A 19th century renovated co-op on the most coveted street in the East 70s has just popped up on the market, asking $3.95 million. This carefully restored apartment at 5 East 75th Street definitely has some dizzying wallpaper and way too many mirrors, but that’s all overshadowed by its gorgeous original details and magnificent views.
In addition to holding the record for highest purchase of a sports team in New York (he bought the Jets in 2000 for a whopping $635 million), Johnson & Johnson heir Woody Johnson now also holds the title for most expensive co-op ever sold in the city. His 11th/12th floor duplex at 834 Fifth Avenue has been snatched up by billionaire Leonard Blavatnik for $80 million, well over the $75 million asking price. This far surpasses the previous co-op sale record, set when Israel “Izzy” Englander bought a duplex at 740 Park Avenue for $71.3 million.
This is merely pocket change for Blavatnik, though, as he’s the 32nd richest man in the world and worth an estimated $21.8 billion. It’s not known if he’ll take up residence in his latest acquisition or just add it to his trophy case of high-end real estate. He also paid $31.25 million for 2 East 63rd Street, the city’s widest mansion; $27 million for a unit at 998 Fifth Avenue; and $51 million for Edgar Bronfman’s townhouse at 15 East 64th Street.
Johnson didn’t live in the home; he used it solely for fundraisers and parties. It has five bedrooms, 5½ bathrooms, and three maids’ rooms, as well as a large staircase and open layout perfect for entertaining.
[Via NY Post]
An influx of new property in Manhattan has made Liberty Travel founder Gilbert Haroche reconsider the hefty $95 million price tag for his 15-room co-op at the Sherry Netherland. Haroche had a similar change of heart a year ago, when he lowered the price to $88 million, however he quickly returned to his astronomical initial asking. Now, after sitting on the market for an entire two years, the sprawling simplex is available for a slightly less jaw-dropping $85 million.
Billionaire NY Jets owner, Woody Johnson is looking to break a record with the sale of his duplex at 834 Fifth Avenue. The unit, which was quietly being shopped around for $75 million, has gone into contract for $80 million. When closed, it will be the city’s most expensive co-op sale ever.
This is clearly a billionaire’s game as the last two sales to claim the top spot were by Egypt’s richest man, Nassef Sawiris, who bought a $70 million home at 960 Fifth Avenue; followed by Israel “Izzy” Englander at 740 Park Avenue who paid $71.3 million for a pad. Both transactions happened this year.
The Rembrandt at 152 West 57th Street between Sixth and Seventh Avenues was built as Manhattan’s first co-op in 1881. Apartment ownership was already in fashion across the pond, particularly in France and Britain, but the concept of a resident-owned building was still an unknown to most of us. Developed by a syndicate led by Jared B. Flagg, a clergyman with an avid interest in real estate, and built by the notable architectural firm of Hubert & Pirsson, the group had come to the conclusion that potential buyers would be drawn to a building where they would have control over expenses. For instance, buying coal and ice in bulk in order to keep prices down, and hiring a full-time communal staff to take care of the owners’ laundry, cooking and the running the elevators.
Built as a brick and brownstone building with terra-cotta trim and jerkin-head gable windows at the top, the unit mix—a result of an interlocking system of staggered floor heights to allow for very tall art studio spaces—included a few duplex apartments with as many as 12 rooms. Original brochure prices reportedly ranged between $4,000 and $5,000, with monthly maintenance as low as $50. Confident in the ultimate success of co-operative living, Mr. Flagg with Hubert & Pirsson continued to develop another six co-op projects that very same year.
David Geffen has been dethroned as the person to have spent the most on a co-op in NYC, ever. Egyptian billionaire, a.k.a. the richest man in Egypt, Nassef Sawiris closed on the pad at 960 Fifth Avenue this afternoon through a listing held by Brown Harris Stevens.
The penthouse apartment was originally going for $65 million earlier this spring, but power brokers Mary Rutherfurd and Leslie Coleman of Brown Harris Stevens managed to squeeze an extra $5 million out of Sawiris in a bidding war. Funnily enough, 960 has been cited as one of the city’s ‘A-plus’ buildings, and in 1997 a New York Times article wrote that most residents in the building “are worth over $100 million” and that apartments cost about $15 million — my how times have changed!