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Corcoran Group breaks record for largest NYC residential sale.

The Corcoran Group announced that they have brokered the sale of a penthouse residence at One Central Park located at the AOL Time Warner Center for more than $40 million. When the deal closes, it will be the largest single residential real estate transaction in New York City history.

The Sunshine Group, Ltd. represents The Related Companies L.P. and Apollo Real Estate Advisors, the owners and developers of AOL Time Warner Center at Columbus Circle, while Robby Browne of the Corcoran Group represents the buyer. Both the Corcoran Group and Sunshine Group are owned by NRT Incorporated, the nation's largest residential real estate brokerage company and a subsidiary of Cendant Corporation, a leader in the real estate and travel services industries.

The luxury condominium, one of the penthouses that crown AOL Time Warner Center will feature dramatic twenty five foot high glass walls, wraparound outdoor space and over 8,400 SF of interior space. The apartment boasts breathtaking 360 degree views of the city, Central Park and the Hudson River. The apartment is being delivered raw, so the buyer has a blank canvas on which to design the home of his or her dreams.

"When completed, this space will be one of the finest apartments in all of New York City," said Pamela Liebman, president and CEO of The Corcoran Group. "Our buyer was attracted to AOL Time Warner Center for the unprecedented five-star lifestyle and the award-winning services and amenities of Mandarin Oriental. On a more macro level, our buyer is demonstrating a tremendous vote of confidence in the economy and in the New York City real estate market."

"The combination of the Sunshine Group's relationships with premier developers and property owners and the Corcoran Group's role representing the very best of the New York City resale residential real estate market provided the kind of positive synergy that happens when you've got an NRT-scale network with the ability to match supply and demand for such luxury properties," said Bob Becker, president and chief executive officer of NRT.

"I couldn't be more proud that now, The Corcoran Group possesses the distinction of having brokered the city's greatest single residential deal on record," said Liebman.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jul 16, 2003
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