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When two Hollywood icons part ways, their shared assets often become the center of attention. The recent sale of an opulent Central Park West co-op once owned by actor Robert De Niro and his ex-wife Grace Hightower has captured the interest of real estate enthusiasts and fans alike. Selling for $18 million, the duplex highlights significant changes in the Manhattan co-op market and offers a glimpse into the couple's past.
Initially acquired in 2006 for $20.9 million, the five-bedroom residence at 88 Central Park West marked a chapter in De Niro and Hightower's life together. This luxurious 5,700-square-foot space features notable amenities, having undergone extensive renovations after a fire incident in 2012. These renovations, which kept them away from their home for nearly a year, transformed the property into a lavish escape.
The co-op's prime location and spacious layout made it an attractive option for the couple. The corner primary bedroom boasts three oversized windows that overlook the tranquil Central Park, complemented by ample closet space. Four additional bedrooms are situated on the upper level, while the lower level showcases a sprawling living room, formal dining room, and an eat-in kitchen designed for entertaining.
The Brentmore building itself is not only luxurious but also a part of celebrity history, as it has housed famous residents like musician Sting and renowned photographer Annie Leibovitz. The sale of Hightower's co-op comes at a time when the Manhattan co-op market has been experiencing notable fluctuations. According to recent data, the median price for units with four or more bedrooms has seen a significant decline from $4.9 million last year to just $3.5 million this year, indicating a broader trend of falling prices in this segment.
Interestingly, co-op prices have faced pressure in the current market. Hightower’s decision to sell was made public after the unit was listed for $20 million in December, reflecting a strategic move amidst this financial landscape. Leonard Steinberg, the listing broker from Compass, remarked that co-ops have indeed been "beaten-up, price-wise," highlighting the shifts in buyer sentiment during these turbulent times.
Besides the co-op itself, the couple's divorce proceedings drew significant media attention during the pandemic, particularly as Robert De Niro cited financial struggles related to his co-founded Nobu Hospitality chain. As the actor transitions to focus his energies on his billion-dollar film studio, Wildflower Studios, located in Astoria, Queens, Hightower has expressed a desire to find a new residence surrounded by nature.
This property sale not only marks the end of a significant chapter for De Niro and Hightower but also acts as a barometer of the current real estate market in Manhattan. With trends indicating a downturn in prices for larger co-ops, it will be interesting to see how this impacts future investments in such high-end properties. Hightower's journey into her next chapter, combined with the evolving landscape of Manhattan real estate, reminds us that change is a constant factor in both personal lives and the housing market.
In conclusion, as Grace Hightower moves forward with her life post-divorce, the sale of their Central Park West home serves as a reminder of the intersection between celebrity, relationships, and real estate. For prospective buyers and sellers in the market, the shift in co-op prices may present new opportunities in the otherwise competitive New York City housing landscape.
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