Welcome! Please take a few seconds to create your free account to post threads, make some friends, remove a few ads while surfing and much more. ClutchFans has been bringing fans together to talk Houston Sports since 1996. Join us!
ROCKETS GAMEDAY
Kevin Durant and the Rockets take on the Cavs at Toyota Center. Join Ben DuBose and Dave Hardisty for live postgame.

LIVE! ClutchFans on YouTube

Welcome ClutchFans Live

Le$ is flipping out...

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

Tags:

Page 1 of 2

SamFisher Member

Joined:

Apr 14, 2003

Messages:

62,767

Likes Received:

42,942

...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
Click to expand...

#1 SamFisher, Dec 8, 2010

AroundTheWorld Member

Joined:

Feb 3, 2000

Messages:

83,288

Likes Received:

62,292

Nice one-year return...

#2 AroundTheWorld, Dec 8, 2010
ChievousFTFace Member

Joined:

Jan 25, 2010

Messages:

2,797

Likes Received:

567

#3 ChievousFTFace, Dec 8, 2010
BasketballReasons Member

Joined:

Jun 27, 2008

Messages:

5,045

Likes Received:

237

BO$$

#4 BasketballReasons, Dec 8, 2010
da_juice Member

Joined:

Dec 16, 2009

Messages:

9,315

Likes Received:

1,070

Can we use this as a trade exception?

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

Joined:

Jun 26, 2008

Messages:

47,604

Likes Received:

19,810

no socks sure knows how to make money.

#6 REEKO_HTOWN, Dec 8, 2010
xiki Member

Joined:

Jun 18, 2002

Messages:

17,909

Likes Received:

3,245

da_juice said:

Can we use this as a trade exception?
Click to expand...

...only for a Knick. :grin:

#7 xiki, Dec 8, 2010

liljojo Member

Joined:

Mar 12, 2010

Messages:

3,423

Likes Received:

227

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

#8 liljojo, Dec 8, 2010
penda45 Member

Joined:

Mar 11, 2009

Messages:

171

Likes Received:

16

Once again Houston pwns NY.

#9 penda45, Dec 8, 2010
heypartner Member

Joined:

Oct 27, 1999

Messages:

63,886

Likes Received:

59,737

Here's the online brochure.

http://www.somethingsuperior.com/

#10 heypartner, Dec 8, 2010
DreamRoxCoogFan Member

Joined:

Apr 23, 2007

Messages:

3,661

Likes Received:

175

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

Joined:

Oct 21, 2010

Messages:

1,300

Likes Received:

28

penda45 said:

Once again Houston pwns NY.
Click to expand...

lololol...

#12 greatpacha1, Dec 8, 2010
YallMean Member

Joined:

Mar 20, 2003

Messages:

14,284

Likes Received:

3,815

Nice return.
Now sign us a real star.

#13 YallMean, Dec 8, 2010

Commodore Member

Joined:

Dec 15, 2007

Messages:

34,153

Likes Received:

18,122

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

#14 Commodore, Dec 8, 2010

1 person likes this.
MorningZippo Member

Joined:

Jun 24, 2010

Messages:

3,317

Likes Received:

2,597

Commodore said:

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

Is BimaThug the black Les Alexander?

#15 MorningZippo, Dec 8, 2010
Zboy Member

Joined:

Aug 19, 2002

Messages:

27,234

Likes Received:

21,958

Trevor Ariza helped build those condos.

#16 Zboy, Dec 8, 2010

1 person likes this.
JoeBarelyCares Member

Joined:

Jan 9, 2001

Messages:

6,685

Likes Received:

1,979

ChievousFTFace said:

Click to expand...

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

#17 JoeBarelyCares, Dec 8, 2010
SamFisher Member

Joined:

Apr 14, 2003

Messages:

62,767

Likes Received:

42,942

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.
Click to expand...

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

Joined:

Jul 27, 2003

Messages:

66

Likes Received:

3

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
IceMan Member

Joined:

Jul 27, 2003

Messages:

66

Likes Received:

3

JoeBarelyCares said:

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

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

(You must log in or sign up to post here.)

Page 1 of 2

Share This Page