In an interesting development it seems that demand for property at 443 Greenwich Street, Tribeca continues to rise. As a consequence, Serge Azria has decided to flip his penthouse property which he only bought in February. Over the last few weeks we have seen more and more celebrities clambering over each other to acquire real estate at Greenwich Street. The list continues to grow, demand continues to grow and prices are being squeezed higher. So, what kind of return is Serge Azria expecting when he flips his property?
A $3 million profit in six months?
The award-winning fashion mogul Serge Azria only acquired his penthouse for a price of $14.3 million back in February. Over the last few days the three-bedroom property has been placed on the market with a pricetag of $17.3 million. Serge Azria will be waving goodbye to celebrity neighbours such as Harry Styles, Jake Gyllenhaal, Rebel Wilson and Meg Ryan but with 3471 ft.² of living space the sale price equates to around $5000 per square foot!
Inside Serge Azria’s $17 million property
A look inside Serge Azria’s penthouse will not disappoint you with an interesting mix of space yet plenty of furniture, extremely good natural light yet relatively small strategically placed windows. As with so many properties in the block at 443 Greenwich Street the rooms are dominated by wooden ceiling beams and stylish pillars. The two-storey penthouse not only boasts some dramatic views out of the windows but some dramatic views inside which include a state-of-the-art inset fire and extremely expensive furniture.
The kitchen is probably the size of a traditional sitting room, with a stylish eye-catching breakfast island and an array of barstools. The light/dark wood decor is both complimentary and subtle as is the placement and look of the various pieces of equipment within the kitchen area.
There are a couple of relatively “small” bedrooms by the standard of luxury penthouse apartments but they are extremely spacious, well designed with a focal window allowing lots of natural lighting. The larger master bedroom is enormous with a full-sized couch, table and plenty of space. The views, storage areas and attention to detail in the master bedroom (indeed all bedrooms) highlight the difference between a good quality penthouse and a high quality luxury penthouse.
Facilities at 443 Greenwich Street
As we have mentioned on numerous occasions there are some exceptional facilities for residents of 443 Greenwich Street. These include an underground motor court, leading many to describe the property as “paparazzi proof”, not to mention a 71 foot indoor swimming pool, children’s playroom, fitness center, temperature controlled wine cellar and an amazing 5000 ft.² roof terrace.
Ironically, Serge Azria was not the first resident of 443 Greenwich Street to flip his property with “Austin Powers” and “Wayne’s World” star Mike Myers forced to sell his four-bedroom property when learning that his wife was expecting another child. Records show that he never actually lived at the property which has turned out to be perhaps one of his best real estate investments!
It is interesting to see that some residents of the celebrity magnet which is 443 Greenwich Street are being tempted by rising prices and increased demand. Flipping a property for a profit of more than 20% in just six months would certainly be a result for Serge Azria but is this just the start of the price rises?