Plaza Hotel Penthouse Listed For $59 Million
June 11, 2013 - New York
Christian Candy, the 38-year-old developer who is known for creating high-design homes for the superrich in London, is putting his triplex penthouse in New York's Plaza Hotel on the market for $59 million.
Last year, Mr. Candy paid $25.9 million for the unit, then had it made over and rebranded by Candy & Candy, his in-house design company.
The new listing raises the question of whether a new contemporary look by a company that calls itself "a pioneer of bespoke design" can double the apartment's price to more than $9,300 a square foot in less than 16 months, even in a rising luxury market.
If the penthouse sells at its asking price, it would set a record for the century-old building, which converted to condominiums in 2007.
Mr. Candy's penthouse is 6,319 square feet and has four bedrooms and 5½ bathrooms, an angled wall of glass facing Central Park and a terrace off the master bedroom.
Dark and sleek, its loftlike interior is marked by book-matched Silver Wave marble, dark wood and brass trim, and extravagant sculptural lighting.
A dining room area seats 14 in oversized chairs; racks built into the other side of the Plaza's sloping copper roof can display a hundred or so bottles of wine.
According to the listing, the sale includes the custom furnishings selected by Candy & Candy; art work and family photographs are not included.
The apartment was offered for sale so soon after its purchase because Mr. Candy received "an unsolicited offer" that made a sale "the most sensible option", a spokeswoman says.
The Plaza sale is one of a number of real-estate chess moves Mr. Candy and his brother Nick, 40, have made lately.
Last fall, they paid $121 million for a 10,000-square-foot home in London's Chelsea district with approved plans to triple its size, and they also won permission to convert their own company office into a mansion.
The brothers say they are on the prowl for other investments in New York, Los Angeles and Miami, and in China.
The Plaza penthouse had a rocky start. In 2007, Russian financier Andrei Vavilov agreed to buy it $39.5 million, along with $14 million for an adjacent condo. He later changed his mind and sued.
Eventually the apartment went back on the market after a major renovation by Gal Nauer, that included a huge oval bathroom with walls of woven onyx that are still a feature of the apartment.
Source: WSJ - Kyle W. Blackmon of Brown Harris Stevens has the listing.
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