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	<title>Observer &#187; Embattled Italian Mogul Piofrancesco Borghetti Selling Off 15 CPW Spread</title>
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		<title>Observer &#187; Embattled Italian Mogul Piofrancesco Borghetti Selling Off 15 CPW Spread</title>
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		<title>Embattled Italian Mogul Piofrancesco Borghetti Selling Off 15 CPW Spread</title>

		<comments>http://observer.com/2012/07/italian-mogul-piofrancesco-borghetti-selling-off-15-cpw-spread/#comments</comments>
		<pubDate>Thu, 12 Jul 2012 11:00:34 -0400</pubDate>
					<link>http://observer.com/2012/07/italian-mogul-piofrancesco-borghetti-selling-off-15-cpw-spread/</link>
			<dc:creator>Kim Velsey</dc:creator>
				
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		<description><![CDATA[<p>Apartment <strong>32C</strong> is situated in one of the towers of <strong>15 Central Park West</strong>—a lofty, three-bedroom perch from which to view the city, although perhaps not so lofty as the asking price of <strong>$27.7 million</strong>.</p>
<p><strong> </strong>Italian business bigwig Piofrancesco Borghetti, who serves as chairman of the board at Marbert Holding AG and a handful of other powerful companies, bought the spread for just $9.8 million in 2008, according to city records.<!--more--></p>
<p>It seems he may be selling for more than just the chance to take advantage of a good market: <em>The Real Deal</em> has noted that he has been <a href="http://therealdeal.com/blog/2012/07/12/former-cosmetics-exec-accused-of-fraud-lists-15-cpw-spread-for-27-75m/">charged with crimes in Italy, including embezzling 19 million euros and making fraudulent bankruptcy claims.</a> We guess he could use the money from the sale and, encouraged by his upstairs neighbors' ability to <a href="http://observer.com/2012/05/always-be-closing-meridian-ceo-lands-buyer-for-15-cpw-pad/">more than double their money with the sale of a 37th-floor 3-bedroom condo</a>, Mr. Borghetti apparently saw no reason not to go for triple. He's angling for a little more than $10,000 a square foot (the apartment is a relatively diminutive 2,761-square feet), but he just might get it. One57 may be rising fast, but for the moment 15 CPW remains the brightest star in the sky.</p>
<p>"It's the only apartment available in the tower right now," said Brown Harris Stevens listing broker <strong>Paula Del Nunzio</strong>. "It has totally unencumbered East and West views, with three rooms over the park."</p>
<p>The living room faces East, overlooking the park, as does the 20-foot library and one of the bedrooms, which goes to the early riser in the family.</p>
<p>The master bedroom (tailored walk-in closets and dressing area, Calacatta marble-clad master bath) is perfect for the late sleeper, as it looks West over the Hudson River.</p>
<p>Ms. Del Nunzio noted that apartments in the C-line are "really gorgeous" and often fetch a premium, even by 15 CPW standards. And while she didn't want to be negative, she added that "some of the other corner apartments face into the interior, or other buildings."</p>
<p>With this listing coming on the heels of the <a href="http://observer.com/2012/07/putting-on-the-ritz-carlton-can-the-hotel-dominate-luxury-sales-like-it-once-did/">$50 million listing at the Ritz-Carlton</a>, we couldn't help but wonder if the luxury market would ever slow from the frenzied pace it's maintained since spring.</p>
<p>"It's impossible to predict the future," Ms. Del Nunzio said. "But if the past is any prologue, it seems that there is a certain niche of buyer that feels New York is a particularly good place to make a purchase."</p>
<p><em>kvelsey@observer.com</em></p>
]]></description>
		<content:encoded><![CDATA[<p>Apartment <strong>32C</strong> is situated in one of the towers of <strong>15 Central Park West</strong>—a lofty, three-bedroom perch from which to view the city, although perhaps not so lofty as the asking price of <strong>$27.7 million</strong>.</p>
<p><strong> </strong>Italian business bigwig Piofrancesco Borghetti, who serves as chairman of the board at Marbert Holding AG and a handful of other powerful companies, bought the spread for just $9.8 million in 2008, according to city records.<!--more--></p>
<p>It seems he may be selling for more than just the chance to take advantage of a good market: <em>The Real Deal</em> has noted that he has been <a href="http://therealdeal.com/blog/2012/07/12/former-cosmetics-exec-accused-of-fraud-lists-15-cpw-spread-for-27-75m/">charged with crimes in Italy, including embezzling 19 million euros and making fraudulent bankruptcy claims.</a> We guess he could use the money from the sale and, encouraged by his upstairs neighbors' ability to <a href="http://observer.com/2012/05/always-be-closing-meridian-ceo-lands-buyer-for-15-cpw-pad/">more than double their money with the sale of a 37th-floor 3-bedroom condo</a>, Mr. Borghetti apparently saw no reason not to go for triple. He's angling for a little more than $10,000 a square foot (the apartment is a relatively diminutive 2,761-square feet), but he just might get it. One57 may be rising fast, but for the moment 15 CPW remains the brightest star in the sky.</p>
<p>"It's the only apartment available in the tower right now," said Brown Harris Stevens listing broker <strong>Paula Del Nunzio</strong>. "It has totally unencumbered East and West views, with three rooms over the park."</p>
<p>The living room faces East, overlooking the park, as does the 20-foot library and one of the bedrooms, which goes to the early riser in the family.</p>
<p>The master bedroom (tailored walk-in closets and dressing area, Calacatta marble-clad master bath) is perfect for the late sleeper, as it looks West over the Hudson River.</p>
<p>Ms. Del Nunzio noted that apartments in the C-line are "really gorgeous" and often fetch a premium, even by 15 CPW standards. And while she didn't want to be negative, she added that "some of the other corner apartments face into the interior, or other buildings."</p>
<p>With this listing coming on the heels of the <a href="http://observer.com/2012/07/putting-on-the-ritz-carlton-can-the-hotel-dominate-luxury-sales-like-it-once-did/">$50 million listing at the Ritz-Carlton</a>, we couldn't help but wonder if the luxury market would ever slow from the frenzied pace it's maintained since spring.</p>
<p>"It's impossible to predict the future," Ms. Del Nunzio said. "But if the past is any prologue, it seems that there is a certain niche of buyer that feels New York is a particularly good place to make a purchase."</p>
<p><em>kvelsey@observer.com</em></p>
]]></content:encoded>
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