Christian Candy’s New York City Purchase
Introduction to the Purchase
British real estate developer Christian Candy and his wife, Emily Crompton-Candy, are shaking up their New York portfolio with a move from a historic townhouse to one of Manhattan’s most high-profile skyscrapers.
The couple recently acquired a four-bedroom triplex penthouse at 111 W. 57th St. for approximately $47 million, people familiar with the transaction told the Wall Street Journal.
The unit was initially priced at $66 million in 2020, reflecting a deep discount amid a broader trend of luxury price corrections along Billionaires’ Row.
The Penthouse Details
The interior of the 111 W. 57th St. unit. Travis Mark
The couple purchased the unit for approximately $47 million. Travis Mark
Their new residence spans about 7,250 square feet and offers sweeping views of Central Park and the Statue of Liberty.
The home features a 1,240-square-foot loggia, a dining room, a media room, and a dramatic great room with 14-foot ceilings and floor-to-ceiling windows.
The interiors include smoke-gray oak floors, bronze hardware and a corner kitchen outfitted with white quartzite counters.
Purchase and Sale
Candy purchased the unit at a significant discount from its $66 million listing price in 2020. Travis Mark
The penthouse spans 7,250 square feet. Travis Mark
The deal closed just days after the Candys put their current residence — a nearly 15,000-square-foot Beaux-Arts townhouse on East 74th Street — on the market for $70 million, The Post reported.
The couple had purchased the six-bedroom home in 2022 for $48 million, according to public records.
Adam Modlin of the Modlin Group is handling that listing and represented the couple in their Billionaires’ Row purchase.
Features and Comparison
The unit features Central Park and Statue of Liberty views, a 1,240-square-foot loggia, and high-end finishes like white quartzite countertops and smoke-gray oak floors. Travis Mark
One of four bedrooms. Travis Mark
The Upper East Side townhouse is roughly twice the size of the new penthouse and features lavish amenities including a billiards room clad in custom Hermès leather.
Christian Candy, along with his brother Nick, gained global prominence developing the ultra-luxury One Hyde Park in London.
Over the years, he and Emily have amassed a network of global real estate holdings and previously resided in the Bahamas.
The Previous Residence
The couple traded this circa-1903 Upper East Side townhouse, which spans a staggering 14,825 square feet, for the penthouse. Kris Tamburello
The townhouse has its own grand interior. Kris Tamburello
The terrace at their townhouse, now listed for sale. Kris Tamburello
The Building and Neighborhood
The Candys declined to comment on their latest transaction.
Their new building, 111 W. 57th St., is also known as the city’s skinniest tower.
Since breaking ground in 2014, it has faced multiple hurdles — including lawsuits, internal disputes among developers and construction delays — that initially hindered sales.
Discounts have become common in the building: one unit recently sold for $17.5 million after being listed at $30 million in 2020, according to StreetEasy.
The Developers and Sales
Emily Crompton Candy and Christian Candy in a 2019 photo. Getty Images
Christian Candy’s most famous project is One Hyde Park in London, which has courted the likes of sheikhs, oligarchs and billionaires. Getty Images
Nikki Field of Sotheby’s International Realty, whose team took over marketing from the Corcoran Group last summer, told the Journal they’ve seen a marked uptick in buyer interest.
“The adjusted pricing brought people back and gave them a comfort level,” Field said, noting that her team has inked more than $285 million in sales and contracts since taking over, with the tower now roughly 75% sold.
Market Trends
Most buyers are domestic, though Field added there is a small number from Europe investing in the building.
Similar pricing adjustments are being seen at neighboring developments, including Central Park Tower, as developers compete for a limited pool of ultra wealthy buyers.
Conclusion
The purchase of the $47 million penthouse by Christian Candy and his wife, Emily, marks a significant shift in their New York City portfolio. The move from a historic townhouse to a sleek, modern skyscraper reflects the changing landscape of luxury real estate in Manhattan. As the market continues to evolve, it will be interesting to see how other developers and buyers respond to the trends and adjustments in the luxury market.
FAQs
Q: How much did Christian Candy pay for the penthouse?
A: Christian Candy paid approximately $47 million for the penthouse.
Q: What is the size of the penthouse?
A: The penthouse spans about 7,250 square feet.
Q: What are the features of the penthouse?
A: The penthouse features a 1,240-square-foot loggia, a dining room, a media room, and a dramatic great room with 14-foot ceilings and floor-to-ceiling windows.
Q: Why did the Candys sell their townhouse?
A: The Candys put their townhouse on the market for $70 million, and it is not specified why they decided to sell.
Q: What is the current state of the luxury real estate market in Manhattan?
A: The luxury real estate market in Manhattan is experiencing a trend of price corrections, with many developers offering discounts to attract buyers.
