David Chu has shown himself eager to offload some of his excess Manhattan real estate of late. Last year, the Nautica founder sold his Flatiron townhouse for $26.8 million and now he’s looking to sell one of his condos at 15 Central Park West.
Which makes a good deal of sense: surely Mr. Chu, who helped refine the preppy aesthetic—bringing classic, upmarket clothing to a population for whom J. Crew, J. Press, the Brooks Brothers were not enough—understands the importance of understatement. And keeping two apartments at the limestone luxury behemoth is just a little flashy.
Not that he’s releasing his grip on the place too easily. Mr. Chu and wife Gina Lin have listed the sixth-floor condo for $8.6 million with Noel Berk at Mercedes/Berk. It wouldn’t be the first time a resident has tried to double or triple his money (or succeeded), but given that the couple paid $2.99 million for the apartment in 2008, and that it’s far from the building’s most impressive spread, the pricing is ambitious to say the least.
The building—which has housed the likes of Denzel Washington, Sting, Robert de Niro, and Lloyd Blankfein—has ample appeal, of course. But One57 has supplanted it for record-breaking sale and the supernatural resales seem to have slowed to a halt. In other words, the building is now subject to the same laws of the real estate universe as the city’s other most esteemed addresses.
Still, it seems that the Chus did not learn their lesson about ambitious pricing after the 2011 sale of their duplex penthouse at 610 Park Avenue, which originally listed for $33 million before enduring a series of price chops and selling at $23.68 million. Though the Flatiron sale, which netted Mr. Chu some two-and-a-half times what he paid in 2004, likely buoyed his confidence.
Ms. Berk, however, told the Observer that she believed the price was justified by the high demand for smaller apartments in newer luxury buildings. She added that she didn’t see prices at 15 CPW, a building in which she also owns, going down anytime soon and that if the past was any indication, apartment prices will continue to rise.
And while views from the sixth floor are somewhat less than master-of-the-universe level, the corner apartment is nonetheless possessed of all the 15 CPW ultra-upscale standards, including double exposures, 12-foot ceilings and herringbone floors. And of course the unit with access to the building’s many luxe amenities, like the 75-foot long sky-lit swimming pool, which the Chus, as owners of a larger two bedroom on the 28th floor, will be able to continue splashing around in.
It’s unclear why the couple, who purchased that larger unit for $11.38 million in 2010, hung onto the sixth-floor unit for so long given the impossibility of a combo. Ms. Berk said that the Chus are selling “for personal reasons—they’ve had the apartment for some time and some of their needs have changed.”
In any event, it certainly seems that they expect to be well compensated for their troubles.
SOURCE (The Observer)