Manhattan triplex fetches $60M in biggest co-op sale since 2015

Manhattan triplex fetches $60M in biggest co-op sale since 2015

Home near Central Park received $20 million more than asking price.

Talk about mispricing. An Upper East Side triplex sold last week for $60 million, the most expensive Manhattan co-op sale since 2015 and a whopping $20 million more than the asking price, as five billionaires slugged it out for bragging rights to the 7,000-square-foot penthouse.

Jacqui Safra, a banking scion who has produced Woody Allen films, sold the home in a private, all-cash deal, according to Mansion Global. The buyer of the penthouse, at 2 East 88th Street, hasn’t been identified.

The 12-room unit spans the 14th, 15th and 16th floors and includes a two-level wraparound terrace, a staff wing, a gym and two floors for entertainment.

It was shown for just a single day back in May. A contract was signed within 24 hours. Nikki Field of Sotheby’s, who represented the seller, said she showed it to seven billionaires and received five offers.

Safra lived there for 30 years with his significant other, producer Jean Doumanian. The 81-year-old decided to sell because they weren’t often at the home. Safra told Field he hadn’t even been to the third floor in several years, according to the publication.

Actress Bette Midler sold her own triplex penthouse in the same Carnegie Hill neighborhood just a few months ago. Her initial asking price was $50 million and it ultimately sold for $45 million.

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Condominium Buying Guide. (Canada)

This Guide will give you the basic background information you need to figure out if condominium ownership is really for you. It will identify key questions to ask — and the people you should be asking — before you make this important purchase.

So You’re Thinking About Buying a Condominium?

Condominium living is a popular choice for many Canadians as it can be a relatively carefree housing option. About one million Canadian households own a condominium (often referred to as a “condo”). Most major newspapers now include a condominium section, which recognizes the increasing number of people who already live in — or want to live in — a condominium.

This Guide will give you the basic background information you need to figure out if condominium ownership is really for you. It will identify key questions to ask — and the people you should be asking — before you make this important purchase.

Condominium basics

Understanding condominium ownership, lifestyle and successful condominium living.

Condominium living can be an appealing housing option. It’s often affordable and someone else handles much of the maintenance and repairs, such as shovelling snow and replacing the roof. Many condominiums have enhanced security features over those found in single-family houses and offer a wide range of social, entertainment and recreational activities.

However, purchasers should be aware — before they buy — of the many issues and considerations surrounding the purchase of, and the lifestyle in, a condominium. Condominium ownership is very different from owning a home under traditional fee simple tenure. This section of the Guide will help you better understand this unique form of ownership and prepare you for successful condominium living.

What is condominium?

A “condominium” refers to a form of legal ownership, as opposed to a style of construction. Condominiums are most often thought of as units in high-rise residential buildings, but they can instead be:

  • low-rise residential buildings (fewer than four storeys);
  • townhouse or rowhouse complexes;
  • stacked townhouses;
  • duplexes (one unit over another) or a side-by-side;
  • triplexes (stack of three units);
  • single-detached houses; or
  • vacant land upon which owners may build.

There are even mixed-use condominiums that are partly residential and partly commercial buildings. Condominiums come in various sizes with diverse features and can be found in almost every price range.

Condominium buyers have three choices. They can buy a new condo, a resale condo or a conversion condo.

“New condominiums” refer to units that have not been previously occupied. They can be in the planning stage, under construction or recently completed and are usually purchased from a developer. For many buyers, they’re an attractive option because of their fresh appearance and modern fittings, surfaces and appliances. They also often give purchasers the chance to customize their units.

“Resale condominiums” are units that have already been occupied, typically in older buildings, and are for sale by the current owner. One of the advantages of purchasing an existing condominium is that you get to see the unit, building and grounds before you make your purchase. You also have the opportunity to meet other unit owners, speak with a representative of the board of directors of the condominium corporation and ask questions of the property manager.

“Conversion condominiums” refer to units in a building that was previously used for something else but has been, or is to be, renovated for residential use. For example, many loft-style condominiums are converted from former commercial or industrial buildings. Conversions can also refer to the switching of units from rental units to condominium units.

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