Category — Central Park West

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.

As part of their recent divorce settlement, Merle Wolf obtained the co-op apartment that she and her now ex-husband David T. Wolff owned on the eighth floor of The Majestic at 115 Central Park West. Public records show that the matrimonial property transfer was valued at $2.475 million.

The Majestic is one of the most prominent co-ops on the Upper West Side, standing at the corner of 115 Central Park West and West 72nd Street. It was built by Irwin S. Chanin during the Great Depression. Although he originally envisioned a 45-story apartment building in 1929 — before the stock market crash — he subsequently modified his design to erect the 32-story apartment in 1931.”

The co-op restricts buyers at The Majestic to financing 50% of the purchase price. Shareholders are treated to multiple doormen staffing a host of entrances to the block-long building. The Majestic has 234 apartments, and it’s a pet-friendly co-op.

The co-op is conveniently located at the A,B, and C subway stops, and is just two blocks form the 1, 2, and 3 trains at 72nd and Broadway.

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Noteworthy current and former residents have included:

• Executive J.R. ‘Pitt’ Hyde, III and Barbara Hyde, hallway neighbors of Merle Wolff. The Hyde’s paid $11.75M for their Majestic co-op this past spring.
• Hotelier Ian Schrager
• NYC landscaping and horticultural magnateMadelyn Simon
• Gangsters Meyer Lansky, Lucky Luciano and Frank Costello
• Comedian Milton Berle
• Newspaper and radio commentator Walter Winchell
• Broadway actor Zero Mostel
• David Tolley, the Blackstone Group, paid $8.94 million for two co-op apartments on The Majestic’s 31st and 32nd floors.

According to New York City records, David Wolff filed for a contested matrimonial divorce on March 31, 2008.  He was represented by Manhattan divorce lawyers at Sheresky Aronson Mayefsky & Sloan, LLP.

Merle Wolff was first represented by matrimonial attorneys at Bronstein Schuck & Poller, which subsequently became part of the Matrimonial Law Group at the now defunct Dreier LLP, the law firm overseen by the now convicted felon Marc Dreir.

Dreir is serving 20 years in federal prison for pleading guilty in May 2009 to conspiracy to commit securities and wire fraud; securities fraud; multiple counts of wire fraud; and of money laundering.

Former New York Times national security correspondent Philip Taubman and Felicity Barringer, the Times national environmental correspondent, sold their 7 room, 3 bedroom, 3 ½ bath El Dorado co-op apartment for $2,825,000.

The apartment was originally listed for $3.7 million when it went on the market in January, followed by a 6% price drop the next month to $3,495,000, and another reduction in April to $3,100,000After a 24% drop from the original list price, The co-op apartment was bought by David F. Eisner, CEO of TheMarkets.com, and Karen Lehman Eisner.

Monthly maintenance for the 2,650 square foot co-op apartment was listed at $3,406. The apartment’s living room and master bedroom offer southern views, and the unit has a washer and dryer. One extremely rare feature: the apartment also has a fireplace in the living room.

The El Dorado is a pet friendly building with an unusual asset: a half-court basketball court, in addition to a health club. A kid’s playroom, on-site parking, and a community room are also in the building.

Brown Harris Stevens agent Scott Harris had the listing. Harris knows the neighborhood well: he is an Upper West Side resident himself. Before he became a broker, Harris worked in the entertainment business for a decade as an artist manager and exclusive booking agent.