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.

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.

"If you have an extraordinary property, with unique features—location, terraces—and you put in a great deal of money to enlist a top-end architect, that's when an apartment turns into a trophy," said Mr. Stern, who is an experienced polisher of such trophies. With the collaboration of architects, interior decorators and a small army of craftsmen, Mr. Stern has turned both gutted apartments into pristine spaces and already pristine spaces into different, possibly more pristine spaces. His handiwork includes not only the penthouse at the Ritz Carlton (listed for $95 million), but also a downstairs spread listed for $50 million. At the moment, he is in the process of transforming two thirty-fifth floor apartments at 15 CPW into a single, sprawling gem with a $95 million price tag. "By giving it the royal treatment, you are, in fact, legitimizing it as a property in this uber-arena,” Mr. Stern explained.

Remodeling has always been popular among those with means, of course, but while it once took the form of fresh chintz patterns, these days it often hews closer to gut renovations.

“I’ve been in lots of places where they’ve spent gazillions to renovate and the next buyer comes in and totally redoes it,” said appraisal guru Jonathan Miller of Miller Samuel. “On one hand, what makes these properties trophies is the fact that they’re done. But then they’re gut renovated or totally redone to suit the new owners’ taste. It’s a strange dynamic, but right now that’s the very top of the market. Clearly people are willing to pay a premium for a home that’s finished.”

Brown Harris Stevens broker Paula Del Nunzio said that one of her renovated listings in 15 CPW sold for several million more than a nearby apartment in the same line.

“A renovation can add a great deal of value if it’s done in a classic manner that would appeal to an international standard of taste,” she said, adding a word of warning: “no idiosyncratic features designed to the taste of just one owner.”

Besides the thrill of winning a prized pad, there is a practical component to buying a newly-renovated home—even if it isn’t the next buyer’s idea of exquisite, it is likely closer than the unrenovated alternative. And certainly, there is a comfort in knowing that one could move in, if compelled by necessity, with only an interior decorator in tow. Renovations do require a significant investment of time and money, particularly with summer work hours, the limited window that many co-ops restrict construction to, forcing homeowners to wait out the other three seasons idly.

“A renovated apartment holds a great deal of attraction—we live in a city where it takes six weeks to upholster a pillow,” said Brown Harris Stevens broker John Burger. “A renovation really takes at the bare minimum six months and a good renovation can take 18 months.”

Mr. Burger also confided that buyers might want to avoid undertaking a massive renovation as they are widely known to “take a bit of a toll on relationships”—a phenomenon that Mr. Miller also remarked on. “Eighty to ninety percent of the divorce-related appraisals I’ve done are in the middle of a renovation,” he told us. “And if it’s not the Manhattan apartment, it’s the house in the Hamptons.”

We shuddered, along with Mr. Miller, at the thought of trying to sell a partially-renovated home in the midst of a divorce. And we couldn’t help but wonder—why would anyone spend months and wads of money, not to mention risk their marriage, to re-do an apartment that had literally just been redone?

“It’s the dream,” he responded. And sometimes it’s the nightmare. Renovations done by the former owners can be, well, infelicitous to put it mildly.

Mr. Stern, for one, admits to having seen some questionable aesthetic choices. What you might call distinct, but not distinctive.  Not that taste has anything to do with his job, he added—his role is to make sure that the client’s vision is assembled beautifully. No matter how hideous that vision might be.

“Certainly I’ve seen things that that I would not encourage my friends to live in,” he said. “This is the world we live in; there’s no limit to bad taste. And this is New York—there is always someone who will hold your hand while you throw money out a window.”

kvelsey@observer.com

The $95 million view. (Halstead/NYT)

Puttin' on the Ritz. (Carlos Melia)

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.

The owner of the duplex penthouse (it spans the 34th and 35th floors) is an anonymous ballroom dancer who loves the Argentine tango, The Times tells us. But certainly the owner—listed on the deed as Abcp LLC.—has another line of work? Like trying to flip houses? He bought the place for $19.95 million back in 2006 and even if he did "promptly put another $7 million into a complete renovation" after buying the condo, that still means he's looking to make a $68 million profit on the sale. The profit alone is more than the $50 million that Oaktree Capital's Howard Marks is asking for his swanky unit downstairs.

But we digress... the 5,078-square-foot apartment itself features a 42-foot-long ballroom with ebony-stained wide-plank oak floors, three wood-burning fireplaces and an additional 700-square-feet of private terraces. It is listed with Halstead broker Dianne Weston. Still, even with "heart-stopping views" and a "masterful architectural renovation exudes timeless sophistication," is it worth it?

You can ask. That doesn't mean you will get.

kvelsey@observer.com

The Ritz's Big Hope: Howard Marks $50 M. apartment.

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.

And yet, with the luxury market going bananas and the Steve Wynn sale and the new listing, maybe the Ritz-Carlton's time is here at last?

In any event, such speculations are a good excuse to focus on the massively expensive apartment listing of Oaktree Capital chief Howard Marks and wife Nancy, who just left the building for the super-selective corridors of 740 Park Avenue. (Not just any casino king or media mogul can buy at 740 Park, you know.) And apparently, the couple is hoping to finance their new $52.5 million apartment with the sale of their old one. At $50 million, they're certainly asking far more than they paid for it in 2007—a mere $18.8 million!

They've done extensive renovation work, of course. Now there's "stucco veneziano and a parquet de Versailles-patterned floor of German silver, hand-hammered over wood," and "a library inspired by Coco Chanel's famous Paris apartment is fitted with 18th century Chinese lacquer panels," according to the listing held by Sotheby's broker Roberta Golubock.

"They recreated the perfect apartment with 92-feet on Central Park," Ms. Golubock told The Journal. "A buyer could easily step off the elevator and move in with just with a toothbrush."

That would be a gold-plated toothbrush.

Still, even with a $50 million listing and and a $70 million sale, the Ritz-Carlton doesn't stand a chance of taking down 15 CPW. After all, $70 million is very, very impressive, but an $88 million, record-breaking sale is much, much more impressive. And Sandy Weill got every cent he had asked for, while Mr. Wynn managed to shave a full $7 million off the ask. Besides, the Ritz-Carlton shouldn't get its hopes up because soon One57 will literally overshadow all the other apartment buildings.

kvelsey@observer.com

Is his new penthouse a launching pad to a casino in New York?

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!

Not that he thinks there should be any limit to the number of casino licenses, he told Capital New York in a recent interview.

Restricting the number of licenses immediately breeds corruption, Mr. Wynn alleged. Maybe not anything criminal, but definitely favoritism. (Gov. Andrew Cuomo, who has worked to legalize gambling, would limit the number of licenses to seven)

But we'd guess a local address wouldn't hurt when the competition gets going, a competition that Mr. Wynn definitely plans to be a part of, limited licenses or not. And while he's been hush-hush about the 50 CPS deal up to this point, Mr. Wynn has finally admitted that he's pretty excited about his latest acquisition.

"I got a new apartment in New York!" he told Capital. "I bought it this morning and I’m gonna move in this fall."

Take a tour of Mr. Wynn's new digs >>

Indeed, the unit just closed for $70 million, a little under the $77.5 million ask, according to The Wall Street Journal, and the discount isn't all that surprising. After all, Mr. Wynn comes from a world where high rollers can always expect some comps.

kvelsey@observer.com

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.

The owner, Brown Harris Stevens broker  John Burger whispers to The Times, is a "private investor" who bought the place 14 years ago, but has only lived there for 12 because of a very extensive renovation by Thad Hayes that took two full years.

The place had beautiful bones, of course (70 feet fronting Central Park, "glorious light streaming in through 30 windows," and 4 exposures), but it needed some work to take it to the next level. Elite residences always do.

Now the home has "the finest finishes and luxurious appointments." Private elevator landing opening onto "a vast gallery with two coat closets and a powder room?" Check. A 27-foot living room and 23-foot dining room? Check. A master suite with fireplace, dressing room and granite master bath? Check.

Not that whoever might want to plunk down $50 million wouldn't want to do their own extensive renovation to make the 5,000-square-foot place even more exquisite. After all, once you move into the same building as Barbara Walters, you really have to up your game.

The apartment also comes with a separate two-bedroom guest apartment on the ground floor "with a private entrance on Fifth Avenue," for friends and relatives that you want to keep close, but not too close. A nice perk, but its very practicality (it even has a washer and dryer!) almost detracts from the near-blinding shine of this trophy.

kvelsey@observer.com

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.

Mr. Wynn was rumored to be looking at the 50 Central Park South penthouse some time ago, but representatives for Mr. Wynn would not confirm reports that the Las Vegas honcho was considering the 10,882-square-foot spread in the building. The unit is listed with Brown Harris Stevens broker Kyle Blackmon, who grabbed the listing after his stellar $88 million performance at another dizzyingly, high-end condo: 15 Central Park West.

And Mr. Wynn has been touring a lot of listings these days, making no secret of his search for apartment love, and reportedly becoming very very interested in Teddy Forstmann's co-op at 2 East 70th Street. But then, the co-op board of 2 East 70th is said to be highly selective, unlike a full-service condo/hotel where anyone with the cash can snap up a unit. Much like the democratic spirit of a casino?

The unit is certainly fit for a king, casino or otherwise. It spans the 30th and 31st floors and includes a living room fashioned from what was once a grand ballroom (it's 900 square feet). Twenty-six windows gaze out at Central Park, the master bedroom has American Walnut doors and there's an 800-square-foot closet (can a closet still be called a closet when it's 800-square-feet?). Naturally, there are terraces and 15-foot ceilings and a museum-quality display room.

With this contract coming on the heels of yesterday's 740 Park sale to Oaktree Capital's Howard Marks, we're left wondering what's left on the market for real estate trophy seekers. Gary Barnett must be licking his chops.

kvelsey@observer.com

Christopher Jeffries, a founding partner at Millenium Partners, just listed his duplex condo at the Ritz-Carlton for $77.5 million, according to The Times, making it the most expensive apartment on the market—there is still a certain $90 million townhouse kicking around out there. Mr. Jeffries helped redevelop the old St. Moritz Hotel into the Ritz, and he took two floors for his own, including one that was the grand ballroom.

The jaw-dropping price for the home on the 30th and 31st floors is actually quite a deal. According to the Brown Harris Stevens listing, the home measures 10,882 square feet, which adds up to only $7,122 per square foot. That is $3,000 per less than either Mr. Weill asked or Mr. Barnett wants. Still, that size, along with the park and city views, leads the broker, Kyle Blackmon, to tell The Times that this is "an irreplaceable trophy asset."

Sounds familiar? Why he is the broker who earned a record-setting commission for selling Mr. Weill's place, of course.

More jaw-dropping? Mr. Jeffries only paid $20 million for the place in 2002, according to The Times. So while Mr. Weill managed to do well for himself, he merely doubled his money. Mr. Jeffries is hoping to quadruple his.

High-profile properties on the park are not always a sure thing, though. Who could forget the penthouses at the Plaza or 1 Central Park West, after all?

mchaban [at] observer.com | @MC_NYC

Then there's the fact that the Ritz-Carlton doesn't have the social cache of 778 Park Avenue (Astor's building) or 1040 Fifth (where Ms. Candler is listing the penthouse for $46.5 million).

But consider that the apartment was bought only three years ago by one of the building's developers, Christopher M. Jeffries, who paid $16 million. But he sold his terraced condo on July 31 for $28.5 million; no mortgages show up in city records, so it's likely the anonymous buyer paid in cash.

Three months and two weeks later, that buyer wants to sell for $6.5 million more.

I am anxious and jumpy. "I was leaning towards this Reem Acra dress," I say to anyone who will listen, "but you know what? I'm not sure I'm an embellishment kind of bride. Maybe I should focus on lace? What about ivory vs. white? Saks only had this one dress in a soft white. What exactly is soft white?"

I have always been a "grass is greener" person. I have buyer's remorse. Recently I've been waking up in the early morning and sneaking off to the computer for just one more peek at a fabulous Ines Di Santo gown that I had loved the day before. Nah, I think, that's not the one.

I have been to Saks, Bergdorf, Mark Ingram and this weekend I will hit the Mecca of the bridal world - Kleinfeld's.

"You will just know," people say about the perfect gown. "You will know it is the one." I am the person who squeezes every last melon at Gristedes. I have not yet met "the one" and I'm not sure I would know it if I saw it.

A downtown Manhattan hotel is offering a swanky party package dubbed "Friends With Money" that costs $137,580, the average Wall Street bonus this winter, according to the state Comptroller.

The Ritz-Carlton, Battery Park, will provide overnight accomodations for 32 guests in the presidential suite and 15 executive suites, a 10-minute fireworks display, helicopter tours, and limousine transportation for every guest, the Wall Street Journal reports.

- Tom Acitelli