Horse Trade: Race Stable Owner Swaps $6.9 M. for Pad at One57

-April 14, 2014

By Chris Pomorski

It has come to our attention that one of One57's two 59th floor units has sold for the healthy sum of $30.04 million to the mysterious Efstalamar LLC, a firm which exists for no apparent purpose other than to act as a cloaking device in the context of public filings. This, of course, is not nearly as sinister as it sounds. As regular readers of this column are aware, a great number of privacy-conscious New Yorkers create such companies in anticipation of high-profile real estate purchases.

The case of Efstalamar, which sounds rather like the name of a Conradian sea captain, is odd only in that the company's address is given in city records care-of Heritage Realty Services. Heritage Realty Services, meanwhile, has as its president and CEO one George Constantin, whose name and signature also appear in city records in the filing associated with the 59th floor condo's sale.

Dare we name Mr. Constantin the buyer? We dare. Dare we accuse Mr. Constantin, who also heads Heritage Investment Management, of false modesty? We would not be so presumptuous.

We can presume very little, in fact, about the financier's new place, as we can locate no public listing for the condo. Based on previously released data, though, we'd guess that the unit has three bedrooms and somewhere in the neighborhood of 4,200 square-feet, four-directional exposures and views of both park and river. At less than a third of the price of the infamous penthouse that contracted for over $90 million, it most certainly does not have every bell and whistle that Gary Barnett's imagination can conjure. But we'll warrant that it's pretty swell, just the same.