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Le$ is flipping out...

Discussion in 'Houston Rockets: Game Action & Roster Moves' started by SamFisher, Dec 8, 2010.

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SamFisher Member

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...condos.

http://online.wsj.com/article/SB100...0535924.html?mod=WSJ_RealEstate_MIDDLETopNews

By JOSH BARBANEL
Leslie Alexander, owner of the Houston Rockets basketball team, has resold an unfinished penthouse on the Hudson River for $31.5 million, the highest price recorded for a condominium in downtown Manhattan.

Mr. Alexander paid $25.4 million for the apartment in September 2009 and put it on the market a week later.

Melanie Lazenby, a broker at Prudential Douglas Elliman who represented the purchaser, identified him as a foreign buyer who planned to use the sprawling apartment a pied-à-terre. She said he was "not a celebrity."

"This is a huge testament to blue-chip properties in Manhattan," she said. "There are certain buildings that are almost recession proof."

Mr. Alexander, a Wall Street veteran and investor, went into contract to buy the apartment in December 2007, after seeing only plans for the building. At his request, the developer, Related Cos., agreed to combine two separate penthouses into one full-floor unit.

He hired an architect to design the interior of the penthouse to his specifications, a construction project that brokers estimated could cost many millions of dollars. But by the time the apartment was ready, he changed his mind and put it back on the market soon after for $39.5 million.

The listing by Dolly Lenz, also at Prudential Douglas Elliman, said the apartment has 6,300 square feet of space as well terraces in each corner of the roof. "This one-of-a kind home awaits your vision," the listing said. Ms. Lenz declined to discuss the details of the sale.

The apartment has views from the Statue of Liberty to the Empire State Building. But it has only concrete floors, flues for two fireplaces that have never been built, few interior walls, and a modest bathroom and kitchen installed to meet the requirements of a certificate of occupancy.

Although the apartment sold for far less than the initial listing price, Mr. Alexander made a considerable return on a purchase, negotiated at a time when the Manhattan condominium market was hot, and approaching a peak that hasn't been reached since. Ms. Lazenby said there were several buyers who made competing offers on the apartment.

One broker familiar with the building said that the penthouse buyer already owned a smaller apartment there.

Superior Ink, designed by Robert A. M. Stern, is home to actress Hilary Swank, Jimmie Johnson, the NASCAR driver, and as other well-known figures.

Write to Josh Barbanel at josh.barbanel@wsj.com
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#1 SamFisher, Dec 8, 2010

AroundTheWorld Member

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Nice one-year return...

#2 AroundTheWorld, Dec 8, 2010
ChievousFTFace Member

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#3 ChievousFTFace, Dec 8, 2010
BasketballReasons Member

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BO$$

#4 BasketballReasons, Dec 8, 2010
da_juice Member

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Can we use this as a trade exception?

#5 da_juice, Dec 8, 2010
REEKO_HTOWN I'm Rich Biiiiaaatch!

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no socks sure knows how to make money.

#6 REEKO_HTOWN, Dec 8, 2010
xiki Member

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da_juice said:

Can we use this as a trade exception?
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...only for a Knick. :grin:

#7 xiki, Dec 8, 2010

liljojo Member

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So this is how the rich get richer...they're smarter than us poor folk.

#8 liljojo, Dec 8, 2010
penda45 Member

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Once again Houston pwns NY.

#9 penda45, Dec 8, 2010
heypartner Member

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Here's the online brochure.

http://www.somethingsuperior.com/

#10 heypartner, Dec 8, 2010
DreamRoxCoogFan Member

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just curious, but why not complete the renovations? wouldn't that have added more value than it costs to complete?

Who am I kidding, rich people know what they're doing.

#11 DreamRoxCoogFan, Dec 8, 2010
greatpacha1 Member

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penda45 said:

Once again Houston pwns NY.
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lololol...

#12 greatpacha1, Dec 8, 2010
YallMean Member

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Nice return.
Now sign us a real star.

#13 YallMean, Dec 8, 2010

Commodore Member

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so Bima, how much over the luxury tax will this allow us to go?

#14 Commodore, Dec 8, 2010

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MorningZippo Member

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Commodore said:

so Bima, how much over the luxury tax will this allow us to go?
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Is BimaThug the black Les Alexander?

#15 MorningZippo, Dec 8, 2010
Zboy Member

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Trevor Ariza helped build those condos.

#16 Zboy, Dec 8, 2010

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JoeBarelyCares Member

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ChievousFTFace said:

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Never gets old, LMAO. That picture ought to be nominated for a Pulitzer Prize.

#17 JoeBarelyCares, Dec 8, 2010
SamFisher Member

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DreamRoxCoogFan said:

just curious, but why not complete the renovations? wouldn't that have added more value than it costs to complete?

Who am I kidding, rich people know what they're doing.
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I suspect people buying $30 mm condos don't give a crap about reno's, most likely, as they'll just rip everything out and do their own thing anyway.

#18 SamFisher, Dec 8, 2010

IceMan Member

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And under the Obama administration, the rich continue to get richer and the poor are becoming even poorer. I would have voted for an Republican if I wanted those results....oh wait...

#19 IceMan, Dec 8, 2010
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JoeBarelyCares said:

Never gets old, LMAO. That picture ought to be nominated for a Pulitzer Prize.
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Morey sure looks like he's living high on the hog in that pic. Maybe next is a trip to Biggest Loser camp.

#20 IceMan, Dec 8, 2010

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