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	<title>Observer &#187; Brokers Dish on Hushed Mega-Listings! $80 M. in TWC? ‘It’s Plain Vanilla’</title>
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		<title>Observer &#187; Brokers Dish on Hushed Mega-Listings! $80 M. in TWC? ‘It’s Plain Vanilla’</title>
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		<title>Brokers Dish on Hushed Mega-Listings! $80 M. in TWC? ‘It’s Plain Vanilla’</title>

		<comments>http://observer.com/2009/03/brokers-dish-on-hushed-megalistings-80-m-in-twc-its-plain-vanilla/#comments</comments>
		<pubDate>Tue, 03 Mar 2009 23:58:46 -0400</pubDate>
					<link>http://observer.com/2009/03/brokers-dish-on-hushed-megalistings-80-m-in-twc-its-plain-vanilla/</link>
			<dc:creator>Max Abelson</dc:creator>
				
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		<description><![CDATA[<p>As if it weren&rsquo;t already hard to navigate the elite little world of Manhattan&rsquo;s quiet mega-listings&mdash;that parallel universe where massively expensive trophies come on the market without actually coming on the market&mdash;there was an odd dust-up this week between lordly broker <strong><span>Edward Lee Cave</span></strong><span style="letter-spacing: -0.25pt"> and the writer Michael Gross. </span></p>
<p class="text"><span style="letter-spacing: -0.15pt">Mr. Gross had reported on his blog that Courtney Sale Ross&rsquo; duplex at </span><strong><span>740 Park</span></strong><span style="letter-spacing: -0.15pt">, which Mr. Cave has been unofficially marketing for over $60 million, was off the market. &ldquo;Who&rsquo;s Michael Gross?&rdquo; the broker said in an interview posted to <em>The Observer</em>&rsquo;s Web site this Monday. &ldquo;If you call Edward Lee Cave, and you are qualified, you can see the apartment.&rdquo;</span></p>
<p class="text"><span style="letter-spacing: -0.25pt">No one quite knows the story of uptown&rsquo;s huge but hushed listings&mdash;all well over $45 million. What are the spaces actually like? Which sprawl has the best chance of selling? What kind of would-be buyers have actually been in them, and how many? &ldquo;Less than 20 people, more than 10,&rdquo; Mr. Cave said Tuesday of the 740 duplex. &ldquo;Twenty percent are old money; 75 percent are people that have been successful, very successful, in the space of the last 10 years.&rdquo;</span></p>
<p class="text"><span style="letter-spacing: -0.35pt">His client and her late husband, Time Warner creator Steve Ross, made the duplex by adding a 14-room sprawl to an 18-room sprawl, which, according to two top brokers who have seen the apartment, is problematic. &ldquo;If you&rsquo;re combining a bunch of different apartments, what do you think is going to happen to the flow?&rdquo; one said. &ldquo;Two good apartments put together,&rdquo; said the other, &ldquo;does not one great apartment make.&rdquo; (This reporter visited the duplex once back in boyhood and got lost.)</span></p>
<p class="text"><span style="letter-spacing: -0.15pt">&ldquo;That apartment is appropriately designed for the lifestyle the Ross family had,&rdquo; Mr. Cave explained. &ldquo;The apartment is quite flexible to be reworked for other requirements.&rdquo;</span></p>
<p class="text"><span style="letter-spacing: -0.1pt">When you call up Manhattan&rsquo;s top brokers to ask about a quiet listing, the main thing you&rsquo;ll learn is that each has its own problem. &ldquo;People love the idea of living at 834, but it&rsquo;s twice what it&rsquo;s worth,&rdquo; said a broker who&rsquo;s brought a client to billionaire Les Wexner&rsquo;s unofficial $60 million listing at </span><strong><span>834 Fifth Avenue</span></strong><span style="letter-spacing: -0.1pt">. &ldquo;It&rsquo;s not a hugely high floor; it has no outdoor space.&rdquo; </span></p>
<p class="text"><span style="letter-spacing: -0.15pt">&ldquo;It&rsquo;s plain vanilla; it&rsquo;s not tricked out,&rdquo; said a broker who&rsquo;s shown the </span><strong><span>Time Warner Center</span></strong><span style="letter-spacing: -0.15pt">&rsquo;s north tower penthouse, for which Nu Skin cosmetics company co-founder Sandie Tillotson wants $80 million.</span></p>
<p class="text"><span style="letter-spacing: -0.15pt">&ldquo;Anyone is going to rework that listing, meaning physically, architecturally,&rdquo; said </span><strong><span>Leighton Candler</span></strong><span style="letter-spacing: -0.15pt">, who has brought two out-of-town clients there. &ldquo;Both felt that it was very attractive, but it wasn&rsquo;t lavishly enough finished. It is really not lavishly finished. The finishes are not the finishes of an $80 million apartment.&rdquo;</span></p>
<p class="text"><span style="letter-spacing: -0.15pt">Nearby, apartments at </span><strong><span>15 Central Park West </span></strong><span style="letter-spacing: -0.15pt">have been said to be asking as much as $90 million, even though they were bought for less than half that last year. &ldquo;I&rsquo;m impressed with the building at its original prices, but there&rsquo;s nothing to me that merits those prices,&rdquo; a top broker said. &ldquo;I don&rsquo;t find it compelling at all. Not even to go see.&rdquo;</span></p>
<p class="text"><span style="letter-spacing: -0.15pt">But last week something compelling happened: the billionaire J. Christopher Flowers, who paid a record $53 million for the </span><strong><span>Harkness</span></strong><strong><span> Mansion</span></strong><span style="letter-spacing: -0.15pt"> on East   75th Street, was reported to be quietly asking $49.95 million for the townhouse, though broker </span><strong><span>Sami Hassoumi </span></strong><span style="letter-spacing: -0.15pt">has not listed the place officially. </span></p>
<p class="text"><span style="letter-spacing: -0.25pt">&ldquo;There&rsquo;s someone who marked below what he paid&mdash;one can argue that he shouldn&rsquo;t have paid what he did, though I&rsquo;m not making that argument,&rdquo; Ms. Candler said. On the plus side, Mr. Flowers&rsquo; plans to renovate the now-gutted house have already been approved by the city. &ldquo;If he&rsquo;s really providing those plans, selling for less than he bought it for&mdash;and it&rsquo;s likely the biggest house on the Upper East Side on the market&mdash;he&rsquo;s delivering a value.&rdquo;</span></p>
<p class="text" style="text-align: left" align="left"><em><span style="letter-spacing: -0.25pt">mabelson@observer.com</span></em></p>
]]></description>
		<content:encoded><![CDATA[<p>As if it weren&rsquo;t already hard to navigate the elite little world of Manhattan&rsquo;s quiet mega-listings&mdash;that parallel universe where massively expensive trophies come on the market without actually coming on the market&mdash;there was an odd dust-up this week between lordly broker <strong><span>Edward Lee Cave</span></strong><span style="letter-spacing: -0.25pt"> and the writer Michael Gross. </span></p>
<p class="text"><span style="letter-spacing: -0.15pt">Mr. Gross had reported on his blog that Courtney Sale Ross&rsquo; duplex at </span><strong><span>740 Park</span></strong><span style="letter-spacing: -0.15pt">, which Mr. Cave has been unofficially marketing for over $60 million, was off the market. &ldquo;Who&rsquo;s Michael Gross?&rdquo; the broker said in an interview posted to <em>The Observer</em>&rsquo;s Web site this Monday. &ldquo;If you call Edward Lee Cave, and you are qualified, you can see the apartment.&rdquo;</span></p>
<p class="text"><span style="letter-spacing: -0.25pt">No one quite knows the story of uptown&rsquo;s huge but hushed listings&mdash;all well over $45 million. What are the spaces actually like? Which sprawl has the best chance of selling? What kind of would-be buyers have actually been in them, and how many? &ldquo;Less than 20 people, more than 10,&rdquo; Mr. Cave said Tuesday of the 740 duplex. &ldquo;Twenty percent are old money; 75 percent are people that have been successful, very successful, in the space of the last 10 years.&rdquo;</span></p>
<p class="text"><span style="letter-spacing: -0.35pt">His client and her late husband, Time Warner creator Steve Ross, made the duplex by adding a 14-room sprawl to an 18-room sprawl, which, according to two top brokers who have seen the apartment, is problematic. &ldquo;If you&rsquo;re combining a bunch of different apartments, what do you think is going to happen to the flow?&rdquo; one said. &ldquo;Two good apartments put together,&rdquo; said the other, &ldquo;does not one great apartment make.&rdquo; (This reporter visited the duplex once back in boyhood and got lost.)</span></p>
<p class="text"><span style="letter-spacing: -0.15pt">&ldquo;That apartment is appropriately designed for the lifestyle the Ross family had,&rdquo; Mr. Cave explained. &ldquo;The apartment is quite flexible to be reworked for other requirements.&rdquo;</span></p>
<p class="text"><span style="letter-spacing: -0.1pt">When you call up Manhattan&rsquo;s top brokers to ask about a quiet listing, the main thing you&rsquo;ll learn is that each has its own problem. &ldquo;People love the idea of living at 834, but it&rsquo;s twice what it&rsquo;s worth,&rdquo; said a broker who&rsquo;s brought a client to billionaire Les Wexner&rsquo;s unofficial $60 million listing at </span><strong><span>834 Fifth Avenue</span></strong><span style="letter-spacing: -0.1pt">. &ldquo;It&rsquo;s not a hugely high floor; it has no outdoor space.&rdquo; </span></p>
<p class="text"><span style="letter-spacing: -0.15pt">&ldquo;It&rsquo;s plain vanilla; it&rsquo;s not tricked out,&rdquo; said a broker who&rsquo;s shown the </span><strong><span>Time Warner Center</span></strong><span style="letter-spacing: -0.15pt">&rsquo;s north tower penthouse, for which Nu Skin cosmetics company co-founder Sandie Tillotson wants $80 million.</span></p>
<p class="text"><span style="letter-spacing: -0.15pt">&ldquo;Anyone is going to rework that listing, meaning physically, architecturally,&rdquo; said </span><strong><span>Leighton Candler</span></strong><span style="letter-spacing: -0.15pt">, who has brought two out-of-town clients there. &ldquo;Both felt that it was very attractive, but it wasn&rsquo;t lavishly enough finished. It is really not lavishly finished. The finishes are not the finishes of an $80 million apartment.&rdquo;</span></p>
<p class="text"><span style="letter-spacing: -0.15pt">Nearby, apartments at </span><strong><span>15 Central Park West </span></strong><span style="letter-spacing: -0.15pt">have been said to be asking as much as $90 million, even though they were bought for less than half that last year. &ldquo;I&rsquo;m impressed with the building at its original prices, but there&rsquo;s nothing to me that merits those prices,&rdquo; a top broker said. &ldquo;I don&rsquo;t find it compelling at all. Not even to go see.&rdquo;</span></p>
<p class="text"><span style="letter-spacing: -0.15pt">But last week something compelling happened: the billionaire J. Christopher Flowers, who paid a record $53 million for the </span><strong><span>Harkness</span></strong><strong><span> Mansion</span></strong><span style="letter-spacing: -0.15pt"> on East   75th Street, was reported to be quietly asking $49.95 million for the townhouse, though broker </span><strong><span>Sami Hassoumi </span></strong><span style="letter-spacing: -0.15pt">has not listed the place officially. </span></p>
<p class="text"><span style="letter-spacing: -0.25pt">&ldquo;There&rsquo;s someone who marked below what he paid&mdash;one can argue that he shouldn&rsquo;t have paid what he did, though I&rsquo;m not making that argument,&rdquo; Ms. Candler said. On the plus side, Mr. Flowers&rsquo; plans to renovate the now-gutted house have already been approved by the city. &ldquo;If he&rsquo;s really providing those plans, selling for less than he bought it for&mdash;and it&rsquo;s likely the biggest house on the Upper East Side on the market&mdash;he&rsquo;s delivering a value.&rdquo;</span></p>
<p class="text" style="text-align: left" align="left"><em><span style="letter-spacing: -0.25pt">mabelson@observer.com</span></em></p>
]]></content:encoded>
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