Alex Birkenstock Loves Penthouse Apartments. Now You can own his New York Penthouse

Alex Birkenstock, heir to the multi Billion dollar Birkenstock sandal fortune has a penchant for Penthouse Apartments. Not only that, he is a master at flipping them for eye popping gains. Case in point is the $25m 2012 sale of his Triplex Miami penthouse apartment at Continuum Towers which he bought for $9.9m in 2009. i.e. a $15m or 253% gain in 3 years!

The pervious record in Miami was a $21m Penthouse at the Setai Miami.

Now Alex made a very smart move – in 2011 when the NYC market was very depressed (and while he still owned the Miami Penthouse), he bought the Setai New York penthouse apartment for $5.86m and spent $5m on a top miami designer to do a gut renovation.

The Basics
$ 12,995,000
Common Charges $ 4,878
RE Taxes $ 2,812

Featuring a 50-feet uninterrupted wall of windows, this top of the line NYC penthouse features open views of the Statue of Liberty and World Trade Center.

This 2br, 3ba at the 30th floor of the  Setai on 40 Broad St is outfitted with the best fittings and furnishings money can buy including furnishings around around the world:  motorized blinds, 1920s era Art Deco doors from a theater in Hawaii, heritage wide plank oak hardwood floors from the Portuguese embassy in Paris, murano glass, exposed brick..hand-cut Belgian blue stone tiles, a monolithic stone tub which was cut from a single piece of Mexican stone, pieces from a custom men’s clothing store in Boston, 1920’s street lights from Belgium..ceiling using reclaimed tin from commercial buildings, two floor-to-ceiling Gagganeau wine coolers and a custom made 16 ft industrial chic bar. Our fave might be the 1000 pound steel & brass safe bought from the Bank of France in Vichy, France from the 1880’s (to store all the gold a wealthy penthouse apartment owner may have as part of his diversified portfolio).  Every piece is hand picked and it shows.

The Setai located in the FiDi is best known for it’s white glove service, Spa and 44,000 square feet of hotel level amenities.

What is he asking for it? $12.995m i.e. $2m gain / nearly +20% over his cost price. Not nearly as lucrative as his last flip but At 3,424 sq. ft, this 2 br / 2 ba NYC Penthouse apartment is asking $3,795 / square foot. Not exactly a steal but perhaps at the lower end of the $3,000 – $6,000 a square foot price range we have observed over the past year from prime New York Penthouses.

So  what’s the catch? 1) Location is FiDi 2) Didjya notice this Penthouse has no outdoor space / terrace? There are 2 key attributes, the latter more important in keeping the price relatively depressed vs. prime penthouses in NYC.

Wonder what he is buying now?

Let’s take a look:

(c) All images Platinum Properties NYC

Listing

Birkenstock New York Penthouse Floorplan

Birkenstock New York Penthouse Floorplan

 

Belgian Hand Cut Blue Tile in the Bathroom

Belgian Hand Cut Blue Tile in the Bathroom

 

Beautiful exposed brick even in the bath

Beautiful exposed brick even in the bath

 

Setai Penthouse Apartment

Setai Penthouse Apartment

 

Handpicked furnishings amidst the exposed brick

Handpicked furnishings amidst the exposed brick

 

2 Gaggenau Wine Coolers, 16 ft bar in the Kitchen

2 Gaggenau Wine Coolers, 16 ft bar in the Kitchen

 

Birkenstock Setai Penthouse New York  Views

Birkenstock Setai Penthouse New York Views

 

Birkenstock Setai NYC Penthouse beatutiful reclaimed art deco 1920s lights

Birkenstock Setai NYC Penthouse beatutiful reclaimed art deco 1920s lights

 

Hand picked furnishings and fittings

Hand picked furnishings and fittings

 

Exposed hand hewn wood beams

Exposed hand hewn wood beams

 

Birkenstock NYC Penthouse for Sale

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