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The New York Times

Big Ticket: Park Avenue Penthouse With Views for $32.6 Million

By: Vivian Marino
Published: 6/7/2015Source: The New York Times

A raw, full-floor penthouse at 737 Park Avenue, an Art Deco brick-and-limestone building acquired by Macklowe Properties and the CIM Group in 2011 and converted from 104 rental apartments into 56 luxury condominiums by Handel Architects, sold for $32,658,763.13 and was the most expensive closed sale of the week, according to city records.

The monthly carrying charges for the sponsor unit on the 21st floor, which had an original asking price last year of $39.5 million, are $12,965.

The apartment was sold as a “white box,” without interior walls or finishes, though it does include a wood-burning fireplace, an 8-by-34-foot skylight and ceiling heights of around 11 feet within its 6,003 square feet of space. There is also generous outdoor space: a 2,271-square-foot wraparound terrace and a 3,757-square-foot roof deck that provides panoramic views of Central Park, Park Avenue and virtually the entire Upper East Side.

The amenities and public space in the 1940s building, located near 71st Street, were designed by MdeAS Architects.

“It’s an open space that can be modified to the exact layout the buyer wants — it can be a bespoke apartment,” said Richard Dubrow, the director of marketing for Macklowe Properties.

Mr. Dubrow described the buyer, identified in city documents as 737 Park PHNY LLC and represented by Adam D. Modlin of the Modlin Group, as a local resident who likely planned to use the apartment as a primary home. Hilary Landis and Danielle Pessis of the Corcoran Group were the listing brokers.

The week’s runner-up, at $11,756,625, according to city records, was a meticulously renovated apartment on the 11th floor of 983 Park Avenue, a 14-story red brick and limestone building erected near 83rd Street in 1925 and designed by Schwartz and Gross, one of the most prolific residential architects in Manhattan in the early part of the 20th century.

The buyers of the four-bedroom four-and-a-half-bath co-op unit, No. 11C, which carries a monthly maintenance of $7,518, were Samuel A. Tisch and his wife, Eliana. Mr. Tisch is the grandson of Laurence A. Tisch, a founder of the Loews Corporation.

The residence, which sold for 4.5 percent above its $11.25 million asking price, was fully refurbished by the sellers, Alan and Kim Hartman, who bought the apartment in 2004 for $5.85 million. They were represented in this recent sale by Amy Tucker Meltzer of Sloane Square NYC, who declined to comment on the transaction, while Mr. Modlin of the Modlin Group brought the buyers. The building was converted to a co-op in 1981.

According to the listing, the 11-room apartment also includes a large family room/library that was created from a master bedroom of an adjacent apartment, along with an eat-in kitchen and windowed breakfast room, a full laundry room and a maid’s room; the master bedroom suite has two walk-in closets and a marble bathroom with a temperature-controlled floor.

 

Copyright © 2015 The New York Times Company. Reprinted with Permission. Pablo Enriquez/The New York Times.

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