18-19B
The late insurance benefits executive Richard Ullman’s duplex “penthouse” at 15 Central Park West is back on the market a year after it was sold, asking $65 million, a slight increase over the $62.5 million the estate originally wanted, but a whopping increase over the $48 million the current owners, tucked inside an opaque LLC called 15CPW PHB (NYC), paid for it. It’s interesting to note that when the building was brand-new, Ullman tried to sell it before he even moved in for $55 million, but failed to get his price. After his death in 2011, the duplex was the focus of a legal battle between Ullman’s children and his second wife. The widow lost and it was listed again two years ago. (You can read more about the runup to that sale in House of Outrageous Fortune).Curbed New York calls the current price “completely batshit.” And the fact that it isn’t really a penthouse (Dmitry Rybolovlev‘s $88 million apartment above is the real thing), and is the 15CPW equivalent of a landlocked Midwestern state–with larger apartments on either side, it has windows only front and back, making it a rich man’s railroad flat–supports Curbed’s typically brash opinion. So who might think they’ll get that price? It seems likely the hidden owner is Chinese, as the broker on the sale, Janice Chang, is from Taiwan and speaks fluent Mandarin according to her Elliman bio. And as recent news tells us, the Chinese know a lot about price bubbles.