75 CPW Co-op Sells For $2.26M: Touch the Thanksgiving Day Parade Balloons!

A 4½ room 2 bedroom, 2 bath co-op apartment at 75 Central Park West just sold for $2.26 million, only 5½% less than the original asking price of $2,395,000

The sellers were Richard A. Petrocelli, a Managing Director at the merchant bank Saratoga Partners. and >Anna Whalen Petrocelli, a marketing professional who worked at >Colgate-Palmolive for 15½ years.

The buyers are Dr. John M. Leventhal, a pediatrician and the Medical Director of Child Abuse Programs at Yale University’s School of Medicine, and Beverly Hodgson, a former Connecticut Superior Court judge who now works as a mediator and arbitrator.

The pre-war Central Park West co-op was built in 1929 has a full-time doorman and basement storage. The co-op permits buyers to have up to 50% financing. The apartment has a $2,269 monthly maintenance that is approximately 31% tax deductible.

Corcoran brokers Meghan Kelly and Deanna Kory had the exclusive.

What factors might account for the strong sales price in today’s challenging market conditions? Take a look:

• Location, Location, Location. 75 Central Park West is a prima donna address in the heart of the Upper West Side, a walk across the street to Central Park and just a two-minute walk from Lincoln Center.
• Macy’s Thanksgiving Day Parade. From this eighth floor apartment, you can almost reach out and bop Kermit, and Garfield as they pass by!
• The Pieds-à-Terre Factor The buyers (see below) primary residence appears to be in Connecticut. A Manhattan pieds-à-terre co-op in fantastic condition with a prime CPW address has a cachet that will appeal to older, empty nesters, like the buyers.
• Neighbors in the Building Fellow shareholders in the building who are also high-net worth individuals help to maintain strong sales prices.

Here is a look at some current and former residents of 75 Central Park West:

• Wendy Wasserstein used to live in the building. Her estate sold the late playwright’s apartment for $5.2 million in January 2007
• Retired radio personality Don Imus and wife Deirdre Imus paid just over $2 million for a 75 CPW co-op in February 2006.
• Herbert Kleinberger, a former PriceWaterhouseCoopers partner and IBM Global Business Services group leader specializing in retail consulting. Kleinberger and his wife paid $3.2 million in 2005 for their 75 CPW co-op.
• Veteran real estate developer Donald Zucker and wife Barbara Zucker Barbara Zucker who paid a whopping $10.1 million for two combined 10th floor apartments in June 2004.
• Elizabeth Culligan, the former President and COO of A&P, and daughter of the late John Culligan, former CEO of American Home Products Corp., now part of the Pfizer
• Stephen Keller, Managing Director and head of Europe, Middle East, and Africa (EMEA) flow sales for equities at the newly merged Bank of America / Merrill Lynch. Keller paid $4.75 million for his high-floor co-op at 75 CPW in October 2007.