Despite its reputation for a tough board and apartments that owners are loath to relinquish, 770 Park Avenue, a Rosario Candela–designed building near 73rd Street, is seeing several units change hands. And the magic number that gets you into the co-op building seems to be $8 million.
David E.R. Dangoor, the Swedish executive vice president of Philip Morris International, sold his ninth-floor apartment for about $8 million in December. And, sources say, 13D-a three-bedroom apartment with two wood-burning fireplaces and servant’s room and bath on the 14th floor-has just received an $8 million bid. In a smaller deal, Corcoran broker Sharon Baum sold a two-bedroom apartment on the fourth floor for $950,000.
According to sources familiar with Mr. Dangoor’s deal, the new owners have only just moved in. The apartment originally came on the market at the beginning of March 2001, around the same time that Mr. Dangoor purchased a duplex apartment on the second and third floors of the building for $10.5 million. When the couple first moved into the building, they had one child. By the time they bought the duplex downstairs, they had four. Mr. Dangoor and his wife, Ida Weitzen, gained an extra bedroom in the move. The Dangoors’ former apartment was initially priced at $7 million, but one month later that was raised to $8.6 million.
Before these sales, residents of 770 Park Avenue-including Karenna Gore’s in-laws, David and Lisa Schiff; Alan McFarland, a partner in the private investment bank McFarland Dewey & Co.; and Michael Lynne, co-chairman of New Line Cinema-hadn’t had a new neighbor in a few years.
UPPER WEST SIDE
255 West 90th Street Three-bed, two-bath, 2,300-square-foot co-op. Asking: $1.4 million. Selling: $1.1 million. Charges: $1,953.76; 45 percent tax-deductible. Time on the market: 11 years. BROTHERS-AND ROOMMATES-PRACTICE VALUE-INVESTING On Sept. 27, 1990, two brothers who’d shared this apartment for 30 years put it on the market to see how much they could get for it. They set the price at $575,000; on Jan. 15, 2002, it sold for twice that. “This baby has been on the market for quite some time,” said Karen Gastiaburo, of William B. May, the last in a long line of brokers and the one who was finally able to convince the brothers that the price was right. “Some people have a number in their head, and it is very hard to get them to change that,” she said. In fact, the brothers have been throwing out a lot of numbers over the past 11 years. As the stock market crumbled in the early 90′s, the price of the apartment dropped to $475,000 in 1993. When the economy began to pick up in 1995, the price rose to $695,000. In 1997, it was $750,000; in 1998, $795,000. At the peak of the market, in March of 2000, the price rose to $1.65 million, but then the stock market crashed again and the price dropped a few months later to $1.4 million. It had settled there when a couple that works in finance offered them $1.1 million. The brothers might have happily held out even longer, said Ms. Gastiaburo. They didn’t start looking for a new place until they had a signed contract on this place late last summer. The buyers were represented by Sandra Thompson of Stribling & Associates.
UPPER EAST SIDE
340 East 74th Street Two-bed, two-bath, 1,200-square-foot co-op. Asking: $585,000. Selling: $570,000. Charges: $1,203; 55 percent tax-deductible. Time on the market: two months. DOUBLE DATE ON THE ROOF Acorner unit with north, east and south exposures, this apartment had just been renovated by the sellers when it went up for sale. It now has a much nicer kitchen and hardwood doors. The building, a 13-story co-op located between First and Second avenues, also has some great features: a garage, a 24-hour doorman, a storage room in the basement, and what broker James Kim of Insignia Douglas Elliman describes as “the nicest common roof terrace on the Upper East Side.” What makes it so nice? It’s entirely planted, with comfortable furniture and an elaborate herb garden that the residents maintain as a group project. According to Mr. Kim, the buyers, a couple who’d just gotten married, liked the roof-especially since they have friends in the building to party with.
254 West 25th Street One-bed, one-bath, 600-square-foot co-op. Asking: $339,000. Selling: $320,000. Charges: $535; 45 percent tax-deductible. Time on the market: five weeks. THE NOT-SINGLE-FOR-LONG BUILDING Where are we, Chelsea or Charleston? This 24-unit building between Seventh and Eighth avenues has a lending library, a common roof garden, and a courtyard with a picnic table and a barbecue grill. One thing it doesn’t have: owners who usually flip their apartments for a quick buck. Then again, when a woman bought this apartment in the summer of 1999, she didn’t have a fiancé either. She liked the sliding doors between the bedroom and living room and the windowed kitchen, but she liked the guy who popped the question even better. So she sold this place to another single woman who works for an architect and is looking forward to doing some work on the place. No word on whether she’s also looking for a fiancé. (Tina Soares of the Corcoran Group represented the seller.)