News of Barbie’s oceanfront dollhouse hitting the market rippled out from Malibu like an earthquake last week, rekindling childhood fantasies – of flights aboard the Magic Pegasus, or perhaps romantic walks on the beach, hand-in-hand with Ken.
But one New York City appraiser suggests demolishing those dreams along with the home’s plastic walls of luxury.
“I can’t imagine someone spending the $25 million on this,” said Jonathan Miller, president and CEO of appraisal firm Miller Samuel Inc., at a loss for words as he scrambled to make sense of the listing for the pink plastic dwelling.
RECon: Las Vegas
or a broker who counts top-luxury retailers like Jimmy Choo and REI among her eclectic cache of clients, Susan Kurland, an executive vice president for CBRE’s Retail Brokerage Services, hardly considers representing Mattel’s American Girl brand as child’s play. Her work with the highly popular line of 18-inch dolls has garnered her accolades like REBNY’s Most Creative Deal of the Year Award in 2002 for American Girl’s 45,200-square-foot space at 609 Fifth Avenue. Fresh off of working on a deal that brought fashionably square retailer J.C. Penney to the office and retail portions of 200 Lafayette Street (a building owned by Jared Kushner, the owner of The Commercial Observer), Ms. Kurland spoke about her work with American Girl and the imminent arrival of KidZania, an international chain of family entertainment centers.
The success of 200 Fifth Avenue has served in many ways as the template for 28-40 West 23rd Street, and no doubt many other buildings in Midtown South. The building’s developer, L&L Holding Co., guessed the popularity of the neighborhood and bet a big reinvention of the property would draw top-shelf tenants, a gamble that paid off when it landed Grey Advertising and Tiffany & Co. Now the landlord of 28-40 West 23rd Street is in the middle of a similar kind of makeover. The Cohen, Roos and Carmel families, who together own the 600,000-square-foot tower, have plans to create a roof deck and have done deals with tech companies that are invading the neighborhood in droves. After the jump, The Commercial Observer talks to Andrew Roos, a Colliers International leasing executive and an owner of 28-40 West 23rd Street. Return at 10:30 today for a second installment with David Berkey, L&L’s director of leasing.