Aside from 15 Central Park West, where early buyers of sponsor units have been able to easily flip their units for twice what they bought them for in 2007 and 2008, it’s rare to find an apartment in Manhattan that can double its value in just three years. The financial crisis resulted in some of fire sales, but it didn’t wipe out half of the value of apartments, especially not apartments in hot neighborhoods.
How, then, to explain the recent sale of a penthouse at 62 Beach Street in Tribeca? When the unit hit the market a few months ago for $14 million, nearly double the $7.1 million that Karlene Asadi paid back in 2010, Curbed commenters were aghast. ”10 mill at most but double the price in 3 years?! Yea I think not,” opined one. “Owner—prepare for some price chops!” “I know lots of people love Tribeca, but this is at the exit for the Holland tunnel,” said another.
Holland Tunnel or not, Ms. Asadi has proved the haters wrong: she just closed on a contract to sell the unit for a staggering $13.75 million, The Observer has learned—a more than 90 percent price increase in just three short years.
Listing broker Joan Swift of Douglas Elliman was tight-lipped about the sale when reached the vacationing broker on her cell phone, but the listing indicates that the unit was renovated (“Waterworks tub”! “Calcutta marble mosaic tiling”! “Nublado marble mantle”! “Concordia flooring”!). Still, comparing the photos to those taken back in 2010, we’d peg the renovation at around $1 or $2 million—a far cry from the more than $6 million that the unit has appreciated since then.
Which is not to say the unit, at the top of the circa-1860 Fischer Mills Building, isn’t impressive. In a market with bone-dry inventory and a downtown that’s emerging as a legitimate challenger to uptown’s dominance, there are definitely worse places to drop eight digits.
“This exceptional 10-room penthouse is a rare oasis for outdoor lovers,” babbles the broker of the five-bedroom, 4.5-bath duplex penhouse, “showcasing 4,316 sq. ft. of triple mint interior space and an amazing 3,037 sq. ft. of private outdoor space.” For those keeping track at home, the sale works out to $3,186 per square foot of interior space.