Luxury Condos Have Replaced Co-Ops As New York City's Hottest Buildings

15 central park west penthouse

Photo: 15 Central Park West

Manhattan’s once-fabled co-op addresses no longer command the biggest sales prices in the city, and have been upended by newer destination condominium addresses, real estate author Michael Gross writes in the Daily Beast.Co-ops, which often require the buyer to go through a rigorous board approval process, are losing ground to condo buildings that offer an unmatched range of amenities, such as concierges, in-house restaurants, room service and swimming pools.

Beginning in 2003, with the Mexican financier David Martinez’s $54.7 million purchase of a penthouse at the Time Warner centre, condos have held the record for highest sale prices. And condos command a higher price per square foot than comparatively-sized co-ops.

In the past, 740 Park Avenue, where the city’s financial elite rubbed shoulders with the crème-de-la-crème of international buyers, was the richest building in New York. But it was overtaken by 15 Central Park West, the Robert A.M. Stern-designed luxury condominium developed by the Zeckendorfs—the most profitable building in the city’s history.

Gross, who penned a book on the owners of 740 Park, is in the process of writing a follow up that focuses on 15 Central Park West.

Last week, a four-bedroom unit at the building closed at $32.5 million, representing a whopping 92 per cent markup over its last sales price.  [DailyBeast]

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.