$100,000,000 Plus in New York

I had the privilege of being invited to attend the Sotheby’s Brain Trust meeting in New York last week. Six of the most significant brokerage owners within the network were in attendance along with each of their respective top-producing agents. Philip White President and CEO of Sotheby’s International Realty presented along with Kevin Thompson the Chief Marketing Officer. Boston Consulting Group also attended and provided background into the research that is the basis of various marketing initiatives. More details to come!

But maybe the most fascinating part of the trip was a tour of New York properties. We all piled into a group of black SUVs’ to see some of New York’s most amazing properties. Put a few flashing lights on the SUV’s and we may have even passed as a presidential motorcade (we went right by Trump Tower).

One of my favorites, a six-story townhome just off of Park Avenue. Yes – six stories! The kitchen and dining area had a glass wall that opened completely to a garden. The sixth floor had an outdoor patio with spa and the laundry room. Not sure about a laundry room on the sixth floor. Anyway, it could be yours for $20,000,000 or if you would prefer to rent – $60,000 per month.

The highlight was the Woolworth Building – the original commercial building for the retailer. The top floors are being converted into condos and are represented by Sotheby’s International Realty. Amazing space and a cool ornate building. In fact, $22,000,000 was spent preserving the ornate details of the exterior of the building (yes that is $22,000,000 on exterior aesthetics you only see by looking out the windows of your condo). These condos are selling at roughly $3,300 per square foot and one-third are sold. Although we had to enter through a construction zone we viewed $10,000,000 and $7,000,000 residences set up as the models. Monthly condo fees and taxes on the $10,000,000 unit are a measly $11,485.

The kicker – the top four floors of the building will make up one penthouse consisting of roughly 10,000 square feet on four floors with many two-story rooms. The price tag is $110,000,000! If anyone reading this is interested PLEASE call me. I have dreams of college and graduate school for my kids being covered!

Joel Schemmel
50 Central Avenue, Suite 110
Sarasota, FL 34236
Phone: 941.587.4894