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GOTDXJ13

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TALL STORIES continued from page 110 house from herself and her hubby for $14 mil- lion, proving divorce doesn't always have to mean change when it comes to real estate. At 13,048 square feet, the 16-room townhouse includes six bedrooms and 12 bathrooms. It was built in 1872 and twice redone: first in the 1920s, when it got a new limestone façade, and then gutted and redone again after the Schneiders bought it. Peter Pennoyer was the architect and Victoria Hagan was the interior designer. The mansion includes a planted roof, great views, an elevator, and an "English" base- ment, according to the listing. Y A potential buyer with $40 million to spare could end up with a stunning full- floor spread. et there are still lots of trophy apartments on the market to buy. The estate of Mike Wallace has recently listed the late 60 Minutes star's apart- ment for a hefty $20 million with Brown Harris Stevens brokers Fritzi Kallop and John Burger. Wallace lived in the 12-room prewar duplex at 730 Park Avenue with his fourth wife, Mary, who died in September. The 1929, 19-story building houses just 40 apartments, and the only other apartment on the 16th floor might also be listed soon, also for around $20 million. That means a potential buyer with $40 million to spare could end up with a stunning full-floor spread. Wallace, who died in April at 93, loved the apart- ment, which included an entertainment space with a wood-burning fireplace and a conservatory with "distant" views of Central Park, according to the listing. The library has French doors that lead to a terrace, while the eat-in kitchen includes a large breakfast room and pantry, along with an 18-foot "staff area." A large staircase leads to the bed- rooms, including a 21-foot master suite with a fireplace, terrace, large master bath, and "vast" walk-in closets. The other apartment on the 16th floor is in need of updates. It belonged to Yugoslavia before the country disbanded in the 1990s, and it has been vacant ever since—silverware tar- nishing inside its doors. The grandeur fades while the apartment's value keeps skyrocket- ing. That 2,325-square-foot duplex was once home to the former Yugoslavia's UN envoys. The ex-Balkan countries are splitting its owner- ship and are expected to list the apartment for sale once they decide on a broker. But since the apartment's ownership dispute is in danger of lasting longer than the wars—and the Balkans is a region famous for loving its conflicts—we wouldn't hold our breath. G 112 GOTHAM-MAGAZINE.COM Mara Flash Blum, Erin Boisson Aries, and Julia Boland debate West Chelsea's growth. five-star flats WITH LUXURY-APARTMENT CONSTRUCTION ON THE RISE. BY ALLISON POLSTER CHELSEA HAS EMERGED AS AN UPSCALE NEIGHBORHOOD S uccessful projects such as Walker Tower, 18 Gramercy Park South, and One57 have all proven the selling power of fresh luxury developments across Manhattan, and experts expect these developments to continue to grow over the next few years. "I am seeing an increase in high-end developments or luxury loft-style apartments in bou- tique buildings poised to launch in the 2013–2014 marketplace," says Mara Flash Blum, senior vice president and associate broker at Sotheby's International Realty. The Boland Team at Halstead Property's Julia Boland expects a similar growth pattern. "We should start to see more luxury developments come to market in the next 12 to 18 months," says Flash Blum. "Developers pulled back after 2008 and financing was very difficult; now there are some terrific projects in the planning stages." Chelsea has become a hotbed for these emerging luxury constructions, like Walker Tower, and prices-per-square-foot in the region have skyrocketed. "With the further comple- tion of the High Line, the opening of the Avenues school, the upcoming new Whitney Museum of American Art, and the successful sales in new condominiums, West Chelsea is con- tinuing to grow into the new residential destination of Manhattan," says Erin Boisson Aries, senior vice president and managing director at Brown Harris Stevens. Flash Blum has also noticed a significant new focus on Chelsea. "A lux- ury tower on West 15th Street is just beginning construction, " West Chelsea is continuing to grow into the new residential destination of Manhattan. " —ERIN BOISSON ARIES and rumor has it there is already a waiting list with entry prices in the $2,000 per-square-foot range, but, with Walker Tower breaking the ceiling, the developers may go for gold." Flash Blum, Boland, and Boisson Aries all see advantages in purchasing in these new con- structions before they are completed. "The benefits of buying early in a rising market is that you have a trophy pick of views and floor plans and the offer prices are at entry level," says Flash Blum. "In some cases, there may be an opportunity to negotiate the price a bit as well," adds Boisson Aries. Still, Boland says to take the leap with caution as "construction can be unpredictable and there can be unanticipated slowdowns for even the most professional devel- opers." Erin Boisson Aries, Brown Harris Stevens, 2 Fifth Ave., 212-317-3680; bhsusa.com. Mara Flash Blum, Sotheby's International Realty, 379 W. Broadway, 212-431-2447; sothebyshomes.com. Julia Boland, The Boland Team at Halstead Property, 831 Broadway, 212-381-2333; halstead.com PHOTOGRAPHY BY REBECCA SAHN

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