How many units does it take to make a guy happy? Six at one Upper East Side building and 14 across the city will do for one lucky foreign investor. A mysterious buyer has just plucked up four units spread across three floors at The Laurel. Could there be plans afoot for an ambitious L-shaped triplex?
Turns out it was just a simple purchase by the out-of-town investor who liked what he saw at 400 East 67th Street. “The purchaser has previously bought an apartment in the building,” said Corcoran Sunshine’s Joanie Schumacher, director of sales at the five-year-old building. “He’s an investor who did very well with his initial investment, so he decided to purchase several high-floor units in the building.”
Following a $3.9 million purchase on the 20th floor in April 2010—when this investor went on a buying spree and acquired eight units in seven different buildings on the East and West sides—the buyer has now purchased four more at what must have been his favorite.
Units 25, 26 and 27-B and 25-C sold for a staggering $18.2 million combined. That is more than 50 percent what was paid for the $11.2 million penthouse last July, which at the time was touted as a record price for a property on First Avenue. This could be considered a new record, though the real estate revelers might debate whether it truly counts since the price is not for a single unit.
Adam Rothman, the buyer’s Douglas Elliman broker, said his customer would not be combining any of the units unless his renters wanted him to, which would be on offer. “If a situation arose that someone needed to combine, we would look into it,” Mr. Rothman said. “Right now, once the punchlist is complete, they will go on the market as furnished and unfurnished.” He added that the purchase was made all cash.
Buying in bulk has its advantages, as the buyer got a 5 percent discount on what would have been a $19.1 million asking price for all for units, had they been offered as such.
The three B-line units are the smaller ones, with three bedrooms and 3.5 baths spread across 1,964 square feet. Located on the northwestern corner of the building, Ms. Schumacher said the units have nice views of the Upper East Side skyline all the way to the park, especially through the floor-to-ceiling windows in the corner living room.
The C-unit has four bedrooms, 3.5-baths and stretches from north to south along First Avenue. “It has beautiful river views, beautiful skyline views, it had everything,” Ms. Schumacher said. For those wanting one of their own, alas, it was the last such unit available, though there are still 14 units available. Investors are welcome, as Ms. Schumacher said more than a few have bought multiple units in the building. The Times told of a London gentleman who also made a four-unit purchase on the 17th and 18th floors in 2009.
Perhaps our mysterious American buyer wanted to best his London rival, for he bought a sixth unit for good measure in February, a two-bedroom, three-bath unit on the 20th floor—right next door to the first thing he ever bought in the building.
Update 3/27: Post updated to include comment from Mr. Rothman. Also, the buyer was previously identified as an American, based on information from the seller. The Observer regrets the error.
