Internet entrepreneur Adam Dell, the younger brother of billionaire Dell computer founder Michael Dell, has sold his expansive Soho loft for $3.8 million, city records show.
That’s a lot less than he once hoped to get: Mr. Dell spent $3.95 million for the 4,117-square-foot apartment-at 583 Broadway, between Houston and Prince streets-in January of 2000, opening the doors to his nearby Internet venture-capital boutique, Impact Venture Partners, the same month.
“I wanted to live near work,” Mr. Dell told The Observer when he bought the place. “And Soho is quiet at night.”
But by the summer he was already prospecting buyers, reportedly putting the place on the market for a whopping $6.7 million. With no takers, the apartment stayed on the market for over a year before Mr. Dell dropped the price, in October of 2001, to $5 million-and nine months later had to take an offer $1.2 million below that.
The eight-room apartment has three bedrooms, three baths and a maid’s room. It also has 12-foot-high ceilings and a 15th-century French Gothic limestone wood-burning fireplace.
“It’s unlike any other space I’ve seen,” Mr. Dell’s broker, Insignia Douglas Elliman senior vice president Shaun Osher, told The Observer in 2000. “It has really good views of the city and southern and western exposures.”
Mr. Dell had not returned requests for comment on the sale before press time.
New-in-Town Revlon Chief Pays $3.85 M. for Park Laurel Digs-Madonna squeals
Fresh out of Atlanta, Revlon’s new president and chief executive, Jack Stahl, has settled into a comfy high-floor condo in a tower above the YMCA on West 63rd Street.
The cosmetics giant’s new chief paid $3.85 million for the 23rd-floor apartment in the new Park Laurel tower at 15 West 63rd Street.
Mr. Stahl is a newcomer to New York, having spent the last two decades working for Coca-Cola in Atlanta, most recently as its president and chief operating officer.
But how long he stays may be another matter: The last two presidents have had to leave the company in under two years, as Revlon started losing its lead in the market to Procter & Gamble’s Cover Girl and L’Oreal’s Maybelline. At issue, industry pundits have said, were failures in branding the Revlon line, as well as a misguided attempt to get away from celebrity endorsements that has since been reversed.
Revlon chairman Ron Perelman brought Mr. Stahl on board in February to strengthen the company’s weakening grip on the cosmetics market-and assured whoever would listen that Mr. Stahl was the guy for job.
Announcing his decision, Mr. Perelman told reporters that Mr. Stahl was “a world-class executive with extensive experience in marketing, operations and finance.”
Mr. Stahl, who declined to comment on this story, has seven and a half rooms to start feathering. His new four-bedroom, four-and-a-half-bathroom home at the Park Laurel almost didn’t get built. In the late 90′s, a group of angry residents, led by Madonna, took the building’s developers to court, arguing that the tower was too big for its base (the YMCA). But in March of 1999, the State Supreme Court ruled in favor of the developers.
The Park Laurel went on to sell all of its 53 units by May of 2000-a full year before the building was completed.
HEY, JEAN-MARIE: SPLIT A U-HAUL? TELECOM MOGUL SELLS AT 515 PARK FOR $26 M.
A cash-strapped telecom chief has accepted an offer on his trophy apartment at 515 Park Avenue. Laurence Zimmerman, chief executive of Landover Holdings, has accepted an offer on his $26 million duplex condo on the 27th and 28th floors of the luxury tower.
Mr. Zimmerman bought the six-bedroom, 6,500-square-foot apartment for $15 million in the summer of 2000, when tech moguls seemed to be making record-breaking apartment purchases at every turn. Mr. Zimmerman’s company operates LandTel Communications, which provides wireless voice- and Internet-access service in most of Western Europe.
Around the same time he bought the condo at 515 Park, Mr. Zimmerman paid $18 million for a 23,000-square-foot mansion in Palm Beach, Fla. (He and his wife, Kimberly-an actress who briefly had a co-starring role on Dallas -also owned another Florida mansion, along with property in Aspen and the Hamptons.)
But in no time, creditors were eyeing those assets covetously, and in April he put the apartment at 515 Park on the market for an original asking price of $32.5 million. He dropped that to $26 million in July and had accepted an offer by mid-September. The finished 12-room condo has six bedrooms, six and a half bathrooms, a formal library, a media room and exposures in all directions.
Mr. Zimmerman could not be reached for comment, and his brokers at Stribling did not return calls.
When the apartments at 515 Park opened in 2000, they commanded a record $3,000 per square foot. The building held the title as Manhattan’s priciest until the advent of the Ritz Carlton at 50 Central Park South.
Past and current owners at 515 Park include New Jersey Senator Jon Corzine, music producer Antonio (L.A.) Reid, Broadway theater scion James Nederlander, Christie’s owner François Pinault, and EMI’s chairman of recorded music, Alain Levy.
But perhaps the building’s most famous resident is the ousted Vivendi chief, Jean-Marie Messier. Mr. Vivendi bought the $17.5 million, 5,300-square-foot penthouse for its chief last year, but upon his termination the company announced last week that it would sell the apartment-allowing Mr. Messier to rent it out for the remainder of the year.
upper east side
150 East 69th Street (the Imperial House)
One-bedroom, two-bathroom co-op.
Asking: $1.2 million. Selling: $995,000.
Maintenance: $1,700; 60 percent tax-deductible.
Time on the market: three weeks.
EVEN BROKERS HAVE TO HUSTLE It took the new owner of this 1,700-square-foot co-op several years of failed attempts before finally snagging a place at the Imperial House, the 19-story, light gray brick co-op building at 69th Street between Second and Third avenues-even though she’s the Imperial’s in-house broker. “Everyone wants to live here,” Phyllis Stock of Charles H. Greenthal explained. O.K., maybe she’s got to sell the place, but the numbers don’t lie: Vacancies in this well-maintained luxury tower are few and far between. And while the new owner didn’t have to stoop to the Seinfeld -esque level of waiting for an old lady to die in a choice building and then swooping in on the bereaved, an encounter with a woman in her golden years did set the stage for the real-estate coup. “An elderly lady who had been renting the place got married,” said Ms. Stock. “That’s life in New York City-you don’t know who you’re going to meet, or when.” Not that the lady didn’t need persuading to hand over the apartment for $200,000 less than the asking price. That, Ms. Stock said, was a fair price given the condition of the place. “It needed work,” she said. “It’s in the completely original condition-from 1961.”
333 West 56th Street (Parc Vendome)
Three-bedroom, three-and-a-half-bathroom condo.
Asking: $2.195 million. Selling: $2.4 million.
Charges: $1,394. Taxes: $500.
Time on the Market: one month.
You hear a lot about hipsters and bohemians seeking solace in downtown loft spaces, but you don’t hear much about the rest of the story: namely, what happens to those funksters when they grow older and become what David Brooks called “Bobos”-Bourgeois Bohemians. The couple that just bought this 1,887-square-foot midtown penthouse used to spin their creative wares in a loft in the Village. She’s on the performance side of the theater world, and he’s a retired art director for an advertising agency. “They felt that in their 20′s and 30′s, loft living was ideal,” said their broker, Joanna Simon, of Fox Residential Group. “But now that they’re in their late 40′s, they wanted a more traditional apartment and traditional neighborhood. This penthouse is like a private house on top of a building.” Sure enough, their new apartment has plenty of “traditional” home touches, like a planted terrace and wood-burning fireplace. The previous inhabitants, expecting their second child, are heading out for a truly traditional home-a place in Westchester.
252 Seventh Avenue (Chelsea Mercantile)
Two-bedroom, two-bathroom condo.
Asking: $2.2 million. Selling: $2.1 million.
Charges: $920. Taxes: $1,034.
Time on the market: under an hour.
NEW YORK INTERLUDE In the winter of 2000, an independent-film executive bought this 2,200-square-foot triplex condo at the Chelsea Mercantile because it looked like work would keep him in Manhattan. But when post-production work on a movie called Kissing Jessica Stein started up in Hollywood, he put his apartment back on the market without ever having moved in. Unable to find a buyer, he rented it out to a partner in a major law firm who totally dug the apartment’s 1,200-square-foot wrap-around terrace, 40-foot-long living room and 12-foot-high ceilings. “He loved it so much that after two months of renting, he said he wanted to buy it,” said the lawyer’s broker, Insignia Douglas Elliman vice president Tristan Harper. “He realized how great it was to spend time on the terrace.” Kissing Jessica Stein was playing to good reviews when the film executive formally let go of his condo this spring, and the lawyer threw himself a housewarming party on the terrace
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