249 Central Park West Revisited

249 Central Park West Revisited

Not so long ago a client asked me if Leonardo DiCaprio was living on the corner of 85th and Central Park West, when I said it was pretty unlikely since there wasn’t a constant frenzy of pre-teens screaming or paparazzi snapping photos in front of the building. Still my client (or as he said, his girlfriend wanted to know) that Leo might be living in what is now known as the Central Park West castle. Undaunted by my opinion or facts he said that he couldn’t wait to see him walking around the neighborhood, undoubtedly grabbing a knish at Artie’s deli or scoring a slice at Pizza Pete’s. So my quest began to find out who purchased the 7900 SqFt behemoth. But first a little history lesson.

In 1887, the block front on Central Park West between 84th and 85th Streets came into the hands of William Noble, a builder, and in accordance with restrictions on the site, he erected a row of nine brick and brownstone single-family houses numbered 241-249.

The houses were at the upper end of the market – they cost $37,000 each in construction alone, exclusive of decoration.

In 1925, Sam Minskoff, a builder, sued to break the private house restrictions so he could build what was ultimately erected in 1930 as the tall apartment house that replaced 241-246 Central Park West.

Only 247, 248, and 249 Central Park West townhouses remained.

Fast forward 100+ years and millions of dollars later..

In March of 1999, 249 Central Park West was sold for just $3,000,000 million dollars, then in 2007 sold for $14,000,000 (At the height of the real estate bubble) The latest seller wanted to double his money just 5+ years later and was asking for $30,000,000. That didn’t happen.

Since Streeteasy and ACRIS only go back so far the castle owners have been:

1999 – Michael Paolucci – $3,000,000

 

2007 – Sunrise Financial – $14,000,000
Real buyer: Nathan Low

Nathan founded and serves as President of the Sunrise Financial Group, Inc, since August 1991. In 1992, Nathan founded Sunrise Securities Corp., a FINRA registered broker-dealer. In October 2003, Nathan founded and became Managing Partner of Sunrise Equity Partners, L.P., a $174 Million SBIC fund, which made direct investments in public companies.

 

2013 – 249 Central Park West LLC – $17,500,000
Real buyer: Gary Broxmeyer

Gary Broxmeyer with brother Mark, and his nephew, Michael own Long Island based Fairfield Properties, which has 5,000 rental units on Long Island, has been buying and upgrading older apartment complexes for 30 years.

So, now you know, you won’t be seeing Leonardo strolling along CPW anytime soon…

 

Sources: NY Times, 1999 recorded sale, Observer, <a href="http://www go to this web-site.propertyshark.com/”>Propertyshark

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