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	<title>Observer &#187; 785 Park Avenue</title>
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		<title>A Record Deal! David Geffen Reportedly Buying Fifth Avenue Penthouse for $54 M., Most Ever for Co-op</title>

		<comments>http://observer.com/2012/07/a-record-deal-david-geffen-reportedly-buying-fifth-avenue-penthouse-for-54-m-most-ever-for-co-op/#comments</comments>
		<pubDate>Fri, 13 Jul 2012 18:46:53 -0400</pubDate>
					<link>http://observer.com/2012/07/a-record-deal-david-geffen-reportedly-buying-fifth-avenue-penthouse-for-54-m-most-ever-for-co-op/</link>
			<dc:creator>Matt Chaban</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=251904</guid>
		<description><![CDATA[<p><div id="attachment_251906" class="wp-caption alignleft" style="width: 610px"><a href="http://observer.com/2012/07/a-record-deal-david-geffen-reportedly-buying-fifth-avenue-penthouse-for-54-m-most-ever-for-co-op/attachment/31108970/" rel="attachment wp-att-251906"><img class="size-large wp-image-251906" title="31108970" src="http://nyoobserver.files.wordpress.com/2012/07/31108970.jpg?w=600" alt="" width="600" height="400" /></a><p class="wp-caption-text">Play it again, Jack. (StreetEasy)</p></div></p>
<p><div id="attachment_251907" class="wp-caption alignleft" style="width: 210px"><a href="http://observer.com/2012/07/a-record-deal-david-geffen-reportedly-buying-fifth-avenue-penthouse-for-54-m-most-ever-for-co-op/attachment/31109092/" rel="attachment wp-att-251907"><img class="size-medium wp-image-251907" title="31109092" src="http://nyoobserver.files.wordpress.com/2012/07/31109092.jpg?w=200" alt="" width="200" height="300" /></a><p class="wp-caption-text">How about those views?</p></div></p>
<p>Here's one for the record books—or rather, a couple of them, given the people involved.</p>
<p>According to <em></em>Page Six, <strong><a href="http://www.nypost.com/p/pagesix/geffen_gets_super_rich_pad_CgDATgZrBtcrFl1UkufZaN">David </a></strong><a href="http://www.nypost.com/p/pagesix/geffen_gets_super_rich_pad_CgDATgZrBtcrFl1UkufZaN"><strong>Geffen</strong> has just purchased <strong>Denise Rich</strong>'s sprawling 12,000-square-foot penthouse</a> at <strong>785 Fifth Avenue</strong> for <strong>$54 million</strong>. That would, by $1.5 million, beat out <a href="http://observer.com/2012/05/oaktree-capital-chief-buys-courtney-sale-ross-apartment-for-52-5-m-setting-co-op-record/">Courtney Sale Ross' long-suffering duplex at 740 Park</a> for the new record for a co-op sale in the city were it to be true, a record that was set only two months ago.<!--more--></p>
<p>The L.A.-based Mr. Geffen already owns a unit on the 16th floor, directly below Ms. Rich's duplex, and in the past they had a big fight over leaks coming into his place. But he will not be combining the two units, according to the <em></em>Post, instead taking a good two years to renovate his new home before moving in and selling off his current pad. Oh, <a href="http://observer.com/2011/04/board-to-death-as-coops-swagger-back-from-the-brink-brooklyn-pols-plot-their-demise/">those pesky co-op boards</a> and their onerous rules. Can't have someone owning too many shares, now can we?</p>
<p>Still, it was probably worth it. According to <a href="http://streeteasy.com/nyc/sale/659362-coop-785-fifth-avenue-lenox-hill-new-york">the Corcoran listing</a>, this was the "largest-ever offering of a Penthouse on Fifth Avenue" not to mention "the epitome of luxury and grandeur." The place boasts 20 rooms, seven of them for sleeping, 11 of them for relieving oneself, a massive 540-square-foot media room (bigger than two of the mayor's micro-apartments!) a dining <em>or</em> billiards room, four terrace including a huge one on the roof, and, the perfect amenity for Mr. Geffen, a recording studio. (Ms. Rich is a well-known songwriter.)</p>
<p>And so the insanity continues. Seriously, this is getting crazier than 2007, where a sale above $40 million was jawdropping. Now, that is almost pedestrian next to all the huge deals being done. For awhile it seemed like this was just a condo thing, but now with the co-ops, and townhouses, too, is any Manhattan real estate off-limits?</p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_251906" class="wp-caption alignleft" style="width: 610px"><a href="http://observer.com/2012/07/a-record-deal-david-geffen-reportedly-buying-fifth-avenue-penthouse-for-54-m-most-ever-for-co-op/attachment/31108970/" rel="attachment wp-att-251906"><img class="size-large wp-image-251906" title="31108970" src="http://nyoobserver.files.wordpress.com/2012/07/31108970.jpg?w=600" alt="" width="600" height="400" /></a><p class="wp-caption-text">Play it again, Jack. (StreetEasy)</p></div></p>
<p><div id="attachment_251907" class="wp-caption alignleft" style="width: 210px"><a href="http://observer.com/2012/07/a-record-deal-david-geffen-reportedly-buying-fifth-avenue-penthouse-for-54-m-most-ever-for-co-op/attachment/31109092/" rel="attachment wp-att-251907"><img class="size-medium wp-image-251907" title="31109092" src="http://nyoobserver.files.wordpress.com/2012/07/31109092.jpg?w=200" alt="" width="200" height="300" /></a><p class="wp-caption-text">How about those views?</p></div></p>
<p>Here's one for the record books—or rather, a couple of them, given the people involved.</p>
<p>According to <em></em>Page Six, <strong><a href="http://www.nypost.com/p/pagesix/geffen_gets_super_rich_pad_CgDATgZrBtcrFl1UkufZaN">David </a></strong><a href="http://www.nypost.com/p/pagesix/geffen_gets_super_rich_pad_CgDATgZrBtcrFl1UkufZaN"><strong>Geffen</strong> has just purchased <strong>Denise Rich</strong>'s sprawling 12,000-square-foot penthouse</a> at <strong>785 Fifth Avenue</strong> for <strong>$54 million</strong>. That would, by $1.5 million, beat out <a href="http://observer.com/2012/05/oaktree-capital-chief-buys-courtney-sale-ross-apartment-for-52-5-m-setting-co-op-record/">Courtney Sale Ross' long-suffering duplex at 740 Park</a> for the new record for a co-op sale in the city were it to be true, a record that was set only two months ago.<!--more--></p>
<p>The L.A.-based Mr. Geffen already owns a unit on the 16th floor, directly below Ms. Rich's duplex, and in the past they had a big fight over leaks coming into his place. But he will not be combining the two units, according to the <em></em>Post, instead taking a good two years to renovate his new home before moving in and selling off his current pad. Oh, <a href="http://observer.com/2011/04/board-to-death-as-coops-swagger-back-from-the-brink-brooklyn-pols-plot-their-demise/">those pesky co-op boards</a> and their onerous rules. Can't have someone owning too many shares, now can we?</p>
<p>Still, it was probably worth it. According to <a href="http://streeteasy.com/nyc/sale/659362-coop-785-fifth-avenue-lenox-hill-new-york">the Corcoran listing</a>, this was the "largest-ever offering of a Penthouse on Fifth Avenue" not to mention "the epitome of luxury and grandeur." The place boasts 20 rooms, seven of them for sleeping, 11 of them for relieving oneself, a massive 540-square-foot media room (bigger than two of the mayor's micro-apartments!) a dining <em>or</em> billiards room, four terrace including a huge one on the roof, and, the perfect amenity for Mr. Geffen, a recording studio. (Ms. Rich is a well-known songwriter.)</p>
<p>And so the insanity continues. Seriously, this is getting crazier than 2007, where a sale above $40 million was jawdropping. Now, that is almost pedestrian next to all the huge deals being done. For awhile it seemed like this was just a condo thing, but now with the co-ops, and townhouses, too, is any Manhattan real estate off-limits?</p>
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