After nearly four years on the market and a $12 million price reduction, co-op 4/5 C at 740 Park Avenue has finally found a buyer. And just when it had been empty long enough to attain spooky apartment status among the building’s exceedingly well-heeled children! What door will they dare each other to run past now? Perhaps Madoff crony Ezra Merkin’s will do?
The 15-room duplex, listed with Sotheby’s brokers Serena Boardman and Meredyth Smith for $23 million, is now in contract, according to the Olshan Luxury Market report (it was also last week’s biggest residential contract, broker Donna Olshan reveals).
The deal, coming close on the heels of the record-for-a-co-op sale of Courtney Sale Ross’ apartment to Oaktree Capital Chief Howard Marks, means the end of available units at the most venerated of all New York addresses.
We bet Howard and Nancy Marks didn’t bat an eye when they forked over $52.5 million for the Courtney Sale Ross duplex at 740 Park Avenue, setting a record for the most expensive co-op ever. After all, $52.5 million is pocket change when you manage a $75 billion investment group.
Unlike those who watched their fortunes deplete or disappear during the recession, Mr. Marks, the co-founder, principal and chairman of Oaktree Capital, managed to enhance his by investing billions in distressed debt. With so much cash burning a hole in their pockets, it looks like the couple was just waiting for the chance to pick up a phenomenally expensive apartment (albeit at something under the $60 million ask).
Courtney Sale Ross may not be getting the full $60 million ask for her deluxe duplex apartment at 740 Park Avenue, but the sale will still set a record at $52 million, the highest price ever paid for a co-op.
While last week brought rumors that a buyer with deep-pockets had fallen in love with the sprawling apartment, The Journal reports that the feeling is mutual, and the famously picky co-op board has given the nod of approval, culminating in the signing of a $52 million contract.
It’s not only the bright, shiny and new buildings like 15 Central Park West and One57 that are topping the $50 million mark these days. Rumor has it that the massive 740 Park Avenue home of Courtney Sale Ross has found a buyer willing to pay the $60 million asking price
Gadabout Michael Gross, the author of the consummate book on the consummate building, reports that he’s heard from a reliable source that the unit, a deluxe duplex, has gone into contract for the full asking price.
Manhattan Transfers Cheat Sheet
For those in the know—and with Scrooge McDuck quantities of money piled high in their private vaults—Courtney Sale Ross’ apartment at 740 Park has been sitting quietly on the market for the past several years. Abandoning the whispering tactic, the listing for Ms. Sale Ross’ home has hit the open with a resounding boom. It is still seeking the same $60 million it has been since 2008, changing times be damned.
The listing went public yesterday, and the thirty room duplex has our mouths watering. Kathy Sloane of Brown Harris Stevens, the broker representing Ms. Sale Ross, takes full advantage of the building’s pedigree in her listing.
Lloyd Blankfein finally sold his 941 Park Avenue duplex for $12.15 million (it was originally listed in 2009 for $15 million) to former Goldman Sachs credit derivatives trader Bryce Markus and wife Elizabeth, say city records. Mr. Markus left Goldman in February of 2005 to assume the role of portfolio manager at BlueMountain Capital Partners, Read More
Not that there are swarms of highly-qualified co-op buyers running around the Upper East Side with money to spend on 32-room duplexes, but, just in case, there’s some good news about one of the heftiest homes in New York City.
After Michael Gross, who literally wrote the book on 740 Park, reported that Read More
Forget the Plaza duplex that Tommy Hilfiger put on the market for $50 million, and the $46.5 million Kress family’s penthouse, and Brooke Astor’s $46 million co-op, and the duplex that zinc magnate Bill Flaherty is listing for $43 million.
A source told The Observer yesterday evening that the Read More
740 Park, the bronze-door co-op for billionaires and banana barons, doesn’t leave much to be desired. It’s simply spotless and grand.
So it’s odd that the Texas-born philanthropist Courtney Sale Ross, who has a massive 12th-floor duplex at the Rosario Candela-designed Park Avenue shrine, bought another New York duplex last month.
City Read More