Madonna's NYC Condo Has Sold

[Nightshade]

Madonna Co-op Sells After a TrimHedge-Fund Mananger Buys Apartment on Central Park West

May 28, 2013

By Josh Barbanel

Madonna, the original Material Girl, sold her 6,000-square-foot co-op apartment on Central Park West to one of Wall Street's more successful material men: hedge fund manager Deepak Narula, brokers say.

The sale of the vast duplex apartment in Harperley Hall—a 1911 Arts and Crafts-style building on the corner of West 64th Street with large banks of windows facing Central Park—closed last week, after lingering on the market for six months, listing records show. It was listed in November for $23.5 million, with a rush of celebrity publicity. But the price was cut by 15% in February to $19.995 million, and brokers said Mr. Narula, who built a fortune as an investor in mortgage-backed securities, paid considerably less.

Mr. Narula, a former mortgage-bond trader at Lehman Brothers Holdings, is the principal and managing partner of Metacapital Management, which oversees more than $10 billion in assets under management, according to a company filing. Last year, one of Mr. Narula's funds was ranked fifth on a Barron's list of top 100 hedge funds, and Bloomberg Market Magazine said the fund's performance ranked it first among hedge funds managing $1 billion or more.

Madonna assembled her vast apartment by combining sponsor-owned units into a single sprawling unit on the fifth and sixth floors of 41 Central Park West many years ago. It has 15 rooms, including six bedrooms, and two large living rooms with Juliet balconies and French doors opening onto the park, according to a listing by Adam Modlin of the Modlin Group, and Arabella Greene Buckworth of Brown Harris Stevens.

Judging on the evidence of listing photographs, the apartment is quite orthodox for a performer known for her glittering costumes and extravagant spectacles. It has dark-wood floors, a stainless-steel and marble kitchen, and a large marble bathroom with old-fashioned pedestal sinks and a claw-foot tub. (It has a total of eight bathrooms.)

In 2009, Madonna paid $32.5 million for what were once three adjacent townhouses on East 81st Street near Third Avenue that had been listed for as much as $45 million. She then spent years renovating those spaces, which she still owns.

For many years, Harperley Hall wasn't considered to be one of the more desirable buildings on Central Park West, but partly as a result of the spotlight brought to the building by Madonna herself, the building's prices and reputation have been going up, brokers say.

Mr. Narula didn't respond to a request for comment, nor did a spokeswoman for Madonna.

Madonna put her just-sold apartment on the market once before, for about $6.8 million in late 1996, according to Jonathan Miller, an appraiser and president of Miller Samuel Inc.

At the time, her brokers said a celebrity listing can add an extra kick early in a marketing campaign. But it was then taken off the market without a buyer, Mr. Miller said.

http://online.wsj.com/article/SB10001424127887323855804578511701003165428.html

[ryan]

Where in NY is she living now?

[Nightshade]

Where in NY is she living now?

In 2009, Madonna paid $32.5 million for what were once three adjacent townhouses on East 81st Street near Third Avenue that had been listed for as much as $45 million. She then spent years renovating those spaces, which she still owns.

That's where. I think she turned those townhouses into a mini-fortress.

[ryan]

my bad, I missed that in the article

[XXL]

Madonna Co-op Sells After a TrimHedge-Fund Mananger Buys Apartment on Central Park West

May 28, 2013

By Josh Barbanel

Madonna, the original Material Girl, sold her 6,000-square-foot co-op apartment on Central Park West to one of Wall Street's more successful material men: hedge fund manager Deepak Narula, brokers say.

The sale of the vast duplex apartment in Harperley Hall—a 1911 Arts and Crafts-style building on the corner of West 64th Street with large banks of windows facing Central Park—closed last week, after lingering on the market for six months, listing records show. It was listed in November for $23.5 million, with a rush of celebrity publicity. But the price was cut by 15% in February to $19.995 million, and brokers said Mr. Narula, who built a fortune as an investor in mortgage-backed securities, paid considerably less.

Mr. Narula, a former mortgage-bond trader at Lehman Brothers Holdings, is the principal and managing partner of Metacapital Management, which oversees more than $10 billion in assets under management, according to a company filing. Last year, one of Mr. Narula's funds was ranked fifth on a Barron's list of top 100 hedge funds, and Bloomberg Market Magazine said the fund's performance ranked it first among hedge funds managing $1 billion or more.

Madonna assembled her vast apartment by combining sponsor-owned units into a single sprawling unit on the fifth and sixth floors of 41 Central Park West many years ago. It has 15 rooms, including six bedrooms, and two large living rooms with Juliet balconies and French doors opening onto the park, according to a listing by Adam Modlin of the Modlin Group, and Arabella Greene Buckworth of Brown Harris Stevens.

Judging on the evidence of listing photographs, the apartment is quite orthodox for a performer known for her glittering costumes and extravagant spectacles. It has dark-wood floors, a stainless-steel and marble kitchen, and a large marble bathroom with old-fashioned pedestal sinks and a claw-foot tub. (It has a total of eight bathrooms.)

In 2009, Madonna paid $32.5 million for what were once three adjacent townhouses on East 81st Street near Third Avenue that had been listed for as much as $45 million. She then spent years renovating those spaces, which she still owns.

For many years, Harperley Hall wasn't considered to be one of the more desirable buildings on Central Park West, but partly as a result of the spotlight brought to the building by Madonna herself, the building's prices and reputation have been going up, brokers say.

Mr. Narula didn't respond to a request for comment, nor did a spokeswoman for Madonna.

Madonna put her just-sold apartment on the market once before, for about $6.8 million in late 1996, according to Jonathan Miller, an appraiser and president of Miller Samuel Inc.

At the time, her brokers said a celebrity listing can add an extra kick early in a marketing campaign. But it was then taken off the market without a buyer, Mr. Miller said.

http://online.wsj.co...1003165428.html

WOW

[mtzlplk]

surely she now has a recording studio in that crib...

[Guest groovyguy]

In 2009, Madonna paid $32.5 million for what were once three adjacent townhouses on East 81st Street near Third Avenue that had been listed for as much as $45 million. She then spent years renovating those spaces, which she still owns.

That's where. I think she turned those townhouses into a mini-fortress.

http://www.nytimes.com/2009/06/28/realestate/28deal1.html?_r=2&partner=rss&emc=rss&

Madonna’s place

By JOSH BARBANEL

Published: June 26, 2009

EVERYTHING about Madonna is larger than life, from her record sales to her glittery costumes, to her recent legal battle to adopt a child in Malawi, to the price she paid for a 57-foot-wide town house on the outer fringes of the Upper East Side.

Brokers scoffed at her foolishness when it was reported that she was in contract to buy a sprawling Georgian-style town house in the sticks, a k a far East 81st Street, for $40 million. The place was nowhere near the elite homes of Fifth Avenue, beyond the lower-status Lexington Avenue and many blocks from the hallowed soil of Central Park.

But last week, when she closed on the purchase, it turned out the hard-working Material Girl, sweating her way through another world tour at age 50, had not lost her street smarts. The rock star, born Madonna Louise Ciccone of Bay City, Mich., actually received a significant discount. She paid only $32.5 million, according to brokers briefed on the transaction.

The final purchase price works out to a 28 percent discount from the $45 million price tag of the original listing, by Louise Beit of Sotheby’s International Real Estate. The property was listed last October, after the death of the longtime owner, Louise H. Saurel.

Wendy Maitland, a broker at Brown Harris Stevens who has represented Madonna in the past, declined to discuss the transaction.

The sale would still make it the highest town house sale in the anemic first half of 2009, but not out of line with recent sales of much smaller town houses in that neighborhood.

Last year at the peak of the market, a 19-foot-wide town house on far East 78th Street sold for $9.5 million, or about $2,750 a square foot. The price per square foot paid by Madonna in a weaker market was about the same, but one could argue she got a lot more in the deal.

With 57 feet of street frontage, her new mansion is one of the widest town houses in Manhattan, combining what appear to have once been three separate town houses. According to the listing, the house has 26 rooms, including a 38-foot-wide drawing room and 13 bedrooms. There are 9 fireplaces, 11-foot ceilings and, in the rear, a 3,000-square-foot garden. Who needs Central Park when your backyard is park size?

If the house isn’t big enough, its size can be doubled under current zoning, and unlike those precious buildings on Fifth Avenue, it is situated beyond the purview of the New York City Landmarks Preservation Commission. In any event, with a two-car garage on the premises, the new owner could whisk her children to the park by limousine in about as much time as it would take to go by elevator from a Fifth Avenue penthouse to the lobby.

[jonski43]

Trying to find it on Google maps. What number is the new place?

[Guest groovyguy]

Trying to find it on Google maps. What number is the new place?

Not a new place but here's the address:

[do not list Madonna's exact address on the forum]

[Guest groovyguy]

http://ny.curbed.com/places/152-east-81st-street

Madonna Builds Gated Community on the Upper East Side

[Guest groovyguy]

surely she now has a recording studio in that crib...

With 26 rooms, she would have surely turned 1 room into a recording studio and another room into a dance studio. After she bought the place, there were only reports of her adding another floor for a gym, plus two new master suites, a hair salon (!) and luggage closet, and a wine cellar.

[ryan]

she doesn't seem like a home recording studio kinda girl

[XXL]

http://ny.curbed.com...ast-81st-street

Madonna Builds Gated Community on the Upper East Side

Love it it's like a palace more than a home

Before she started renovating, these were the interiors

[Raider of the lost Ark]

The house to the left was / is on sale for 10 million. But it's worn down. So you need to spend some money for renovation as well.

[Barney]

ooh its got a bit of grass for my dog to poo on.

[Raider of the lost Ark]

Oh and funny how the WSJ article says "near third Avenue" when it's actually closer to Lexington Avenue. But even that is considered "Far East" by real estate snobs. I guess they only consider everything between 5th Avenue and Park Avenue as a proper location.

[Raider of the lost Ark]

ooh its got a bit of grass for my dog to poo on.

how dare you. It's holy ground.

[XXL]

Oh and funny how the WSJ article says "near third Avenue" when it's actually closer to Lexington Avenue. But even that is considered "Far East" by real estate snobs. I guess they only consider everything between 5th Avenue and Park Avenue as a proper location.

This is what I love about her (also), not only she's got superb taste but she also doesn't flash her immense wealth. And veers towards options that seem less obvious for someone of her means and stature. Like when she was choosing a house in London, her first agency was trying to sell her properties in secluded, isolated, green areas of London such as Highgate, Hampstead and the usual names for the super rich, yet she places herself off Oxford Street, in the middle of everything

[Barney]

how dare you. It's holy ground.

Oh id dry it out and smoke it.

[dollhouse]

gimme a break this woman painted her castle house pink, for christi sake

[acko]

This is what I love about her (also), not only she's got superb taste but she also doesn't flash her immense wealth. And veers towards options that seem less obvious for someone of her means and stature. Like when she was choosing a house in London, her first agency was trying to sell her properties in secluded, isolated, green areas of London such as Highgate, Hampstead and the usual names for the super rich, yet she places herself off Oxford Street, in the middle of everything

Does she still own that or was it sold after the divorce/did guy take it?

[ryan]

Does it have a panic room?

[Raider of the lost Ark]

This is what I love about her (also), not only she's got superb taste but she also doesn't flash her immense wealth. And veers towards options that seem less obvious for someone of her means and stature. Like when she was choosing a house in London, her first agency was trying to sell her properties in secluded, isolated, green areas of London such as Highgate, Hampstead and the usual names for the super rich, yet she places herself off Oxford Street, in the middle of everything

I'm sure if there would have been a mansion in the "Gold Coast" that would have met her needs (mostly security) she would have bought it. Money is not an issue for her. But this house has some rarities that you don't even find in those huge mansions that were owned by the Vanderbilts etc.. Your own two car garage. Hello? In Manhattan. People envy her for that. And that backyard? Sometimes I check sites like Curbed and I have never seen anything comparable. Usually it's very small, more like a terrace. And then it's surrounded by high rise buildings which could bear a security issue. I think she found something that fits her needs the most. It's a nice tree lined street from what you can see on Google street view. Who cares if it's 1 and a half block away from what is considered a proper location.

[Barney]

Does she still own that or was it sold after the divorce/did guy take it?

She still owns all the London houses, Guy got the country mansion and her shares in the pub.

[Raider of the lost Ark]

Does she still own that or was it sold after the divorce/did guy take it?

I think he got the pub and Ashcombe House. She got the house(s) in Marylebone. Is it Marylebone?

[Raider of the lost Ark]

She still owns all the London houses, Guy got the country mansion and her shares in the pub.

Oops, you were faster.

[Barney]

I think he got the pub and Ashcombe House. She got the house(s) in Marylebone. Is it Marylebone?

Yeah, close to Marble Arch. Great Cumberland Place

[Nightshade]

I am surprised she hasn't sold the London homes. She is hardly ever there anymore. She has her L.A. mansion on sale for that reason.

[XXL]

Does she still own that or was it sold after the divorce/did guy take it?

She still owns the house

In fact she gave a party in it after her Hyde Park gig last July. She said she loves being in her own place when in London even though she doesn't spend as much time there as she used to. She went to the venue by bike and they blocked the area around Marble Arch at the end of the gig. I had never seen 60,000 people flocking outside of the park and pouring into a car-free Oxford street at 11pm It felt so surreal. Here pictured going back to her house after the taping of a Mexican Interview the day after her Hyde Park gig

Going to rehearsals at 2pm

[rb19]

She keeps the London home for Rocco and David, and as a European touring base. For lots of the Europe stops on MDNA she was flying back into London after shows.