There are few rational reasons for buying a multi-million dollar condo at the Apthorp. Landlord feuds, bankruptcies, aging infrastructure, rent regulated apartments that can’t be sold–it’s the stuff that CPA’s hate and artists like Lanvin Artiistic Director Alber Elbaz ignore when they fall in love.
Elbaz. who lives in Paris, bought a one bedroom pied a terre at the 1908 landmarked Pitti Palace look-alike on west 79th in 2011. Built by an Astor to seduce friends and family out of city mansions into equally opulent apartments (it worked), the Downton Abbey-era building is faulty but worth the trouble.
This, from the NY Times in 2011:
“He had seen other places, having decided he wanted to own a pied-à-terre in the city, but there was something “emotional” for him about the Apthorp, he said. As in fashion, beauty in architecture is “an instinct, it’s a feeling,” Mr. Elbaz said. “It’s not a formula. I just went there and there was something about the apartment, the ceilings, the moldings. The whole thing, it was almost majestic.”
. Mr. Elbaz said he had been assured by his lawyer that the investment was sound.”-NY Times