Superstorm Sandy seems to have had little impact on the prime real estate market of New York. A new record has been established for the highest price ever paid for a co-op in New York City. Media mogul and the co-founder of Dreamworks has purchased a 12,000 square foot Central Park penthouse for $54 million. David Geffen has been estimated to be worth $5.6 billion by Forbes. He bought the 785, Fifth Avenue apartment from Denise Rich. The socialite had reinvented herself as a songwriter and renounced her American citizenship. She had listed her penthouse in January for an asking price of $65 million. Bonnie Pfeifer Evans, Noble Black, and Chazz Levi of Corcoran represented Ms. Rich in the transaction. The asking price by slashed by 17% for the final transaction.
The Per Square Feet Price at $4,500 is Reasonable
The penthouse occupies top two floors overlooking the Central Park. The white glove Parc Cinq Co-operative is located on Fifth Avenue. The large apartment boasts of seven bedrooms, 11 bathrooms, three kitchens, a wood-paneled library with wet bar and staff quarters. The master bedroom is equipped with a movie projector, a fireplace, and his-and-hers bathroom suites. The prime property boasts of several other unique features like a professional recording studio, an exercise room with a sauna and adjoining “hair salon,” and a private rooftop garden. Experts in the prime real estate market believe that Geffen has negotiated a good deal for himself. Though the total price may be a new record the per square foot price of $4,500 is well below the $6,500 to $9,000 that the park-side penthouse apartments have been commanding in recent transactions.
Mr. Geffen Lives in the Apartment Below the Penthouse
Mr. Geffen lives in the same building. In fact he owns the apartment just below the penthouse. He might not move into the penthouse immediately as he plans to renovate it according to his taste and needs. It might take some time as it is a large apartment. The 12,000-square-foot duplex has an additional 5,000 square feet of exterior space with wrap-around terraces, making it one of the largest apartments in Manhattan. It is expected that he would sell his current apartment after he moves into the penthouse. The previous record was established in May this year. It is not clear how long we have to wait for this record to be surpassed.