15 Central Park West's $88 Mln Sale Closes, Setting Record

New York's condo market officially has a new champion.

The record $88 million sale of a penthouse at 15 Central Park West appeared in city records Thursday, marking the most expensive single apartment sale ever recorded in New York.

The seller was listed as Joan Weill, wife of ex-Citigroup chairman Sanford Weill, and a trustee of JW Revocable Trust. The Weills reportedly will donate the money to a charity but haven't specified which one. They will move to a smaller unit that they own in the building.

Property NY 100-11 LLC, represented by David Lifson of Crowe Horwath LLP, was the buyer. According to reports, Ekaterina Rybolovleva, daughter of Russian fertilizer magnate Dmitry Rybolovlev, is behind the limited-liability partnership.

The sale closed Feb. 15, according to property records, capping a fast transaction for the apartment's full asking price. It was put on the market in November. Kyle Blackmon of Brown Harris Stevens was the listing broker for the property.

The unit is an exclamation point for 15 Central Park West, one of the most lucrative buildings in the world, with over $2 billion in sales. The Robert A.M. Stern design, distinguished by its glowing limestone facade, has been compared to the stately pre-war buildings of Park and Fifth Avenue.

But it is actually relatively new. Developers Arthur and William Lie Zeckendorf purchased the plot, the former site of the Mayflower Hotel, for a $401 million in 2004, and sales began in 2007. Residents in the building include actor Denzel Washington, singer Sting and Goldman Sachs chief Lloyd Blankfein. The weak economy has done little to mar the property, as resales have continued to top the original closing prices.

A challenger to 15 Central Park's record has already emerged: Extell Development's One57 is asking $110 million for its penthouse, which will be the tallest residential perch in the nation.