A Sultan and a Tech Millionaire Buy (Very) Big Apartments

sitdown robertstern2h 0 A Sultan and a Tech Millionaire Buy (Very) Big ApartmentsThe best place to come from, if you want a fair crack at buying really immense Manhattan condos, is either the United Arab Emirates or the Internet.

City records filed this week show that Sultan Ahmed Al-Qassimi, who apparently belongs to the ruling family of Sharjah–Dubai’s neighboring emirate–spent $4.95 million late last month on a low-floor apartment at the Robert A.M. Stern-designed Fifteen Central Park West. (Tune into this week’s Manhattan Transfers column to read about a haute broker who bought a place one flight up.)

But across the park, that was overshadowed by a mystery buyer named CPW EXODUS REALTY, LLC, whose October deed for a $16.6 million apartment purchase was filed in city records four minutes later than Mr. Al-Qassimi’s.

That corporation bought a 13-room duplex penthouse at 279 Central Park West from LendingTree guru John Lebda. Mr. Lebda evidently knows his real estate: City records show he paid just $10.9 million last May for the penthouse, which means he made a gorgeous profit.

He took out a $7.63 million mortgage for his old duplex, perhaps through his Web site, but reportedly paid cash for his new place. That mortgage market is really slumping.

Article continues below
More from Politics
Mayor Bill de Blasio huddles with his former counsel Maya Wiley.
De Blasio Says ‘Going Forward’ He Won’t Hide Conversations With Private Consultants