Now that the American real estate crisis has leaked into once immune New York, surely the most pressing national housing question is whether Park Avenue’s executives, the ones who have been Goldman Sachs chairmen or at least board members at gigantic tobacco companies, will be able to sell off their pristine co-ops. And then, when the deals finally happen, will the spreads sell for anything close to asking price?
Robert C. Almon and John C. Whitehead can both rest easy. According to city records, both sold off some Park Avenue real estate last week, getting more or less what they had wanted for their posh spreads.
Mr. Almon, who began his career at General Motors, was made one of Lorillard’s eight board members earlier this month, which means he’ll be making important decisions about America’s second-largest-selling cigarette, Newport, not to mention deliciously smooth brands like Kent, True, Maverick, Old Gold and, of course, Max.
In May, he listed his seven-room, three-bedroom apartment at 1050 Park Avenue for $3.85 million. “European elegance abounds in this traditionally renovated home with an excellent flow for gracious entertaining,” the Warburg listing said.
Mr. Almon got exceptionally close to his asking price, closing this month for $3.75 million.
On the same day, Mr. Whitehead (pictured), a former Goldman co-chairman who served as the deputy secretary of state during the Reagan administration (and wrangled publicly with Eliot Spitzer as the chairman of the post-9/11 Lower Manhattan Development Corporation) made a deal, too. He sold a five-room, two-bedroom co-op at 830 Park Avenue (pictured) for $3.2 million, also only $100,000 below its asking price.
Reached at their Sutton Square townhouse, his wife, Cynthia, said the place had belonged to Mr. Whitehead’s daughter, who is “no longer interested in living there.” When this reporter asked for an interview with Mr. Whitehead, she said, “I can just tell you one thing, real estate is more my thing. … He has no interest in making money or losing it, or as an investment.”