On the Upper East Side, a $50 million penthouse atop the newly renovated Surrey Hotel will make its debut.
The 5,200-square-foot duplex is the most expensive residence in Surrey, a nearly century-old building with a history as varied as its architecture, according to the Wall Street Journal.
This coveted address on East 76th Street near Madison Avenue has undergone a dramatic transformation under the leadership of Reuben Brothers, a global investment firm based in London, Geneva and Milan.
The family-run firm bought the Surrey in 2020 for $150 million — 30% below the original asking price — as the hotel went through bankruptcy amid the economic toll of the pandemic. Surrey’s restoration, led by the Reuben Brothers, has been three years in the making.
With its doors now reopened as The Surrey, a Corinthia Hotel, the finishing touches to 14 luxury apartments are expected early next year.
“We’re in a pretty good place,” Jamie Reuben, who represents the family business, told the Journal, confident that the right location and quality product will find the right buyers.
The penthouse boasts three bedrooms, three expansive private terraces with original 1920s parapets, and interiors with custom windows and white oak floors that pay homage to the building’s past.
The kitchen combines modern sophistication with heritage design, featuring white oak millwork and a Calacatta Gold marble island.
The Reuben brothers quietly sold or signed contracts for the other 13 residences without any public marketing.
Residents of these apartments enjoy exclusive access to the hotel’s spa, fitness center and priority key access to the elevators.
Surrey’s past is fascinating.
It once attracted high society figures and long-term residents, including President John F. Kennedy and actresses Bette Davis and Ethel Merman.
However, just two years after opening, the building witnessed tragedy when two Guggenheim heirs fell from its roof, a moment commemorated in newspapers of the period.
In recent decades, however, Surrey fell into disrepair, leading to Reubens’ purchase as part of a US-based real estate strategy focused on prime properties bought at a discount.
“There were pretty serious questions about whether New York would ever return to being the financial mega-power it was before COVID,” Reuben said. “It wasn’t something I signed up for. I always believed it would come back.”
Priced well below the $150 million condos on Billionaire’s Row, this Upper East Side gem is entering a luxury market in flux. According to Douglas Elliman, third-quarter Manhattan luxury sales fell 2.8% this year and the average price fell 4% as buyers navigate fluctuating interest rates and an election year.
Despite the changes in the market, Reuben remains optimistic about Surrey’s appeal to buyers looking for iconic addresses with unique histories.
“For the right product and the right location, there are buyers,” he said.
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Image Source : nypost.com