The recent sale of a duplex apartment at 834 Fifth Avenue has everyone associated with the real estate market excited. The Limited Brands Inc. founder and billionaire Leslie Wexner sold a duplex apartment for $36 million. This was the highest price recorded for a Manhattan Co-op in more than a year. It was a clear indication of the strengthening of the luxury residential market. In fact, the sector has witnessed a spurt in activity in recent weeks as several deals have been concluded and signed.
Larry Heyman bought the duplex apartment on Fifth Avenue. Mr. Heyman is the Vice President at Heyman Properties, a developer and manager of commercial properties in the Northeast. The company was founded by his grandfather, Lazarus Heyman. Leslie Wexner, who operates out of Columbus, Ohio, had received a record price of $31.5 million for his Corporate Offices on East 78th Street over a decade ago.
The Co-op on the Fifth Avenue was the last major luxury building completed in 1931 right at the start of the Depression. Lawrence Rockefeller was a long time resident of the building. Other four co-ops from the building figure in the 20 most expensive co-op sales in Manhattan. Serena Boardman of Sotheby’s International Realty and Nancy Elias of Brown Harris Stevens were representing the sellers and the buyers respectively.