In New York City, the “prewar” apartment building had long defined the standard for luxury urban housing. That seemed to change in recent years as towers of floor to ceiling glass, many by famous architects, seemed at long last to dominate the new construction scene during the recent boom.
In the meantime, Robert A. M. Stern was designing a series of multifamily high-rises in the city, taking as his model the very prewar buildings that were supposedly at last being eclipsed. Stern, who is also dean of the Yale School of Architecture, is practically alone among the architectural elite in his continued championing of traditional architectural styles. His grandest multifamily project to date is 15 Central Park West, which takes its place beside some of the most spectacular prewar residential buildings of the city, which line the west side of Central Park.
Residents began to move in at the end of 2007. The building is totally clad in limestone, but in spite of having traditional masonry on the exterior, with windows instead of glass walls, the quality of light and views are uncompromisable. Celebrities who have bought units here include Citigroup creator Sandy Weill and rock star Sting.
15 Central Park West is one of the most successful residential projects in the city’s history; all units were reportedly sold prior to completion of construction for a total value of approximately two billion dollars. Even in today’s depressed market buying in 15 Central Park West is already proving to be a sound investment. Some buyers already doubled their money at resale by mid 2008. More recently, in early 2010 a penthouse sold for $37,000,000. On one hand this price was a lot less than the asking price of $80,000,000 of a year ago.Yet the owner had “only” paid $21,500,000 for the apartment, thus making a 72% profit in the midst of the “Great Recession!”