When One Renovation Isn't Enough

To compete against a flood of high-end new developments, sellers are remodeling
spaces that were done just a few years earlier.

With water views, loft-like spaces and car-elevators that ferry residents' vehicles directly up to their apartments, 200 Eleventh Avenue was one of New York's most talked about developments when it hit the market in 2009.

Now, less than five years later, one of penthouses in the building is back on the market for $23 million—and in the midst of a massive renovation. The condo's listing agent and its owners say that in today's competitive marketplace, newish just isn't the same as brand new. "They are gut renovating an already gorgeous apartment to stand out from the crowd," says listing agent Ryan Serhant, who also appears on Bravo's reality TV show "Million Dollar Listing."

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