Nobel Prize-winning economist and New York Times columnist Paul Krugman has sold his one-bedroom co-op unit on Manhattan's Upper West Side for $565,000.
In a Big Time Listings exclusive, we can report on Krugman's sale of his unit, which is in the building at 304 W. 89th Street in Manhattan. We previously had written on August 14 about Krugman's recent $1,700,000 purchase of a three-bedroom co-op unit in a prewar building on Riverside Drive on Manhattan's Upper West Side. And in that August 14 post, we also had noted that Krugman's unit on 89th Street was under contract after having been listed for $599,000. (He had bought the unit in 2005 for $539,999.)
Now, we can break the news that Krugman's ninth-floor, 89th Street co-op no longer is in the Nobel laureate's real-estate portfolio. Renovated from top to bottom, the top-floor unit on West 89th Street has one bath and a recently renovated, windowed kitchen with an open layout, stainless steel counters and stainless steel appliances, including a dishwasher, a Thermador oven and a Jenn-Air side-by-side refrigerator, according to listing information. Alas, however, there is no in-unit washer and dryer.
Krugman's sale deed was recorded on August 28.
A few weeks back, the New York Observer's Max Abelson noted that Krugman "wouldn't be making any money" on the sale of his old unit. Indeed, with a final sale price public, it's now pretty clear that Krugman and his wife saw annual appreciation of a little over 1 percent a year in the unit. It's hard to believe how much things have changed in New York City; several years ago, it would have been heresy to suggest that a unit would appreciate at that rate. (And yet, by the standards of the American real estate market today, Krugman came out OK; there are plenty of other parts of the country where the seller of a home purchased in 2005 would kill for a 4.6 percent return when selling that same home in 2009.)
Check out the attached photos, which are the first ones made public of the unit that Krugman just sold.