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Harmon eyes record $600m sale.

After handling the sales of some of the year's biggest residential deals, including the dispositions of Macklowe's River Terrace and the Resnicks' The Gershwin in recent weeks, Eastdil's Doug Harmon will cap off the summer fittingly by tackling his biggest assignment yet, the sale of ultra-luxury residential rental building, The Langham. Bordering the park and with a storied past, the Manocherian family owned property has been eyed as the king of all potential condo conversions.

It has been estimated that if converted, apartments in the building could fetch up to $15 million apiece on average.

The owners who convert won't have to look far for interested buyers either. Renters currently pay north of $30K per month, a chunk of dough just about on par with what gargantuan monthly mortgage payments would cost.

According to some brokers, the building could grab up to $600 million, a figure that if achieved, would shatter pricing records for a residential property.
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Author:Geiger, Daniel
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 17, 2005
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