The Wall Street JournalCandace Taylor
June 19, 2014
The owners of three contiguous apartments at the Residences at the Ritz-Carlton in Manhattan are simultaneously putting their units on the market, hoping the sum will be greater than its parts. The three units will list this week for $118.5 million, giving the combined spread the highest asking price for a downtown home in New York.
Comprising the top two floors of the building in Battery Park City, the units can be combined into a duplex of about 15,434 square feet, plus terraces totaling 2,193 square feet, according to listing agent Ryan Serhant of Nest Seekers International. From a 40th floor terrace, the Statue of Liberty and Governors Island are clearly visible, with ferries gliding past and the Verrazano-Narrows Bridge in the background. The homes aren't available for individual purchase.
One of the apartments, a five-bedroom duplex of about 7,600 square feet, has two of the terraces—one facing the Statue of Liberty and another with views of the newly constructed One World Trade Center. The home was briefly listed last fall for $56.5 million before being taken off the market. According to public records, it is owned by Gary Segal of Five Star Electric in Ozone Park. Mr. Segal also owns another of the units—an adjacent three-bedroom that he purchased in April for $11.7 million, according to public records.
The third unit, a duplex with four bedrooms and five bathrooms, was listed earlier this year for $23 million, then saw its price drop to $19 million before going off the market about a month ago. According to public documents, the owner is financier Randall Yanker, who purchased it in 2005 for $4.786 million. Mr. Yanker didn't respond to requests to comment.
To date, the priciest closed sale in Manhattan is the 2012 purchase of a condo at 15 Central Park West for $88 million. Mr. Serhant said his listing's price tag is justified by the square footage, as well as the views and building's amenities: Owners in the building have access to hotel services such as room service and housekeeping. In fact, he said, the price per square foot of roughly $7,600 makes the space "a good deal," compared with the roughly $12,000 a square foot asking price of a penthouse at the nearby Woolworth Building condos, which is expected to list for $110 million. Mr. Serhant added that he has been showing the potential combination to buyers and has received offers in the range of the $118.5 million sticker price.
The high-end of the Manhattan market has recently been strong. In May, the Upper East Side penthouse of the late Edgar Bronfman Sr. set a record for Manhattan's highest-priced co-op sale, closing for $70 million.
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