James T. Lee, Jacqueline Kennedy Onassis‘ grandfather, was a prolific NYC developer at the beginning of the 20th century, bestowing upon the city some of its most elegant co-ops like 998 Fifth Avenue and the Rosario Candela-designed 740 Park Avenue. He himself took up residency in the latter building when it was completed in 1930 and gifted another apartment in the Upper East Side building to his daughter Janet and her husband John V. Bouvier; Jackie O lived there with her parents between the ages of two to seven. In more recent years, hedge fund manager David Ganek and his wife bought the duplex in 2005 for $19.1 million, using it to also showcase their impressive modern art collection. The couple first listed the home for $44 million in 2014, and after several price chops, it’s finally sold $25.25 million reports the Journal. Jacob M. Safra of the billionaire Safra family, of Brazilian banking fame, is the buyer.
740 Park Avenue
There have been some big price chops for an apartment at 740 Park Avenue, one of New York’s most iconic co-ops, once lived in by Jacqueline Kennedy Onassis herself. The former first lady—whose grandfather developed 740 Park in 1929—lived in this apartment between the ages of two to seven. It is now owned by David Ganek, a hedge fund manager, who has used the Rosario Candela-designed co-op as a home for his impressive modern art collection. He first listed it in 2014 for $44 million, and now it’s on its third price chop down to $29.5 million.
New York City may have an ever-revolving cast of hottest restaurants, hippest clubs, and even most desirable neighborhoods, but some real estate titans never go out of style in this metropolis. Known as the “Tower of Power,” 740 Park Avenue is one such mainstay.
The Upper East Side 19-story, Art Deco building was completed in 1930 to the designs of Rosario Candela, often considered the finest architect of luxury apartment interiors, as the last of the grand dames erected along Manhattan’s Gold Coast. It didn’t reach its peak until the real estate boom of the 1980s, but is today one of the most sought-after addresses with 31 apartments, mostly all duplexes, triplexes, and penthouses. The massively scaled residences feature grand living rooms, formal dining rooms, spiral staircases, high ceilings, expansive foyers, and an abundance of windows.
Real Estate Wire: Inside The Shops at Hudson Yards; Park Avenue Pad Sells for Record-Breaking $71.3M, Thu, September 4, 2014
- A 740 Park Avenue pad just traded hands for $71.3M, making it the most expensive NYC co-op ever sold. The apartment was originally listed for $48M. [Curbed]
- Forest City Ratner wants to take over producing the modular units for the stalled B2 tower at Pacific Park next to the Barclays Center. The developer is currently embroiled in a legal dispute with the contracting company, Skanska USA. [Crain’s]
- New renderings of ‘The Shops’, the Hudson Yard’s planned one million square feet of retail space. [NY YIMBY]
- When (and if?) completed, the WTC transit hub designed by Santiago Calatrava will have cost between $3.7 and $4 billion—way over its $2 billion budget. [WSJ]
The Shops (left); 740 Park Avenue (right)