Daily News from New York, New York on August 19, 2002 · 33
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Daily News from New York, New York · 33

New York, New York
Issue Date:
Monday, August 19, 2002
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i III ljr -. MICROSOFT ELECTRIC 74 cents $31.55 I 23 cents $50 toaww (gDO(o ST ; - - I I I p I As 4 1 J tt 011 Ml 1 I Though developer Donald Trump calls his tump World Tower near the UN a "spectacular success," his tally of unsold units Is much lower than other reports show. E3ecir(ul year ffoir Sonny GuHdWDes With an arsenal of hit films such as "Spider-Man," "Men in Black n" and current box office champ "XXX," Sony Pictures said it broke its own industry record for North American ticket sales in a calendar year. The studio, a unit of Japan's Sony Corp., has grossed $1.29 billion so far this year, inching past its 1997 haul of $1.27 billion, oifficials said. Its '02 slate, which includes J.R MORGAN CmCROUP UM5E i 7 cents 94 cents $24.86 $34.90 MICHAEL APPLETON six No. 1 films, accounts for 21 of the market so far this year. News Corp.'s Twentieth Century Fox, follows at No. 2 with about $800 million and 14. Sony reached $1.27 billion at the end of '97, propelled by such films as the original "Men in Black" and "Air Force One." Leading the pack for Sony this year was "Spider-Man," starring Tobey Maguire, which has grossed $404 million domestically, and almost $400 million over 4f IBM I WL-MART $2.85 $79.35 911, econ By ERIC HERMAN DAIIY NEWS BUSINESS WRITER Three years after it first opened for sale, scores of condos in Donald Trump's 72-story building at 845 United Nations Plaza remain unsold. They're not alone. While residential real estate in Manhattan has stayed strong in the faltering economy, the high-end of the luxury market is its weak spot, according to several brokers. Buildings that would have sold out before opening two years ago are finding that sales have slowed. New condos like the Beekman Regent at E. 51st Street and First Avenue have added more luxury apartments to the area east of midtown. "We went through a recession last year where things were somewhat slower, and then 91 1 happened," said Jacqueline Sonnen-berg, the building's managing director. "The year before that, the market was going great guns. They were almost sold out before you were finished and ready for closing." The Grand Beekman has sold 63 out of its 89 units. Across the street, the Beekman Regent has sold 34 of 64 units after more than a year on the market. Many brokers say sales in Trump's building have been healthy on a par with new buildings nearby. Indeed, Trump has sold nearly 300 condos and paid off his construction loan ahead of time. But Trump World Tower, as it's also called, added a whopping 376 units to the market, and as many as 27 of them are still for sale. "The high end of the market is -in really bad shape," said broker Joanne Kennedy of Coldwell Banker Hunt Kennedy. No one suggests the condo market is tanking. The Park Imperial, a new development by the seas. Other heavy hitters included the Will Smith-Tommy Lee Jones sci-fi comedy "Men in Black II" ($189 million domestically), the Adam Sandler comedy "Mr. Deeds" ($124 million), the Jodie Foster thriller "Panic Room" ($95 million). Sony's only major flop was the talking-mouse sequel "Stuart Little 2," which cost $120 million to make and has grossed just $57 million after five week ends. WAL-MART f INTEL ' "T" AOL " ' C' DISNEY TIME VWRNER - 92 cents 14 cents 70 cents 71 cents $53.79 $18.75 $12.56 $15.86 I " ' INTEL ' " 1 " Ol dip keep buyers away - - - - 1 ! 1 E.72nd SC I". m M A U A T A M f r 1 ! ! 5 ji turn E.'59thSt. rTVihtmhiiO, nirr-Uk ss : r : W. 42 nd St: U!W.34thStt 5:;;:: Related Companies at Broadway and W. 56th St., is 98 sold. But other buildings, like Relat-ed's AOL Time Warner Center, Davis & Partners' 425 Fifth Ave., the Grand Beekman and the Beekman Regent remain 30 to 60 unsold. Andrew Heiberger, president of Citi Habitats, said the $250,000 to $750,000 condo market is "on fire." Lured by low interest rates that make borrowing easy, first-time buyers are snapping up everything in their price range. But the sales market at higher prices especially $2 million and above is suffering. "Those apartments were purchased by investment bankers who were making inflated earnings, as well as pied-a-terre buyers as secondary residences," Heiberger said. "And the pied-a-terre market and the investment banker market has disappeared." Trump calls his building, where units went on sale three years ago, a "spectacular success." He says all but 51 of its 376 condos have been sold, leaving just 14 available. Eleven more units are under contract, Trump added. "This building is probably the most successful condominium development ever built," Trump said. But information from appraisers, brokers, a real estate reporting service and the city Finance Department are in conflict with Trump's sales numbers. The Finance Department said 219 sales had been recorded by Aug. 1 leaving 157 unsold. 1 tDISIiFY T wunw " w VIACOM 32 cents $42 D Tramp World Tower 845 UN Place Total units 376 Sold 275 Grand Beekman 400 E. 51st St. Total units 89 Sold 63 Q Beekman Regent 351 E. 51st St Total units 64 Sold 34 D The Seville 300 E. 77th St Total units 90 Sold 42 Q AOL Time Warner Center Columbus Circle Total units 191 Sold 80 'Sales figures prowled by Irump differ from those provided by appraisal firm Mitchell Manned & Jackson 2 ? in City records can take time to reflect closed sales. But Jeff Jackson of the appraisal firm Mitchell Maxwell & Jackson said 260 condos had sold and 15 more were under contract at the end of July, leaving 101 unsold. The figures do not include condos being resold by owners who bought them from Trump. The prices range from about $500,000 to $58 million for the penthouse, but most sell for more than $1 million. Trump had to fight to get 845 UN Plaza built. For over a year, neighbors tried to stop it, complaining the 856-foot-tall tower at First Avenue and E. 48th Street would block their views. After defeating their lawsuit, Trump finished what he called the world's tallest residential tower 72 floors billed as a 90-story building because of the high ceilings. The dark, slender building, designed by Costas Kondyl-is, earned praise from architecture critics. Brokers praise the floor-to-ceiling windows. The Yankees' Derek Jeter bought an apartment for $12.7 million and Jocelyn Wildenstein bought one for $1.4 million, according to data service First American Real Estate. For the most part, though. Trump's building has catered to international buyers. The Saudi mission to the UN bought an $1 1.7 million unit. But terrorism fears have made buyers think twice before plunking down millions to live in a tall building close to the UN. The penthouse which includes the two top floors still sits unsold after an earlier deal unraveled. 2 o e era ro o o

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