With the recent $70 million sale of the 960 Fifth Avenue Bronfman penthouse and the $ 42million Central Park West Jon Stryker sale (by Robby Browne)that just closed, we may conclude that rumors of the CO-OP’s demise have been grossly exaggerated!
The Central Park West sale is about $ 7,500/sf, certainly Condo-territory pricing on anyone’s standards. It was certainly one of the most exquisite renovations ever (Lee Mindell at his best!), and the views and location were outstanding. But these two sales are a reminder that there still are many buyers who qualify for and don’t mind buying in a co-op even though some Boards are a bit nuts. The reality is a new generation of owners have been moving into these co-op buildings and have re-visited some of the more outlandish building policies to be more competitive with condominiums which have until recently sold for a huge premium.
Wait for next week when we announce another record breaking co-op deal that will open the eyes of all…..