In The News

Gustavson/Dundes was featured in the August 12, 2012 New York Times Real Estate Section for its renovation of a $95 million Central Park South penthouse. We are pleased to present a re-print of the article, courtesy of the New York Times. For more information regarding the $7 million facelift we designed for this property, please contact us or call 212-251-0212.

Exclusive | Central Park South

The Market Is Speaking. It Says $95 Million.

SKY TONES The solarium of the duplex penthouse at 50 Central Park South opens onto a terrace overlooking the park.


Published: August 12, 2012

It’s as if 50 Central Park South had laid down a challenge to 15 Central Park West and any other building that believes its apartments can command sky-high prices.

After the $88 million sale of a penthouse at 15 Central Park West early this year, 50 Central Park South countered in June with the $70 million sale of a 14-room duplex on its 30th and 31st floors. (The unit had been listed at $77.5 million.)

Now, the owner of the duplex penthouse on the 34th and 35th floors has decided to put his place on the market for $95 million. A smaller apartment, without outdoor space, on the floor below the penthouse was listed last month for $50 million.

Dianne Weston, the Halstead Property agent who is handling the new penthouse listing, said the owner decided to sell now because “he understands the metrics of the market” — namely the relatively small supply of sprawling apartments with spectacular views of Central Park and the seemingly insatiable demand for the same.

The 5,078-square-foot apartment sits at the very top of the Ritz-Carlton. The hotel, formerly the St. Moritz, occupies the lower 22 floors, and 12 condominiums sit above.

The upper level of the penthouse has a glass-roofed solarium that opens onto a 60-foot wide, 689-square-foot terrace directly overlooking Central Park.

The owner bought the duplex under a limited-liability company for $19.95 million in 2006. He promptly put another $7 million into a complete renovation, designed by the architectural firm Gustavson/Dundes, which gave the space a very contemporary look, including a sleek steel and glass staircase with treads that can be lighted from below.

Ms. Weston would not identify the owner, but said he was a ballroom dancer — Argentine tango, to be precise. That much is apparent when you enter the apartment to behold a 42-foot-long ballroom with ebony-stained wide-plank oak floors.

The ballroom, with five picture windows that look out onto Central Park and three other windows with south-facing open city views, has been used “for very, very frequent entertaining,” Ms. Weston said.

In addition to sweeping dance moves, the space has been the setting for numerous concerts and parties. Unobtrusively scattered around the apartment are more than a dozen purple Holly Hunt side chairs, which the owner has gathered together and supplemented with a few more rented chairs to set up for a recital or a dinner for about 60 of his closest friends.

In addition to the expansive entertainment space, the lower level has a large master suite that can be hidden away behind mirrored doors to keep nosy party guests out, and two other bedrooms in a separate wing.