CORRECTION: This home actually belongs to Charles Bronfman, not his brother Edgar Jr. Not nearly the prolific property swapper his nephew is, Charles called 838 Fifth Avenue home for a decade before he bought this co-op last November, paying $21 million for the sixth floor at 810 Fifth. It is now back on the market for $24.925 million. Why the quick turn-around and where he is headed remains unclear. Needless to say, The Observer regrets the error.
ORIGINAL POST: With the city scrambling to close its budget hole, mulling everything from higher hotel taxes to closing fire houses, maybe local pols should just persuade Edgar Bronfman Jr. to trade a few more homes.
By The Observer‘s count, he has bought or sold no fewer than eight properties over the past decade, some of them near the top of the Manhattan housing heap: the Carhart Mansion, 1040 Fifth, the Muppet Mansion. The combined value of these various transaction approaches $200 million–quite the transfer tax tab.
Mr. Bronfman has just made his latest offering, returning to the market a property he purchased all of seven months ago. Now that the family is moving back from London and into the triplex penthouse at 812 Park, he is prepared to sell the smaller (if nine rooms can be considered as such) full-floor co-op he bought at 810 Fifth in November, the Post reports.
Which is the nicer property is debatable. Both were designed by renowned architect J.E.R. Carpenter, and each have boldface tenants. Eight-twelve is home to playwright Richard Abrons and writer and diplomat William Jacobus vanden Heuvel. The wattage is a little higher to the west, where Pete Peterson bought the old Rockefeller penthouse from David Geffen, and Felix Rohatyn still makes his home.
The triplex at 812 Park is slightly larger, 15 rooms compared to what was once a 13-room sprawl at 810 Fifth, and while the former came cheaper, $15.9 million compared to $21 million, it is also move-in ready. This is part of the reason Mr. Bronfman abandoned the Muppet Mansion on 69th Street, as it needed a full gut renovation. The home at 810 Fifth is livable–very, livable, thank you–but it was transformed into a more generous nine-room configuration, with only two bedrooms. Great for a titanic bachelor or old-money empty nesters, but not a blossoming second family.
Will Mr. Bronfman, the consummate dealmaker, turn a profit this time around? He lost about $5 million on the Muppet Mansion sale, but he is asking $3.925 million more than what he paid at 810 Fifth for the flip. (Bonnie Chajet and Ronnie Lane of Warburg have the listing.) Transfer taxes aside, he might still walk away from that one a richer man.