Ritz-Carlton Condo Fetches $10.5M Sale Price

WHITE PLAINS—A European buyer and an American executive recently paid $10.5 million and $5 million respectively to purchase luxury condominium space in downtown White Plains.

Believed to be a record sale for a condominium in Westchester County, Louis R. Cappelli, managing member of Renaissance Rental Partners, LLC, sponsor of The Residences at The Ritz-Carlton, Westchester, reports that a 10,700-square-foot full floor penthouse in Tower 2 of the mixed-use development comprised of two 42 story residential towers sold for $10.5 million. The European family, whose names were not disclosed, purchased the customized penthouse on the 41st floor of the property that also includes a full service Ritz-Carlton Hotel. The buyers reportedly are engaged in international real estate.

In addition to that sale, the last penthouse in Tower 1 was also sold in the fourth quarter of 2014 to an unnamed American financial executive. The price for the 41st floor, 5,200-square-foot customized penthouse was $5 million.

“These sales represent the largest condominium homes to be sold in Westchester County and reflect the growing confidence on the part of not only American buyers, but Europeans who clearly understand the true value of top quality real estate outside of Manhattan,” states Cappelli. “These individuals are savvy buyers who know that a comparable residence in Manhattan would be triple or quadruple the price.”

Nancy Kennedy of Houlihan Lawrence Real Estate, exclusive selling agent for The Residences at The Ritz-Carlton, Westchester notes there is a marked increase in activity from buyers who previously were focused specifically on Manhattan. “There is an interesting dynamic occurring,” she says. “Luxury high rise buyers are discovering Westchester and, in particular, White Plains. It's like they've found a secret gem of walking to convenience, fantastic views, huge floor plans ranging from 2,500 to 10,000 square feet and unbelievable value."