Much is being kicked around in local circles today about Vikings’ owner Zygi Wilf’s purchase of a $19 million apartment in New York City. The people selling the apartment took a $5 million bath on the place, which they bought for $24 million just two years ago, the New York Observer says.
Consider the description:
It is located on a very high floor at 778 Park Avenue, which was designed in 1931 by Rosario Candela, who is to this day New York’s most celebrated luxury residential architect. It occupies the entire 16th and part of the 15th floors, resulting in 4 brilliantly sunny exposures. What makes this property uniquely charming is the sheer number of its architectural assets. There are 15 large and beautifully proportioned rooms, 10 of which have at least 2 exposures, many with partial views of Central Park. Additionally there are new French doors opening to 6 terraces, 5 fireplaces with antique mantels, elaborate and original moldings, antique parquet de Versailles floors and high ceilings. The entertaining rooms all radiate off a 30 foot long gallery with 18th century oak floors and include a grand living room with fireplace and a wall of bayed windows looking up and down Park Avenue. The oversized formal dining room has a fireplace and 2 pair of French doors to a small terrace. The red lacquer and brass trimmed library was designed by Albert Hadley and is possibly the most photographed room on Park Avenue. This room features a fireplace and 3 pair of new French doors opening to a large, square south facing terrace.The private quarters are on both the 15th and 16th floors. On the 16th floor is a charming oval study with new French doors to a small terrace. There is also a guest room and a hallway powder room before reaching the remarkable master bedroom. With 3 exposures, including Central Park, a fireplace and 2 pairs of new French doors to a terrace, this master bedroom is truly enchanting. Possibilities exist to expand the dressing rooms and to include a second bath in this suite. On the 15th floor is another master bedroom almost identical to the one above, with all the same features, along with a smaller 4th bedroom and bath.The service area has a large servants’ hall, kitchen and pantry with 3 maid’s rooms and bath. This space presents great possibilities of creating a large family room, kitchen, laundry and staff room with remarkable light and views to Central Park.All in all, the Astor residence is exactly what it should be: the architectural reflection of a grand life well lived.
Let’s do the math on this. How much would it take to buy a $19 million apartment?
Assuming no money down, at today’s interest rates (4.4% with points) , the mortgage will run about $95,144.57 a month, not including property taxes.
Wilf purchased the Vikings in 2005 for $600 million. As of last summer, Forbes estimated the team’s value at $774 million. That’s without a new stadium.
A $174 million profit — without a new stadium — over 6 years? That’s $29 million a year or a $2.4 million increase in value per month. He could buy 25 places just like this, just with the increase in value of the team since he bought it.
Wilf should easily be able to swing the apartment’s monthly payments, just by doing nothing, Chances are pretty good he cleared the credit check.
Here’s a look at the place (from nycurbed.com)
There’s something not quite right about this room…
So was it money well spent? Wilf will spend more next year on fired coach Brad Childress.