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The 'wow' factor at 15 CPW.

In just under seven weeks, the much-anticipated $1 billion Zeckendorf development at 15 Central Park West is proving that all good things come to those who wait.

Since the sales office opened in September, the former Mayflower Hotel building has generated $650 million in contracts and an additional $100 million in pending deals. Of the 201 condominiums initially offered, 75 residences have been sold.

"With a 40 percent sellout in less than two months and 12 of the 16 penthouses sold, no other single project has demonstrated such enthusiasm in such a short amount of time," said Arthur Zeckendorf.

"From the onset of this project we have been committed to creating a great design that will honor the architectural history of Central Park West," noted William Zeckendorf, "and we are delighted that these dramatic sales numbers support our endeavor."

The brokerage community is abuzz with talk of the magnetism of the project, which was designed by world-renowned architect and historian, Robert A.M. Stern, in a neo-classical style.

The two-tower building, encompassing the entire city block, has two wings--the 20-story house on central Park West and the 43-story tower bordering Broadway, which are connected by a stunning courtyard.

The building will be entirely clad in Indiana limestone, previously used on such iconic monuments as the Empire State Building and Rockefeller Center.

A number of high net-worth individuals have been reportedly vying for this prestigious real estate, where prices range from $2 million to $45 million.

"The majority of our purchasers are local and, although many are owners of second homes, most plan to consider Fifteen Central Park West their primary residence," said Richard Wallgren, director of sales.

Fifteen Central Park West is owned by W2001Z/15CPW, LLC, Realty, a joint venture between the Whitehall Street Real Estate Funds; an affiliate of Global Holdings, a US-based private real estate investment company; and entities owned by Arthur W. Zeckendorf and William Lie Zeckendorf.

Bounded by Central Park West and Broadway, between 61st and 62nd Streets, the property has a total area of 57,900 s/f.

The Zeckendorf family has a long history in the modern development of New York City real estate, having been responsible for the construction and/or marketing of numerous luxury properties in Manhattan such as 515 Park Avenue.
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Article Details
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Author:Barr, Linda
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Nov 23, 2005
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