By Kim Velsey 9/04/12 8:00am

Lifestyles of the Rich and Famous

Oaktree Capital's Howard Marks bought his Ritz Carlton pad for $18.8 million in 2007. Now he's asking $50 million. The excuse? A stunning renovation.

Pursuing Perfection, One Massive Renovation At A Time

The paint had scarcely dried at 15 Central Park West before the building’s first residents set to knocking down the walls and stripping out the ultra-luxury condo’s ultra-luxurious finishes. Not that the finishes were lacking—like the layouts, they were widely considered to be exquisite—a stunning marriage of old-fashioned grandeur and modern sensibilities. In fact, ex-Citigroup CEO Sandy Weill thought that architect Robert A.M. Stern had done such a fine job designing the building that he hired him to do a massive renovation on his brand new, $43.7 million penthouse.

In the upper echelons of Manhattan real estate, the pursuit of perfection is as common as Sub-Zero refrigerators and private elevator landings. Haunted by dreams of what could be, owners are forever tearing magnificent properties apart in the hopes of transforming them into even more magnificent properties.

Such dreams often pay off handsomely. To wit, Mr. Weill’s freshly-renovated penthouse was so striking that it fetched $88 million shortly after completion. But of course, it would surprise no one, particularly not Nicholas S.G. Stern, son of A.M. and the owner of boutique construction concern Stern Projects LLC., if the Russian tycoon who bought the celebrated spread started his own renovation any day now. Read More

By Kim Velsey 8/10/12 8:30am

Stratospheric Sales

Another $95 million listing.

Another $95 M. Apartment in Manhattan? Yawn.

It’s a little embarrassing, really. A day after 15 Central Park West announced its $95 million listing, 50 Central Park South had to go and announce that it also had a $95 million listing. And they’re even on the same floor (the 35th). But we’re sure that the owner at the Ritz-Carlton had been totally planning to list the apartment for, like, months now, so like, whatever 15 Central Park West.

Anyway, the big takeaway  is that there are now two $95 million apartments on the market, in addition to a $100 million apartment at CitySpire, not to mention the One57 penthouse that sold for somewhere north of $90 million—maybe $95 million!

Because this is the new reality of the trophy property market in Manhattan, as The New York Times, who first reported the listing, claims. Or at least, it is the old reality of really rich people who want to be even richer people and are hoping that slapping a $95 million price tag on their apartment will make it a $95 million apartment. Read More

By Kim Velsey 7/10/12 7:20pm

Stratospheric Sales

Howard Marks $50 M. apartment and the Ritz's big hope.

Putting On the Ritz-Carlton: Has Its Moment In the Sun Finally Come?

Let’s face it: prices at the Ritz-Carlton, while resplendent, pale in comparison to the blindingly spectacular sales at buildings like 15 Central Park West and the Plaza. But with the $70 million Steve Wynn buy behind it and a new $50 million listing, The Wall Street Journal asks: is the Ritz ready to rise again?

It’s not as if the building has been doing shabbily or anything, but it hasn’t been the brightest star in the sky, The Journal notes. Built in 1930 as the Hotel St. Moritz, it’s lost some of the luster it once had and its debut on the luxury market was less than stellar. The condo conversion finished shortly after Sept. 11, and then the building got kind of eclipsed by the Time Warner Center and 15 Central Park West. Read More

By Kim Velsey 6/13/12 3:22pm

Lifestyles of the Rich and Famous

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Did Steve Wynn Buy His $70 M. Ritz-Carlton Duplex for a Hometown Advantage in Casino Competition?

It appears that casino kingpin Steve Wynn did indeed buy   Christopher Jeffries’ dazzling duplex at 50 Central Park South with more in mind than great closet space and Central Park Views.

It looks like he may be angling for a little resident respect when he vies for one of the state’s new casino licenses. And we thought he was still smarting over the loss of his old place at the Plaza! Read More

By Kim Velsey 6/01/12 2:09pm

Stratospheric Sales

9 Photos

Full-Floor on Fifth

Just As We Were Running Out, Another $50 M. Listing Hits the Market

Rejoice all ye house hunters looking in the $50 million and above range!

For a while, it seemed that all hope was lost, what with the disappearance of the Courtney Sale Ross mammoth at 740 Park, the Teddy Forstmann whopper at 2 East 70th Street and the $77.5 million Ritz-Carlton throne. But praise be, there’s a new $50 million co-op apartment on the market.

The owners of a floor-through apartment at the hoity-toity 944 Fifth Avenue (the staff members actually wear white gloves, reports The New York Times, who first wrote about the listing), have listed their six-bedroom apartment. The apartment is located on a high floor above the tree line. The listing doesn’t actually mention which high floor—how discreet!—but a little sleuthing reveals that the apartment is almost certainly on the eleventh floor. Read More

By Kim Velsey 5/15/12 6:17pm

Stratospheric Sales

4 Photos

Wynn Wins at the Ritz

Steve Wynn Gambles on Ritz-Carlton Penthouse, Wins for $70 M.

It looks like casino king Steve Wynn‘s unlucky streak with New York real estate has finally come to an end. After selling his pad at the Plaza a few years back, Mr. Wynn has reportedly scooped up a penthouse at another famed New York hotel, the Ritz-Carlton.

According to the Post, Mr. Wynn has put in a winning $70 million bid for Millenium Partners’ founding partner Christopher M. Jeffries’ $77.5 million pad. Read More

By Matt Chaban 3/09/12 12:47pm

Stratospheric Sales

10 Photos

Puttin' on the Ritz

The Weill Deal! Millenium’s Christopher Jeffries Wants $77.5 M. for His Central Park West Duplex

The fallout—or is it fall-up?—from Sandy Weill’s $88 million penthouse sale at 15 Central Park West continues to reverberate through the upper echelons of Manhattan real estate. Gary Barnett decided to up the price of his penthouse at One57 into the nine-figure realm, sellers at 15 Central Park West are going gaga with their own homes and now an almost-as-rich-as-Weill’s apartment has come on the market on the south side of the park. Read More

By Staff 1/16/07 3:33pm

Ines Di Santo? Nah…I Squeeze Every Last Melon at Gristedes

CARRIE: I have 309 days left until I slide into my white gown and float down the aisle in front of 200+ guests at the Ritz Carlton in Philadelphia. But I don’t yet have a white gown.

I am anxious and jumpy. “I was leaning towards this Reem Acra dress,” I say to anyone who Read More