-- Rutenberg NYC Agent Clinches “Chateau in the Sky” for Buyer and is Rewarded with 100% of Commission Earned --
Rutenberg NYC, the 5th largest residential real estate brokerage firm in New York City and one of the fastest growing, announced that broker Tak Cheung represented a private Chinese buyer in the $26 million purchase of a two-floor duplex at 515 Park Avenue. The 5,000 square-foot condominium spans the entire 36th and 37th floors of the 43-story luxury building and features spectacular views. Every room boasts oversized windows with double exposures of either Central Park or the iconic New York skyline, and the duplex features 11.5-foot ceilings. The white-glove service building, developed by the Zeckendorfs, is located on the northeast corner of E. 60th Street. The 36/37 condominium had been listed for $35 million by the seller, Sheila Rosenblum, who had previously owned the property together with her now-estranged husband. The name of the buyer was not disclosed, but the purchase price of approximately $5,600 per square foot is significantly lower than estimates of $8,000 per square foot for duplexes at 520 Park Avenue, currently under development on the same street, that went under contract just last week
“We negotiated an extremely attractive price for an extraordinary duplex,” said Rutenberg NYC agent Tak Cheung, who is also the firm’s Director of Research. “As the excess supply of comparable new development product in the area is absorbed, this condominium has the potential for significant upward appreciation.”
In addition to the appeal of the home and negotiated price, Cheung said the buyer was also drawn to the exceptional Upper East Side “Gold Coast” location.
Added Stefani Berkin, President of Rutenberg NYC, “Rutenberg NYC’s groundbreaking business model allows agents to retain 100% of their commission earned, so not only was this an incredibly successful purchase for the buyer, but it’s also an extremely rewarding day for our exceptional broker, Tak Cheung.” Birkin noted that at traditional brokerage firms, agents typically retain only 50% of their commissions.
The 515 Park Avenue, 36/37 home previously underwent more than $10 million in architectural design work, the prior owners having commissioned world-renowned architect Juan Pablo Molyneuc to build what was described as a Neoclassical “chateau in the sky.” The living room was decorated in French Moderne style by Sandra Nunnerley. The condominium is distinguished by a dramatic entry foyer, large gallery with marble and onyx inlaid floor, a sweeping staircase, and private elevator. The home features a huge corner living room with wood-burning fireplace, grand formal dining room, beautiful library, and oversized state-of-the-art kitchen with a large center island and breakfast area.
There are four bedrooms and four and one-half baths. The master bedroom suite, situated on the upper floor, has breathtaking views, two huge walk-in closets and an oversized windowed spa-like onyx master bath with separate Jacuzzi tub and shower. The three other bedrooms each features their own en-suite onyx baths. On the lower floor, there is also a 635-square foot guest apartment along with a wine cellar. 515 Park Avenue was completed in 2000, its architecture inspired by the grandeur and scale of pre-war Park and Fifth Avenue buildings.
Sales agent Tak Cheung is also a real estate investor. His background includes 18 years of experience on Wall Street. In addition, he is fluent in Mandarin.
Rutenberg NYC (formerly known as Charles Rutenberg LLC), is one of the fastest growing residential real estate brokerage firms in New York City, ranked #5 in size with more than 675 experienced agents. The firm has taken the industry by storm with its groundbreaking 100% commission model that allows agents to retain the full fees earned, which is twice as much per deal as the traditional 50% standard. Rutenberg NYC, under the helm of President Stefani Berkin, offers brokers considerable operational freedom with the firm on-call to provide expert coaching on business plans and deals, and it provides marketing, technology and administrative support as well as an in-depth continuing education program. Rutenberg NYC was founded in 2007 by a highly successful Wall Street IPO expert and a real estate industry veteran. The firm’s name originates from the legacy of Charles Rutenberg, who pioneered the concept of a 100% commission model in Florida.
