Sunday, April 20, 2008

Storage space at 1 West 72nd Street fetches record $801,000

The New York Times
April 20, 2008
Big Deal
A Repository for the Rich

IT has no celebrity architect, no Poggenpohl cabinets, no Viking stoves, no awesome skyline views. In fact, it has only one small cellar window. But property records filed this month show that an $801,000 co-op sold at the Dakota, at 1 West 72nd Street facing Central Park, appears to have set a record as the highest-priced basement storage room in the annals of New York real estate.

The storage room is situated on a basement corridor and has a locked door, four bare walls, electricity and a half-bath, but is uninhabitable and costs more than the average price for a one-bedroom apartment in Manhattan last year.

But at the Dakota, basement storage spaces for those old papers, sleds, college textbooks, strollers and out-of-favor artwork are hard to find. When the word was circulating that a storage locker would be sold to the highest bidder among the building’s residents, there were bids from at least eight co-op owners, including a representative of Yoko Ono, who maintains a home in the building, according to a person briefed on the sale.

The winning bidder was John M. Angelo, a hedge fund manager and the chief executive of Angelo, Gordon & Company, and a member of the board of Sotheby’s. He has assembled several co-op units into a sprawling apartment on the second floor of the Dakota.

Last year, Mr. Angelo bought an additional modest one-bedroom apartment on the second floor for $3.25 million, according to city records. The sellers were Ann Godoff, the president and publisher of Penguin Press, and Annik LaFarge, until recently the publishing director of Bloomsbury USA.

Mr. Angelo bought his storage room from Juliana Curran Terian, the president and chief executive of the Rallye Group, an automobile dealership based in Rosyln, on Long Island. The company, which specializes in BMW, Mercedes, Lexus and Acura models, is the largest female-owned dealership in the country, according to its Web site.

In January, Ms. Terian sold her 11-room apartment on the second floor of the Dakota for $20.5 million (plus a 2 percent flip tax paid by the buyer). It has four bedrooms and a corner living room facing the park. The buyers were Philip L. Milstein, a scion of the Milstein real estate empire and a trustee at Columbia University, and his wife, Cheryl.

The original asking price was $25.5 million. But Ms. Terian decided to offer the storage locker and a maid’s room separately to other co-op owners. Closing documents for the maid’s room have not yet been filed.

The Dakota.

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