The Charles is a U.S. Immigration Fund Project
Originally posted by The Real Deal
August 13, 2015, Konrad Putzier
Like chicken wings, Manhattan luxury real estate is now apparently sold family-sized.
Two relatives bought five penthouse apartments at the Charles on the Upper East Side for a total of $58.6 million. The unnamed buyers are planning to combine the units, which span the building’s top six floors, into two giant penthouses.
Three units spanning the top four floors sold to one of the relatives for $37.9 million and will be turned into one apartment, the Wall Street Journal reports. According to appraiser Jonathan Miller of Miller Samuel, this is the highest price ever paid for an apartment on the Upper East Side east of Third Avenue.
“The penthouse was supposed to be the top two floors, but the buyers said that’s not enough space,” said the building’s developer Ramin Kamfar, CEO of Bluerock Real Estate. The apartment has two terraces and a private elevator, according to Kamfar.
A relative of the penthouse buyer then scooped up two apartments on the floors immediately below for $20.7 million. Bluerock is developing the 27-unit building at 1355 First Avenue, between 72nd and 73rd streets, in partnership with Victor Group. Ginger Brokaw and Jason Karadus of TOWN New Development are marketing the building’s units.