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 5^th 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 10^th 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 5^th 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.

Manhattan Apartment Of Theater Producer James Nederlander, Once Listed For Nearly $30M, Is Going Up For Auction

The former Manhattan pied-à-terre of late theatrical producer James Nederlander, listed for $27.5 million in 2019, will be auctioned off later this week with no reserve.

The auction of #10 at 838 Fifth Ave., a condominium right by Central Park, is being held by Platinum Luxury Auctions and will take place on Feb. 19. The current listing price is $16.99 million.

The unit occupies the entire 10th floor of the limestone building, with windows overlooking the park, parquet floors and coffered ceilings. It comes with three bedrooms and 3 1/2 bathrooms. A one-bedroom, one-bathroom staff apartment is located on the building’s first floor.

Read the full article by Lisa Chamoff at Forbes HERE.

A penthouse condominium at Miami’s Four Seasons Private Residences has been scheduled for sale via luxury auction® on January 29, 2021. The residence was previously asking as much as $15 million, but will now sell to the auction’s highest bidder without reserve, meaning the highest bid will prevail regardless of the price. Miami-based Platinum Luxury Auctions, a real estate auction house specializing in the non-distressed sale of multimillion-dollar properties, was hired by the property owner to manage the transaction. Platinum is also working in tandem with listing agent Techrin Hijazi of the Brown Harris Stevens Miami brokerage.

The penthouse, which has had only one owner to date, was created in 2005-2006 by combining three individual units during initial construction of the Four Seasons development on Brickell Avenue in downtown Miami. The result is a 5,800-sf retreat that occupies half of the building’s 70^th floor. From its elevated perch, the residence offers 270-degree, “sunset to sunrise” views that include the Atlantic Ocean, Miami Beaches and the vibrant downtown and Brickell districts.

In creating the penthouse, the owner wanted to realize his vision for a retreat that served as both a luxurious pied-à-terre and an elegant art gallery, according to Platinum. “He enjoyed hosting close friends and business associates there, in addition to displaying some of his favorite paintings and sculptures,” stated Trayor Lesnock, Platinum’s president and founder. In fact, the oversized, floor-to-ceiling windows located throughout the grand salon are handsomely bordered in exotic woods, which was done to create “frames” of the penthouse’s impressive views – portraying them as “works of art.”

Fine finishes such as illuminated onyx, marble and lapis lazuli are located throughout the residence, in addition to more than $1 million in custom woodwork. Notable features include a private foyer, sprawling salon/art gallery, gourmet kitchen, custom wet bar and wine storage, two balconies, and a sumptuous master suite that features large walk-in closets for him-and-her, in addition to a large bathroom hosting a glass-enclosed steam shower and a jacuzzi tub surrounded in teak – designed to create the feeling of being aboard a yacht while looking out over Miami and the Biscayne Bay.

The residence will convey with four covered parking spaces, three storage units and six memberships to the Equinox Fitness Club, which is located on the property grounds.

Final property previews will be held Thursday, January 28, by appointment between 11am and 5pm ET. Bidders must register with Platinum by a deadline of 5pm ET on Thursday in order to participate in the auction. Photos, video and various property and auction documents are available online at MiamiLuxuryAuction.com. Interested parties may also contact Platinum’s project manager, Ms. Tawny Wolf, at 800.939.1672.

The full-floor Fifth Avenue apartment of late Broadway producer James M. Nederlander is headed for auction next month without reserve, according to Platinum Luxury Auctions, which is handling the sale.

The Manhattan apartment sits near the top of 838 Fifth Ave., a rare 12-story condominium in a sea of exclusive prewar co-ops along the eastern edge of Central Park. Without a reserve price, the sprawling three-bedroom unit and accompanying one-bedroom staff apartment, which together once asked as much as $27.5 million in 2019, will sell to the highest bidder regardless of the final auction price.

Read the full article at Penta HERE.

Global lifestyle marketing agency Lux Exposé has featured two of Platinum’s luxury auctions® in their daily blog: check out their articles on our penthouse in the Four Seasons Private Residences in Miami and our full-floor Fifth Avenue condominium on Manhattan’s Upper east side at the links below:

Four Seasons Private Residences Penthouse to be Auctioned Without Reserve

NYC Condo of Prominent Theatrical Producer to be Auctioned Off

We’re happy to be #luxapproved!