By Kim Velsey 11/15/12 11:17am

Stratospheric Sales

The grand salon.

David Geffen Snaps Up Denise Rich’s Fifth Avenue Penthouse for $54 M.

Apparently, Dreamworks co-founder David Geffen doesn’t take the  biblical commandment “thou shalt not covet they neighbor’s house” very seriously. He’s gone ahead and purchased the 20-room duplex penthouseat 785 Fifth Avenue from his upstairs neighbor Denise Rich for a record-setting $54 million, according to The Wall Street Journal. The previous co-op record was set this spring, when Oaktree Capital Chief Howard Marks purchased the Courtney Sale Ross apartment at 740 Park for $52.5 million.

Ms. Rich listed the crazy spread for $65 million in January with Corcoran brokers Noble Black, Chazz Levi and Bonnie Pfeifer Evans, who claim that at 12,000-square-feet it is the largest apartment ever offered on Fifth Avenue (although measuring square footage in co-ops is a notoriously imprecise process).  And while Ms. Rich didn’t get full ask, she got more than anyone else ever has before. And we thought that maybe the trophy hunting season was over! How many pseudo trophy listings will Ms. Rich’s enviable sale spawn? Read More

By Elise Knutsen 1/27/12 5:38pm

Stratospheric Sales

9 Photos

Good news: when you spend $65 million, you get free gym membership. Hey- David Barton adds up!

Holy Park! Denise Rich’s 20-Room Penthouse Asking Record $65 M.

While some say co-ops have seen their day and are now fading from the forefront of the luxury market, don’t count the standard blue-blood abodes out yet! Songwriter Denise Rich has put her co-op on the market for the staggering price of $65 million, The Post reports, making it the most expensive co-op on the market.

Evidently, the 20-room spread at 785 Fifth Avenue is too big for Ms. Rich, who lives in the apartment alone. With seven full bedrooms and 11 baths, we’re inclined to believe her. Read More