After initially testing the market with a price tag of $27.5 million, an Upper East Side condominium with direct views of Central Park will be sold tomorrow without a price tag. At 7pm ET Friday evening, the property will be sold via a live auction without reserve, meaning the highest bidder will become the new owner – regardless of the high bid amount.
While auctions for homes at lofty price points have become more prevalent in recent years, the novelty of such a sales approach for this particular caliber of New York City real estate has garnered recent attention from both the Wall Street Journal and Forbes. The motivations behind the sale are nothing more than business as usual, however, according to Platinum’s Vice President, David Enriquez.
“The selling family has a substantial property portfolio, some of which it has begun selling in the normal course of executing its various estate plans. Expediting and ensuring a sale for this property via the luxury auction is simply one part of that larger process.”
Enriquez added that Platinum had been speaking with the sellers about the possible auction of the condominium for more than 18 months. “Years ago, we had a luxury auction outside of New York for another property owned by a member of the family, and that success planted the seed for their consideration of the auction in Manhattan,” he added.
As COVID continues to change perspectives on big city living, the auction firm stated the virus hasn’t been a prominent part of conversations with interested buyers to date. “There is relatively little ‘COVID-centric’ feedback. Buyers are instead working through their standard ‘pro and con’ property evaluation as they consider a purchase,” noted Trayor Lesnock, Platinum’s founder and President. Lesnock speculated this is in part due to the nature of the property and the type of buyer it attracts. “This condominium lives like a private home. The building’s one-unit-per-floor design and incredible location with access to Central Park creates a lifestyle that’s a very sharp contrast to that offered by so many of the newer, ‘big-box’ luxury buildings in the city today,” he added.
To be sure, the property is one of only ten condominium units in an ultra-exclusive development located on 5th Avenue, in the Upper East Side’s Lenox Hill neighborhood. The building’s lower nine residences each occupy one, full floor, while the penthouse is a two-level duplex.
The luxury auction condominium occupies the 10th floor, immediately below the penthouse. Its 4,500-sf interior includes 3 bedrooms, 3 full and one-half baths, in addition to a handsome library, two wood-burning fireplaces and a spectacular great room that is 46 feet wide. This sprawling living area faces 5th Avenue, and is surrounded by a collection of windows that offer direct, panoramic views over Central Park.
The condominium conveys with a separate, studio apartment located on the building’s first floor. Ideal for guests or staff, the 300-sf unit includes a full bath, kitchenette and living/sleeping area. An additional storage unit on the building’s lowermost level also conveys with the sale.
Building amenities include full-time doormen, live-in management, security, fitness center, resident and service elevators, central air and a back-up generator.
Final property previews will be held today, February 18, by appointment. In order to participate in the auction, hopeful bidders must also register with Platinum by a deadline of 5pm ET today. Registration information can be obtained by visiting the property’s page on Platinum’s site, NewYorkLuxuryAuction.com, or by contacting its project manager, Walter Cerini, at 800.593.4177.