THAT’s what an 8-figure loft looks like / 6 lofts =$65mm) I hope all the choices make them happy.
©Sandy Mattingly 2007
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