Another Manhattan luxury unit to be auctioned

It first went on the market in February of 2007. The price: $1.5 million

On Nov. 15 last year, the price was reduced to $1.149 million, and it was cut again, to $995,000, last February. The one-bedroom, one-and-a-half-bath unit on Central Park South went under contract a couple of weeks later, but the deal fell apart within days.

Then, the 1,026-square apartment in a white-glove building was taken off the market in October.

Now Apartment 8C at 110 Central Park South, which is being sold furnished can be yours at an auction on Dec. 17.

Never lived in, the condop features a separate windowed dressing room suitable for a home office and a Poggenpohl kitchen with Caesar Stone counters, Sub-zero, Miele, and Asko appliances. The spa-like master bath features marble and sycamore finishes, an oversized tub, separate stall shower and Toto appointments.  The bright exposures are to the south and west, and the unit comes with a 32-square-foot storage room. Monthly maintenance is $3,398.

The 1927 building designed by architect James Carpenter was operated as Ritz Carlton and Intercontinental hotels.  Redeveloped in 2005, the 69-unit condop contains:

  • Resident manager
  • “State-of-the-art” fitness facility
  • Private dining/conference room with high-end catering kitchen
  • Private “Zen” garden
  • Advanced security system
  • Availability of valet service

The building is considered a condop because there is a 98-year ground lease currently in the sixth year.  (When a ground lease is routinely negotiated, usually every 10 years, you can be sure that maintenance will rise.)

Inspection of the vacant apartment is today and Sunday, Dec. 13 11 a.m.-1 p.m. According to the David R. Maltz & Co. Web site.

Bidding will start at $500,000.  To bid, you’ll need to show up with a $50,000 certified check at the Millennium Broadway Hotel, 145 West 44th St., on Dec. 17 at 7 p.m.  Also, be prepared to fork over a hefty 8 percent commission – though they call it a buyer’s premium.

Closing must occur within 45 days of the auction, but the successful bidder will be granted a 30-day extension to close if he/she posts an additional non-refundable 10 percent deposit.

As for comparable sales, well, there really aren’t any since they occurred at the end of 2006.  Be that as it may, 7C sold for $1.401 million and 9C, for $1.428 million.

The apartment is subject to sale prior to auction as pre-auction offers will be considered.

Although the auctioneer reports that 68 of the building’s 69 apartments have been sold and closed, three are showing in the listings database as still on the market at prices ranging from $4.175 million to $7.975 million. Inexplicably, 9C is showing in the database as permanently off the market as are several others.

Based on what I’ve seen at the auctions of a 1056 Fifth Ave. co-op and the 54 apartments in Riverdale’s Solaria, don’t expect much of a bargain if you bid.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site

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