Before there was 15 Central Park West or One57 in New York, One Hyde Park was shattering per-square-foot sales records and forcing the London real estate establishment to take note of the ambitious upstarts. Since 2007, the development has sold 62 of its apartments for a total of about $2.34 billion. It has passed the 4,000-, 5,000- and 6,000-pound-per-square-foot milestones, according to Knight Frank Residential Research, and even sailed past the 7,000-pound-per-square-foot marker with the sale of a 27,000-square-foot penthouse to Rinat Akhmetov, a Ukrainian billionaire, for £136.4 million (about $214 million). He is sinking another $90 million into renovating the triplex, according to a spokeswoman for Candy & Candy, the brothers’ interior design firm. (The more than $7,900 per square foot that Mr. Akhmetov paid still falls short of the stunning $13,000 per square foot paid by a Russian oligarch for Sanford I. Weill’s apartment at 15 Central Park West, considered an anomaly in the market.) [Editor note: This makes Aspen prices look relatively “cheap” where the highest recorded price per sq ft has been in the $2,700 -$2,900 sf range.]
LONDON REAL ESTATE – Even in a 17,000-square-foot apartment I didn’t expect to feel so lost. But visiting the duplex penthouse at One Hyde Park owned by Nick Candy reminded me of my first time in Times Square, when I was stricken with sensory overload. The apartment, on the 11th floor of one of four pavilions in the development, is packed with rare artwork, giant slabs of marble and myriad design details like concealed televisions, hidden cameras and fiber-optic lighting, a private gym, his-and-hers studies, even his-and-hers bathtubs with multicolored “light therapy.” “I have had the top people in the world into this flat, and they have seen everything and they say there is nothing quite like this,” Mr. Candy said, while showing me his penthouse recently. The cavernous apartment, which Mr. Candy and his fiancée, Holly Valance, an Australian actor and singer, moved into last month, is a sprawling example of the strategy that has made the Candy brothers — Nick, 39, and Christian, 37 — so successful, so fast: push high-end real estate so high that only the truly superwealthy can possibly afford it.
By Alexi Barrionuevo, June 29, 2012 NYT
Photo credit: Guardian. UK