Rich Guy Spends $30 Million on a Park Avenue Duplex Penthouse.

NOT FINISHED

DUPLEX PENTHOUSE IN CONTRACT FOR $30 MILLION AT 823 PARK AVENUE
CONTRACTS FOR PROPERTY TOTAL $72 MILLION TO DATE

FOR IMMEDIATE RELEASE – New York, NY, January 22, 2006 – Property Markets Group (PMG) announces the 7,500 square foot duplex penthouse at 823 Park Avenue (at 75th Street) is in contract for $30 million to a Manhattan hedge fund manager. This luxurious pre-war condominium development rests in the heart of the Manhattan’s tony Upper East Side, and has already garnered $72 million in contracts to date and a record $44 million in sales in the month of October 2006 alone.

Designed by the renowned architect Barry Rice, the penthouse includes 3,000 square feet of outdoor and entertaining spaces spread over three terraces, a unique feature unprecedented among condominiums that line Park Avenue. The buyer will customize their pied-à-terre with 18 rooms featuring sweeping and unobstructed views.

The significant appeal of owning a luxurious condominium within a landmark building with original pre-war details and modern amenities is not lost on affluent local, tri-state and international buyers. “This pre-war condominium in the East 70′s is an architectural masterpiece. The incredible sales thus far prove that the high-end buyer craves an unusual and exceptional gem of a home,” states Kathy Sloane, Senior Vice President/Managing Director of Brown Harris Stevens and the building’s exclusive broker.

Originally designed by architects Pickering and Walker in 1911, the 13-story Greek Revival building boasts 10-foot ceilings, white oak herringbone floors, working fireplaces and detailed mahogany finishes throughout. Bathrooms showcase polished Italian marble floors and walls and Waterworks polished nickel accessories. Full-floor apartments range from 4,184 square feet to 3,169 square feet for the lobby-level maisonette featuring a 368 square foot outdoor garden terrace. Noteworthy amenities include a full service concierge, state-of-the-art fitness center and in-building wine storage.

For the building’s renovation, Barry Rice meticulously restored original terracotta details and thoroughly cleaned the Indiana limestone exterior. The newly designed lobby showcases Italian marble floors, French limestone walls and white onyx ceilings.